For Immediate Release

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

SEC Enters Into Settlement with New America High Income Fund

Boston, Massachusetts, December 21, 2012 -- The U.S. Securities and Exchange Commission has entered into a settlement agreement with the New America High Income Fund, Inc. (the "Fund"), the Fund's President, and the Fund's Vice President/Treasurer with respect to actions by the Fund and its officers relating to the Fund's auction-term preferred stock (the "ATP"). A copy of the SEC order issued pursuant to the settlement agreement is available at www.sec.gov/litigation/admin/2012/ic-30313.pdf. The Fund is pleased these matters have been fully resolved and believes the SEC order will not adversely affect the day-to-day operations or management of the Fund. On November 9, 2012, the Fund repurchased all outstanding shares of its ATP at the full liquidation preference price of such shares (plus accrued dividends), as required by the terms of the Fund's charter.

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.

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