<SEC-DOCUMENT>0001213900-16-013979.txt : 20160602
<SEC-HEADER>0001213900-16-013979.hdr.sgml : 20160602
<ACCEPTANCE-DATETIME>20160602163034
ACCESSION NUMBER:		0001213900-16-013979
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160602
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160602
DATE AS OF CHANGE:		20160602

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IDT CORP
		CENTRAL INDEX KEY:			0001005731
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				223415036
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16371
		FILM NUMBER:		161692855

	BUSINESS ADDRESS:	
		STREET 1:		520 BROAD ST
		CITY:			NEWARK
		STATE:			NJ
		ZIP:			07102
		BUSINESS PHONE:		973 438 1000

	MAIL ADDRESS:	
		STREET 1:		520 BROAD STREET
		CITY:			NEWARK
		STATE:			NJ
		ZIP:			07102
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k060216_idtcorporation.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pursuant
to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date
of Report (Date of earliest event reported): June 2, 2016</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IDT
CORPORATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Exact
name of registrant as specified in its charter)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <TD STYLE="vertical-align: top; width: 32%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 32%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1-16371</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 32%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22-3415036</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(State
        or other jurisdiction</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>of
        incorporation)</B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Commission
    File Number)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(IRS
        Employer</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Identification
        No.)</B></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="vertical-align: top; width: 49%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>520
    Broad Street Newark, New Jersey</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 49%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>07102</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Address
    of principal executive offices)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Zip
    Code)</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registrant&rsquo;s
telephone number, including area code: (973)&nbsp;438-1000</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not
Applicable</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Former
name or former address, if changed since last report.)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 4%; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written
    communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 4%; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
    material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
    communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
    communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.75in; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&nbsp;2.02.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Results
    of Operations and Financial Condition</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 2, 2016, IDT Corporation (the &ldquo;Registrant&rdquo;) posted an earnings release to the investor relations page of its
website (<U>www.idt.net</U> ) announcing its results of operations for its fiscal quarter ended April 30, 2016. A copy of the
earnings release concerning the foregoing results is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Registrant is furnishing the information contained in this Report, including Exhibit 99.1, pursuant to Item&nbsp;2.02 of Form
8-K promulgated by the Securities and Exchange Commission (the &ldquo;SEC&rdquo;). This information shall not be deemed to be
&ldquo;filed&rdquo; with the SEC or incorporated by reference into any other filing with the SEC unless otherwise expressly stated
in such filing. In addition, this Report and the press release contain statements intended as &ldquo;forward-looking statements&rdquo;
that are subject to the cautionary statements about forward-looking statements set forth in the press release.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item&nbsp;8.01.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Events</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
earnings release referenced in Item 2.02 above also discloses the Registrant&rsquo;s declaration of a dividend. The earnings release,
furnished herewith as Exhibit 99.1, is also incorporated herein by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.75in; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&nbsp;9.01.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Financial
    Statements and Exhibits.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 6%; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 10%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 89%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Document</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnings
    Release, dated June 2, 2016, reporting the results of operations for IDT Corporation&rsquo;s fiscal quarter ended April 30,
    2016.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; line-height: 115%; font-family: Calibri,sans-serif; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; line-height: 115%; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>IDT CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; line-height: 115%; font-family: Calibri,sans-serif; text-indent: 0; width: 60%">&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; font-family: Calibri,sans-serif; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; font-family: Calibri,sans-serif; text-indent: 0; width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; line-height: 115%; font-family: Calibri,sans-serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding: 0; line-height: 115%; font-family: Calibri,sans-serif; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">/s/ Shmuel Jonas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; line-height: 115%; font-family: Calibri,sans-serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding: 0; line-height: 115%; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Shmuel Jonas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; line-height: 115%; font-family: Calibri,sans-serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0; line-height: 115%; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:
June 2, 2016</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT
INDEX</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 10%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
    Number</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 89%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Document</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnings
    Release, dated June 2, 2016, reporting the results of operations for IDT Corporation&rsquo;s fiscal quarter ended April 30,
    2016.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></P>

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>f8k060216ex99i_idtcorp.htm
<DESCRIPTION>EARNINGS RELEASE, DATED JUNE 2, 2016, REPORTING THE RESULTS OF OPERATIONS FOR IDT CORPORATION'S FISCAL QUARTER ENDED APRIL 30, 2016
<TEXT>
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<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><B>Exhibit 99.1</B></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><IMG SRC="logo.jpg" ALT="" STYLE="height: 118; width: 90">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>IDT
Corporation Reports Third Quarter Fiscal 2016 Results</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NEWARK,
NJ &mdash; June 2, 2016</B>: IDT Corporation (NYSE: IDT) reported diluted earnings per share (EPS) of $0.19 and Non-GAAP diluted
EPS* of $0.38 on revenue of $355.2 million for the third quarter of its fiscal year 2016, the three months ended April 30, 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>3Q16
HIGHLIGHTS</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Results
for 3Q16 are compared to 3Q15)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>IDT
                                         completed the spin-off of its majority interest in Zedge to IDT shareholders on June
                                         1, 2016. Zedge now trades on the NYSE MKT under the ticker symbol &ldquo;ZDGE&rdquo;;</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Consolidated
                                         revenue decreased to $355.2 million from $383.9 million;</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Adjusted
                                         EBITDA* decreased to $10.3 million from $13.6 million; </I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Income
                                         from operations increased to $5.7 million from $2.5 million. In 3Q15, IDT recorded severance
                                         expense of $6.2 million;</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Diluted
                                         EPS increased to $0.19 from $0.02;</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Non-GAAP
                                         diluted EPS* decreased to $0.38 from $0.43.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>Management
Remarks</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDT&rsquo;s
Chief Executive Officer Shmuel Jonas said, &ldquo;Yesterday, IDT spun off to our stockholders our interest in Zedge as an independent
public company. The hugely popular and fast growing Zedge app for mobile device personalization began trading the regular way
on the NYSE MKT today.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;I
want to congratulate the entire Zedge team, and particularly Tom Arnoy and Jonathan Reich, and wish them good luck and much success
as an independent company. We believe Zedge has tremendous potential and the right team to fully realize it.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;IDT
delivered solid bottom line results this quarter. The sequential revenue decrease &ndash; primarily from our wholesale carrier
business &ndash; was disappointing but had a muted impact on our bottom line. That&rsquo;s largely because the revenue we lost
was very low margin, and because we continue to manage our overhead spending even as we invest more heavily in our growth initiatives.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>3Q16
CONSOLIDATED RESULTS </U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic; text-decoration: none; text-align: left; border-bottom: Black 1.5pt solid">$ in millions, except EPS</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">3Q16</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">3Q15</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2Q16</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U STYLE="text-decoration: none">3Q16-3Q15</U></B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U STYLE="text-decoration: none">Change&nbsp;(%/$)</U></B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%">Revenue</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">355.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">383.9</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">382.5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">(7.5</TD><TD STYLE="width: 1%; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Direct cost</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">293.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">316.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">319.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7.4</TD><TD STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Direct cost as a percentage of revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82.4</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;+20 BP</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>SG&amp;A expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">51.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">53.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">51.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.1</TD><TD STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+19.5%</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Severance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(6.0</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Adjusted EBITDA*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">13.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24.1</TD><TD STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+$3.2</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net income attributable to IDT</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+$3.6</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Diluted EPS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.19</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.02</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+$0.17</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Non-GAAP net income*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1.5</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Non-GAAP diluted EPS*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.43</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.39</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.05</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net cash provided by operating activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3.9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>*Throughout
this release, Adjusted EBITDA, Non-GAAP net income and Non-GAAP diluted EPS for all periods presented are non-GAAP measures intended
to provide useful information that supplements IDT&rsquo;s or the relevant segment&rsquo;s core results in accordance with GAAP.
Please refer to the Reconciliation of Non-GAAP Financial Measures at the end of this release for an explanation of these terms
and their respective reconciliation to the most directly comparable GAAP measure.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>3Q16
OPERATING RESULTS BY SEGMENT</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Results
are for 3Q16 and comparisons are to 3Q15 unless otherwise noted)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TPS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDT&rsquo;s
Telecom Platform Services (TPS) segment accounted for 98.7% of IDT&rsquo;s revenue in 3Q16 compared to 98.8% in 3Q15 and 98.5%
in the prior quarter. TPS markets and distributes multiple communications and payment services across four broad business verticals:
Retail Communications, Wholesale Carrier Services, Payment Services and Hosted Platform Solutions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TPS&rsquo;
quarterly minutes of use totaled 6.97 billion compared to 7.15 billion (-2.5%) in 3Q15 and 7.03 billion (-0.8%) in 2Q16. The year-over-year
decrease primarily reflects a decline in Retail Communications minutes, led primarily by the decline in Boss Revolution voice
traffic over the US-to-Mexico corridor. Adjusting for the lower number of days in our fiscal Q3 as compared to our fiscal Q2,
TPS minutes of use, including Boss Revolution voice traffic, actually increased by 1.4%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TPS&rsquo;
revenue was $350.4 million compared to $379.1 million (-7.6%) in the year ago quarter and $376.7 million (-7.0%) in the prior
quarter. The year over year decrease is the result of declines in revenue within the Retail Communications and Wholesale Carrier
Services verticals. The sequential decrease was generated predominantly by a decline in Wholesale Carrier Services&rsquo; revenues.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman,serif; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>TPS
                                         Revenue by Business Vertical</B></P> <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B><I>($
                                         in millions)</I></B></P></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid"><B>3Q16</B></TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman,serif"><B>&nbsp;</B></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid"><B>3Q15</B></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif"><B>&nbsp;</B></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid"><B>2Q16</B></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif"><B>&nbsp;</B></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>3Q16&nbsp;-3Q15</B></P> <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>%
                                         Change in Revenue </B></P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif"><B>&nbsp;</B></TD><TD STYLE="font: 10pt Calibri,sans-serif; padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Calibri,sans-serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>3Q16-3Q15
    </B></FONT><B><BR> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">% Change in Minutes of Use </FONT></B></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Calibri,sans-serif"><B>&nbsp;</B></TD><TD STYLE="font: 10pt Calibri,sans-serif; padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Calibri,sans-serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>3Q16
    Revenue as a % of all TPS Revenue</B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Calibri,sans-serif"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; font: 10pt Times New Roman,serif; text-align: left">Retail Communications</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">164.5</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">183.0</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">168.6</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">(10.1</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">)%</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">(11.5</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">)%</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">46.9</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Wholesale Carrier Services</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">123.3</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">134.9</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">147.2</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(8.6</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)%</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2.6</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">35.2</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Payment Services</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">55.0</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">51.6</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">53.3</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">+6.5%</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">na</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">15.7</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt">Hosted Platform Solutions</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">7.6</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">9.5</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">7.6</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">(20.1</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">)%</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">(16.0</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">)%</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">2.2</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 4pt">Total TPS</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: bold 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: bold 10pt Times New Roman,serif; text-align: right">350.4</TD><TD STYLE="padding-bottom: 4pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: bold 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: bold 10pt Times New Roman,serif; text-align: right">379.1</TD><TD STYLE="padding-bottom: 4pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: bold 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: bold 10pt Times New Roman,serif; text-align: right">376.7</TD><TD STYLE="padding-bottom: 4pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: bold 10pt Times New Roman,serif; text-align: right">(7.6</TD><TD STYLE="padding-bottom: 4pt; font: bold 10pt Times New Roman,serif; text-align: left">)%</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: bold 10pt Times New Roman,serif; text-align: right">(2.5</TD><TD STYLE="padding-bottom: 4pt; font: bold 10pt Times New Roman,serif; text-align: left">)%</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: bold 10pt Times New Roman,serif; text-align: right">100.0</TD><TD STYLE="padding-bottom: 4pt; font: bold 10pt Times New Roman,serif; text-align: left">%</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retail
                                         Communications &ndash; Revenue decreased 10.1% year over year, driven primarily by lower
                                         sales of traditional prepaid cards in the US and overseas. Sales of IDT&rsquo;s flagship
                                         Boss Revolution international calling service, which is the dominant offering in the
                                         Retail Communications vertical, declined 4.5% year over year. The year over year revenue
                                         decline at Boss Revolution primarily reflects the impact of a move toward deregulation
                                         of Mexico&rsquo;s telecommunications markets. As discussed in prior quarters, deregulation
                                         led to a dramatic reduction in the cost of terminating calls from the US to Mexico&mdash;
                                         formerly Boss Revolution&rsquo;s largest calling corridor. Exclusive of the US to Mexico
                                         route, revenue generated by Boss Revolution&rsquo;s international calling service increased
                                         in 3Q16 by approximately 1% compared to the year ago quarter. On a per-day basis, Retail
                                         Communications revenue decreased 0.3% compared to 2Q16. Sales of the Boss Revolution
                                         calling service increased 1.1% on a per-day basis but the increase did not fully offset
                                         the continued decline in sales of traditional prepaid card products.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">&#9679;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wholesale
                                         Carrier Services &ndash; Revenue decreased 8.6% year over year on a traffic mix-shift
                                         to lower revenue per minute corridors that more than offset a 2.6% increase in minutes
                                         of use. Sequentially, revenue decreased 16.3% reflecting the loss of several high volume,
                                         but very low margin, customers.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
                                         Services &ndash; Revenue increased 6.5% year over year on continued increases in sales
                                         of airtime top-up services supplemented by the expansion of IDT&rsquo;s early stage international
                                         money transfer business.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hosted
                                         Platform Solutions - Revenue decreased by 20.1% year over year, in-line with expectations
                                         and reflective of reductions in rates and subscribers for telephony services provided
                                         by IDT to its cable operator customers.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TPS&rsquo;
direct cost of revenue as a percentage of TPS&rsquo; revenue was 83.4% in 3Q16, an increase of 30 basis points year over year,
and a decrease of 120 basis points sequentially, in both cases mostly due to changes in the revenue mix between sales of higher
margin Retail Communications revenues as compared to relatively lower margin Wholesale Carrier Services revenues.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TPS&rsquo;
SG&amp;A expense decreased to $46.7 million from $48.6 million (-3.9%) in 3Q15 and from $46.8 million (-0.1%) in 2Q16. The year
over year decrease primarily reflects reduced employee compensation costs, after headcount reductions implemented in fiscal 2015,
lower marketing and advertising expense, and a reduction in legal fees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TPS&rsquo;
Adjusted EBITDA decreased to $11.5 million from $15.3 million (-24.8%) in 3Q15 and increased from $11.3 million (+1.8%) in 2Q16.
The year over year decrease was mostly due to the decrease in revenues and increase in direct cost as a percentage of revenue,
partially offset by the reduction in SG&amp;A expense.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TPS&rsquo;
depreciation and amortization expense was $4.9 million in 3Q16, an increase from $4.1 million (+20.9%) in 3Q15 and $4.7 million
(+6.1%) in 2Q16. Depreciation increased due to higher levels of capital expenditures in recent periods to support new product
development, including IDT Messaging, PICUP, and the Boss Revolution Calling App.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TPS&rsquo;
income from operations increased to $6.3 million from $5.6 million (+12.8%) in 3Q15 and was unchanged compared to 2Q16. Income
from operations included the impact of severance expense of $0.2 million in 3Q16 and $5.6 million in 3Q15.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CPS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consumer
Phone Services (CPS) sells local and long distance services domestically in 11 states, marketed under the brand name IDT America.
CPS has been in harvest mode for the last decade, maximizing revenue from current customers while maintaining SG&amp;A and other
expenses at the minimum levels essential to operate the business. Results this quarter conformed to expectations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CPS&rsquo;
revenue was $1.7 million and income from operations was $351 thousand.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ALL
OTHER </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Other included Zedge, one of the most popular content platforms for mobile device personalization including ringtones, wallpapers,
home screen icons and game recommendations, as well as IDT&rsquo;s real estate holdings and other small businesses. Zedge was
spun off from IDT on June 1, 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zedge&rsquo;s
revenue in 3Q16 was $2.6 million, an increase from $2.2 million (+17.0%) in 3Q15 and a decrease from $3.5 million (-27.1%) in
2Q16. The year over year increase was driven by continued user growth and increased customer engagement. The sequential decrease
conformed to expectation and reflected seasonal factors that increased revenue in the second quarter. Zedge generated income from
operations of $239 thousand in 3Q16 compared $123 thousand in the year ago quarter, and $1.7 million in 2Q16.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Other&rsquo;s revenue was $3.1 million in 3Q16 compared to $2.7 million (+14.1%) in 3Q15 and to $4.0 million (-23.1%) in 3Q16.
Zedge and IDT&rsquo;s real estate holdings generated all of All Other&rsquo;s revenue in each of these periods.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Other&rsquo;s income from operations was $1.8 million in 3Q16 compared to $1.6 million in 3Q15 and unchanged compared to 2Q16.
Income from operations in 3Q16 and 3Q15 included gains of $1.1 million and $1.2 million, respectively on the sale of Fabrix.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>OTHER
CONSOLIDATED RESULTS </U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
results for all periods presented include corporate overhead. In 3Q16, corporate G&amp;A expense was $2.8 million compared to
$2.9 million (-2.0%) in the year ago quarter and $2.1 million (+35.9%) in the prior quarter. The sequential increase reflected
increased legal expense.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
income attributable to IDT increased to $4.2 million from $565 thousand in the year ago quarter and $4.1 million in the prior
quarter. The year over year improvement was due primarily to severance expense of $6.2 million in the year ago quarter and the
reduction in SG&amp;A expense.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
April 30, 2016, IDT had $147.8 million in unrestricted cash, cash equivalents and marketable securities. Additionally, at that
date, IDT reported $99.8 million in current restricted cash and cash equivalents, nearly all of which represents customer deposits
held by IDT&rsquo;s Gibraltar-based bank. At quarter end, current assets totaled $336.8 million and current liabilities were $335.3
million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by operating activities during 3Q16 was $10.7 million compared to $6.8 million during 3Q15 and $11.2 million in
2Q16. For the same periods, capital expenditures were $4.7 million compared to $8.9 million and $3.7 million, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>DIVIDEND
</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDT&rsquo;s
Board of Directors has declared a dividend of $0.19 per share of Class A and Class B common stock for the third quarter of its
fiscal year 2016. The dividend will be paid on or about June 17, 2016 to stockholders of record as of the close of business on
June 13<SUP>th</SUP>. The ex-dividend date will be June 9<SUP>th</SUP>. This distribution will be an ordinary dividend for tax
purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>IDT
EARNINGS ANNOUNCEMENT &amp; SUPPLEMENTAL INFORMATION</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDT
will host an earnings conference call at 5:30 PM ET today beginning with management&rsquo;s discussion of results, outlook and
strategy followed by Q&amp;A with investors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
listen to the call and participate in the Q&amp;A, dial toll-free 1-888-348-8417 (from U.S.) or 1-412-902-4243 (international)
and request the &lsquo;IDT Corporation call&rsquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
recording of the conference call can be accessed one hour after the call concludes through June 9, 2016 by dialing 1-877-870-5176
(toll free from the US) or 1-858-384-5517 (international) and providing this conference code: 10086892. The recording will also
be available via streaming audio at the IDT investor relations website (<U>www.idt.net/ir</U>) shortly after the call concludes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Copies
of the complete earnings release - including the financial statements and reconciliation of the non-GAAP financial measures that
are used herein and referenced during management&rsquo;s discussion of results &ndash; were filed on a Form 8-K and are available
on the investor relations portion of IDT&rsquo;s website.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>About
IDT Corporation: </U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDT
Corporation (NYSE: IDT), through its IDT Telecom division, provides telecommunications and payment services to individuals and
businesses primarily through its flagship Boss Revolution<SUP>&reg;</SUP> and Net2Phone<SUP>&reg;</SUP> brands. IDT Telecom&rsquo;s
wholesale business is a leading global carrier of international long distance calls. For more information on IDT, visit <U>www.idt.net</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>All
statements above that are not purely about historical facts, including, but not limited to, those in which we use the words &ldquo;believe,&rdquo;
&ldquo;anticipate,&rdquo; &ldquo;expect,&rdquo; &ldquo;plan,&rdquo; &ldquo;intend,&rdquo; &ldquo;estimate,&rdquo; &ldquo;target&rdquo;
and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may
differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with
the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent
permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contact:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDT
Corporation Investor Relations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bill
Ulrey</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>invest@idt.net</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(973)
438-3034</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDT
CORPORATION</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED
BALANCE SHEETS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>April 30,</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2016</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; border-top: Black 1.5pt solid; text-align: center; text-indent: 0.5in"></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>July 31,</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2015</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; border-top: Black 1.5pt solid; text-align: center; text-indent: 0.5in"></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">(in thousands)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Assets</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Current assets:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; padding-left: 20pt">Cash and cash equivalents&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">101,135</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">110,361</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">Restricted cash and cash equivalents&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99,846</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91,035</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt">Marketable securities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,637</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,287</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">Trade accounts receivable, net of allowance for doubtful accounts of $4,027 at April 30, 2016 and $5,645 at July 31, 2015&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,517</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,543</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt">Receivable from sale of interest in Fabrix Systems Ltd.&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,788</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,471</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">Prepaid expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,442</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,304</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 20pt">Other current assets&#9;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">14,392</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">14,344</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt">Total current assets&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">336,757</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">340,345</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Property, plant and equipment, net&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89,939</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91,316</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Goodwill&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,747</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,388</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other intangibles, net&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">958</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,277</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Investments&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,327</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,344</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Deferred income tax assets, net&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,984</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,324</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Other assets&#9;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">7,566</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">12,688</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 30pt">Total assets&#9;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">469,278</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">485,682</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Liabilities and equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Current liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt">Trade accounts payable&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">26,695</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">29,140</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">Accrued expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119,845</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">139,272</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt">Deferred revenue&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,570</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,302</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">Customer deposits&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,109</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,454</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt">Income taxes payable&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">456</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">391</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">Notes payable&mdash;current portion&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,353</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 20pt">Other current liabilities&#9;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,659</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt">Total current liabilities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">335,334</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">348,912</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0pt">Other liabilities&#9;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,180</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,830</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt">Total liabilities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">337,514</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">350,742</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Commitments and contingencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">IDT Corporation stockholders&rsquo; equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">Preferred stock, $.01 par value; authorized shares&mdash;10,000; no shares issued&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">Class A common stock, $.01 par value; authorized shares&mdash;35,000; 3,272 shares issued and 1,574 shares outstanding at April 30, 2016 and July 31, 2015&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">Class B common stock, $.01 par value; authorized shares&mdash;200,000; 25,386 and 25,276 shares issued and 21,455 and 21,755 shares outstanding at April 30, 2016 and July 31, 2015, respectively&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">254</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">253</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt">Additional paid-in capital&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">406,873</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">403,146</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 3,931 and 3,521 shares of Class B common stock at April 30, 2016 and July 31, 2015, respectively&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(115,316</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(110,543</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt">Accumulated other comprehensive (loss) income&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(782</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">771</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 20pt">Accumulated deficit&#9;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(160,316</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(159,829</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 30pt">Total IDT Corporation stockholders&rsquo; equity&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130,746</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">133,831</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 20pt">Noncontrolling interests&#9;&#9;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,018</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,109</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 30pt">Total equity&#9;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">131,764</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">134,940</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 30pt">Total liabilities and equity&#9;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">469,278</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">485,682</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IDT
CORPORATION </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONSOLIDATED
STATEMENTS OF INCOME</B><BR>
<B>(Unaudited)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended<BR> April 30,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Nine Months Ended<BR> April 30,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2016</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2015</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2016</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2015</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center">(in thousands, except per share data)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; padding-left: 10pt; text-indent: -10pt">Revenues&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">355,154</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">383,930</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,128,186</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,190,981</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">Costs and expenses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Direct cost of revenues (exclusive of depreciation and amortization)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">293,220</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">316,508</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">937,455</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">989,052</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Selling, general and administrative (i)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,594</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,792</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">155,738</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">168,184</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Depreciation and amortization&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,518</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,617</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,543</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,462</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Research and development&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,656</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 20pt; text-indent: -10pt">Severance&#9;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">232</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">6,226</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">232</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">8,126</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">Total costs and expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">350,564</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">381,143</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,108,968</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,180,480</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Other operating losses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,552</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(326</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,552</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 20pt; text-indent: -10pt">Gain on sale of interest in Fabrix Systems Ltd.&#9;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">1,086</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">1,235</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">1,086</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">76,864</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">Income from operations&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,676</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,470</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,978</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,813</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Interest income (expense), net&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">244</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(54</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">936</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(184</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Other income (expense), net&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,352</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(723</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">937</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">Income before income taxes&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,040</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,064</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,191</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,566</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 20pt; text-indent: -10pt">(Provision for) benefit from income taxes&#9;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(1,339</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">59</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(6,250</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(2,332</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">Net income&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,701</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,123</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,941</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,234</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 20pt; text-indent: -10pt">Net income attributable to noncontrolling interests&#9;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(464</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(558</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,445</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,003</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 10pt; text-indent: -10pt">Net income attributable to IDT Corporation&#9;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">4,237</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">565</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">12,496</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">83,231</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">Earnings per share attributable to IDT Corporation common stockholders:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt; padding-left: 20pt; text-indent: -10pt">Basic&#9;&#9;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.19</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.02</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.55</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">3.64</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt; padding-left: 20pt; text-indent: -10pt">Diluted&#9;&#9;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.19</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.02</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.55</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">3.58</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Weighted-average number of shares used in calculation of earnings per share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt; padding-left: 20pt; text-indent: -10pt">Basic&#9;&#9;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">22,635</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">23,034</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">22,790</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">22,867</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt; padding-left: 20pt; text-indent: -10pt">Diluted&#9;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">22,680</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">23,468</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">22,816</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">23,259</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt; padding-left: 10pt; text-indent: -10pt">Dividends declared per common share</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.19</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.18</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.56</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1.85</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 10pt; text-indent: -10pt">(i) Stock-based compensation included in selling, general and administrative expenses&#9;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">673</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">992</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">2,317</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">4,012</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IDT
CORPORATION </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited) </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Nine Months Ended<BR> April 30,</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">(in thousands)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 10pt; text-indent: -10pt">Operating activities</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; padding-left: 10pt; text-indent: -10pt">Net income&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">13,941</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">84,234</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">Adjustments to reconcile net income to net cash provided by operating activities:&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Depreciation and amortization&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,543</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,462</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Deferred income taxes&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,913</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,176</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Provision for doubtful accounts receivable&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Gain on sale of interest in Fabrix Systems Ltd.&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,086</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(76,864</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Realized (gain) loss on marketable securities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(543</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Interest in the equity of investments&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">379</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,655</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Stock-based compensation&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,317</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,012</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">Change in assets and liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Restricted cash and cash equivalents&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,657</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,400</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Trade accounts receivable&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,758</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,544</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Prepaid expenses, other current assets and other assets&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,450</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,604</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Trade accounts payable, accrued expenses, other current liabilities and other liabilities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,972</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,287</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Customer deposits&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,028</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,169</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Income taxes payable&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(278</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 20pt; text-indent: -10pt">Deferred revenue&#9;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,097</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(3,024</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">Net cash provided by operating activities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,833</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,783</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 10pt; text-indent: -10pt">Investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Capital expenditures&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,964</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,810</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Proceeds from sale of interest in Fabrix Systems Ltd., net of cash and cash equivalents sold.&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,769</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,455</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; text-indent: -10pt">Purchase of investments&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,850</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(125</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Proceeds from sale and redemption of investments&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">632</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Purchases of marketable securities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(29,800</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(35,502</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 20pt; text-indent: -10pt">Proceeds from maturities and sales of marketable securities&#9;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">24,176</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">16,840</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">Net cash used in investing activities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,037</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,071</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 10pt; text-indent: -10pt">Financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Dividends paid&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,983</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(43,171</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Distributions to noncontrolling interests&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,545</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,450</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Proceeds from exercise of stock options.&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,317</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Repayments of revolving credit loan payable and other borrowings&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,353</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,201</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 20pt; text-indent: -10pt">Repurchases of Class B common stock&#9;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(4,773</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(703</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">Net cash used in financing activities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25,654</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(55,208</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt">Effect of exchange rate changes on cash and cash equivalents&#9;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(3,368</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(6,573</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">Net decrease in cash and cash equivalents&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,226</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(39,069</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt">Cash and cash equivalents at beginning of period&#9;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">110,361</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">153,823</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 10pt; text-indent: -10pt">Cash and cash equivalents at end of period&#9;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">101,135</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">114,754</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 10pt; text-indent: -10pt">Supplemental schedule of non-cash investing and financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 20pt; text-indent: -10pt">Net liabilities excluding cash and cash equivalents of Fabrix Systems Ltd. sold&#9;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">14,333</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Reconciliation
of Non-GAAP Financial Measures for the Third Quarter Fiscal 2016 and 2015</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the
United States of America (GAAP), IDT also disclosed, for the third quarters of fiscal 2016 and 2015, Adjusted EBITDA, non-GAAP
net income and non-GAAP diluted earnings per share, or EPS, which are non-GAAP measures. Generally, a non-GAAP financial measure
is a numerical measure of a company&rsquo;s performance, financial position, or cash flows that either excludes or includes amounts
that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with
GAAP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDT&rsquo;s
measure of Adjusted EBITDA consists of revenues less direct cost of revenues, selling, general and administrative expense and
research and development expense. Another way of calculating Adjusted EBITDA is to start with income from operations, add depreciation
and amortization, severance expense, and other operating losses, and subtracts the gain on the sale of interest in Fabrix Systems
Ltd.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDT&rsquo;s
measure of non-GAAP net income starts with net income in accordance with GAAP and adds depreciation and amortization, severance
expense, stock-based compensation, and other operating losses, and subtracts the gain on the sale of interest in Fabrix Systems
Ltd.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDT&rsquo;s
measure of non-GAAP diluted EPS is calculated by dividing non-GAAP net income by the diluted weighted-average shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
additions and subtractions are non-cash and/or non-routine items in the relevant fiscal 2016 and fiscal 2015 periods.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
believes that IDT&rsquo;s Adjusted EBITDA, non-GAAP net income and non-GAAP EPS measures provide useful information to both management
and investors by excluding certain expenses and non-routine gains that may not be indicative of IDT&rsquo;s or the relevant segment&rsquo;s
core operating results. Management uses Adjusted EBITDA, among other measures, as a relevant indicator of core operational strengths
in its financial and operational decision making. In addition, management uses Adjusted EBITDA, non-GAAP net income and non-GAAP
EPS to evaluate operating performance in relation to IDT&rsquo;s competitors. Disclosure of these financial measures may be useful
to investors in evaluating performance and allows for greater transparency to the underlying supplemental information used by
management in its financial and operational decision-making. In addition, IDT has historically reported similar financial measures
and believes such measures are commonly used by readers of financial information in assessing performance, therefore the inclusion
of comparative numbers provides consistency in financial reporting at this time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
refers to Adjusted EBITDA, as well as the GAAP measures income (loss) from operations and net income, on a segment and/or consolidated
level to facilitate internal and external comparisons to the segments&rsquo; and IDT's historical operating results, in making
operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
depreciation and amortization are considered operating costs under GAAP, these expenses primarily represent the non-cash current
period allocation of costs associated with long-lived assets acquired or constructed in prior periods. IDT&rsquo;s operating results
exclusive of depreciation and amortization charges are useful indicators of its current performance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severance
expense is also excluded from the calculation of Adjusted EBITDA, non-GAAP net income and non-GAAP EPS. Severance expense is reflective
of decisions made by management in each period regarding the aspects of IDT&rsquo;s and its segments&rsquo; businesses to be focused
on in light of changing market realities and other factors. While there may be similar charges in other periods, the nature and
magnitude of these charges can fluctuate markedly and do not reflect the performance of IDT&rsquo;s core and continuing operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
operating losses and gain on the sale of interest in Fabrix Systems Ltd., which are components of income from operations, are
excluded from the calculation of Adjusted EBITDA, non-GAAP net income and non-GAAP EPS. From time-to-time, IDT will dispose of
certain assets or incur costs related to legal matters. In addition, IDT may select and incubate promising early stage businesses
outside of its core business for eventual sale or spin-off to its stockholders. However, such losses or gains do not occur each
quarter nor are they part of IDT&rsquo;s or the relevant segment&rsquo;s core operating results.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
other calculation of Adjusted EBITDA consists of revenues less direct cost of revenues, selling, general and administrative expense
and research and development expense. As the other excluded items are not reflected in this calculation, they are excluded automatically
and there is no need to make additional adjustments. This calculation results in the same Adjusted EBITDA amount and its utility
and significance is as explained above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock-based
compensation recognized by IDT and other companies may not be comparable because of the variety of types of awards as well as
the various valuation methodologies and subjective assumptions that are permitted under GAAP. Stock-based compensation is excluded
from IDT&rsquo;s calculation of non-GAAP net income and non-GAAP EPS because management believes this allows investors to make
more meaningful comparisons of the operating results per share of IDT&rsquo;s core business with the results of other companies.
However, stock-based compensation will continue to be a significant expense for IDT for the foreseeable future and an important
part of employees&rsquo; compensation that impacts their performance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted
EBITDA, non-GAAP net income and non-GAAP EPS should be considered in addition to, not as a substitute for, or superior to, income
(loss) from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures
of liquidity and financial performance prepared in accordance with GAAP. In addition, IDT&rsquo;s measurements of Adjusted EBITDA,
non-GAAP net income and non-GAAP EPS may not be comparable to similarly titled measures reported by other companies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
are reconciliations of Adjusted EBITDA, non-GAAP net income and non-GAAP EPS to the most directly comparable GAAP measure, which
are, (a) for Adjusted EBITDA, income (loss) from operations for IDT&rsquo;s reportable segments and net income for IDT on a consolidated
basis, (b) for non-GAAP net income, net income and, (c) for non-GAAP EPS, basic and diluted earnings per share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>







<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>IDT
Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Reconciliation
of Adjusted EBITDA to Net Income</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(unaudited)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in
millions</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Figures
may not foot or cross-foot due to rounding to millions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 0pt; border-left: Black 1.5pt solid; border-top: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-bottom: 0pt; border-top: Black 1.5pt solid">Total IDT Corporation</TD><TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0pt; border-top: Black 1.5pt solid">&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 0pt">Telecom Platform Services</TD><TD STYLE="padding-bottom: 0pt; font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-bottom: 0pt; border-top: Black 1.5pt solid">Consumer<BR>
 Phone<BR>
 Services</TD><TD STYLE="padding-bottom: 0pt; font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-bottom: 0pt; border-top: Black 1.5pt solid">All Other</TD><TD STYLE="padding-bottom: 0pt; font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-bottom: 0pt; border-top: Black 1.5pt solid">Corporate</TD><TD STYLE="padding-bottom: 0pt; font-weight: bold; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 0pt; border-left: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&nbsp;&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Three
Months Ended April 30, 2016 (3Q16)</B></FONT></P></TD><TD STYLE="padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 43%; text-align: left; text-indent: 0pt; padding-left: 0pt; padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Adjusted EBITDA</TD><TD STYLE="width: 1%; padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 0pt">$</TD><TD STYLE="width: 8%; text-align: right; padding-bottom: 0pt">10.3&nbsp;</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 0pt; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 0pt">$</TD><TD STYLE="width: 8%; text-align: right; padding-bottom: 0pt">11.5</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 0pt">$</TD><TD STYLE="width: 8%; text-align: right; padding-bottom: 0pt">0.4</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 0pt">$</TD><TD STYLE="width: 8%; text-align: right; padding-bottom: 0pt">1.3&nbsp;</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 0pt">$</TD><TD STYLE="width: 8%; text-align: right; padding-bottom: 0pt">(2.8)</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 0pt; border-right: Black 1.5pt solid"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0pt; padding-left: 0pt; padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Subtract:</TD><TD STYLE="padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 10pt; padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Depreciation and amortization</TD><TD STYLE="padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">5.5&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">4.9</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">-</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">0.6&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">-&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 10pt; padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Severance expense</TD><TD STYLE="padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">0.2 &nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">0.2</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">-</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">-&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">-&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 0pt; text-indent: 0pt; padding-left: 10pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Gain on sale of interest in Fabrix Systems Ltd.</TD><TD STYLE="padding-bottom: 0pt; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">(1.1)</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid"></TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">-</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">-</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">(1.1)</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-bottom: Black 1.5pt solid"></TD><TD STYLE="padding-bottom: 0pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">-&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 0pt; text-indent: 0pt; padding-left: 0pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Income (loss) from operations</TD><TD STYLE="padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">5.7&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">$</TD><TD STYLE="text-align: right; padding-bottom: 0pt; border-bottom: Black 1.5pt solid">6.3</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; padding-bottom: 0pt; border-bottom: Black 1.5pt solid">0.4</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; padding-bottom: 0pt; border-bottom: Black 1.5pt solid">1.8&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; padding-bottom: 0pt; border-bottom: Black 1.5pt solid">(2.8)</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 10pt; padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Interest income, net</TD><TD STYLE="padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">0.2&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 10pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Other income, net</TD><TD STYLE="padding-bottom: 1.5pt; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">0.1&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 0pt; padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Income before income taxes</TD><TD STYLE="padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">6.0&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 10pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Provision for income taxes</TD><TD STYLE="padding-bottom: 1.5pt; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(1.3)</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid"></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 0pt; padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Net income</TD><TD STYLE="padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">4.7&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 0pt; text-indent: -10pt; padding-left: 20pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Net income attributable to
    noncontrolling interests</TD><TD STYLE="padding-bottom: 0pt; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">(0.5)</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid"></TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 0pt; text-indent: 0pt; padding-left: 0pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Net income attributable to IDT Corporation</TD><TD STYLE="padding-bottom: 0pt; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">4.2&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 0pt; text-indent: 0pt; padding-left: 0pt; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-bottom: 0pt; padding-left: 0pt; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0pt; text-align: center; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; padding-bottom: 0pt; border-top: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; padding-bottom: 0pt; border-top: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total IDT Corporation</B></FONT></TD><TD STYLE="padding-bottom: 0pt; font-weight: bold; text-align: center; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-top: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0pt; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; padding-bottom: 0pt; border-top: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; padding-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Telecom Platform Services</B></FONT></TD><TD STYLE="padding-bottom: 0pt; font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0pt; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; padding-bottom: 0pt; border-top: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; padding-bottom: 0pt; border-top: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Consumer<BR>
 Phone<BR>
 Services</B></FONT></TD><TD STYLE="padding-bottom: 0pt; font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0pt; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; padding-bottom: 0pt; border-top: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; padding-bottom: 0pt; border-top: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>All Other</B></FONT></TD><TD STYLE="padding-bottom: 0pt; font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0pt; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; padding-bottom: 0pt; border-top: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; padding-bottom: 0pt; border-top: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Corporate</B></FONT></TD><TD STYLE="padding-bottom: 0pt; font-weight: bold; text-align: center; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-top: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0pt; padding-left: 0pt; padding-bottom: 0pt; border-left: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&nbsp;&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Three
Months Ended January 31, 2016 (2Q16)</B></FONT></P></TD><TD STYLE="padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 0pt; padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Adjusted EBITDA</TD><TD STYLE="padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">$</TD><TD STYLE="text-align: right; padding-bottom: 0pt">11.7&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">$</TD><TD STYLE="text-align: right; padding-bottom: 0pt">11.3</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">$</TD><TD STYLE="text-align: right; padding-bottom: 0pt">0.3</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">$</TD><TD STYLE="text-align: right; padding-bottom: 0pt">2.2</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">$</TD><TD STYLE="text-align: right; padding-bottom: 0pt">(2.1)</TD><TD STYLE="text-align: left; padding-bottom: 0pt; border-right: Black 1.5pt solid"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0pt; padding-left: 0pt; padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Subtract:</TD><TD STYLE="padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 10pt; padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Depreciation and amortization</TD><TD STYLE="padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">5.0&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">4.7</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">-</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">0.3</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">-&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 0pt; text-indent: -10pt; padding-left: 20pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Loss on disposal of property, plant and equipment</TD><TD STYLE="padding-bottom: 0pt; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">0.3&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">0.3</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">-</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">-</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">-&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 0pt; text-indent: 0pt; padding-left: 0pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Income (loss) from operations</TD><TD STYLE="padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">6.4&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">6.3</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">0.3</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">1.9</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">(2.1)</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 10pt; padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Interest income, net</TD><TD STYLE="padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">0.5&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 0pt; text-indent: 0pt; padding-left: 10pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Other expense, net</TD><TD STYLE="padding-bottom: 0pt; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">(0.2)</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid"></TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 0pt; padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Income before income taxes</TD><TD STYLE="padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">6.7&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 0pt; text-indent: 0pt; padding-left: 10pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Provision for income taxes</TD><TD STYLE="padding-bottom: 0pt; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">(2.0)</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid"></TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 0pt; padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Net income</TD><TD STYLE="padding-bottom: 0pt; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">4.7&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 0pt; text-indent: -10pt; padding-left: 20pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Net income attributable to noncontrolling interests</TD><TD STYLE="padding-bottom: 0pt; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">(0.6)</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid"></TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 0pt; text-indent: 0pt; padding-left: 0pt; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">&nbsp;&nbsp;Net income attributable to IDT Corporation</TD><TD STYLE="padding-bottom: 0pt; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">4.1&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 0pt; text-align: left">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"></P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>IDT
Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Reconciliation
of Adjusted EBITDA to Net Income</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(unaudited)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in
millions</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Figures
may not foot or cross-foot due to rounding to millions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">Total IDT Corporation</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">Telecom Platform Services</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">Consumer Phone<BR>
 Services</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">All Other</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">Corporate</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0; margin-left: 0pt">&nbsp;&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Three
Months Ended April 30, 2015 (3Q15)</B></FONT></P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; border-left: Black 1.5pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;&nbsp;Adjusted EBITDA</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-left: Black 1.5pt solid">&nbsp;$</TD><TD STYLE="width: 9%; text-align: right">13.6</TD><TD STYLE="width: 1%; text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-left: Black 1.5pt solid">&nbsp;$</TD><TD STYLE="width: 9%; text-align: right">15.3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">0.3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">0.9</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(2.9</TD><TD STYLE="width: 1%; text-align: left; border-right: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;&nbsp;Subtract (Add):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 20pt; text-indent: -10pt">&nbsp;&nbsp;Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">4.6</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">4.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 20pt; text-indent: -10pt">&nbsp;&nbsp;Severance expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">6.2</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">5.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.6</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 20pt; text-indent: -10pt">&nbsp;&nbsp;Gain on sale of interest in Fabrix Systems Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">(1.2</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">)&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 20pt; text-indent: -10pt">&nbsp;&nbsp;Other operating losses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">1.5</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">-</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">-</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">-</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">1.5</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;&nbsp;Income (loss) from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">2.5</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">&nbsp;$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">5.6</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">0.3</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">1.6</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(5.0</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 20pt; text-indent: -10pt">&nbsp;&nbsp;Other expense, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(1.4</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;&nbsp;Income before income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">1.1</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 20pt; text-indent: -10pt">&nbsp;&nbsp;Provision for income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">-</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;&nbsp;Net income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">1.1</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 20pt; text-indent: -10pt">&nbsp;&nbsp;Net income attributable to noncontrolling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(0.5</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 10pt; text-indent: -10pt; border-bottom: Black 1.5pt solid">&nbsp;&nbsp;Net income attributable to IDT Corporation</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">&nbsp;$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">0.6</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



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<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>IDT
Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Reconciliation
of Adjusted EBITDA to Net Income </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(unaudited)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in
millions</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Figures
may not foot or cross-foot due to rounding to millions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">Total IDT Corporation</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">Telecom Platform Services</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">Consumer Phone<BR>
 Services</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">All Other</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">Corporate</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-left: Black 1.5pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;&nbsp;Nine Months Ended April 30, 2016</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-left: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD STYLE="border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; border-left: Black 1.5pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;&nbsp;Adjusted EBITDA</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-left: Black 1.5pt solid">&nbsp;$</TD><TD STYLE="width: 9%; text-align: right">35.0</TD><TD STYLE="width: 1%; text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-left: Black 1.5pt solid">&nbsp;$</TD><TD STYLE="width: 9%; text-align: right">36.9</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">4.5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(7.4</TD><TD STYLE="width: 1%; text-align: left; border-right: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1.5pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;&nbsp;Subtract:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 20pt; text-indent: -10pt">&nbsp;&nbsp;Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">15.5</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">14.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 20pt; text-indent: -10pt">&nbsp;&nbsp;Severance expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 20pt; text-indent: -10pt">&nbsp;&nbsp;Gain on sale of interest in Fabrix Systems Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">(1.1</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.1</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 20pt; text-indent: -10pt">&nbsp;&nbsp;Other operating losses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">0.3</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">0.3</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">-</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">-</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">-</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;&nbsp;Income (loss) from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">20.0</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">&nbsp;$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">22.3</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">1.0</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">4.1</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(7.4</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; border-left: Black 1.5pt solid; text-indent: -10pt">&nbsp;&nbsp;Interest income, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">0.9</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 20pt; text-indent: -10pt">&nbsp;&nbsp;Other expense, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(0.7</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;&nbsp;Income before income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">20.2</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 20pt; text-indent: -10pt">&nbsp;&nbsp;Provision for income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(6.3</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;&nbsp;Net income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">13.9</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 20pt; text-indent: -10pt">&nbsp;&nbsp;Net income attributable to noncontrolling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(1.4</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;&nbsp;Net income attributable to IDT Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">12.5</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">Total IDT Corporation</TD><TD STYLE="font-weight: bold; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-top: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">Telecom Platform Services</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">Consumer Phone<BR>
 Services</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">All Other</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">Corporate</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-left: Black 1.5pt solid">&nbsp;&nbsp;Nine Months Ended April 30, 2015</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-left: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1.5pt solid; text-align: left">&nbsp;&nbsp;Adjusted EBITDA</TD><TD>&nbsp;</TD>
    <TD STYLE="border-left: Black 1.5pt solid; text-align: left">&nbsp;$</TD><TD STYLE="text-align: right">32.1</TD><TD STYLE="border-right: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-left: Black 1.5pt solid; text-align: left">&nbsp;$</TD><TD STYLE="text-align: right">37.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(8.6</TD><TD STYLE="border-right: Black 1.5pt solid; text-align: left">)&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;&nbsp;Subtract (Add):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 10pt">&nbsp;&nbsp;Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">13.5</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">11.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 10pt">&nbsp;&nbsp;Severance expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">8.1</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">7.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.6</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 20pt; text-indent: -10pt">&nbsp;&nbsp;Gain on sale of interest in Fabrix Systems Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">(76.9</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(76.9</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 10pt">&nbsp;&nbsp;Other operating losses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">1.5</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.5</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;&nbsp;Income (loss) from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">85.8</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-top: Black 1.5pt solid">&nbsp;$</TD><TD STYLE="text-align: right; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">18.1</TD><TD STYLE="text-align: left; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">1.0</TD><TD STYLE="text-align: left; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">77.5</TD><TD STYLE="text-align: left; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">(10.8</TD><TD STYLE="text-align: left; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 10pt">&nbsp;&nbsp;Interest expense, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">(0.2</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 10pt">&nbsp;&nbsp;Other income, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">0.9</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;&nbsp;Income before income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">86.6</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 10pt">&nbsp;&nbsp;Provision for income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(2.3</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;&nbsp;Net income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">84.2</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 20pt; text-indent: -10pt">&nbsp;&nbsp;Net income attributable to noncontrolling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(1.0</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;&nbsp;Net income attributable to IDT Corporation</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">&nbsp;$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">83.2</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 14; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>IDT Corporation</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Reconciliations of Net Income to Non-GAAP Net Income and Diluted EPS to Non-GAAP Diluted EPS</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(unaudited)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in millions, except per share data</FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Figures may not foot due to rounding to millions.</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; border-top: Black 1.5pt solid; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3Q16</B></FONT></TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"><B>2Q16</B></TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"><B>3Q15</B></TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Nine</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Months Ended</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>April 30, 2016</B></FONT></P></TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Nine</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Months Ended</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>April 30, 2015</B></FONT></P></TD><TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; border-left: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-left: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD STYLE="border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-left: 10pt; text-indent: -10pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Net income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-left: Black 1.5pt solid">&nbsp;$</TD><TD STYLE="width: 9%; text-align: right">4.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">4.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1.1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">13.9</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">84.2</TD><TD STYLE="width: 1%; text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Adjustments (add) subtract:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Stock-based compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">(0.7</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.9</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.0</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.0</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">(5.5</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.0</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.6</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(15.5</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13.5</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Gain on sale of interest in Fabrix Systems Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">1.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76.9</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Severance expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">(0.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8.1</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Other operating losses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">-</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(0.3</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">)</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(1.5</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">)</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(0.3</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">)</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(1.5</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Total adjustments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">(5.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12.1</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49.8</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Income tax effect of total adjustments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">1.4</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">1.9</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">3.1</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">5.5</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">6.4</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; border-left: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">3.9</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">4.3</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">9.0</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">11.7</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(56.2</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Non-GAAP net income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">8.6</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">9.0</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">10.1</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">25.6</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">28.0</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; border-left: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Earnings per share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;$</TD><TD STYLE="text-align: right">0.19</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.02</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.55</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3.64</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Total adjustments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">0.19</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">0.21</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">0.42</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">0.57</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(2.42</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Non-GAAP EPS - basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">0.38</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">0.39</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">0.44</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">1.12</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">1.22</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; border-left: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Weighted-average number of shares used in calculation of basic earnings per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">22.6</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">22.8</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">23.0</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">22.8</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">22.9</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; border-left: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;$</TD><TD STYLE="text-align: right">0.19</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.02</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.55</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3.58</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Total adjustments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">0.19</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">0.21</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">0.41</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">0.57</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(2.38</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">)&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt; border-left: Black 1.5pt solid">&nbsp;&nbsp;Non-GAAP EPS - diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">0.38</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">0.39</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">0.43</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">1.12</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">1.20</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; border-left: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;&nbsp;Weighted-average number of shares used in calculation of diluted earnings per share</TD><TD STYLE="border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">22.7</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">22.8</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">23.5</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">22.8</TD><TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">23.3</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;15</FONT></P>





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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
