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IDT Corporation Debuts Conferencing Feature for Long Distance Customers IDT Connect Brings Conference Calling Within the Reach of Consumers and Businesses

Newark, NJ May 14, 2003 – IDT Corporation (NYSE: IDT, IDT.C), a multinational carrier, telephone and technology company, today announced the launch of IDT Connect, a new conference calling service. IDT Connect is reservationless conferencing calling for consumers and businesses, priced well below the competition.

“IDT pioneered international call-back, developed Voice Over IP, revolutionized calling cards and now reinvented voice conferencing with IDT Connect,” said Howard Jonas, IDT’s Founder and Chairman. “IDT Connect is a home run for families and businesses. Dollar for dollar, this is the best voice conferencing product on the market. Whether it’s calling cards, long distance service or conference calling, giving consumers the best deal has become IDT’s trademark.”

IDT Connect enables IDT Long Distance customers to initiate a conference call with up to 25 participants. Calls can be made from any phone: home, office, cell or hotel room with toll-free access for just $.07 per minute, per line.

The new conferencing service has no connection, cancellation charges or monthly fees. It features a convenient toll-free number, password protection, an easy to use enrollment process and dedicated customer service. Charges appear on the customer’s regular monthly phone bill.

“IDT Connect is another example of IDT’s growing leadership in the telecommunications industry. Our customers asked for a straightforward and cost effective conferencing tool and we delivered,” said Jim Courter, IDT’s CEO. “IDT Connect is just one of the many enhanced features that IDT will be offering its Long Distance customers over the next few months.”

In October 2002, IDT’s consumer long distance service was given the “thumbs up,” the highest rating given by The Wall Street Journal, in its independent survey of cellular and long distance telephone companies. In a survey of long distance carriers, which reviewed all of the major carriers, including MCI, Sprint, AT&T and Verizon, IDT received the best overall ratings.

IDT Corporation, through its IDT Telecom 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. IDT acquired the assets of Winstar Communications in December 2001.
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.