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ProFunds Exceed $3 Billion in Assets Level Reached in Less than 28 months

Bethesda, MD, March 13, 2000 — ProFund Advisors LLC announced that the ProFunds family of mutual funds exceeded $3 billion in assets less than 28 months after launching November 27, 1997.

"Both individual and professional investors have responded to ProFunds' innovative index-based offerings that allow them to seek to double the return of various major market indexes or to profit or hedge in a declining market," says Michael L. Sapir, chairman and chief executive officer of ProFund Advisors, the investment advisor to ProFunds.

"We believe that, compared with other start-up mutual fund families unaffiliated with any other significant business, ProFunds has been one of the fastest growing."

ProFunds is a family of enhanced index funds. It includes funds that seek to double the daily performance of domestic large, mid and small cap markets as well as certain foreign markets. The most popular of these is the UltraOTC ProFund, which seeks to double the daily performance of the NASDAQ-100 Index and has more than $1.7 billion in assets.

"When the value of the Nasdaq-100® increases by 1% on a particular day, the UltraOTC ProFund's value should increase by approximately 2%," says Sapir. "If it falls 1% on a given day, the value of the UltraOTC ProFund should decrease by approximately 2%."

The UltraOTC ProFund has achieved average annual returns of 233.25% for calendar year 1999 and 170.63% since its inception on Dec. 2, 1997. Its cumulative return since inception for the period ending Dec. 31, 1999 was 694.88%.

ProFunds also offer investors "bear" indexed funds. "When the value of an index tracked by one of these ProFunds decreases on a given day, the value of the ProFund should increase," Sapir explains. "When the value of the index increases, the value of the ProFund should decrease."

"ProFunds has taken the popular concept of indexing and evolved it to the next level." comments Sapir. "ProFunds responds to the needs of index investors who want the potential to beat the performance of the index, to make a profit or hedge a portfolio in a down market or to be active in their mutual fund portfolio."

ProFunds imposes no loads, no transaction fees and no limits on exchanges among ProFunds.

"While we believe ProFunds provide investors with unique opportunities," Sapir cautions, "all potential shareholders should be aware that our non-money market ProFunds present certain risks that are not usually associated with mutual funds."

Certain ProFunds employ leveraged investment techniques that should magnify gains and losses and result in greater volatility in value. Certain ProFunds should experience losses while benchmark indexes rise.

These and other risks presented by the ProFunds are discussed in ProFunds' prospectus. Investors should not invest in the ProFunds without reading the prospectus carefully and understanding the risks associated with each fund.

Minimum investment is $15,000 for an individual investor and $5,000 for investments made by clients of financial professionals. Interested investors may call 888-PRO-FNDS and financial professionals may call 888-PRO-5717. All potential investors may visit ProFunds on the web at www.profunds.com.

The Nasdaq-100® Index is a trademark of the Nasdaq Stock Market. You cannot invest directly in an index.

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.

Of course, past performance is no guarantee of future results. In light of recent volatility in the stock market, please contact ProFunds to obtain ProFunds current performance, which may be substantially lower than reflected above.

For more information, including management fees, expenses and other ongoing charges, call for a prospectus. Read it carefully before investing or sending money. ProFunds is distributed by Concord Financial Group, Inc.