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ProShares Announces ETF Share Splits

The splits will decrease the price per share of each fund with a proportionate increase in the number of shares outstanding. For example, for the 2-for-1 splits, every pre-split share held by a shareholder will result in the receipt of two post-split shares, which will be priced at half of the net asset value ("NAV") of a pre-split share.

Illustration of a Split

The following table shows the effect of a hypothetical 2-for-1 split:

    Period # of Shares Owned   Hypothetical NAV   Value of Shares
Pre-Split   100   $100.00   $10,000.00
Post-Split   200   $50.00   $10,000.00

Reverse Splits

Six funds will reverse split shares 1-for-4.

Ticker   Fund   Split Ratio   Old CUSIP   New CUSIP
DXD   ProShares UltraShort Dow30   1:4   74347R867   74348A590
SQQQ   ProShares UltraPro Short QQQ   1:4   74347X666   74348A665
BZQ   ProShares UltraShort MSCI Brazil   1:4   74347X401   74348A673

ProShares UltraPro ShortMidCap400

  1:4   74347X682   74348A657

ProShares UltraShort ConsumerServices

  1:4   74347R636   74348A616

ProShares UltraShortRussell1000 Growth

  1:4   74347R461   74348A624

Five funds will reverse split shares 1-for-5.

Ticker   Fund   Split Ratio   Old CUSIP   New CUSIP

ProShares UltraPro ShortS&P500

  1:5   74347X856   74348A632

ProShares UltraShort Silver

  1:5   74347W643   74347W114

ProShares UltraPro ShortRussell2000

  1:5   74347X690   74348A640

ProShares Ultra DJ-UBS NaturalGas

  1:5   74347W775   74347W122

ProShares UltraShortRussell3000

  1:5   74347X203   74348A681

All reverse splits will apply to shareholders of record as of the close of the markets on May 10, 2012. The funds will trade at their post-split prices on May 11, 2012. The ticker symbols for the funds will not change. All funds undergoing a reverse split will be issued a new CUSIP number.

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