2008-05-07 23:52:08 -

- The Western Asset Premier Bond Fund (NYSE:WEA) announced today the declaration of long-term capital gains dividends of $0.0265 per share on its Common Stock. The distribution will be paid on May 30, 2008 to shareholders of record as of May 21, 2008. The ex-dividend date will be May 19, 2008.

This press release is not for tax reporting purposes and is being provided to announce the amount of the Fund's distributions that have been declared by the Board of Directors. In early 2009, 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 calendar year 2008 should be characterized for purposes of reporting

the distributions on your 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 March 1973.

For Fund related questions:
Western Asset Management Company
877-844-8800
or
For shareholder related questions:
Computershare Investor Services
866-290-4386