For Immediate Release

Contact:
Ellen E. Terry, Vice President
Telephone: 617-263-6400
www.newamerica-hyb.com

THE NEW AMERICA HIGH INCOME FUND, INC ENTERS INTO CREDIT FACILITY
TO FINANCE REDEMPTION OF OUTSTANDING AUCTION TERM PREFERRED STOCK

Boston, Massachusetts, October 11, 2012 -- In a filing with the Securities and Exchange Commission, The New America High Income Fund, Inc. (the "Fund") (NYSE: HYB) announced its intention to redeem all outstanding shares of its auction term preferred stock ("ATP") on November 9, 2012 at the liquidation preference per share of $25,000, plus all accrued and unpaid dividends to the date of redemption, as provided under the terms of the ATP. The aggregate amount of the redemption is expected to be approximately $85.5 million. To finance the redemption of the ATP and maintain its leveraged capital structure, the Fund has entered into a credit facility with The Bank of Nova Scotia, pursuant to which the Fund may borrow up to an aggregate amount of $100 million. The facility provides for an initial term of one year and may be extended with respect to amounts outstanding at the end of the initial term for an additional year at the option of the Fund. Amounts borrowed under the credit facility will bear interest at an adjustable rate based on a margin above LIBOR.

The New America High Income Fund, Inc. is a diversified, closed-end management investment company with a leveraged capital structure. The Fund"s investment adviser is T. Rowe Price Associates, Inc. ("T. Rowe Price"). As of June 30, 2012, T. Rowe Price and its affiliates managed approximately $541.7 billion of assets, including approximately $20.8 billion of "high yield" investments. T. Rowe Price has provided investment advisory services to investment companies since 1937.

This press release contains forward-looking statements, which you can identify by the use of words such as "intention" and "expected" and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Fund"s control and could materially affect actual results or returns. These factors include, without limitation, changes in interest rates and other financial market and economic conditions, regulatory changes, and other risks and uncertainties. The Fund does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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