For Immediate Release

THE NEW AMERICA HIGH INCOME FUND, INC. REDUCES AUCTION TERM PREFERRED STOCK AND DECLARES MONTHLY DIVIDEND

Boston, Massachusetts, October 31, 2008 -- The New America High Income Fund, Inc. (the "Fund")(NYSE:HYB) announced today that it has retired $29.575 million of its Auction Term Preferred Stock Series C (the "ATP"). The Fund received an unsolicited offer from the seller allowing the Fund to purchase the ATP at a discount to its liquidation preference. The Board of Directors, in consultation with T. Rowe Price Associates, Inc., the Fund's investment adviser, believed that it would be prudent to reduce the Fund's leverage in the current market environment. The purchase of the ATP at discount from its liquidation preference resulted in an increase in the Fund's net asset value per common share (the "NAV") of $.09. As of October 31, 2008, the Fund's NAV was $1.26.

The Fund also announced that it will pay a dividend of $.013 per share on the company's common stock on November 28, 2008 to common shareholders of record as of the close of business on November 14, 2008. The ex-dividend date will be November 12th.

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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