For Immediate Release

THE NEW AMERICA HIGH INCOME FUND, INC. ANNOUNCES THE COMMENCEMENT OF TRANSFERABLE RIGHTS OFFERING

Boston, Massachusetts, July 21, 2003 - The Board of Directors of The New America High Income Fund, Inc. (NYSE:HYB) (the "Fund") announced today the commencement of an offering of up to 23,397,095 shares of its common stock, in a transferable rights offering to its stockholders of record as of July 21, 2003. The Securities and Exchange Commission declared the Fund's registration statement effective today. On or about July 23, 2003, the Fund will distribute transferable subscription certificates (evidencing the right to subscribe for shares of common stock), together with a copy of the prospectus, to all stockholder on the record date.

Under the terms of the offering, each stockholder will be issued one right for each three shares of common stock owned on the record date. Stockholders who own a number of shares of common stock that is not evenly divisible by three will receive one additional right. 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 will be admitted for trading on the New York Stock Exchange (the "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 Exchange on the expiration date of the offer and the previous nine business days and (b) 94% of the net asset value per share as of the close of business on the expiration date of the offer. The estimated subscription price is $2.07 per share. The Fund's rights offering will expire at 5:00 p.m., Eastern time, on August 18, 2003, unless extended, at the discretion of the Fund. Rights that are not exercised or sold prior to the expiration of the offering will expire and become worthless. The last day for trading rights on the New York Stock Exchange is August 15, 2003.

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.

The Fund's common stock is listed on the New York Stock Exchange under the symbol "HYB." 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.

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