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Bill Seale Reassumes CIO Post at ProFunds Group

Bethesda, MD, October 24, 2006 — ProFunds Group today announced that Dr. William E. Seale, Principal and Chief Economist of the company, is reassuming responsibilities as the firm's Chief Investment Officer, a role which he held from the firm's inception in 1997 through 2005.

Dr. Seale will report to Michael L. Sapir, Chairman and CEO. Dr. Seale will have investment oversight responsibility for the more than 100 mutual funds managed by ProFund Advisors LLC and the 12 exchange traded funds (ETFs) managed by ProShare Advisors LLC. He replaces Agustin Fleites who has left the firm.

"We're delighted to welcome Bill back to the CIO position," said Mr. Sapir. "Bill was with ProFunds at its start in 1997 and is the principal architect of our investment process. In returning to his former role, he not only brings his vast technical knowledge, but solid leadership as we expand our business. We continue to experience dynamic growth in our mutual fund and ETF businesses with assets under management in the ProFunds Group recently passing $9 billion. We believe that Bill's steady and experienced hand serves us well now and into the future."

Dr. Seale holds an appointment as Emeritus Professor of Finance at The George Washington University, where prior to joining ProFunds, he was Chairman of the Finance Department and Senior Associate Dean of the business school. Dr. Seale's more than 30 years of experience in financial services includes a presidential appointment as a commissioner of the U.S. Commodity Futures Trading Commission.

"This is an exciting time at ProFunds," said Dr. Seale. "This year we launched nine new ProFund mutual funds and our new ETFs recently surpassed $1.5 billion in just four months since their launch. I look forward to leading ProFund Group's investment team and contributing to future new product development."

About ProFunds Group

ProFunds Group includes ProFund Advisors LLC, which manages ProFunds, the nation's largest lineup of indexed mutual funds,1 and the ProShares family of exchange traded funds (ETFs). ProFunds Group describes the portfolio managers common to ProFund Advisors LLC, advisor to ProFunds mutual funds and ProShare Advisors LLC, advisor to ProShares ETFs.

Investing involves risk, including the possible loss of principal. Please note that in addition to the normal risks associated with investing, ProFunds and ProShares entail certain risks, including, in all or some cases, aggressive investment technique, inverse and imperfect correlation, leverage, market price variance and short sale risks. These risks may pose risks different from, or greater than, those associated with a direct investment in the securities underlying the funds' benchmarks, can increase volatility, and may dramatically decrease performance. Please see the prospectus for a more complete description of these risks.

Carefully consider the investment objectives, risks, and charges and expenses of ProShares and ProFunds before investing. This and other information can be found in their prospectuses. Read the prospectus(es) carefully before investing. For a ProShares ETF prospectus, visit www.proshares.com and seek advice from you financial professionalisor or broker dealer representative. Financial professionals can also call 866-PRO-5125. For a ProFunds mutual funds prospectus, call 888-PRO-FNDS (individual investors) or 888-PRO-5717 (financial professionals) or visit www.profunds.com. Read the prospectus(es) carefully before investing.

1 Source: Lipper, October 6, 2006. Lipper defines "indexed fund" as an open-end mutual fund (not an ETF) that falls into one of the following subcategories: pure index, enhanced index or index-based. The majority of ProFunds are categorized by Lipper as enhanced index funds.

ProShares ETFs are distributed by SEI Investments Distribution Co, which is not affiliated with any ProFunds Group affiliate. ProFunds mutual funds are distributed by ProFunds Distributors, Inc.

Media contact

Tucker Hewes, Hewes Communications, Inc., (212) 207-9451, tucker@hewescomm.com