WEA Western Asset Premier Bond Fund

Western Asset Premier Bond Fund (NYSE: WEA) today announced postponement of previously announced actions that would restructure the Fund�s leverage and provide liquidity to holders of its auction rate preferred shares (�ARPS�). Recent unprecedented turbulent conditions in the fixed income market, and financial markets in general, have led the Fund to re-evaluate the timing of the refinancing of the Fund's ARPS. The Fund�s investment adviser will monitor the financial markets and currently intends to move forward with the refinancing of the ARPS at such time as it believes that it would be in the best interests of the Fund. The proposed restructuring would redeem all of the Fund�s currently outstanding $72 million in ARPS using a combination of borrowings under a new 364-day credit facility to be entered into with a major domestic bank, reverse repurchase agreements, cash currently in the Fund�s portfolio, and/or the proceeds of sales of portfolio securities. The ARPS would be redeemed at the required liquidation preference of $25,000 per share plus accrued and unpaid dividends thereon. Additional information on the redemption will be issued subsequently via press release under the Fund�s ticker, which can be accessed at www.westernasset.com. Contact Western Asset Premier Bond Fund at 1-877-844-8800 or consult the Fund�s web site at www.westernasset.com. Western Asset Premier Bond Fund is a closed-end management investment company that invests primarily in a diversified portfolio of debt securities. It has been advised by Western Asset Management Company and sub-advised by Western Asset Management Company Limited, both subsidiaries of Legg Mason, Inc., since the Fund�s inception in 2002. THIS PRESS RELEASE IS NOT AN OFFER TO PURCHASE NOR A SOLICITATION OF AN OFFER TO SELL SHARES OF THE FUNDS. THIS PRESS RELEASE MAY CONTAIN STATEMENTS REGARDING PLANS AND EXPECTATIONS FOR THE FUTURE THAT CONSTITUTE FORWARD-LOOKING STATEMENTS WITHIN THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT ARE FORWARD-LOOKING AND CAN BE IDENTIFIED BY THE USE OF WORDS SUCH AS �MAY,� �WILL,� �EXPECT,� �ANTICIPATE,� �ESTIMATE,� �BELIEVE,� �CONTINUE� OR OTHER SIMILAR WORDS. SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON EACH FUND�S CURRENT PLANS AND EXPECTATIONS, AND ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS. ADDITIONAL INFORMATION CONCERNING SUCH RISKS AND UNCERTAINTIES ARE CONTAINED IN EACH FUND�S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.