For Immediate Release

The New America High Income Fund Announces Completion of Transferable Rights Offering

Boston, Massachusetts, September 18, 2007 - The New America High Income Fund, Inc. (NYSE:HYB) (the "Fund") announced today the results of its Rights Offering, which expired Monday, September 17, 2007 at 5:00 p.m., Eastern time. The Fund received primary and over-subscription requests for approximately 18.6 million shares of its common stock in the Rights Offering. All requests for over-subscription shares will be satisfied since the requests for primary subscriptions were less than the approximately 32.1 million shares offered.

Under the terms of the Rights Offering, the subscription price per share was 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 of the offer 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 of the offer. The actual subscription price was $1.83 per share.

It is expected that confirmations to participants in the Rights Offering will be mailed out on or before September 26, 2007. Any payment received from participants in excess of the actual subscription price for shares subscribed for will be refunded as soon as practicable.

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 June 30, 2007, T. Rowe Price and its affiliates managed approximately $379 billion of assets, including approximately $74 billion of fixed income securities, of which approximately $10.2 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."

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