Western Asset Premier Bond Fund (NYSE:WEA) and Western Asset Income Fund (NYSE:PAI) announced today that the Board of Directors of each Fund has authorized such Fund to repurchase in the open market up to approximately 10% of each Fund’s outstanding common stock when the Fund’s shares are trading at a discount to net asset value. The Board of Directors of each Fund has directed management of the Fund to repurchase shares of common stock at such times and in such amounts as management reasonably believes may enhance stockholder value. The Funds are under no obligation to purchase shares at any specific discount levels or in any specific amounts. Each Fund's repurchase activity will be disclosed in its stockholder report for the relevant fiscal period.

PAI and WEA are each diversified closed-end investment management companies advised by Western Asset Management Company (“Western Asset”), a wholly owned subsidiary of Legg Mason, Inc. (“Legg Mason"). Contact each Fund at 1-888-777-0102 for additional information, or consult the Funds’ web site at www.lmcef.com. Hard copies of each Fund’s complete audited financial statements are available free of charge upon request.

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 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 the Funds’ 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.

For Western Asset Management CompanyMaria Rosati, 212-805-6036mrosati@leggmason.com

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