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 December 2010 and January and February 2011. Additionally, the Fund announced a supplemental distribution from income of $0.1500 per common share for December 2010.

The distribution schedule appears below:

Month

       

Ex-Date

       

Record Date

       

Payable Date

       

Amount

       

Type

December 12/21/2010 12/23/2010 12/30/2010 $0.1100 Income December* 12/21/2010 12/23/2010 12/30/2010 $0.1500 Income January 01/12/2011 01/14/2011 01/31/2011 $0.1100 Income February 02/11/2011 02/15/2011 02/28/2011 $0.1100 Income

*Supplemental Distribution for December 2010

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 and early 2012, 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.

For Fund-related questions, please contact Fund Investor Services at (888) 777-0102.

For shareholder-related questions please contact American Stock Transfer and Trust Company at (888) 888-0151.

All data and commentary provided within this press release is for informational purposes only. Legg Mason, Inc. and its affiliates do not engage in selling any of the shares of the Fund.