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IDT Corp. Launches “IDT America Unlimited” – Flat Rate, Unlimited Calling Plan At $39.95 a Month, New All Inclusive Local, Regional, Long Distance Service Priced Below The Competition

Newark, N.J., September, 24, 2003 – The IDT Corporation (NYSE: IDT, IDT.C) today announced the launch of “IDT America Unlimited,” a new flat rate calling plan combining local, regional toll and long distance service, plus popular calling features. The new phone plan is being rolled out immediately in New York, New Jersey, Maryland and Pennsylvania with availability in other states to follow. IDT Corporation is a multinational carrier, telephone and technology company.

“This is nothing less than the start of another telecom revolution,” said Howard Jonas, Chairman and Founder of IDT. “America is about choices. Now consumers can choose IDT and declare their independence from the local phone carrier monopoly. Those who switch to ‘IDT America Unlimited’ will make high phone rates a thing of the past.”

“IDT America Unlimited” is available immediately to consumers in New York, New Jersey, Maryland and Pennsylvania. The new service includes unlimited local, regional toll and long distance calling with Caller ID, Speed Dial, Call Waiting and 3-way Calling, and the convenience of one monthly bill for $39.95 a month. IDT is also launching “IDT America Choice.” This plan provides unlimited local service with Caller ID and Call Waiting for $28.95 per month with IDT Long Distance included at just 5 cents a minute (available in most areas) with no additional fee. With either plan, IDT’s aggressive WorldSaver international rate plan can be added on for an additional $2 per month. IDT’s popular five cents a minute long distance service continues to be available nationwide.

“High quality, low cost telecommunications services are IDT’s trademark,” said Jim Courter, IDT’s CEO. “Now, in addition to low rates, consumers can get local, regional, long distance and international calling, plus the convenience of just one phone bill, all from IDT.”

Customers who sign up for the new services can expect to enjoy the same quality, reliability and customer service they’ve come to expect from IDT with the added benefit of a single point of contact for all their residential calling needs. Switching to IDT is easy with no interruption in phone service. Last year in an independent survey comparing long distance carriers that was reported by the Wall Street Journal, IDT received the best rating compared to AT&T, MCI, Sprint and Verizon.

“With ‘IDT America Unlimited,’ IDT takes the lead in unlimited, all inclusive calling plans,” said Motti Lichtenstein, CEO of IDT Telecom. “We intend to use our price advantage to build market share as we roll out ‘America Unlimited’ to consumers in additional states.”

IDT Corporation, through its IDT Telecom, Inc. subsidiary, is a facilities-based, multinational carrier that provides a broad range of telecommunications services to its retail and wholesale customers worldwide. IDT Telecom, by means of its own national telecommunications backbone and fiber optic network infrastructure, provides its customers with integrated and competitively priced international and domestic long distance telephony and prepaid calling cards. IDT and Liberty Media Corporation own 95% and 5% of IDT Telecom, respectively. Liberty Media Corporation also owns a 5.6% stake in IDT Media. IDT Media, Inc. is the IDT subsidiary principally responsible for the Company’s initiatives in media, new video technologies and print media. Winstar Holdings, LLC is the IDT subsidiary through which we provide broadband and telephony services to commercial and governmental customers through a fixed-wireless and fiber infrastructure. In December 2002, we announced that the services offered by Winstar would begin to be offered under the name “IDT Solutions.” Net2Phone, Inc., a subsidiary of IDT Corporation, is a leading provider of high-quality global retail Voice over IP services, either directly or via a partner.

IDT Corporation common shares trade on the New York Stock Exchange under the ticker symbols IDT and IDT.C.

In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate, “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. These factors include, but are not limited to, the following: potential declines in prices for our products and services; our ability to maintain and grow our retail telecommunications services, particularly our prepaid calling card business; availability of termination capacity; financial stability of our customers; our ability to maintain carrier agreements with foreign carriers; effectiveness of our marketing and distribution efforts; increased competition, particularly from regional bell operating companies; our ability to manage our growth; competitiveness of our Winstar subsidiary; impact of government regulation; our ability to obtain telecommunications products or services required for our products and services; and general economic conditions, particularly in the telecommunications markets. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.