Net2Phone Launches New Hong Kong Hub
Hub to Serve Entire Asian Region,
Next Step in Overall Expansion of Global Services

Newark, NJ - November 25, 2002 - Net2Phone, Inc. (Nasdaq: NTOP) the leading provider of Voice over IP (VoIP) services, announced today that it has launched a new hub in Hong Kong, which will meet the calling needs of its customers more efficiently by processing and terminating regional traffic within Asia.

The new Hong Kong hub will significantly improve reliability and voice quality of Net2Phone's services by reducing the latency associated with processing and terminating calls in regions other than their point of destination. Customer calling patterns within Asia have shown that the majority of calls placed stay within the region. For example, the majority of international calls placed from mainland China are to Hong Kong and Taiwan. As such, it is more efficient to route these calls within the continent via the Hong Kong hub, rather than through Net2Phone's other gateways around the globe.

"Asia presents a great opportunity for our services, and with this hub we will now be able to provide the quality of service necessary to better support our expanding operations," said Stephen Greenberg, CEO of Net2Phone.

The new major point of presence is just one component of Net2Phone's larger Asian expansion where it is working to deploy a variety of end-to-end VoIP solutions to distributors and channel partners. This launch comes on the heels of the launch of Net2Phone's recently expanded hub in the United Kingdom.

About Net2Phone
Founded in 1995, Net2Phone is a leading provider of voice services over IP networks to consumers, businesses and carriers 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 (NYSE: T), and IDT Corporation (NYSE: IDT; IDT.B). For more information about Net2Phone's products and services, please visit 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 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.