Special Committee of Net2Phone to Review IDT's Unsolicited Tender Offer; Advises Stockholders to Take No Present Action

Net2Phone, Inc. (NASDAQ: NTOP) announced today, in
response to IDT Corporation's (NYSE: IDT, IDTC) unsolicited tender
offer for all of the outstanding shares of Net2Phone's common stock
that IDT Corporation and its affiliates do not currently own for $2.00
per share in cash, net to the seller, without interest thereon, that
the Independent Committee of Net2Phone's Board of Directors will
examine and consider the offer. On or before November 25, 2005, the
Independent Committee of Net2Phone's board of directors will advise
holders of the Net2Phone common stock of whether it recommends
acceptance or rejection of the tender offer, expresses no opinion and
remains neutral toward the tender offer, or is unable to take a
position with respect to the tender offer. At such time, the
Independent Committee of the board of directors will include the
reasons for its position taken with respect to the tender offer or its
inability to take a position. In the meantime, Net2Phone requests all
its stockholders to defer making any determination with respect to the
tender offer until the Independent Committee of Net2Phone's board of
directors has made its recommendation.

   About Net2Phone

   Net2Phone provides VoIP PacketCable, SIP and wireless solutions
around the world. As a leader in turn-key hosted VoIP telephony
services, Net2Phone has routed billions of VoIP minutes globally,
servicing more than 100,000 users in the US as well as hundreds of
thousands of more overseas. Net2Phone provides partners with a
SIP-based broadband telephony solution, calling cards, prefix dialing
and enterprise services in over 100 countries. Net2Phone's PacketCable
platform provides cable operators with the ability to deliver a high
quality primary line-type service with features such as emergency
calling. For more information about Net2Phone's products and services,
please visit www.net2phone.com.