<Page>

                                 Certifications

I, Robert F. Birch, certify that:

1.   I have reviewed this report on Form N-CSR of The New America High Income
     Fund, Inc. for the reporting period January 1, 2002 through December 31,
     2002

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material fact or omit to state a material fact necessary to make the
     statements made, in light of the circumstances under which such statements
     were made, not misleading with respect to the period covered by this
     report.

3.   Based on my knowledge, the financial statements, and other financial
     information included in this report, fairly present in all material
     respects the financial condition, results of operations and changes in net
     assets of the registrant as of, and for, the periods presented in this
     report.

Items 4 - 6 not applicable

Date: March 10, 2003

/s/ Robert F. Birch
- ------------------------------
Robert F. Birch, President
Principal Executive Officer
<Page>


                                 Certifications

I, Ellen E. Terry, certify that:

1.   I have reviewed this report on Form N-CSR of The New America High Income
     Fund, Inc. for the reporting period January 1, 2002 through December 31,
     2002

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material fact or omit to state a material fact necessary to make the
     statements made, in light of the circumstances under which such statements
     were made, not misleading with respect to the period covered by this
     report.

3.   Based on my knowledge, the financial statements, and other financial
     information included in this report, fairly present in all material
     respects the financial condition, results of operations and changes in net
     assets of the registrant as of, and for, the periods presented in this
     report.

Items 4 - 6 not applicable

Date: March 10, 2003

/s/ Ellen E. Terry
- -------------------------
Ellen E. Terry, Treasurer and Vice President
Principal Financial Officer