Net2Phone Named One of New Jersey's Fastest Growing Technology Companies in Deloitte & Touche "Fast 50" Program

Net2Phone Attributes Revenue Growth to its Cutting-Edge Innovation and Expanding Marketshare

Newark, NJ, August 15, 2002 - Net2Phone, Inc. (Nasdaq: NTOP), a leading provider of Voice over IP (VoIP) services, announced today that it has been ranked ninth in Deloitte & Touche's prestigious "Technology Fast 50" Program for New Jersey, a ranking of the 50 fastest growing technology companies in the area. Rankings are based on the percentage of growth in fiscal year revenues from 1997-2001.

"Net2Phone is proud to be included in the top 10 of prestigious technology companies," said Stephen Greenberg, CEO of Net2Phone. "In a market that changes daily, we attribute our revenue growth over the last five years to our cutting edge technology, brand name and quality of service-factors that have contributed to expanding our retail and wholesale market share worldwide. We look forward to continued revenue growth and increased shareholder value resulting from our continued focus on our core strengths and developing technologies."

"In today's economy, triple-digit percentage revenue growth is an exceptional accomplishment. We commend Net2Phone for making the commitment to technology and delivering on the promise of market longevity. We are proud to honor Net2Phone as a Deloitte & Touche Technology Fast 50 winner," said Ray Lewis, Technology, Media & Telecommunications Partner at Deloitte & Touche.

Net2Phone's increase in revenues from 1997 to 2001 resulted in a 9th ranking overall in the Fast 50 for New Jersey. The average increase in revenues among companies who made the Fast 50 for this region was 794% percent.

To qualify for the Fast 50, companies must have had operating revenues of at least $50,000 in 1997 and $1,000,000 in 2001, must be public or private companies headquartered in New Jersey, and be "technology companies" defined as companies that own proprietary technology which contributes to a significant portion of the company's operating revenues or devotes a high percentage of effort to research and development of technology.

Winners of the 20 regional Technology Fast 50 programs in the United States and Canada are automatically entered in the Deloitte & Touche Technology Fast 500 program, which ranks North America's top 500 fastest growing technology companies. For more information on the Deloitte & Touche Fast 50 or Fast 500 programs, visit www.fast500.com.

Founded in 1995, Net2Phone is a leading provider of voice services over IP networks to consumers and businesses worldwide. With millions of users around the world, Net2Phone enables toll-quality calls between computers, telephones, and broadband devices utilizing IP networks. Recognized as the first company to bridge the Internet with the public switched telephone network, Net2Phone has routed billions of minutes of traffic over its award-winning network. Traded on the NASDAQ under the symbol NTOP, Net2Phone's strategic partners and investors include Liberty Media Corporation (NYSE: LMC.A; LMC.B), AT&T Corporation (NYSE: T), and IDT Corporation (NYSE: IDT; IDT.B). For more information about Net2Phone's products and services, please visit www.net2phone.com.

About Deloitte & Touche
Deloitte & Touche, one of the nation's leading professional services firms, provides assurance and advisory, tax, and management consulting services through nearly 30,000 people in more than 100 U.S. cities. The firm is dedicated to helping its clients and its people excel. Known as an employer of choice for innovative human resources programs, Deloitte & Touche has been recognized as one of the "100 Best Companies to Work For in America" by Fortune magazine for five consecutive years. Deloitte & Touche refers to Deloitte & Touche LLP and related entities. Deloitte & Touche is the US national practice of Deloitte Touche Tohmatsu. Deloitte Touche Tohmatsu is a Swiss Verein, and each of its national practices is a separate and independent legal entity. For more information, please visit Deloitte & Touche's web site at www.deloitte.com/us. For more information on the Technology Fast 50 and Fast 500 programs, please visit www.fast50.com.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward- looking statements involve risks and uncertainties and actual results could differ materially from those discussed in the forward-looking statements. For this purpose, any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Factors which may affect the Company's results include, but are not limited to, the Company's ability to expand its customer base, the Company's ability to develop additional and leverage its existing distribution channels for its products and solutions, dependence on strategic and channel partners including their ability to distribute the Company's products and meet or renew their financial commitments, the Company's ability to address international markets, the effectiveness of the Company's sales and marketing activities, the acceptance of the Company's products in the marketplace, the timing and scope of deployments of the Company's products by customers, fluctuations in customer sales cycles, customers' ability to obtain additional funding, technical difficulties with respect to the Company's products or products in development, the need for ongoing product development in an environment of rapid technological change, the emergence of new competitors in the marketplace, the Company's ability to compete successfully against established competitors with greater resources, the uncertainty of future governmental regulation, the Company's ability to manage growth, obtain patent protection, and obtain additional funds, general economic conditions and other risks discussed in this Report and in the Company's other filings with the Securities and Exchange Commission. All forward-looking statements and risk factors included in this document are made as of the date hereof, based on information available to the Company as of the date thereof, and the Company assumes no obligation to update any forward-looking statement or risk factors.