Neutral Tandem, Inc. Prices Secondary Offering of Common Stock by Certain Selling...

Neutral Tandem, Inc. Prices Secondary Offering of Common Stock by Certain
Selling Stockholders

CHICAGO, March 27, 2008 (PRIME NEWSWIRE) -- Neutral Tandem, Inc. (Nasdaq:TNDM)
("Neutral Tandem" or the "Company") announced today the pricing of the secondary
offering of 4,500,000 shares of its common stock at a price to the public of
$18.00 per share. All of the shares are being sold by certain selling
stockholders of the Company. The selling stockholders include entities
affiliated with Doll Capital Management, New Enterprise Associates and certain
other selling stockholders. The selling stockholders have granted the
underwriters a 30-day option to acquire an additional 675,000 shares at the
secondary offering price to cover over-allotments, if any. Neutral Tandem will
not receive any proceeds from the sale of the shares but will pay certain
expenses related to the offering.

Morgan Stanley & Co. Incorporated acted as the sole book-running manager for the
offering. Oppenheimer & Co. Inc. acted as joint lead manager and Raymond James &
Associates, Inc., Thomas Weisel Partners LLC, Robert W. Baird & Co. Incorporated
and William Blair & Company, LLC acted as co-managers.

A registration statement relating to the offering was filed and declared
effective by the Securities and Exchange Commission. The offering is being made
only by means of a prospectus, copies of which may be obtained by contacting
Morgan Stanley & Co. Incorporated, 180 Varick Street, New York, NY 10014;
Attention: Prospectus Department or by email at prospectus@morganstanley.com

This press release shall not constitute an offer to sell, or the solicitation of
an offer to buy, nor shall there be any sale of the common stock in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such state or
jurisdiction.

About Neutral Tandem, Inc.

Headquartered in Chicago, Neutral Tandem, Inc. is a leading provider of tandem
services to wireless, wireline, cable and broadband providers. Founded in 2003,
Neutral Tandem facilitates inter-carrier communications with a cost-effective
alternative to the Incumbent Local Exchange Carrier (ILEC) network. Neutral
Tandem's solutions build redundancy, security and operational efficiencies into
the nation's telecommunications infrastructure. As of December 31, 2007, Neutral
Tandem was capable of connecting approximately 255 million telephone numbers
assigned to carriers. Please visit Neutral Tandem's website at:
www.neutraltandem.com.

The Neutral Tandem Inc. logo is available at
http://www.primenewswire.com/newsroom/prs/?pkgid=3797

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CONTACT: Neutral Tandem, Inc.
Media Contact:
Gerard Laurain
(312) 384-8041
Investor Contact:
Jim Polson:
(866) 268-4744