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					IDT Corporation
                           December 2003
                             Confidential



                 Howard Jonas, Chairman
      Jim Courter, Chief Executive Officer
                 Ira Greenstein, President
      Steve Brown, Chief Financial Officer
 Marcelo Fischer, Chief Accounting Officer
IDT Corporation



      Summary Market Information
      Market Cap:               $1.6 Billion
      Fiscal 2003 Revenues:     $1.8 Billion
      Cash Balance:             $1 Billion
      Exchange:                 NYSE
      Headquarters:             Newark, NJ
      Employees:                3,800
      Offices:                  17 Countries On 5 Continents
      State Of Incorporation:   Delaware
      Equity Research:          Wm Smith Securities, Janco Partners
      Attorneys:                McDermott Will & Emery
      Auditors:                 Ernst & Young
      Board Representation:     8 Outside Directors, 6 Inside Directors
      Tickers:                  IDT            IDT.C       Class A
      Price As Of 12/12/03:     $20.00         $19.25      Not Traded
      52 Week High:             $20.50         $19.50
      52 Week Low:              $13.75         $13.70
      Shares Outstanding:       51.2 Mil.      22.1 Mil.    9.8 Mil.    83.1 Mil Total
       As Of 10/20/03
                                                                                         2
  IDT Corporation


  IDT Revenue Run Rate
  Q4 2003
                                                     IDT Corporation
                                                     Revenue $2.1 billion


     Telecom                        Solutions         Entertainment                Media           Net2Phone
     (95% owned)                    (100% owned)           (94% owned)           (94% owned)    (controlled, 22% owned)
      $1.8 billion                    $85 million           $48 million           $23 million          $76 million


    Retail            Wholesale                     Digital Production         Liberty
                                                        Solutions                               Net2Phone Global
  $1.3 billion       $502 million                                            Broadcasting           Services
                                                      (90% owned)


Calling Cards                                          Film Roman                               Net2Phone Cable
                                                                                 WMET
 $1.17 billion                                        (82% owned)                                  Telephony


     Domestic                                        Vanguard Anim.              CTM
    $955 million                                      (12.5% owned)         Brochure Display
   International
    $165 million                                       MainFrame
                                                      Entertainment               OTV
  Consumer                                            (62% owned)
Phone Services
 $149 million                                          Anchor Bay
                                                    Ent. (100% owned
                                                     upon closing)
  Callback
 $0.5 million
                                                                                                                      3
IDT Corporation



      Ownership & Control Of IDT Corporation

      Economic Interest:              Voting Interest:




      Institutional Holders 43.9%     Howard Jonas 56.3%
      Howard Jonas 21.4%              Institutional Holders 33.0%
      Retail Holders 20.6%            Retail Holders 8.6%
      Liberty Media 12.3%             Liberty Media 1.8%
      AT&T 1.6%                       AT&T 0.2%

                                      Class B   51.2 Million Shares   NYSE: IDT   1/10 Vote/Share
                                      Common    22.1 Million Shares   NYSE: IDT.C 1 Vote/Share
                                      Class A    9.8 Million Shares                3 Votes/Share
                                      Class A   Convert To Common Upon Sale
                                                                                                   4
IDT Corporation



          IDT History
 600        International Retail Serv ices               Wholesale Carrier Serv ices
            Internet/Media                               Net2Phone
            Prepaid Calling Cards                        Consumer Phone Serv ices
                                                                                                           December 2001
 500        Solutions                                    Entertainment                                     Acquire Winstar
                                                                                                                   Assets
                                                                                                     October 2001
                                                                                                 Reacquire NTOP
 400                                                                                   February 2001      Control
                                                                                         List on NYSE
                                                                              August 2000 Acquire PT1
                                                                        Sell NTOP Shares
 300                                                                             To AT&T


                                                                    July 1999
                                                               Net2Phone IPO
 200                                               July 1997
                                             Begin Marketing
                                              Prepaid Cards
                             July 1996
                     Launch Net2Phone
 100
        April 1995      March 1996
        Introduce       IPO
        Carrier Service
  0
       2Q95 4Q95 2Q96 4Q96 2Q97 4Q97 2Q98 4Q98 2Q99 4Q99 2Q00                             4Q00 2Q01 4Q01 2Q02 4Q02 2Q03 4Q03   5
IDT Telecom




              6
IDT Telecom



      Overview Telecom Fast Facts

       Provides retail and wholesale telecommunications        Revenue ($ millions)
        services worldwide                                     500

                                                               400
       Telecom minutes-of-use run-rate in excess of 1.5
        billion minutes per month, 19 billion annually         300

                                                               200
       Fiscal 2003 revenue of $1.6 billion
                                                               100

                                                                  0
                                                                      Q1 03   Q2 03    Q3 03   Q4 03   Q1 04


      Operating Income ($ millions)                            Telecom Minutes Of Use (millions)
      25
                                                              1,600
      20                                                      1,400
                                                              1,200
      15                                                      1,000
                                                                800
      10
                                                                600
       5                                                        400
                                                                200
       0                                                          0
                                                                      Nov-02
                                                                      Oct-02




                                                                      Oct-03
                                                                      Aug-02
                                                                      Sep-02




                                                                      Feb-03




                                                                      Aug-03
                                                                      Sep-03
                                                                      Dec-02
                                                                      Jan-03



                                                                      Apr-03
                                                                      May-03

                                                                       Jul-03
                                                                      Jun-03
                                                                      Mar-03
            Q1 03     Q2 03      Q3 03        Q4 03   Q1 04



                                                                                                               7
IDT Telecom



      Telecom Major Services
       Calling cards
         – Monthly sales exceed 18 million cards
         – Over 350,000 global points of distribution
         – Access to 230 countries
         – Private label - high margin business
               • Walgreens – Largest major retail private label customer
               • Also sell corporate cards and promotional cards

       Consumer phone services
         – Five cents-a-minute plan has over 525,000 customers
         – America Unlimited Flat Rate Service roll out began in August 2003
         – America Unlimited customer count 70,000 and growing about 8,000 per week
         – Currently offered in NY, NJ, PA, MD, DE, WV, MA and NH

       Wholesale carriers



                                                                                      8
IDT Telecom



      Wholesale Carrier
      Our customers include most of the largest, most important Telecom companies in the world.




                                                                                                  9
IDT Telecom



      Contribution Of Telecom Services

                                 Fiscal 2003                   Q1 2004              Revenue
      $ Millions            Revenue      Gross Profits   Revenue    Gross Profits   Growth

      Calling Cards         $1,080.0           $240.0      292.0          66.2       7.9%
                                               22.2%                     22.7%

      Wholesale Carrier         405.5            45.6      125.6           13.8     50.5%
                                               11.2%                      11.0%

      Consumer Phone Services   152.0            85.8       37.2          19.4       4.4%
                                               56.5%                     52.2%

      Callback                    1.3             0.7        0.1             –           –
                                               59.3%                     57.4%

      Total                 $1,638.7           $372.2      455.0          99.6      16.6%
                                               22.7%                     21.9%


                                                                                             10
IDT Telecom



      U.S. Calling Card Operations
      Dark blue shaded areas represent states where significant numbers of IDT calling cards are distributed.




                                                                                                                11
IDT Solutions




                Services provided by Winstar Communications L.L.C., an IDT Company




                                                                                     12
IDT Solutions



      The Winstar Network
       Hybrid fixed-wireless and fiber infrastructure

       “Last Mile” wireless connectivity to customer using licensed commercial spectrum
          – Spectrum holdings cover 100% of U.S.

       Rights to 1,200 intra-city fiber miles and 250 interstate fiber miles

       Access to nationwide fiber network

       Customer building to hub to switch
         – 4800 Buildings with access rights
         – 2300 Provisioned (wired) buildings
         – 154 Hubs
         – 5 Data POPs
         – 21 Voice switches
         – 54 Data switches

       Two network operating centers
         – Herndon, VA
         – Seattle, WA



                                                                                           13
IDT Solutions



      Service Offerings
       IDT Solutions provides a full range of broadband and telephony
        services to commercial and governmental customers.
          – Voice services
               • Local
               • Long distance (dedicated & switched)
               • International
          – Internet & data services
               • High Speed Internet
               • Dedicated internet
               • Private lines
               • WAN
          – Other services
               • Conferencing
                                                                    Winstar Central Office
               • Web hosting
               • Calling cards



                                                                                             Customer Location
                                                                                                                 14
IDT Solutions



      IDT Solutions Unique Value Proposition
       One of few carriers that can deliver a bundled suite of local, long distance and data services

       Provide true network diversity and redundancy to fiber-based networks

       Competitive pricing

       Service reliability, performance and security – multi-layered fault tolerant architecture




                                                                                                         15
IDT Solutions



      IDT Solutions Acquisition

        December 19, 2001, – April 17, 2002

        Cash                            $ 30.0 million
        IDT Class B Shares                 25.8 million
        Purchase                         $ 55.8 million

        Working Capital*                  150.0 million

        Total                           $205.8 million




       *Amount funded as of July 2003
                                                          16
IDT Solutions


                                                         Atlanta
      22 Cities Of IDT Solutions                         Baltimore
                                                         Boston
                                                         Chicago*
                                                         Cincinnati
                                                         Dallas/Ft. Worth*
                                                         Denver
                                                         Detroit
                                                         Houston
                                                         Los Angeles*
                                                         Miami
                                                         Minneapolis/St Paul
                                                         New York City*
                                                         Newark (NJ)
                                                         Orange County (CA)
                                                         Philadelphia
                                                         Phoenix
                                                         San Francisco
                                                         Seattle
                                                         Stamford (CT)
     17 Offices                                          Tampa
     12,500 Customer accounts                            Washington DC*
     *Top 5 cities (account for 45% of on-net revenue)
                                                                               17
IDT Solutions



      IDT Solutions Burn Reduction Plan
      Interim Goal – $2.5 Million Maximum Monthly Cash Burn
       Reduce excess capacity on network
       Terminate leases on buildings with limited revenue potential
       Measure and enforce productivity targets for sales
       Eliminate underused hubs, thereby further reducing real estate and capacity costs without sacrificing
        current or future revenue
       Reduce headcount


      Burn Reduction Plan
       Preserves current revenue
       Does not prevent future growth
       Does not destroy asset value




                                                                                                                18
IDT Entertainment




                                Leadership In …
                    High Quality 3D Computer Animation And 2D Cel Animation

                Developing/Acquiring Libraries Of Animated Intellectual Properties

               Distribution Of Owned And Licensed Intellectual Properties To Retail




                                                                                      19
IDT Entertainment



             Global Animation Studios
                4 production hubs in Newark, LA, Toronto, Israel linking 2500 global animators
                Highest quality animation at low costs, high speed and improved management control
                Recent productions: Monster Monster Trucks, Cabbage Patch Kids – JUMP!, Hip Hop & Hamilton
                Currently in development: Starpoint Academy, Happily N’ever After, one other film
                Requires credibility and recognition to gain access to better project flow



             Film Roman, Inc.
              Controlling interest acquired May 2003
              Leading 2-D animation producer of primetime series (Simpsons™, King of the Hill™)
              Creative strength and credibility in the television industry




                                                                                                              20
IDT Entertainment



             Vanguard Films, Inc.
              Minority stake purchased in July 2003
              Feature film industry powerhouse known for creativity, discipline, efficiency
              Relationships with Disney, Dreamworks, Warner Brothers, Sony, Nickelodeon


             Mainframe Entertainment Inc.
                Controlling interest acquired September 2003
                Leading 3-D animation producer for TV and direct-to-video products
                Canadian animation hub
                Relationships with Hasbro, Mattel, Sony


             Anchor Bay Entertainment Group
              A leading independent video distributor of licensed intellectual properties to retailers such as
               Wal-Mart, K-Mart and Target
              Specializes in horror and children genres; #1 distributor of fitness home-video titles
              Relationships with proven Hollywood directors including Sam Raimi, Werner Herzog and
               George Romero
              Distributes titles such as Thomas the Tank Engine and Crunch fitness videos
                                                                                                                  21
IDT Entertainment




                                         IDT Entertainment


     DPS              Film Roman
                    Film Roman               MainFrame          Vanguard     Anchor Bay
 (90% owned)          (85% owned)
                     (82%owned)             (62% owned)      (12.5% owned)   (100% owned)



     Starpoint                                                                 Thomas The
                      The Simpsons                                           Thomas The Tank
     Academy                                     Barbie          Valiant       Tank Engine
                                                                                 Engine


  Monster Monster
                      King Of The Hill         Spider-Man                        Crunch
      Trucks


  Happily N’Ever
                     X-Men: Evolutions        Alien Legion                      Halloween
      After


     Hip Hop &                                 Tony Hawks
                     Tripping The Rift                                          Evil Dead
     Hamilton                                    SHADE

                                                                                               22
IDT Entertainment



      IDT Entertainment Acquisitions


                                       $ Millions   Dates
      Film Roman, Inc.                        2.1   May-03     Sep-03
      Vanguard Films, Inc.                    2.0   Jul. 2003
      MainFrame Entertainment, Inc.          14.0   Sept. 2003
      Anchor Bay Entertainment Group         60.0   Dec. 2003
                                 Total       78.1




                                                                        23
IDT Entertainment



      Executive Bios

       John Hyde, President and CEO, Film Roman – extensive experience in entertainment production and
        distribution, as well as management consulting and restructuring of entertainment companies. CEO of
        Crossroads V Communications and Starbound Records, Chairman and CEO of MCEG Sterling.

       John Williams, CEO, Vanguard Animation – originating producer of Shrek, other credits include “The Tuxedo”
        and “Seven Years in Tibet.”

       Neil Braun, President, Vanguard Animation - President of the NBC Television Network, Chairman and CEO of
        Viacom Entertainment, President of Imagine Entertainment, and Senior Vice President of HBO

       Rick Mischel, CEO, Mainframe Entertainment - President and Chief Operating Officer at The Harvey
        Entertainment Company, Senior Vice President of Live Entertainment.




                                                                                                                     24
IDT Media




              Innovative, Technologically
            Advanced Communications Platforms




                                                25
IDT Media



            Liberty Broadcasting Systems
               Barter syndication networks
               5 Million+ listeners
               Long Form programs + features
               CY 2003 Revenue exceeds CY2002 by about 50%
               Intelligent product includes current hosts William Kristol and Linda Chavez; Charles Krauthammer
                to begin in March

            WMET
             Building out station to 50K watts daytime
             DC will serve as a distribution point for the new “Intelligent Talk” format Liberty Broadcasting System)




                                                                                                                         26
IDT Media



            Delivering Video To The Office Desktop
             Broadcast quality 24/7 news delivered to the office desktop via high speed IP
             Research indicates demand for news product at significant markup exists
             Content agreements reached
             Ops tests completed / Microsoft endorsed
             Patent pending “plug-ins” in development
             Subscription / advertising financial model
                – 1MM desktops = $90MM in annual revenue
             Will be marketed via IDT Solutions, private internet and direct to fortune 1000 companies




                                                                                                          27
IDT Media



            CTM Achieves Record Sales / EBITDA
             Primarily distributes brochures to hotels, travel hubs and corporations

             10,000+ racks, estimated 70% market share east of the Mississippi in the U.S. and Canada

             Recently entered Puerto Rico market

             FY 2003 revenue exceeds $15MM

             EBITDA approaches 25%

             Growth will come from expansion of delivery areas, printing and diversification into
              collateral distribution




                                                                                                         28
Net2Phone




            Communication Without Borders




                                            29
Net2Phone



   Net2Phone Key Points
    Interim goal – $2.5 million maximum monthly cash burn
    Cable telephony subscribers expected to grow almost 30% annually through 2006, exceeding
     22MM subscribers
       – Telecom providers in the U.S. projected to lose over $10bn in revenues to cable VoIP by 2012

    Net2phone the only fully outsourced, proven “PSTN” quality cable telephony solution for MSOS
    Proven ability to develop and deploy VoIP services
    Profitable core business, which earned $1.8 million in FY 2003 on revenues of $91 million
    Conservative capital structure and strong liquidity. Recent secondary offering netted $63 million, raising liquid
     assets to $157 million




                                                                                                                         30
Net2Phone



   Net2Phone Voice Over IP Offerings
    International Communication Services (ICS) – 55% of NGS revenue
       – Channel sales
           • Integrated sale of VoIP hardware and minutes through distribution channels worldwide
           • Emerging markets are a significant growth opportunity
       – PC-to-phone service
       – Wholesale Services to Carriers using VoIP technology
       – Big market opportunities on the horizon as telecommunication markets deregulate, including Latin America and the Middle East

    Calling card services – 45% of NGS revenue
       – Disposable
       – Rechargeable

    Net2Phone cable telephony targeting a sizeable, immediate market
       –   Complete suite of NCT services allow cable companies to deliver residential phone service
       –   Only fully outsourced, proven “PSTN” telecom solution for cable operators
       –   Leverage existing technology
       –   Tailored to meet MSO’s strategic and financial needs
       –   Conforms to CableLabs’ PacketCable standards
       –   Initial contract signed in October


                                                                                                                                        31
Net2Phone



   Cable Market Opportunity
      Cable telephony a likely replacement for traditional phone
        – Users spend just as much on cable telephony as they do on regular telephony ($53/month) (FCC and ATT Broadband)
        – When a cable provider adds telephony services to their suite, penetration rates increase 25-30% (DB Alex. Brown)
        – Cox reports cable telephony bundle has 30% penetration of homes passed in mature markets
        – AT&T Broadband reports a 40-50% churn reduction by offering triple play; Cox reports 53% churn reduction among triple play
          subs, vs. 25% among video and data only subs
        – By outsourcing IP telephony, cable operators can reduce their incremental deployment costs for telephony by 90%
        – Primary line cable telephony revenue to hit $4.4 billion by 2006 (JP Morgan)

      Net2Phone’s opportunity: Second tier cable
        –   Internal estimate of Net2Phone’s cable market opportunity is 82 million homes
        –   Competitive edge by offering “triple play”
        –   Second tier companies need incremental revenue
        –   20% of MSO’s revenue will come from telephony services by 2007 (Goldman Sachs)
        –   Can’t spend the Cap Ex
        –   Have regulatory commitments to deliver telephony
        –   Cable companies do not have telecom expertise

      Net2Phone cable business model
        – Licensing fees
        – Per minute recurring revenue
        – Annual maintenance and support fees

                                                                                                                                       32
Net2Phone



    Net2Phone Investment Breakout

   Economic Interest:                                                       Voting Interest:




    NTOP Holdings, LLC 38.8%                                                 NTOP Holdings, LLC 55.9%
    Other 61.2%                                                              Other 44.1%




    Additionally, Net2Phone is obliged to issue 6.9 million shares of restricted Class A Common Stock to IDT upon signing a telecom services
    agreement which has been negotiated. There are a total of 74.4 million NTOP shares outstanding.

    As of 11/25/2003 NTOP Holdings, LLC is a group consisting of IDT Corp. and Liberty Media. IDT controls the right to vote for the LLC
    in most matters, and is the managing member of the LLC. IDT and Liberty Media each also hold 1,250,000 shares of Net2Phone
    outside the LLC.                                                                                                                           33
Financial Information




         Services provided by Winstar Communications L.L.C., an IDT Company



                                                                              34
Financial Information


         Consolidated Balance Sheet
          In Thousands                            10-31-01       1-31-02       4-30-02       7-31-02       10-31-02       1-31-03       4-30-03       7-31-03 10-31-03
          Assets
          Current assets:
          Cash and cash equivalents                 1,180,350     1,075,882      830,849       415,464        315,830       162,010       243,415        99,046       141,465
          Marketable securities                        26,709       117,516      294,222       684,502        798,642       916,465       794,259       921,669       859,206
          Trade accounts receivable, net              118,628       147,836      133,893       129,308        119,905       123,393       133,127       126,303       134,871
          Other current assets                         54,664        66,267       60,477        78,796         77,901        85,302        88,199        81,304        80,893
             Total current assets                   1,380,351     1,407,501     1,319,441     1,308,070      1,312,278     1,287,170     1,259,000     1,228,322     1,216,435
          Property, plant and equipment, net          347,048       377,769       296,303       283,506        271,429       281,974       288,070       286,807       291,941
          Licenses and other intangibles,net                                       21,982        27,242         24,826        25,974        24,310        23,503        22,777
          Restricted cash                                                                                                                   21,290        23,064        23,485
          Goodwill                                    48,984        52,023        35,812        34,411         34,689        34,302         34,424        41,651        41,859
          Investments                                 25,186        34,209        41,838        44,085         43,639        39,194         39,471        41,628        50,749
          Other noncurrent assets                    200,281       196,839       194,114        80,348         44,581        47,771         54,928        87,367        64,616
             Total assets                           2,001,850     2,068,341     1,909,490     1,777,662      1,731,442     1,716,385     1,721,493     1,732,342     1,711,862
          Liabilities and stockholders' equity
          Current liabilities:
          Trade accounts payable                     139,610       137,725       123,811       128,863        125,537       122,335        97,760       106,836        70,046
          Accrued expenses                            75,612       125,287       155,806       160,159        138,302       142,599       173,601       179,665       207,477
          Deferred revenue                            92,884        98,227       106,137       120,206        119,111       122,073       120,836       145,343       146,509
          Notes payable - current                      7,439         6,955         7,873
          Capital lease obligations - current         24,937        27,515        26,116        25,963         26,186        26,324        25,318        27,862        24,989
          Other current liabilities                   21,824        19,034        12,576        19,491         19,473        34,122        33,412         8,061         7,426
            Total current liabilities                362,306       414,743       432,319       454,682        428,609       447,453       450,927       467,767       456,447
          Deferred tax liability, net                380,764       344,332       314,573       233,518        227,908       205,420       191,436       150,131       150,131
          Notes payable - long term                    8,752         8,729
          Capital lease obligations - long term       58,642        55,444        51,016        48,068         42,883        41,540        38,502        45,084        46,548
          Other Long Term Liabilities                    566         2,168         2,142         5,060          5,332         6,565        14,299        24,486        22,630
             Total liabilities                       811,030       825,416       800,050       741,328        704,732       700,978       695,164       687,468       675,756
          Minority Interest                          294,162       301,960       180,625       166,564        168,355       162,585       162,184       147,347       135,581
          Stockholders' equity:
          Common stock at par value                       698           759           780           794            795           799            805          820           833
          Additional paid-in capital                  496,082       555,393       589,327       606,387        609,371       615,250       636,445       654,170       666,259
          Treasury stock                             (153,375)     (153,713)     (153,713)     (153,713)      (153,713)     (153,713)     (153,713)     (150,603)     (149,067)
          Other comprehensive income                  (10,662)       (8,166)       (4,678)       (2,435)        (1,837)       (2,397)       (4,369)       (8,080)       (4,754)
          Deferred compensation                                                                                (10,907)       (9,304)       (7,907)
          Retained earnings                          563,904       546,692       497,099       418,737         414,646       402,187       392,884      401,220       387,254
             Total stockholders' equity               896,658       940,965       928,815       869,770        858,355       852,822       864,145       897,527       900,525
          Total liabilities & equity                2,001,850     2,068,341     1,909,490     1,777,662      1,731,442     1,716,385     1,721,493     1,732,342     1,711,862
          Shares outstanding                       70,918,604    75,845,492    78,031,042    79,466,303     79,496,690    79,954,255    80,570,054    81,986,556    83,266,466

          Note: Net2Phone consolidated starting 10/31/02
                                                                                                                                                                                  35
Financial Information


         Consolidated Income Statement
                                                           Years Ending July 31
          $ Million                               1999              2000            2001       2002      2003
          Revenues
          Telecommunications
          Wholesale                               289.0            520.5           388.1      289.3     405.5
          Retail                                  395.5            502.5           816.4     1,121.7   1,233.2
           Total Telecom                          684.5          1,023.0          1,204.5    1,411.0   1,638.7
          Winstar                                   0.0               0.0             0.0      79.6      87.6
          Net2Phone *                              30.7             56.1              0.0      71.9      80.8
          Internet/Ventures/Media                  16.9             14.8            26.4       21.3      27.5
          Total Revenues                          732.1          1,093.9          1,230.9    1,583.8   1,834.5
          Costs and Expenses
          Direct Costs                            575.0            918.2          1,066.8    1,214.8   1,409.5
          Selling, G & A                          128.5            342.7           334.0      451.5     421.8
          Depreciation & Amortization              36.4             48.6            60.4       83.9      89.3
          Non-cash compensation                                       1.0             3.1      16.4      32.3
          Settlement by Net2Phone of litigation                                                          (58.0)
          Impairment Charges                        0.0               0.0          199.4      257.5      13.3
          Total Costs and Expenses                739.9          1,310.5          1,663.7    2,024.1   1,908.2
          Income (Loss) from Operations            (7.8)          (216.6)         (432.7)    (440.3)     (73.7)
          Minority Interest                        (3.3)            59.3             (5.7)    151.4      (43.0)   36
Financial Information


         Consolidated Quarterly Income Statement
         $ Millions                                10-31-01       01-31-02   04-30-02   07-31-02   10-31-02   01-31-03   04-30-03   07-31-03 10-31-03      % of
         Revenues                                                                                                                                       Revenue
         Telecommunications
         Wholesale                                        67.5       65.9       73.2       82.7       83.4       95.6      109.2      117.3    125.6      24.5%
         Retail                                         265.3       274.7      285.4      296.2      306.8      308.2      299.9      318.3    329.4      64.2%
          Total Telecom                                 332.8       340.6      358.7      378.9      390.2      403.8      409.0      435.6    455.0      88.7%
         Entertainment                                                                                 0.1        0.3        0.2        4.4     12.1       2.3%
         Internet/Solutions                                          19.2       33.1       27.3       24.5       20.7       20.8       21.6     21.3       4.2%
         Net2Phone                                         3.0       26.4       23.5       18.9       22.6       21.1       19.6       17.4     19.0       3.7%
         Ventures/Media                                    5.7        5.7        4.2        5.7        5.6        4.9        5.3        6.7      5.8       1.1%
         Total Revenues                                 341.6       391.9      419.4      430.8      443.2      450.8      454.9      485.7    513.1     100.0%
         Costs and Expenses
         Direct Costs                                   267.1       296.6      323.1      328.0      340.1      349.0      347.1      373.3    394.2      76.8%
         Selling, G & A                                   70.9      129.4      131.5      119.7      105.3      106.6      105.0      105.0    106.6      20.8%
                                                         20.7%       33.0%      31.4%      27.8%      23.8%      23.6%      23.1%      21.6%    20.8%      0.0%
         Non-cash Compensation                             0.5        6.3        9.1        0.6        3.9        3.2       16.6        8.5      3.6       0.7%
         Depreciation & Amortization                      15.9       22.2       23.8       22.0       21.3       21.6       22.3       24.0     22.7       4.4%
         Impairment & Other Charges                        8.7       15.3      114.4      119.1      (51.8)       1.0        1.7        4.3      4.4       0.9%
         Total Costs and Expenses                       363.1       469.7      601.9      589.5      418.8      481.5      492.8      515.1    531.5     103.6%
         Income (Loss) from Operations                   (21.5)     (77.8)    (182.4)    (158.6)      24.3      (30.7)     (37.9)     (29.4)   (18.4)     -3.6%
         Minority Interest                                 3.3       32.6      111.5        4.1      (46.5)       0.5       (1.0)       3.9    (12.9)     -2.5%
         Net Income before Interest and Taxes            (18.2)     (45.2)     (70.9)    (154.6)     (22.1)     (30.2)     (38.9)     (25.5)   (31.3)     -6.1%
         Interest and Other (net)                        (11.3)      12.2        0.1        7.2        4.4        1.4       18.8        4.2     22.1       4.3%
         Income (Loss) before Taxes                      (29.6)     (32.9)     (70.8)    (147.4)     (17.7)     (28.8)     (20.1)     (21.3)    (9.2)     -1.8%
         Taxes                                           (18.2)     (15.7)     (21.2)     (69.2)     (13.6)     (16.3)     (10.8)     (29.6)     4.7       0.9%
         Net Income (Loss) before Ex traordinary Item    (11.3)     (17.2)     (49.6)     (78.2)      (4.1)     (12.5)      (9.3)       8.3    (14.0)     -2.7%
         Extraordinary Items                            (147.0)       0.0        0.0        0.0        0.0        0.0        0.0        0.0      0.0       0.0%
         Net Income (Loss)                              (158.3)     (17.2)     (49.6)     (78.2)      (4.1)     (12.5)      (9.3)       8.3    (14.0)     -2.7%
                                                                                                                                                                  37
Financial Information


         Telecom Quarterly Operating Statement
         $ Millions                      10-31-01   01-31-02   04-30-02   07-31-02   10-31-02   01-31-03   04-30-03   07-31-03 10-31-03
         Revenues
         Wholesale                          67.5       65.9       73.2       82.7       83.4       95.6      109.2      117.3    125.6
         Retail                            265.3      274.7      285.4      296.2      306.8      308.2      299.9      318.3    329.4
         Total Revenues                    332.8      340.6      358.7      378.9      390.2      403.8      409.1      435.6    455.0

         Gross Profit
         Wholesale                           5.1        7.9       10.1       11.2        8.4       11.2       13.3       12.8     13.8
                                             7.6%      12.0%      13.8%      13.6%      10.0%      11.7%      12.2%      10.9%    11.0%
         Retail                             62.3       68.2       78.1       80.8       83.5       78.8       79.6       84.7     85.5
                                            23.5%      24.8%      27.4%      27.3%      27.2%      25.6%      26.5%      26.6%    26.0%
         Total Gross Profit                 67.4       76.1       88.2       92.1       91.9       90.0       92.9       97.5     99.3
                                            20.3%      22.3%      24.6%      24.3%      23.5%      22.3%      22.7%      22.4%    21.8%
         Costs & Expenses
         SG&A                               51.2       59.0       62.6       62.2       59.3       60.9       61.4       61.8     61.6
                                            15.4%      17.3%      17.5%      16.4%      15.2%      15.1%      15.0%      14.2%    13.5%
         Non-cash Compensation                                                           2.3        0.0        0.2        0.3      0.1
         Depreciation                       13.3       13.0       13.0       15.3       15.4       14.8       15.6       15.4     15.3
         Impairment Charge                   2.8        0.0        0.0        0.4        1.5        0.0        0.0        0.0      0.0
         Total Costs & Expenses             67.5       72.1       75.7       78.1       78.4       75.8       77.2       77.4     77.0
         Income (Loss) from Operations      (0.0)       4.0       12.5       14.0       13.4       14.3       15.7       20.0     22.3
                                             0.0%       1.2%       3.5%       3.7%       3.4%       3.5%       3.8%       4.6%     4.9%
         Adjusted EBITDA                    16.2       17.0       25.6       29.8       32.5       29.1       31.5       35.7     37.7
                                             4.9%       5.0%       7.1%       7.9%       8.3%       7.2%       7.7%       8.2%     8.3%



                                                                                                                                          38
Financial Information


         IDT Solutions Quarterly Operating Statement

         $ Millions                          10-31-02    01-31-03    04-30-03       07-31-02   10-31-03


         Total Revenues                          24.5         20.7           20.8       21.6       21.3
         Direct Costs                            28.5         24.3           20.7       20.2       18.3
         Gross Profit                            (4.0)       (3.7)           0.1        1.4        3.0

         Costs & Expenses
         SG&A                                   18.2         15.7        16.2          14.6       15.1
         Non-cash Compensation
         Depreciation                             2.5         3.8            3.6        3.7        3.8
         Impairment Charges                                                             4.5        4.2
         Total Costs & Expenses                 20.7         19.5        19.7          22.7       23.1
         Loss from Operations                   (24.7)      (23.2)      (19.6)        (21.3)     (20.1)


         Adjusted EBITDA                        (22.2)      (19.4)      (16.1)        (13.1)     (12.1)
         % change in Adjusted EBITDA          -26.6%       -12.5%      -17.2%        -18.4%      -7.6%


         * Business was acquired midway through the quarter ended 1/31/02.


                                                                                                          39
Financial Information


         Media Quarterly Operating Statement
         $ Millions                                10-31-02      01-31-03       04-30-03      07-31-03       10-31-03


         Total Revenues                                   5.6           4.9           5.3            6.7           5.8
         Direct Costs                                     0.6           0.5           0.3            2.2           0.1
         Gross Profit                                     5.1           4.4           4.9            4.5           5.7


         Costs & Expenses
         SG&A                                             5.6           6.2           6.1            5.8           6.4
         Depreciation                                     0.3           0.4           0.6            0.7           0.6


         Total Costs & Expenses                           5.8           6.6           6.6            6.5           7.0


         Loss from Operations                           (0.8)         (2.2)          (1.7)         (2.1)         (1.3)


         EBITDA                                         (0.5)         (1.8)          (1.1)         (1.3)         (0.7)


         Notes: Quarter Ended 7-31-02 omits an impairment charge of $111.1 million due to the write-down of undersea fiber assets.



                                                                                                                                     40
Financial Information


         Entertainment Operating Statement
         $ Millions                10-31-02    01-31-03   04-30-03   07-31-03   10-31-03


         Total Revenues                 0.1         0.3        0.2        4.4       12.1
         Direct Costs                   0.0         0.0        0.0        3.9       10.6
         Gross Profit                   0.1         0.3        0.2        0.5        1.5


         Costs & Expenses
         SG&A                           0.6         0.9        0.8        1.2        2.1
         Depreciation                   0.0         0.0        0.0        0.0        0.1


         Total Costs & Expenses         0.6         0.9        0.8        1.2        2.2


         Loss from Operations          (0.5)      (0.6)      (0.6)      (0.6)      (0.7)
         EBITDA                        (0.5)      (0.6)      (0.6)      (0.6)      (0.6)




                                                                                           41
Financial Information


         Corporate Quarterly Operating Statement
         $ Millions                              10-31-01    01-31-02     04-30-02     07-31-02     10-31-02     01-31-03      04-30-03     07-31-02 10-31-03


         Costs & Expenses
         SG&A                                         5.5          6.2          5.9          6.5          7.9         8.2          7.9           9.0           8.9
         Non-cash Compensation                                                                                         0.5         13.7          0.0           1.7
         Depreciation                                 0.7          0.7          0.6          0.4          0.6           0.3        0.4           0.4           0.4
         Loss from Operations                        6.2          6.9          6.5          6.9           8.5          9.0         22.0          9.4       11.0




          Note: The 4-31-03 quarter's non-cash compensation is predominantly due to the exchange of options to purchase IDT.C shares for an identical number
          of identically priced shares of IDT.




                                                                                                                                                                     42
Financial Information


         Net2Phone Quarterly Operating Statement
          $ Millions                          10-31-01   01-31-02   04-30-02   07-31-02   10-31-02   01-31-03   04-30-03   07-31-03 10-31-03
          Total Revenues                          3.0       26.4       23.5       18.9       22.6       21.1       19.6       17.4     19.0
          Direct Costs                            1.2       11.1        9.8        7.4       12.6       10.4       10.0        8.9      9.5
          Gross Profit                            1.8       15.3       13.7       11.5       10.0       10.8        9.6        8.5      9.5
                                                60.5%      58.1%      58.4%      60.7%      44.2%      50.9%      49.2%      49.0%    49.8%
          Costs & Expenses
          SG&A                                    3.7       36.5       25.1       17.5       13.7       14.6       12.7       12.6     12.5
          Non-cash Compensation                   0.5        6.3        6.7        1.0        1.7        2.7        2.7        8.2      1.8
          Depreciation                            0.7        7.3        7.0        2.9        2.5        2.4        2.3        3.9      2.5
          Restructuring, Impairment & Other       5.9       15.3      114.4        7.6      (53.3)       1.1        1.7       (0.2)     0.2
          Total Costs & Expenses                 10.8       65.4      153.3       29.0      (35.5)      20.7       19.5       24.5     17.1
          Income (Loss) from Operations          (8.9)     (50.0)    (139.6)     (17.5)      45.5      (10.0)      (9.8)     (16.0)    (7.6)


          Adjusted EBITA                         (1.9)     (21.1)     (11.4)      (6.0)      (3.7)      (3.8)      (3.1)      (4.1)    (3.1)




                                                                                                                                               43
Financial Information


            Corporate Governance Independent Directors



                                           IDT Corporation
                                               J. Warren Blaker
                                            Senator Rudy Boschwitz
                                                Saul K. Fenster
                                           Governor James S. Gilmore
                                           The Honorable Jack Kemp
                                                Michael J. Levitt
                                            Admiral William Owens
                                             Governor William Weld




        Telecom                Solutions                        Media &             Net2Phone
    Secretary William Cohen     Claire Calandra              Entertainment          Stephen Goldsmith
         Muni Figueres        Director Jacob Lew                 Merv Adelson            Jesse King
         Vito Spitaleri          George Rupp                  Rev. Eric Cosentino    Harry McPherson
                                 Howard Safir                 Rabbi Irwin Katsof      James R. Mellor
                                Herbert H. Tate                 Roberto Muller      Marc J. Openheimer
                                                                Harvey Schiller        Dan Schulman
                                                             Governor Pete Wilson    Dr. Michael Weiss
                                                                                        Tony Werner


                                                                                                         44
Financial Information


         Corporate Governance IDT Corp.

         Independent Directors
         J. Warren Blaker             Professor, Fairleigh Dickinson University
                                      Former CEO of University Optical Products, Inc.

         Senator Rudy Boschwitz       Chairman of the Advisory Committee of the Center for Global Food Issues
                                      Former U.S. Senator

         Saul K. Fenster              President of NJ Institute of Technology

         Governor James S. Gilmore Partner at Kelley Drye and Warren LLP, practicing homeland security, corporate and technology
                                   law Sixty-eighth Governor of the Commonwealth of Virginia

         The Honorable Jack Kemp      Former 9-term U.S. Congressman and former Secretary of Housing & Urban Development

         Michael J. Levitt            Chairman of Ilios Capital LLC
                                      Former partner, Hicks,Muse, Tate & Furst, Inc.
                                      Former Deputy Head of Investment Banking, Smith Barney

         Admiral William Owens        Vice Chairman and Co-Chief Executive Officer of Teledisic LLC
                                      Former Vice Chairman of the Joint Chiefs of Staff

         Governor William Weld        Principal, Leeds Weld & Co. Former Governor of Massachusetts
                                                                                                                                   45
Financial Information


         Corporate Governance IDT Telecom

         Independent Directors
         Secretary William Cohen   Chairman and CEO of The Cohen Group
                                   Former Secretary of Defense and former 3-term U.S. Senator

         Muni Figueres             Writer on Economics and Politics
                                   Former External Relations Advisor of the Inter-American Development Bank
                                   Former Costa Rican Minster of Foreign Trade

         Vito Spitaleri            Financial Advisor
                                   Former Vice President and Treasurer of Mars, Inc.




                                                                                                              46
Financial Information


         Corporate Governance IDT Solutions Division

         Independent Directors
         Claire Calandra           President of the CLC Group
                                   Former executive with TyCom Ltd and AT&T

         Director Jacob Lew        Executive Vice President and Professor of Public Administration at New
                                   York University
                                   Former Director of the U.S. Office of Management and Budget, and also a
                                   former member of the National Security Council

         George Rupp               President of the International Rescue Committee
                                   Prior President of Columbia and Rice Universities

         Howard Safir              Chairman and CEO of SafirRosetti
                                   Former New York City Police Commissioner

         Herbert H. Tate           Professor, N.J. Institute of Technology
                                   Former President of the N.J. Board of Public Utilities




                                                                                                             47
Financial Information


         Corporate Governance Media & Entertainment

         Independent Directors
         Merv Adelson            Co-founder of Lorimar Telepictures, where he served as Chairman and CEO

         Rev. Eric Cosentino     Rector of the Episcopal Church of the Divine Love in Montrose, New York

         Rabbi Irwin Katsof      Executive Director of the Jerusalem Fund of Aish HaTorah
                                 Co-author with Larry King of Powerful Prayers and
                                 How to Get Your Prayers Answered

         Roberto Muller          President and CEO of The Muller Sports Group
                                 Former president of International
                                 Founder of PONY Sports and Leisure

         Harvey Schiller         Chairman and CEO of YankeeNets

         Governor Pete Wilson    Former Governor of the State of California
                                 Former U.S. Senator
                                 Former Mayor of San Diego



                                                                                                           48
Financial Information


         Corporate Governance Net2Phone

         Independent Directors
         Stephen Goldsmith      Special Advisor to President Bush. Also Sr. VP for e-Government and Strategic Initiatives with
                                Affiliated Computer Services, Faculty Director for innovations in American Government at Harvard's
                                Kennedy School of Government, and Chairman the Corporation for National and Community Service.

         Jesse King             COO, Daniels Fund. Former Operations Manager for Rockefeller Foundation's Next Generation
                                Leadership Program and The Philanthropy Workshop.

         Harry McPherson        Chairman, Verner, Liipfert, Bernhard, McPherson and Hand. Former Chairman of the U.S.
                                International Cultural and Trade Center Commission.

         James R. Mellor        Chairman, USEC, Inc. Former Chairman and CEO of General Dynamics.

         Marc J. Oppenheimer President and CEO of Crystallex International Corporation. Former Director of Trade and Merchant
                             Banking with Midlantic National Bank.

         Dan Schulman           CEO, Virgin Mobile USA, LLC. Former President and COO of priceline.com. Former President of the
                                AT&T Consumer Markets Division and of AT&T WorldNet Service.

         Dr. Michael Weiss      Associate Clinical Professor of Ophthalmology at Columbia College of Physicians and Surgeons and
                                Director of Uveitis Service at the Edward S. Harkness Eye Institute.

         Tony Werner            Chief Technology Officer, Liberty Media. Former CEO of Aurora Networks & CTO for AT&T broadband.     49

				
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