For Immediate Release

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

Boston, Massachusetts, August 19, 2003 - The New America High Income Fund, Inc. (NYSE:HYB) announced today that its Rights Offering, which expired Monday, August 18, 2003 at 5:00 p.m., Eastern time, received primary and over-subscription requests in excess of the number of shares offered in the Rights Offering.

Requests for over-subscription shares exceeded the number of such shares available. Accordingly, shares available for over-subscription will be allocated among the over-subscribers in the manner set forth in the Fund's Prospectus, dated July 21, 2003, circulated in connection with the Rights Offering.

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 $1.81 per share.

It is expected that confirmations to participants in the Rights Offering will be mailed out on or before August 25, 2003. 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, 2003, T. Rowe Price and its affiliates managed approximately $161 billion of assets, including approximately $52.6 billion of fixed income securities, of which approximately $8.7 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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