For Immediate Release

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

Boston, Massachusetts, June 3, 2003 -- The New America High Income Fund, Inc. (the "Fund")(NYSE:HYB) announced today that a dividend of $.0175 per share has been declared on the company's common stock. The dividend is payable June 30, 2003 to common shareholders of record as of the close of business on June 16, 2003. The ex-dividend date will be June 12th.

The New America High Income Fund, Inc. is a diversified, closed-end management investment company.

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