For Immediate Release

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

THE NEW AMERICA HIGH INCOME FUND, INC. REDEEMS OUTSTANDING AUCTION TERM PREFERRED STOCK WITH NEW CREDIT FACILITY

Boston, Massachusetts, November 13, 2012 - The New America High Income Fund, Inc. (the "Fund") (NYSE: HYB) announced that on November 9, 2012 it consummated, as required under the terms of its charter, the scheduled redemption of all outstanding shares of its auction term preferred stock ("ATP") at the liquidation preference per share of $25,000, plus all accrued and unpaid dividends to the date of redemption. As previously disclosed, the aggregate amount of the redemption, which was approximately $85.5 million, was financed through 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 weighted average dividend rate for all series of the ATP immediately prior to its redemption was approximately 0.33% on the approximately $85.4 million liquidation preference of the ATP. The fee payable on the $100 million credit facility will be approximately 1.06% through February 2013 when the fee will be subject to adjustment.

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 September 30, 2012, T. Rowe Price and its affiliates managed approximately $574.4 billion of assets, including approximately $20.3 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 "may" 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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