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Liberty Media Makes Strategic Investment In Subsidiary of IDT Corp. $30 million invested in IDT Telecom, Inc., primary operating unit of IDT Corporation

NEWARK, NJ and ENGLEWOOD, CO, March 14, 2002 — IDT Corporation (NYSE: IDT;IDT.B) and Liberty Media Corporation (NYSE: L; LMC.B) announced today that Liberty Media has made a strategic investment of $30 million in IDT Telecom, Inc., a subsidiary of IDT Corporation, at a “pre-money” equity valuation of $600 million. As a result of this investment, Liberty Media will own approximately 4.76% of the common equity of IDT Telecom. IDT Corporation owns the remaining common equity of IDT Telecom.

“We are extremely pleased to be further strengthening our relationship with Liberty Media,” said Jim Courter, CEO and Vice Chairman of IDT Corporation. “They are already important investors in IDT Corp., and we are delighted that they have chosen to invest in our Telecom subsidiary as well.”

“This investment begins the next chapter of building value at IDT Telecom,” said Motti Lichtenstein, Chief Executive Officer of IDT Telecom. “By partnering with a media entity with the unparalleled global footprint of Liberty Media, we expect to successfully execute our expansion strategy to include operations in Europe, South America and Asia.”
Robert Bennett, President and CEO of Liberty Media, stated, “IDT has a highly disciplined and focused management team responsible for creating strong and profitable businesses. These factors add up to a compelling investment opportunity for Liberty Media and provide a solid platform for significant future growth. We are excited to further our relationship with IDT and to participate in its growth.” Through its own national telecommunications backbone and fiber optic network infrastructure, IDT Telecom provides its customers with integrated and competitively priced international and domestic long distance telephony and prepaid calling cards, among other services. The funds from the Liberty investment will be used for further product and business development.

IDT, through its IDT Telecom subsidiary, is a leading facilities-based, multinational carrier that provides a broad range of telecommunications services to its retail and wholesale customers worldwide. IDT Ventures is the IDT subsidiary principally responsible for the Company’s initiatives in media and new technologies. Through its various subsidiaries, IDT has interests in several telecom, Internet-related and media companies. Recent IDT acquisitions include Winstar Communications, Net2Phone, and Talk America Radio Network.

Liberty Media Corporation (NYSE: L and LMC.B) holds interests in a broad range of Domestic and international video programming, communications, technology and Internet businesses.

IDT Liberty Media
Gil Nielsen, Mike Erickson
VP, IDT Corporate Communications VP Investor Relations
(973) 438-4002 (877) 772-1518

Except for historical information, all of the expectations and assumptions contained in the foregoing are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and the Securities Exchange Act of 1934, involving risks and uncertainties. These statements refer to our plans to implement our growth strategy, improve our financial performance, expand our infrastructure, develop new products and services, integrate and improve acquired businesses, expand our customer base and enter international markets. The forward-looking statements also include our expectations concerning factors affecting the markets for our products, including the demand for long distance telecommunications. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results that we anticipate. These risks and uncertainties include, but are not limited to, those risks discussed in this press release.
In addition to the factors specifically noted in the forward looking statements, other important factors that could result in those differences include (a) general economic conditions in the telecommunications, media and Internet markets, including inflation, recession, interest rates, and other economic factors; (b) casualty to or other disruption of our facilities and operations; (c) those discussed in IDT Corp.’s Annual Report on Form 10K for the period ended July 31, 2001 and (d) other factors that generally affect the business of telecommunications, Internet and other communications companies. We assume no obligation to update these forward-looking statements or to update the reasons actual results could differ materially from the results anticipated in the forward-looking statements.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding IDT Corp’s business which are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in IDT Corp’s Annual Report or Form 10-K for the most recently ended fiscal year.