Vanguard International Fund Begins Trading

The Vanguard® FTSE All-World ex-US Index Fund (AMEX: VEU) is now available for investor purchase, with ETF shares trading under the ticker VEU on the American Stock Exchange.

The new fund, which seeks to track the performance of the FTSE All-World ex US Index, provides exposure to 95% of the investable developed and emerging markets outside the United States. The fund invests in large- and mid-cap stocks of companies in 47 foreign countries, including Canada.

The new fund offers three low-cost shares: Investor Shares, with an estimated expense ratio of 0.40%; Institutional Shares, with an estimated expense ratio of 0.15%; and ETF Shares, with an estimated expense ratio of 0.25%.

The minimum initial investment requirement for the Vanguard® FTSE All-World ex-US Index Fund is $3,000 for Investor Shares and $5 million for Institutional Shares. There will be a 0.25% purchase fee on investments in the Investor and Institutional Shares and a 2% redemption fee applied to non-ETF shares redeemed within two months of purchase.

Vanguard cautions that the launch of the new international offering should not be construed as a recommendation to purchase international securities. Investors are reminded to use international vehicles to diversify an investment program.

The Vanguard Group, headquartered in Valley Forge, Pennsylvania, is the nations second-largest mutual fund firm and a leading provider of company-sponsored retirement plan services. Vanguard manages more than $1.1 trillion in U.S. mutual fund assets, including more than $300 billion in employer-sponsored retirement plans. Vanguard offers more than 140 funds to U.S. investors and more than 40 additional funds in foreign markets.

All asset figures are as of February 28, 2007, unless otherwise noted.

All investments are subject to risk. Diversification does not ensure a profit or protect against a loss in a declining market.

For more information, visit, or call 800-662-7447 to obtain a fund prospectus. Visit our website, call 800-992-8327, or contact your broker to obtain a product description and prospectus for Vanguard ETF Shares. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.

Vanguard ETF Shares can be bought and sold only through a broker (who will charge a commission) and cannot be redeemed with the issuing fund. The market price of Vanguard ETF Shares may be more or less than net asset value.

All funds and ETF products are subject to stock market risk, which may result in the loss of principal. Prices of mid-cap funds and ETF products often fluctuate more than those of large-cap funds and ETF products. International funds and ETF products involve additional risks, including currency fluctuations and the potential for adverse developments in specific countries or regions. Stocks of companies in emerging markets are generally more risky than stocks of companies in developed countries.

Vanguard and Vanguard ETFs are trademarks of The Vanguard Group, Inc. All other marks are the exclusive property of their respective owners.

U.S. Pat. No. 6,879,964 B2.

Vanguard Marketing Corporation, Distributor.

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