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Four UltraSector ProFunds Declare 1 for 10 Reverse Share Split

BETHESDA, Md.--April 24, 2001--ProFunds today announced that Internet UltraSector ProFund, Technology UltraSector ProFund, Semiconductor UltraSector ProFund and Wireless Communications UltraSector ProFund will perform a 1 for 10 reverse share split at the close of business on Friday, April 27, 2001.

The reverse split will have no financial impact or tax consequences to these ProFunds' shareholders.

At the close of business on Friday, April 27, 2001, each shareholder's share position will be adjusted downward by a factor of ten and the corresponding price of the effected ProFunds' shares will be multiplied by a factor of ten, says Michael Sapir, chairman of ProFunds.

The reverse split will not change individual shareholders' account values, nor will there be any change to the total net assets of the ProFunds' involved.

For example, assume a shareholder owns 1,000 shares of Internet UltraSector ProFund and the net asset value of a share was $3 per share before the split and therefore holds a $3,000 stake in the ProFund.

After the reverse split, those 1,000 shares will become 100 shares and the value of each share will go from $3 to $30, but the value of the shareholders' holdings in the ProFund will still be $3,000.

The split was considered after receiving numerous calls from shareholders who were hoping to see the share price of their respective ProFunds more in line with industry averages. The net asset values of many mutual funds are approximately $30 per share, Sapir says.

On Monday, April 23, 2001, the net asset value of shares of Internet UltraSector ProFund, Technology UltraSector ProFund, Semiconductor UltraSector ProFund and Wireless Communications UltraSector ProFund were:

Internet UltraSector ProFund Investor Shares - $2.28

Internet UltraSector ProFund Service Shares - $2.24

Technology UltraSector ProFund Investor Shares - $5.44

Technology UltraSector ProFund Service Shares - $5.44

Semiconductor UltraSector ProFund Investor Shares - $4.94

Semiconductor UltraSector ProFund Service Shares - $4.90

Wireless Communications UltraSector ProFund Investor Shares - $5.35

Wireless Communications UltraSector ProFund Service Shares - $5.27

Shareholders or other persons with questions regarding the reverse share splits of Internet UltraSector ProFund, Technology UltraSector ProFund, Semiconductor UltraSector ProFund or Wireless Communications UltraSector ProFund should contact ProFunds' shareholder services at 1-888-776-5717 Monday through Friday between 8:00 AM and 9:00 PM Eastern Time.

For more complete information on ProFunds, including charges, expenses and ongoing fees, please call ProFunds at 1-888-776-5717 for a prospectus. Read it carefully before investing or sending money. ProFunds are distributed by Concord Financial Group.