For Immediate Release

Boston, Massachusetts, July 11, 2003 - The Board of Directors of The New America High Income Fund, Inc. (NYSE:HYB) (the "Fund") announced today the final terms of a transferable rights offering.

Under the terms of the offering, the Fund will issue to its common stockholders on the record date, which is July 21, 2003, or such later date as the Fund's registration statement is declared effective by the Securities and Exchange Commission, rights to subscribe for an aggregate of 23,381,095 shares of the Fund's common stock. Each stockholder will be issued one right for each three shares of common stock owned on the record date. The rights will entitle stockholders to acquire, at the subscription price, one share of common stock for each right held. 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 rights are transferable and are expected to be admitted for trading on the New York Stock Exchange.

The subscription price per share will be the lower of (a) 94% of the average of the last reported sales prices of a share of the Fund's Common Stock on the New York Stock Exchange on the Expiration Date and the nine preceding business days and (b) 94% of the net asset value per share as of the close of business on the Expiration Date. The Fund's rights offering is expected to commence on the record date and expire at 5:00 p.m., Eastern time, on August 18, 2003, unless extended, at the discretion of the Fund.

The rights offering is subject to the effectiveness of the Fund's registration statement which has been filed with the Securities and Exchange Commission. These securities may not be sold until the registration statement becomes effective. This communication is not an offer to sell these securities and it is not soliciting an offer to buy in any state where the offer or sale is not permitted. The rights offering will be made only by means of a prospectus.

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.

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