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The New America High Income Fund, Inc. Update on Timing of Reorganization

1. HYB reorganizes into T. Rowe Price High Yield Fund series. Reorganization closure is delayed. 2. Shareholders will hold Investor Class shares post-reorganization. Structural changes remain minimal. 3. T. Rowe Price’s robust asset management backs the move. Leverage structure is maintained.

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Why Neutral?

The announcement is a formal reorganization, shifting share classification without altering underlying fundamentals. Past reorganization cases have typically shown minimal direct price changes.

How important is it?

While the structural change is significant, the backing by a reputable advisor like T. Rowe Price limits drastic shifts. Investors should monitor the final closing conditions and any changes in share structure that may affect trading.

Why Short Term?

In the immediate period, investor sentiment might fluctuate due to uncertainty over the new closing date. Historical examples indicate such restructurings cause temporary volatility but not long-term shifts.

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BOSTON, Feb. 21, 2025 (GLOBE NEWSWIRE) -- The New America High Income Fund, Inc. (the “Fund”) (NYSE: HYB) announced today that the reorganization of the Fund into the T. Rowe Price High Yield Fund (the “T. Rowe Price Fund”), a separate series of the T. Rowe Price High Yield Fund, Inc. (the “Reorganization”), initially expected to close following the close of business of the New York Stock Exchange on Friday, February 21, 2025, is now expected to close on a mutually agreed upon date in writing by the parties, subject to satisfaction of customary closing conditions. Upon the closing of the Reorganization, shareholders of the Fund will become holders of Investor Class shares of the T. Rowe Price Fund. About the FundThe 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 January 31, 2025, T. Rowe Price and its affiliates managed approximately $1.65 trillion of assets. T. Rowe Price has provided investment advisory services to investment companies since 1937. This press release is for informational purposes only and is not intended to, and does not, constitute an offer to purchase or sell shares of the Fund or the T. Rowe Price Fund. Additional information about the Fund and the T. Rowe Price Fund, including performance and portfolio characteristic information, is available at www.newamerica-hyb.com or www.troweprice.com, respectively. Statements in this press release that are not historical facts may be forward-looking statements, as defined by the U.S. securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors that may be beyond the Fund’s control and could cause actual results to differ materially from those set forth in the forward-looking statements. Contact:        Ellen E. Terry, PresidentTelephone: 617-263-6400www.newamerica-hyb.com

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