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Western Asset Premier Bond Fund (“WEA”) Sets New Rate and Announces Distributions for the Months of December 2012, January &

  Western Asset Premier Bond Fund (“WEA”) Sets New Rate and Announces
  Distributions for the Months of December 2012, January & February 2013

Business Wire

PASADENA, Calif. -- November 14, 2012

Western Asset Premier Bond Fund, which is listed on the New York Stock
Exchange under the symbol “WEA”, announced today monthly distributions of
$0.1050 per common share for December 2012, January and February 2013. The
Fund has decreased its distributions to a level that better approximates the
current level of net investment income generated by its investment portfolio.
As the Fund reinvests principal and income, it reinvests at lower levels
relative to current distribution rates as interest rates remain low. The Fund
had previously paid a monthly distribution rate of $0.1100 per common share.

The distribution schedule appears below:

                                                                
Month          Ex-Date          Record           Payable          Amount        Type
                                Date             Date
December       12/12/2012       12/14/2012       12/21/2012       $0.1050       Income
January        01/16/2013       01/18/2013       01/25/2013       $0.1050       Income
February       02/13/2013       02/15/2013       02/22/2013       $0.1050       Income
                                                                                

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 2013 and early 2014, 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.

Contact:

Western Asset Premier Bond Fund
For Fund-related questions:
Fund Investor Services, 888-777-0102
or
For shareholder-related questions:
American Stock Transfer and Trust Company, 888-888-0151