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Banks and Basic Materials UltraSector ProFunds Open

BETHESDA, Md.--Oct. 30, 2001--ProFunds, a leading index-based mutual fund company, announced that Banks UltraSector ProFund and Basic Materials UltraSector ProFund have commenced operations.

Banks and Basic Materials join twelve other available UltraSector ProFunds. Each UltraSector ProFund seeks investment results, before fees and expenses, that correspond to 150% of the daily performance of a specified Dow Jones U.S. Sector index.

Opening these funds provides our sector investors with two more potentially attractive options, said Michael L. Sapir, ProFunds chairman. "The basic materials sector has a relatively low correlation to the broad markets and, historically, is one of the first sectors to turn upward in an economic recovery. In addition, many investors believe that several positive factors are currently at work in the banking sector, including a positive interest environment." Sapir said.

The UltraSector ProFunds comprise the only family of indexed sector mutual funds. This provides our investors greater transparency to our portfolios and provides a benchmark to hold us against, said Sapir. "Being the only family of sector funds that are leveraged gives our investors the potential for amplified returns during times when the sector is outperforming the market."

The other operating UltraSector ProFunds are: Biotechnology, Financial, Energy, Healthcare, Internet, Pharmaceutical, Real Estate, Semiconductor, Telecommunications, Technology, Utilities and Wireless Communications.

ProFunds offers innovative indexed-based funds that are designed to overcome limitations of conventional index mutual funds. ProFunds does not restrict investors' abilities to react to financial or economic changes and exchange their investments from one ProFund to another, and imposes no transaction, entry or exit fees.

Interested investors may call 1-888-PRO-FNDS or visit www.profunds.com[http://www.profunds.com/] for more information. Financial professionals should call 1-888-PRO-5717.

Because each of the UltraSector ProFunds invests in a single industry, an UltraSector ProFund's shares do not represent a complete investment program. As non-diversified and single-industry funds, the value of its shares may fluctuate more than shares invested in a broader range of industries and companies.

The UltraSector ProFunds routinely employ leveraged investment techniques that magnify gains and losses and result in greater volatility in value. There is no guarantee that any ProFund will achieve its investment objective. Investment return and principal value will vary and shares may be worth more or less at redemption than at original purchase.

Dow Jones and its sector indexes are trademarks of Dow Jones & Company, Inc. UltraSector ProFunds are not sponsored, endorsed, sold or promoted by Dow Jones, and Dow Jones makes no representation regarding the advisability of investing in such products. You cannot invest directly in an index.

For more information, including management fees, expenses and other ongoing charges, call for a prospectus or download a prospectus from www.profunds.com[http://www.profunds.com/]. Read the prospectus carefully before investing or sending money. ProFunds are distributed by Concord Financial Group, Inc.