IDT Corporation Announces Expiration of Subsequent Offering Period

Based upon a preliminary tally by Wachovia Bank N.A., thedepositary for the offer, approximately 31,583,221 shares were validlytendered in the offer, including the subsequent offering period. Thetendered shares, together with the Net2Phone shares alreadybeneficially owned by IDT, represent approximately 80.52% of theoutstanding equity of Net2Phone and approximately 85.75% of theoutstanding voting power of Net2Phone. In addition, approximately1,681,608 shares were tendered pursuant to guaranteed deliveryprocedures but have not yet been covered. IDT has accepted for paymentall Net2Phone shares validly tendered and not withdrawn in the offer.

As promptly as practicable, IDT intends to take all action withinits control to effect a merger of NTOP Acquisition with Net2Phone inwhich all remaining shareholders of Net2Phone common stock willreceive the same consideration for their shares as the holders whotendered their shares in the offer.

A copy of this press release will be available on IDT's website atwww.idt.net in the "About IDT" Press Releases section.

IDT, through its IDT Telecom subsidiary, is a facilities-based,multinational carrier that provides a broad range oftelecommunications services to retail and wholesale customersworldwide. IDT Telecom, by means of its own internationaltelecommunications backbone and fiber optic network infrastructure,provides its customers with integrated and competitively pricedinternational and domestic long distance and domestic all-distancetelephony and prepaid calling cards. IDT Entertainment is the IDTsubsidiary that is focused on developing, acquiring, producing anddistributing computer-generated and traditionally animated productionsand other productions for the film, broadcast and direct-to-consumermarkets. IDT Capital is the IDT division principally responsible forIDT's initiatives in radio broadcasting, brochure distribution and newtechnologies. Net2Phone, Inc., a subsidiary of IDT Corporation, is aprovider of high-quality global retail Voice over IP services andoffers a fully outsourced cable telephony service to cable operatorsallowing cable operators to provide residential phone service to theirsubscribers. IDT Corporation's Class B Common Stock and Common Stocktrade on the New York Stock Exchange under the ticker symbols "IDT"and "IDT.C," respectively.