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ProFunds Group Names Todd Johnson Chief Investment Officer

Bethesda, MD, December 2, 2008 — ProFunds Group, the world's largest manager of short and leveraged funds,1 announced today that Todd Johnson has been named Chief Investment Officer. Mr. Johnson, formerly with World Asset Management, will oversee all investment operations for ProShares ETFs and ProFunds mutual funds. The firm's acting Chief Investment Officer, George O. Foster, CFA, is assuming new responsibilities, including directing the firm's product development strategy.

"Todd brings to our leadership team decades of experience in indexed and quantitative investing," said Michael Sapir, ProFunds Chairman and Chief Executive Officer. "His track record in managing an investment team handling a wide variety of index-based strategies makes him ideally suited to take on that role for the growing range of ProShares and ProFunds.

"George's innovative approach and long-time experience managing our portfolios make him uniquely qualified to bring new focus to our product development efforts," Mr. Sapir continued. "We believe having Todd and George in these roles strengthens our position as we continue our rapid expansion."

Mr. Johnson was President and Chief Investment Officer of World Asset Management, which manages more than $14 billion in indexed and quantitative strategies, primarily for institutional investors. In that role he oversaw management of more than 100 portfolios, including collective funds, mutual funds, and separately managed accounts for equity, fixed-income, and REIT investments. He also served on the World Asset Management Board of Directors. He started his career in 1986 with Manufacturers Bank, joining Woodbridge Capital Management in 1992 and World Asset Management in 1994. He earned his Bachelor's degree in Finance from Michigan State University and his MBA from Wayne State University.

Mr. Foster has been with ProFunds for nine years, serving as Director of Portfolio from 2004 until 2008 when he was named Acting Chief Investment Officer. He earned his MBA from The George Washington University and a Bachelor's degree in Mechanical Engineering from Clarkson University.

About ProFunds Group

The $25 billion ProFunds Group includes 72 ProShares short and leveraged ETFs, and more than 115 ProFunds mutual funds. Since 1997, ProFunds has provided mutual fund investors with easier access to sophisticated investment strategies, with offerings that include funds that seek to magnify daily index performance and funds that seek to increase in value when markets decline. The group also manages the Canada-based Horizons BetaPro ETFs.

Media contact:

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

All investing involves risk, including the possible loss of principal. Short ProShares and ProFunds should lose value when their market indexes rise, and they entail certain risks, including, in some or all cases, aggressive investment techniques, inverse correlation and market price variance risks, all of which can increase volatility and decrease performance. ProShares and ProFunds are not diversified investments. Narrowly focused investments, including sector funds, typically exhibit higher volatility. ProShares and ProFunds are designed to meet daily objectives; results over longer periods may differ. There is no guarantee that any fund will achieve its investment objective.

Carefully consider the investment objectives, risks, 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 your financial professionaliser or broker/dealer representative. Financial professionals can also call 866-PRO-5125. For a ProFunds mutual fund 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.

ProFunds Group includes ProFunds mutual funds and ProShares ETFs. ProFunds Distributors, Inc. is distributor for ProFunds mutual funds. ProShares ETFs are distributed by SEI Investments Distribution Co., which is not affiliated with ProFunds Group or its affiliates.

1 Source: Lipper, based on a worldwide analysis of all of the known providers of publicly traded funds in these categories. The analysis covered ETFs, ETNs, and mutual funds by the number of funds and assets (as of 6/30/2008).

ProShares registered under the Investment Company Act of 1940 are distributed by SEI Investments Distribution Co., which is not affiliated with ProFunds Group or its affiliates.