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ProFunds Group Names Amy Doberman General Counsel

Bethesda, MD, May 7, 2009 — ProFunds Group, the world's largest manager of short and leveraged funds,1 announced today that Amy Doberman has been named General Counsel. She will head the firm's Legal Group and be responsible for all legal and compliance issues. She reports to ProFunds Group Chairman and CEO Michael L. Sapir.

"We're pleased that as our firm grows, we are able to add some of the best talent in the industry to our leadership team. Amy is a highly respected and accomplished professional with over 20 years of legal and compliance experience," said Mr. Sapir. "Amy's experience includes senior legal positions at leading asset management firms, as well as nearly seven years at the Securities and Exchange Commission. She's also been active with the Investment Company Institute, including chairing the annual Mutual Funds and Investment Management Conference for the past two years."

Ms. Doberman was most recently with Morgan Stanley Investment Management as a Managing Director of its Legal & Compliance Department. Previously, Ms. Doberman was Managing Director and General Counsel-Americas with UBS Global Asset Management, and was General Counsel of Aeltus Investment Management. At the Securities and Exchange Commission, Ms. Doberman rose to Assistant Chief Counsel in the Division of Investment Management, and also served in the Enforcement Division.

About ProFunds Group

ProFunds Group includes 76 ProShares short and leveraged ETFs, and 115 ProFunds mutual funds. ProShares, which introduced the first short and leveraged ETFs in 2006, continues to be a leader in launching innovative new products—for two years in a row, ProShares has led the industry in attracting assets to newly launched ETFs2 and now is the fourth largest manager of ETFs in the nation3. Since 1997, ProFunds mutual funds have provided investors with access to sophisticated investment strategies, through 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
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).
2 Source: Citigroup ETF Flow Report, based on an analysis of ETPs introduced in 2007 and 2008.
3 Source: Bloomberg, based on assets for 3/31/2009.