For Immediate Release

THE NEW AMERICA HIGH INCOME FUND, INC. DECLARES DIVIDEND

Boston, Massachusetts, December 4, 2007 -- The New America High Income Fund, Inc. (the "Fund")(NYSE:HYB) announced today that it will pay a dividend of $.0175 per share on the company's common stock on December 31, 2007 to common shareholders of record as of the close of business on December 17, 2007. The ex-dividend date will be December 13th.

In addition, the Fund announced that, due to current market conditions, the Board of Directors has postponed the contemplated offering of the issuance of additional auction term preferred stock. The Board of Directors intends to monitor market conditions in the future to determine whether to conduct an offering at a later date.

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. ("T. Rowe Price"). As of June 30, 2007, T. Rowe Price and its affiliates managed approximately $379 billion of assets, including approximately $10.2 billion of "high yield" investments. T. Rowe Price has provided investment advisory services to investment companies since 1937.

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