For Immediate Release

THE NEW AMERICA HIGH INCOME FUND FILES REGISTRATION STATEMENT FOR TRANSFERABLE RIGHTS OFFERING

Boston, Massachusetts, May 23, 2003 -- The New America High Income Fund, Inc. (the "Fund")(NYSE:HYB) announced today the filing of a Registration Statement with the Securities and Exchange Commission regarding a transferable rights offering to the holders of the Fund's common stock.

Under the expected terms of the offering, as described in the Registration Statement, the Fund will issue to its common stockholders rights to subscribe for an aggregate of approximately 23,381,095 shares of the Fund's common stock. Each stockholder will have the opportunity to exercise rights to purchase shares in an amount equal to approximately one-third of the shareholder's record date holding. The method of pricing and the record date will be determined and announced shortly before the commencement of the offering, which the Fund presently anticipates will occur in July 2003.

The rights offering will entitle shareholders, and other rightholders purchasing rights in the market, to acquire newly issued shares of stock of the Fund. In addition, holders of rights who subscribe for the maximum number of shares to which they are entitled will be permitted to subscribe for additional shares. The Fund intends to apply to list the rights for trading on the New York Stock Exchange.

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. As of March 31, 2003, T. Rowe Price and its affiliates managed approximately $139.9 billion of assets, including approximately $49.9 billion of fixed income securities, of which approximately $7.2 billion represented "high yield" investments. T. Rowe Price has provided investment advisory services to investment companies since 1937.

A Registration Statement relating to the securities has been filed with the Securities and Exchange Commission but has not yet become effective. The Fund may not sell these securities until the Registration Statement filed with the Securities and Exchange Commission is effective. This communication is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

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