WEA Western Asset Premier Bond Fund

The Western Asset Premier Bond Fund (NYSE: WEA) announced today the declaration of a long-term capital gain of $0.0581 per share. The distribution will be paid on May 31, 2007 to shareholders of record as of May 18, 2007. The ex-dividend date will be May 16, 2007. This press release is not for tax reporting purposes and is being provided to announce the amount of the Fund�s distributions that have been declared by the Board of Directors. In early 2008, after definitive information is available, the Fund will send shareholders a Form 1099-DIV, if applicable, specifying how the distributions paid by the Fund during the calendar year 2007 should be characterized for purposes of reporting the distributions on your tax return (e.g., ordinary income, long-term capital gain or return of capital). The Fund is a closed-end investment company that invests predominantly in a diversified portfolio of debt securities. Its investment adviser is Western Asset Management Company; a subsidiary of Legg Mason, Inc. Western Asset Management Company has managed the Fund since its inception in March 1973.