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Western Asset Premier Bond Fund Announces Financial Position as of March 31, 2010

NEW YORK, May 10, 2010 (BUSINESS WIRE) -- Western Asset Premier Bond Fund., which is listed on the New York Stock Exchange under the symbol "WEA", today announced the financial position of the Fund as of March 31, 2010.

Current Q Previous Q Prior Yr Q March 31, 2010 December 31, 2009 March 31, 2009 Total Assets (a) $225,281,433 $217,333,338 $171,821,496 Total Net Assets (a) $151,794,242 $143,858,719 $97,291,037 NAV Per Share of Common Stock (b) $13.04 $12.39 $13.24 Market Price Per Share $13.86 $13.36 $9.10 Premium/(Discount) 6.29% 7.83% -31.27% Outstanding Shares 11,641,006 11,606,761 11,512,925 Total Net Investment Income (c)(d) $4,736,530 $4,656,014 $5,059,076 Total Net Investment Income Per Share (c)(d) + $0.41 $0.40 $0.44 D $34,284 $38,609 $95,243 istributions paid to Preferred Shareholders from Net Investment Income ( c) D $0.00(e) $0.00(e) $0.01 istributions paid to Preferred Shareholders from Net Investment Income Per Share (c)+ Total Net Realized/Unrealized Gain/(Loss) (c) $6,401,664 $7,181,950 $51,100,784 T $0.55 $0.62 $4.44 otal Net Realized/Unrealized Gain/(Loss) Per Share (c) + U $10,331,894 $9,235,872 $5,495,906 ndistributed/(Overdistributed) Net Investment Income (f) U $0.89 $0.80 $0.48 ndistributed/(Overdistributed) Net Investment Income Per Share (f) + F ootnotes: (a) The difference between total assets and total net assets is due primarily to the issuance of preferred stock; total net assets do not include the redemption value of preferred stock. (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) Amount represents less than $0.005 per share. (f) As of the period indicated above. + Per Share Information based on shares of Common Stock outstanding. 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.

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.

Contact the Fund at 1-888-777-0102 for additional information, or consult the Fund's website at www.leggmason.com/cef.

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.

SOURCE: Western Asset Premier Bond Fund.

CONTACT: Legg Mason & Co., LLC Brenda Grandell, 1-212-857-8087 Director, Closed-End Funds Copyright Business Wire 2010 -0- KEYWORD: United States

North America

New York INDUSTRY KEYWORD: Professional Services

Banking

Finance SUBJECT CODE: Closed End Fund

Dividend