For Immediate Release

THE NEW AMERICA HIGH INCOME FUND, INC. DECLARES DIVIDEND

Boston, Massachusetts, August 4, 2003 -- The New America High Income Fund, Inc. (the “Fund”)(NYSE:HYB) announced today that a dividend of $.0175 per share has been declared on the company’s common stock. The dividend is payable August 29, 2003 to common shareholders of record as of the close of business on August 15, 2003. The ex-dividend date will be August 13th.

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 $7.2 billion of “high yield” investments. T. Rowe Price has provided investment advisory services to investment companies since 1937.

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