Vonage Appoints Wall Street Veteran Jeffrey Stambovsky To The Board of Directors

Edison, NJ, July 9, 2002 - Vonage Holdings, a leading provider of digital telephone service, today welcomed Jeffrey Stambovsky to its Board of Directors. Stambovsky brings capital markets expertise and telecommunications analysis experience to the Vonage board, acting as an advisor to the company on financial and industry-related issues.

Currently, Stambovsky is a Senior Vice President with Miller, Tabak, Roberts Securities overseeing distressed debt market coverage of hedge funds and investment advisors. With almost 25 years on Wall Street, he created the high yield group at Schroder’s US (formerly Wertheim, Schroder), where he served as Managing Director supervising US fixed income operations and as a member of the firm’s Executive Committee. He also held senior trading posts at Smith Barney, Salomon Brothers and Bear Stearns. Prior to MTR, Stambovsky was a speaker, writer and editor for Gilder Publishing, publisher of The Gilder Technology Report, covering financial issues affecting next-generation telecommunications companies. "Jeff is a respected and experienced finance expert with a tremendous understanding of the technical and strategic opportunities in the telecommunications industry," said Jeffrey Citron, Chairman & CEO of Vonage. "His vision and expertise will help Vonage use its technology to harness the current market opportunity, guiding the growth and success of our company." In Stambovsky’s view, the telecommunications revolution is entering its second phase in which next-generation technologies will provide value for a broad range of consumers. "The Internet boom was chapter one of the revolution, leaving in its wake an infrastructure that now must be harnessed by companies like Vonage to deliver new products and services that customers are willing to pay for," said Stambovsky. "The creative destruction of telecommunications as we know it is on the horizon." Stambovsky holds a Bachelor of Arts degree from Vassar College and an MBA from the University of Chicago. He lives in Upper Nyack, New York with his wife Patrice and two sons. About Vonage Holdings Vonage is redefining communications by creating a new way to offer telephone service to consumers and businesses. Based in Edison, New Jersey, Vonage offers a consumer product Vonage DigitalVoiceSM utilizing proprietary technology to offer high-quality phone service through any high-speed Internet connection, using a standard telephone. For more information about Vonage's products and services, please visit www.vonage.com or call 1-VONAGE-HELP. Vonage DigitalVoiceSM is a service mark of Vonage Holdings Corp.