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 $0.1100 per common share for the months of March, April and May 2010. The Fund had previously paid a distribution of $0.1000 per share since June 2009.

The distribution schedule appears below:

Month

     

Ex-Date

     

Record Date

     

Payable Date

     

Amount

     

Type

March 03/11/2010 03/15/2010 03/31/2010 $0.1100 Income April 04/13/2010 04/15/2010 04/30/2010 $0.1100 Income May 05/12/2010 05/14/2010 05/28/2010 $0.1100 Income

In declaring the new rate, the Fund has increased its distributions to a level that better approximates the current level of net investment income available from its investment portfolio.

This press release is not for tax reporting purposes but is being provided to announce the amount of the Fund's distributions that have been declared by the Board of Trustees. In early 2011, 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 prior calendar year should be characterized for purposes of reporting the distributions on a shareholder's 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.

All data and commentary provided within this press release is for informational purposes only. Legg Mason, Inc. and all of its affiliates do not engage in selling any of the shares of the Fund. The Fund's common shares are traded on the New York Stock Exchange.