Net2Phone to Report Q3 Fiscal 2004 Earnings on June 9
Company to present at conferences globally

Newark, NJ - May 18, 2004 - Net2Phone, Inc. (Nasdaq: NTOP), a leading provider of retail Voice over IP (VoIP) services, is expected to release its Third Quarter (ended April 30, 2004) Fiscal Year 2004 statement of earnings on Wednesday, June 9, 2004 after the market closes.

Please join us for a live webcast at 4:30 PM EDT. Participants may access the live webcast by visiting <http://web.net2phone.com/about/investor/earning.asp> or www.vcall.com. Users can continue to access a replay of the call at the web site listed above throughout the following quarter.

Net2Phone also announced today participation in the following upcoming events. Interested parties can view details of these events on Net2Phone's Web site at http://web.net2phone.com/about/investor/events.asp.

• May 17-20, 2004 - GTM Conference, Washington, DC. Management will be participating on a panel titled "Scaleable VoIP Solutions for Consumers and Corporate."
• May 24 - 25, 2004 - Banc of America Media Telecommunications & Entertainment Conference, New York, NY. Management will discuss recent Net2Phone announcements, developments and offer a perspective on the VoIP market.
• June 2-3, 2004 - Friedman Billings Ramsey, 8th Annual Growth Investor Conference, New York, NY. Management will discuss recent partnerships and product developments at Net2Phone as well as provide a market outlook on Voice over IP.
• June 7-10, 2004 - VON Europe 2004 Conference & Expo, London, UK. Management will participate on a Telecom Policy Europe panel titled "What is the Future of IP Telephony?"
• June 15-18, 2004 - SCTE CableTec Expo, Orlando, FL, Net2Phone will be exhibiting at Booth #515.
• June 15-18, 2004 - CommunicAsia, Singapore, Net2Phone will be exhibiting in the US Pavillion, Stand 4G3-08.
• June 21-23, 2004 - Pulver SIP Summit, Chicago, IL. Management will be participating on a panel discussion titled "The SIP Service Providers Road Ahead."
• June 21, 2004 - Telephony's VoIP: Service Providers Strategies Conference, Chicago, Illinois. Management will be participating in a panel session titled “Down to Business: VoIP in the Enterprise.”

About Net2Phone
Net2Phone provides PacketCable, SIP and wireless VoIP solutions around the world. As leaders in enabling telecom service providers and cable operators with turn-key hosted VoIP telephony services, Net2Phone has routed billions of retail VoIP minutes globally, servicing more than 100,000 users in the US as well as hundreds of thousands more overseas. Net2Phone’s hosted SIP platform provides partners with residential broadband telephony, calling cards, prefix dialing and enterprise services in over 100 countries. Net2Phone’s PacketCable platform provides cable operators with the ability to deliver a primary line replacement service with guaranteed QoS and features such as E911. Traded on the NASDAQ under the symbol NTOP, Net2Phone's strategic partners and investors include Liberty Media Corporation (NYSE: L; LMC.B) and IDT Corporation (NYSE: IDT; IDT.C). For more information about Net2Phone's products and services, please visit www.net2phone.com <http://www.net2phone.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 press release and in the Company's 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.