March 9, 2005 – Vanguard announced that exchange-traded shares (ETFs) of three of its international index funds will begin trading on the American Stock Exchange tomorrow at 9:30 a.m. EST.

The new products, called VIPERs, or Vanguard Index Participation Equity Receipts, are: Vanguard European VIPERs (VGK), which seeks to track performance of the MSCI Europe Index, Vanguard Pacific VIPERs (VPL), which will seek to track the performance of the MSCI Pacific Index; and the Vanguard Emerging Markets VIPERs (VWO), which track the performance of the MSCI Emerging Markets Select Index.

The European and Pacific VIPERS will feature an expense ratio of 0.18%, while the Emerging markets VIPERs will have expenses of 0.30%.

The new additions will bring the number of Vanguard ETFs to 23. As of Feb. 28, 2005, VIPER assets totaled nearly $7 billion.

Contact Bob Keane with questions or comments at:bkeane@investmentadvisor.com.