iBasis President and CEO at The Economist Conference: Voice over IP Coming On Strong in Eastern Europe

Ofer Gneezy To Cite Benefits of Internet Telephony for Central and Eastern Europe in Address to Prestigious Regional Telecommunications Conference

WARSAW, POLAND - December 3, 2001 - iBasis, Inc., (Nasdaq:IBAS), the leader in advanced Internet-based voice communications, today announced that its president and CEO, Ofer Gneezy, will discuss key drivers of the continuing regional and global growth in international Voice-over-IP as part of his keynote address at The Economist Central and East European Telecommunications Conference, held here. Mr. Gneezy's address, which he will deliver today at 9:00 AM local time, will discuss the strategic factors behind the continuing penetration of VoIP in Central and Eastern Europe. Mr. Gneezy will also cite industry analyst forecasts that see average annual growth in the region's international VoIP traffic exceeding 80% through 2006¹.

iBasis, a global voice services provider to the world's largest carriers, with service facilities in more than 80 countries, has seen strong growth in its Central and Eastern European business, with revenues from regional traffic growing 229% from Q3 2000 to Q3 2001.

"Just as in every other region of the world, traditional telecommunications in Central and Eastern Europe is in the midst of a major transition. In addition to high fixed costs, carriers in the region are facing lower levels of foreign investment and greater competition for customers, as these markets move toward deregulation," said Ofer Gneezy, president and CEO of iBasis. "These challenging market conditions are enhancing the appeal of VoIP services in the region as more and more carriers look to global providers like iBasis who can offer an instant global footprint that not only lowers transport costs, but also reduces the overall operational costs of supporting international service. Outsourcing global traffic to iBasis can help free critical resources for other strategic business initiatives, such as wireless, cable or expanded domestic services. The move to VoIP is on, and not only in Central and Eastern Europe, but around the world."

About The Economist Central and East European Telecommunications Conference
This Economist Conference offers unique insight to the telecommunications industry of Central and Eastern Europe. You'll discover how the worldwide economic slow-down, advances in technology and local liberalization policies are affecting the sector in this region. Industry sessions will focus on demand, investment and competition in liberalized markets, the outlook for mobile voice and data and for 3G migration, broadband access solutions in a competitive local loop, and business and network investment in a tight financial environment. To learn more about this conference visit www.economistconferences.com .

About iBasis
Founded in 1996, iBasis (Nasdaq: IBAS) is the leader in advanced Internet-based voice communications. iBasis delivers toll quality international voice services and provides the infrastructure for hosted communications solutions, including messaging and speech-enabled content, e-commerce and customer service applications. The company's customers include many of the largest enterprises and carriers in the world, including AT&T, Cable & Wireless, China Mobile, China Unicom, Concert, ExxonMobil, Gannett, H&R Block, Home Shopping Network, Morgan Stanley, NTT, Telecom Argentina, Telefonica, Telstra, Sabre Group, Sprint, Western Union, WorldCom, and Verizon. iBasis' hosted, enhanced service solutions include SpeechPortTM, a scalable, customizable ASP environment for speech-enabled business solutions, VoCore^SM messaging and the IP CallCardTM pre- and post-paid calling card platform. The iBasis Network is the world's largest international Cisco Powered Network for Internet Telephony. iBasis is listed in both the Russell 2000® and Russell 3000® Indexes. The company can be reached at its worldwide headquarters in Burlington, Massachusetts, USA at +781-505-7500 or on the Internet at www.ibasis.com .

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Assured Quality Routing and AQR are registered trademarks, VoCore is a service mark and iBasis, The iBasis Network, Internet Central Office, Internet Branch Office, IP CallCard, SpeechPort, IPort, and PriceInteractive are trademarks of iBasis, Inc. or its subsidiaries. Cisco and Cisco Powered Network are registered trademarks of Cisco Systems, Inc. All other trademarks are the property of their respective owners.

Except for historical information, all of the expectations, projections and assumptions contained in the foregoing press release, including those relating to the company's current expectations regarding revenue growth, sources of revenue, margin improvement and future capital expenditures constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties. Important factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to, (i) the extent of adoption of the company's voice-based Internet services and the timing and amount of revenue generated by these services; (ii) fluctuations in the market for and pricing of VoIP services; and (iii) the other considerations described as "Risk Factors" in iBasis' Annual Report on Form 10-K for its fiscal year ended December 31, 2000, and the company's other SEC filings.