For Immediate Release

The New America High Income Fund Announces the Issuance of An Additional 1,200 shares of Series C Auction Term Preferred Stock

Boston, Massachusetts, October 17, 2003 - The New America High Income Fund, Inc. (NYSE:HYB)(the "Fund") announced today the issue and sale of an additional 1,200 shares of Series C Auction Term Preferred Stock (the "Series C ATP"). Including the newly issued shares, there are 1,800 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 initial dividend is payable on the new shares of Series C ATP on October 21, 2003, at a rate of 1.15%. The dividend rate thereafter will be determined through auctions, the first of which is scheduled for October 20, 2003. The net proceeds of approximately $29,276,000 will be used to purchase additional portfolio securities. The offering was underwritten by Lehman Brothers Inc.

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.

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

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. The sale of the Series C ATP will be made only by means of a prospectus.

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