WEA Western Asset Premier Bond Fund

Western Asset Premier Bond Fund, which is listed on the New York Stock Exchange under the symbol �WEA�, announced today monthly distributions of $0.1000 per common share for the months of June, July, August and September 2009. The Fund had previously paid a distribution of $0.09375 per share since March 2005.

The distribution schedule appears below:

� � � � �

Month

Ex-Date

Record Date

Payable Date

Amount

Type

June 06/11/2009 06/15/2009 06/30/2009 $0.1000 Income July 07/13/2009 07/15/2009 07/31/2009 $0.1000 Income August 08/12/2009 08/14/2009 08/31/2009 $0.1000 Income September 09/11/2009 09/15/2009 09/30/2009 $0.1000 Income �

In declaring the new rate, the Fund cited an increase in net investment income generated by its investment portfolio as a result of higher reinvestment rates on the types of securities in which it invests. The lower cost of leverage on the Fund�s preferred shares also contributed to the increase in net investment income available to common shareholders. Additionally, the Fund announced that it will declare distributions quarterly while maintaining its policy of paying distributions monthly, effective with the July 2009 distribution.

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 Trustees. In early 2010, 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 2009 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 2002.