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ProFunds Launches UltraDow 30 and Precious Metals Funds

Bethesda, MD, June 3, 2002 — ProFunds today launched two new index funds that provide investors with exposure to the Dow Jones Industrial AverageSM (Dow 30SM) and the Philadelphia Stock Exchange Gold & Silver SectorSM Index.

UltraDow 30 ProFund seeks daily returns, before fees and expenses, that double the daily performance of the Dow Jones Industrial Average. Since 1896, the Dow 30 has served as the barometer for the American financial markets. The stocks now in the Dow 30 are all major factors in their industries, and their stocks are widely held by individuals and institutional investors.

"The Dow Jones Industrial Average is widely acknowledged to be the world's most quoted index," said Michael L. Sapir, ProFunds chairman. "The popularity of the Dow 30 is due to its longevity, the fact most people understand it, and its reliability as an indicator for the market's basic trend. With UltraDow 30 ProFund, mutual fund investors now have access to a fund with an objective to double the Dow 30's daily return."

The Precious Metals UltraSector ProFund seeks daily returns, before fees and expenses, that correspond to 150% of the daily performance of the Philadelphia Stock Exchange Gold and Silver Sector Index. It provides investors with access to an asset class with a low or negative correlation to the broad equity markets. The recent uncertainty surrounding the economy, financial markets and global events has strengthened the demand for gold. The Philadelphia Gold and Silver Index is well-recognized and widely viewed as the standard of the sector's performance.

"Precious Metals UltraSector adds a contra asset option to the ProFunds family," Sapir said. "Indeed, the recent uncertainty surrounding the economy, financial markets and global events has strengthened the demand for precious metals. From April 30, 2001 to April 30, 2002, the total return of the Philadelphia Gold and Silver Index was 36.0% while the S&P 500 lost 12.6%."

The Precious Metals ProFund joins a comprehensive lineup of UltraSector ProFunds benchmarked off a specified sector index. The other operating UltraSector ProFunds are: Banks, Basic Materials, Biotechnology, Financial, Energy, Healthcare, Internet, Pharmaceutical, Real Estate, Semiconductor, Telecommunications, Technology, Utilities and Wireless Communications.

ProFunds offers the largest number of index-based funds of any U.S. mutual fund family. ProFunds are innovative indexed-based funds 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 for more information. Financial professionals should call 1-888-PRO-5717.

These ProFunds use leveraged investment techniques that will magnify gains and losses and result in greater volatility in value. The Precious Metals UltraSector ProFund invests in a single industry and does not represent a complete investment program. As a non-diversified and single industry fund, the value of its shares may fluctuate more than shares invested in a broader range of industries and companies. 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 Industrial Average" and "Dow 30" are servicemarks of Dow Jones & Company, Inc. "Philadelphia Stock Exchange Gold and Silver Sector Index" is a servicemark of the Philadelphia Stock Exchange. ProFunds are not sponsored, endorsed, sold or promoted by Dow Jones or the Philadelphia Stock Exchange, and they make no representation regarding the advisability of investing in such products. You cannot invest directly in an index.

For more complete information including charges, expenses and ongoing fees, please call for a prospectus. Read the prospectus carefully before investing or sending money. ProFunds are distributed by

ProFunds Distributors, Inc.