WEA Western Asset Premier Bond Fund

Western Asset Premier Bond Fund (NYSE: WEA) today announced the financial position of the Fund as of March 31, 2012.

          Current Q     Previous Q     Prior Yr Q March 31, 2012 December 31, 2011 March 31, 2011 Total Assets (a) $ 240,274,043 $ 227,150,112 $ 246,209,803 Total Net Assets (a) $ 161,309,322 $ 154,405,642 $ 166,971,904 NAV Per Share of Common Stock (b) $ 13.63 $ 13.05 $ 14.20 Market Price Per Share $ 15.90 $ 15.95 $ 15.60 Premium / (Discount) 16.65 % 22.22 % 9.86 % Outstanding Shares 11,836,938 11,828,498 11,761,872   Total Net Investment Income (c)(d) $ 3,697,476 $ 3,521,601 $ 4,171,370 Total Net Realized/Unrealized Gain/(Loss) (c) $ 7,006,661 $ (2,244,866 ) $ 2,590,168 Preferred Dividends Paid from Net Investment Income (c) $ (26,745 ) $ (29,071 ) $ (65,466 ) Net Increase (Decrease) in Net Assets From Operations (c) $ 10,677,392   $ 1,247,664   $ 6,696,072    

Earnings per Common Share Outstanding

Total Net Investment Income (c)(d) $ 0.31 $ 0.30 $ 0.36 Total Net Realized/Unrealized Gain/(Loss) (c) $ 0.59 $ (0.19 ) $ 0.22 Preferred Dividends Paid from Net Investment Income (c) $ (0.00 ) * $ (0.00 ) * $ (0.01 ) Net Increase (Decrease) in Net Assets From Operations (c) $ 0.90   $ 0.11   $ 0.57     Undistributed/(Overdistributed) Net Investment Income (e) $ 8,081,309 $ 8,315,379 $ 9,892,536 Undistributed/(Overdistributed) Net Investment Income Per Share (e) $ 0.68 $ 0.70 $ 0.84   Preferred Shares Outstanding (e) $ 72,000,000 $ 72,000,000 $ 72,000,000  

Footnotes:

(a)     The difference between the Fund’s total assets and total net assets is due primarily to its outstanding auction rate preferred stock (“ARPS”); total net assets do not include the liquidation value of ARPS. (b) NAVs are calculated as of the close of business on the last business day in the periods indicated above. (c) For the quarter indicated. (d) Excludes distributions paid to preferred stockholders from net investment income. (e) As of the period indicated above.

*

Amount represents less than $0.01 per share.

This financial data is unaudited.

The Fund files its semi-annual and annual reports with the Securities and Exchange Commission, as well as its complete schedule of portfolio holdings for the first and third quarters of each fiscal year on Form N-Q. These reports are available on the Commission’s website at www.sec.gov. To obtain information on Form N-Q or a semi-annual or annual report from the Fund, shareholders can call 1-888-777-0102.

Western Asset Premier Bond 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 more information, please call 1-888-777-0102 or consult the Fund’s web site at www.leggmason.com/cef.

Data and commentary provided in this press release are for informational purposes only. Legg Mason and its affiliates do not engage in selling shares of the Fund.