THE PHILADELPHIA STOCK EXCHANGE LAUNCHES OPTIONS TRADING ON VANGUARD EXCHANGE TRADED FUNDS

PHILADELPHIA – August 6, 2007 – The Philadelphia Stock Exchange (PHLX) announced today that it launched options on the Vanguard European Exchange Traded Fund^SM (VGK). Timber Hill LLC is the specialist.

Options on Vanguard ETFs will trade on PHLX XL, the Exchange’s electronic trading platform, along with 19 other PHLX proprietary indexes and 2,520 equities.

"PHLX is pleased to list options trading on the Vanguard European ETF (VGK)," said PHLX Vice President of New Products, Daniel Carrigan. "For retail investors, VGK options represent a trading and investing opportunity to diversify U.S. portfolios over the short and long term."

The Philadelphia Stock Exchange was founded in 1790. The PHLX trades over 7,000 stocks, 2,520 equity options, 19 sectors index options and currency options and futures. For more information about the PHLX and its products, visit www.phlx.com.

The Vanguard Group, headquartered in Valley Forge, Pennsylvania, is the nation’s second-largest mutual fund firm and a leading provider of exchange traded funds. Vanguard manages nearly $1.3 trillion in U.S. mutual fund assets, including more than $31 billion invested across 33 ETFs. Vanguard offers more than 140 funds to U.S. investors and more than 40 additional funds in foreign markets.