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Steve Cohen Is Named Head of Institutional Group

Bethesda, MD, March 18, 2002 — ProFund Advisors LLC, investment advisor to the Bethesda-based ProFunds mutual fund family, has named Steve Cohen Managing Director of its Institutional Group. The mission of the newly created group is to significantly broaden the reach for ProFunds' unique set of products.

"We are fortunate to have an individual of Steve's caliber and experience handling the development and enhancement of these important distribution relationships," said ProFund Advisors Chairman and CEO Michael Sapir. "Part of Steve's charge will be to work with large institutions in furthering their awareness of ProFunds and find mutually beneficial ways to apply these institutions' distribution power to ProFunds' innovative and popular product offerings."

ProFunds has experienced strong institutional demand for its products, particularly with insurance companies eager to differentiate themselves in the variable insurance product marketplace. ProFunds offers the largest selection of index-based mutual funds—with 39 public funds and 41 available insurance product funds—of any mutual fund family. Since ProFunds have no restrictions on the number of transactions, not only are they attractive to buy-and-hold investment professionals, but to the growing group that actively manages client assets.

Under Cohen's direction, the Institutional Group will seek to expand ProFunds' relationships with insurance companies, banks and broker-dealers. "ProFunds has a great opportunity to offer institutional partners a distinct competitive advantage, and help them attract new customers as well as strengthen existing relationships," said Cohen.

Cohen has an extensive background building new businesses, launching new products and developing strategic partnerships. He has spent almost fifteen years in the financial services business working in both senior marketing and business development roles. Prior to assuming this new position with ProFunds, he was Vice President of Marketing at FOLIOfn, where he helped launch an innovative new product and negotiated enterprise-wide relationships with leading financial services companies.

Previously, Cohen served as Vice President of Marketing for the Calvert Group, creating its first dedicated communications program for financial professionals. He has also worked for several advertising agencies, including Bozell Worldwide—where he managed the firm's relationship with Merrill Lynch—and Saatchi & Saatchi.

ProFunds is an innovative family of index-based mutual funds. Many ProFunds are designed to match the return of an index. Others seek various multiples of an index's daily performance. Still others are designed to increase in value when the market declines.

ProFunds allow you to determine the orientation of your investment from a broad selection—including large, mid, and small capitalized alternatives, growth- and value-oriented indexes, economic sectors or industries and the tech-heavy Nasdaq-100 Index.

ProFunds also permit investors to react to financial or economic developments by exchanging their investments among ProFunds without restriction. ProFunds impose no transaction, entry or exit fees.

For more complete information on ProFunds, including charges, expenses and ongoing fees, please call ProFunds at 1-888-776-5717 for a prospectus. Read it carefully before investing or sending money. ProFunds are distributed by ProFunds Distributors, Inc.