For Immediate Release

THE NEW AMERICA HIGH INCOME FUND, INC. ANNOUNCES REVERSE STOCK SPLIT

Boston, Massachusetts, January 20, 2009 -- The New America High Income Fund, Inc. (the "Fund")(NYSE:HYB) announced today that the Board of Directors of the Fund has adopted a proposal to implement a reverse stock split of 1-for-5. The Fund expects the effective date for the reverse stock split to be after the close of business on Thursday, January 22, 2009, with trading on a split-adjusted basis expected to begin on Friday, January 23rd.

As a result of the reverse stock split, every five outstanding Fund shares will be converted into one share, thereby reducing the number of outstanding shares by a factor of five. No fractional shares will be issued as a result of the reverse stock split other than in the Fund's dividend reinvestment plan. Fractional shares will be aggregated and sold on the New York Stock Exchange with the proceeds to be distributed, subject to the conditions noted below, pro rata among stockholders who would otherwise have received fractional shares as a result of the reverse stock split.

Stockholders of record will receive a letter with additional information regarding the reverse stock split from the Fund's transfer agent, American Stock Transfer and Trust Company ("AST"). Going forward all shares of the Funds' common stock will be in book-entry form so that holders of certificates representing pre-split shares of the Fund's common stock will receive non-certificated post-split shares of the Fund's common stock upon submitting the pre-split share certificates to AST. Stockholders must properly complete and submit the documentation accompanying the letter they receive from AST and submit any stock certificates they hold in order to receive any dividends payable after the date of the reverse stock split and any amounts with respect to fractional shares they would otherwise have received as a result of the reverse stock split. Stockholders may call AST at 800-937-5449 for assistance.

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 September 30, 2008 T. Rowe Price and its affiliates managed approximately $345 billion of assets, including approximately $10.4 billion of "high yield" investments. T. Rowe Price has provided investment advisory services to investment companies since 1937.

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