For Immediate Release

The New America High Income Fund Announces Filing of Registration Statement for Additional 1,200 shares of Series C Auction Term Preferred Stock

Boston, Massachusetts, August 26, 2003 - The New America High Income Fund, Inc. (NYSE:HYB)(the "Fund") announced today that it has filed a Registration Statement with the Securities and Exchange Commission to issue an additional 1,200 shares of Series C Auction Term Preferred Stock (the "ATP"). There are currently 800 shares of the Series C ATP outstanding. The shares of Series C ATP have a liquidation preference of $25,000 per share, plus accumulated dividends. The dividend rate paid on the ATP will be determined through auction. The net proceeds of the offering will be used to purchase additional portfolio securities. It is anticipated that Lehman Brothers Inc. will serve as the underwriter for the transaction.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted until the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state.

For more complete information about the Fund, including charges and expenses, please write to the Fund at 33 Broad Street, Boston, Massachusetts 02109 for a prospectus.

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 $161.2 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.

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