For Immediate Release

THE NEW AMERICA HIGH INCOME FUND, INC. DECLARES DIVIDEND

Boston, Massachusetts, December 1, 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 December 31, 2003 to common shareholders of record as of the close of business on December 17, 2003. The ex-dividend date will be December 15th.

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 $8.7 billion of "high yield" investments. T. Rowe Price Associates has provided investment advisory services to investment companies since 1937.

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