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IDT Named Exclusive Calling Card Provider for Barnes & Noble College Bookstores IDT to Provide Both Domestic and International Point-Of-Sale Calling Cards

Newark, N.J. – June 10, 2003 — IDT Corporation (NYSE: IDT, IDT.C), a multinational carrier, telephone and technology company, today announced that it has been selected as the exclusive calling card provider to Barnes & Noble College Bookstores Inc, the country’s leading manager of college and university bookstores. IDT will provide the company’s nearly 500 on-campus retail outlets with Barnes & Noble point-of-sale (POS) activated calling cards.

“Barnes & Noble College Bookstores is one of the most trusted names in higher education, selling millions of textbooks every year. We’re honored to be the service provider for their domestic and international phone cards,” said Jim Courter, IDT’s CEO. “With this agreement we significantly add to our growing point-of-sale activated card sales, and we begin to build new relationships with college students, the decision makers of tomorrow.”

The new calling cards will begin to appear in bookstores on June 30, 2003 replacing the existing cards. The cards will be sold in 3 denominations: $5, $10, and $20 cards with domestic and international capability and a customized $20 international calling card.

“Signing this agreement with Barnes & Noble College Bookstores rates an A+,” said Motti Lichtenstein, CEO of IDT Telecom. “Clearly it demonstrates IDT’s continued growth, and it’s a true textbook example of how our Private Label division can effectively compete in the point-of-sale market.”

“Many students rely upon phone cards to meet their communication needs,” said Max J. Roberts, President of Barnes & Noble College Bookstores, Inc. “We’re confident that working with IDT will be a great deal for students.”

Barnes & Noble College Bookstores, Inc. – a privately held sister company to Barnes & Noble, Inc., the nation’s largest bookseller – operates college bookstores at more than 400 institutions of higher education including: John Hopkins University, Columbia University, California State at Los Angeles, Yale University, University of Pennsylvania, University of Chicago and the Coops at Harvard and the Massachusetts Institute of Technology.

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. 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., which we reconsolidated effective August 1, 2002, 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.