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First Indexed Sector Fund Family Launched

17 UltraSector ProFunds Seek Daily Returns 150% of Dow Jones Indexes

Bethesda, MD — June 19, 2000 — ProFunds today launched 17 new UltraSector ProFunds benchmarked to the Dow Jones U.S. sector indexes.

"The 17 new UltraSector ProFunds comprise the first-ever comprehensive group of indexed sector mutual funds and are the first-ever leveraged sector mutual funds," said Michael L. Sapir, Chairman and CEO of ProFund Advisors LLC, investment advisor to the Bethesda-based mutual fund family.

"These 17 new funds complement our popular family of both 'bull and bear' broad index funds," said Sapir, "while providing new opportunities to investors to seek returns greater than those of the indexes they track."

Each of the new UltraSector ProFunds seek daily investment results 150% of the performance of a corresponding Dow Jones sector index.

"When the Dow Jones sector index tracked by an UltraSector ProFund increases by 1% on a particular day, the UltraSector ProFund's value should increase by approximately 1.5%," said Sapir. "If the index falls 1% on a given day, the value of the corresponding UltraSector ProFund should decrease by approximately 1.5%."

The 17 funds encompass a broad range of economic sectors and industries and are based on Dow Jones U.S. sector indexes designed to reflect the current state of the economy. They include Dow's 10 broad economic sectors — Basic Materials, Consumer Cyclical, Consumer Non-Cyclical, Energy, Financial, Healthcare, Industrial, Telecommunications, Technology and Utilities.

Additional UltraSector ProFunds are benchmarked to seven other Dow Jones indexes selected for their appeal to sector investors — Biotechnology, Internet, Pharmaceuticals, Precious Metals, Real Estate, Semiconductors and Wireless Communications.

"With the addition of the UltraSector ProFunds, our mutual fund family now offers the largest number of index-based mutual funds of any U.S. mutual fund company," Sapir said, "and establishes our leadership as an innovator in providing indexed investment products."

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.

ProFunds has more than $2.5 billion in net assets. Minimum investment is $15,000 for an individual investor and $5,000 for investments made by clients of financial professionals. Interested investors may call 1-888-PRO-FNDS or visit 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 should 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.

These and other risks associated with the ProFunds are discussed in the ProFunds' prospectus. Investors should not invest in ProFunds without reading the prospectus carefully and understanding the risks associated with each ProFund. ProFunds are distributed by Concord Financial Group, Inc.

"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, and these indexes are unmanaged.