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Pharmaceutical ProFund Opens

Seeks Daily Returns 150% of Dow Jones Indexes

Bethesda, MD — July 17, 2000 — ProFunds today announced that a Pharmaceutical UltraSector ProFund has begun operations.

The new ProFund joins 10 other UltraSector ProFunds that became operational on June 19, 2000. The UltraSector ProFunds each seek daily investment results of 150% of the performance of a corresponding Dow Jones sector index

"This new ProFund provides investment opportunities in an industry experiencing rapid advances in product development," said Michael L. Sapir, Chairman and CEO of ProFund Advisors LLC, investment advisor to the Bethesda-based ProFunds mutual fund family. "As part of the UltraSector ProFunds, the new ProFund provides the opportunity for returns greater than those of the pharmaceutical industry generally."

UltraSector ProFunds comprise the first indexed and first leveraged family of conventional sector mutual funds. The other operating UltraSector ProFunds are: Biotechnology, Financial, Energy, Healthcare, Internet, Real Estate, Semiconductor, Telecommunications, Technology 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 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.