Neutral Tandem, Inc.

G. Edward Evans
Chief Executive Officer

G. Edward Evans assumed the role of Chief Executive Officer of Neutral Tandem on April 1, 2011. Mr. Evans formerly served as CEO of Stelera Wireless (and continues to serve as its Chairman), a leader in deploying broadband services to rural markets throughout the United States. Previously, Mr. Evans was CEO and Chairman of Syniverse Holdings, Inc. (NYSE: SVR).

Mr. Evans was elected Syniverse's Chairman of the Board in February 2005, and remained Chairman until 2007, after having served as a director since February 2002. He served as CEO from February 2002 until January 2006, at which time he stepped down from the position. Prior to Syniverse, Mr. Evans was with Dobson Communications Corporation, first as President of its cellular subsidiaries and then as President and CEO of the organization.

Today Mr. Evans serves on the boards of Solix (which he chairs), CTIA – The Wireless Association, Carolina West Wireless, and the Network Reliability and Interoperability Commission, an advisory committee to the FCC. He holds a master's degree in Business Administration from Georgia State University.

Holdings: 202,024 shares View Transactions
Date	Type	Shares Traded	Price Range
Jun 16, 2011	Disposition (Non Open Market)	63	16.33
Apr 1, 2011	Acquisition (Non Open Market)	200,000	n/a
Nov 24, 2010	Sell	2,087	14.87
Nov 16, 2009	Acquisition (Non Open Market)	4,174	n/a
Oct 30, 2008	Statement of Ownership	0	n/a

Rob Junkroski
Chief Financial Officer

Rob Junkroski has been with Neutral Tandem since its inception in 2003. Prior to Neutral Tandem, he was Vice President of Finance with Focal Communications Corporation and was responsible for managing all working capital functions within the company, including accounts payable and receivable, credit and collections, carrier and end-user billing, regulatory compliance and real estate management. Rob previously served as Treasurer and Controller and was responsible for all accounting, revenue assurance, audit, cash and risk management and customer credit functions at Focal.

Before joining Focal, he was controller for Brambles Equipment Services, Inc. and Focus Leasing Corporation where he was responsible for establishing and maintaining the accounting, financial reporting and budgeting functions for both entities.

Mr. Junkroski is a C.P.A. He earned a B.B.A. from the University of Dubuque and an M.B.A. with honors from Roosevelt University, concentrating in finance and accounting. In his 19 years experience, he has helped raise over $1 billion in capital. He is also a winner of the Ernst & Young Entrepreneur of the Year 2007 award for the Lake Michigan Area.

Holdings: 205,730 shares View Transactions
Date	Type	Shares Traded	Price Range
Dec 30, 2011	Disposition (Non Open Market)	492	10.69
Dec 26, 2011	Disposition (Non Open Market)	279	10.69
Nov 30, 2011	Disposition (Non Open Market)	492	10.81
Nov 26, 2011	Disposition (Non Open Market)	279	9.12
Oct 30, 2011	Disposition (Non Open Market)	492	11.10
Oct 26, 2011	Disposition (Non Open Market)	279	10.38
Sep 30, 2011	Disposition (Non Open Market)	7,772	9.68
Sep 26, 2011	Disposition (Non Open Market)	279	9.57
Aug 26, 2011	Disposition (Non Open Market)	279	11.21
Jul 26, 2011	Disposition (Non Open Market)	279	16.37
Jun 26, 2011	Disposition (Non Open Market)	279	17.03
May 26, 2011	Disposition (Non Open Market)	279	16.88
Apr 26, 2011	Disposition (Non Open Market)	279	15.41
Mar 26, 2011	Disposition (Non Open Market)	279	14.73
Feb 26, 2011	Disposition (Non Open Market)	279	17.21
Jan 26, 2011	Disposition (Non Open Market)	280	15.60
Dec 26, 2010	Disposition (Non Open Market)	261	14.94
Nov 26, 2010	Disposition (Non Open Market)	261	14.82
Oct 26, 2010	Disposition (Non Open Market)	261	14.81
Sep 30, 2010	Acquisition (Non Open Market)	75,000	n/a
Sep 24, 2010	Disposition (Non Open Market)	261	12.93
Sep 14, 2010	Buy	5,000	10.50
Aug 26, 2010	Disposition (Non Open Market)	3,129	11.72
Feb 1, 2010	Automatic Sell	1,000	15.50
Feb 1, 2010	Option Execute	1,000	2.56
Jan 4, 2010	Automatic Sell	1,000	23.29
Jan 4, 2010	Option Execute	1,000	2.56
Dec 1, 2009	Automatic Sell	1,000	22.91
Dec 1, 2009	Option Execute	1,000	2.56
Nov 2, 2009	Automatic Sell	1,000	21.16
Nov 2, 2009	Option Execute	1,000	2.56
Oct 1, 2009	Automatic Sell	1,000	22.72
Oct 1, 2009	Option Execute	1,000	2.56
Sep 1, 2009	Automatic Sell	1,000	25.97
Sep 1, 2009	Option Execute	1,000	2.56
Aug 26, 2009	Acquisition (Non Open Market)	42,500	n/a
Aug 3, 2009	Automatic Sell	4,000	32.96 - 33.05
Aug 3, 2009	Option Execute	4,000	2.56 - 17.90
Jul 1, 2009	Automatic Sell	4,000	29.97
Jun 8, 2009	Automatic Sell	57,853	28.11 - 31.14
Jun 8, 2009	Option Execute	44,000	2.56 - 17.90
May 1, 2009	Automatic Sell	100,000	28.50
May 1, 2009	Option Execute	30,000	2.56
Oct 1, 2008	Automatic Sell	14,100	17.74
Sep 2, 2008	Automatic Sell	50,000	20.29
Aug 14, 2008	Automatic Sell	6,000	20.00
Aug 13, 2008	Automatic Sell	24,000	20.00
Aug 5, 2008	Automatic Sell	10,000	18.08
Aug 1, 2008	Automatic Sell	30,000	17.16
Jul 1, 2008	Automatic Sell	40,000	17.99

Surendra Saboo
President and Chief Operating Officer

Surendra Saboo brings more than 20 years of telecommunications executive management experience to Neutral Tandem. Most recently, Mr. Saboo was the Vice President of Operations for wireless services at Comcast. He joined Comcast in June 2000 as Executive Vice President and Chief Operating Officer of Broadnet, a pan-European subsidiary of Comcast, where he was responsible for launching broadband services in six countries within 12 months. In 2002, he returned to the U.S. and became the Vice President of Product Development and Operations for Comcast's voice business. In this capacity, he was responsible for the turn-around of the circuit-switched business to profitability and launching the VoIP based Comcast digital voice service.

Prior to joining Comcast, Surendra was the Chairman, CEO and Founder of Teledigm, an e-CRM software product company in Dallas. Preceding Teledigm, he spent 14 years at AT&T in a variety of operating areas, including research and development, engineering, product management, strategy, systems development and operations. He began his career with AT&T in 1986 as a member of technical staff at Bell Laboratories in Holmdel, NJ.

Mr. Saboo holds a B.S. degree in Mechanical Engineering, a master's in Industrial and Systems Engineering, and a PhD in Operations Research. He has also completed the Advanced Management Program at Hawaii University.

Holdings: 141,838 shares View Transactions
Date	Type	Shares Traded	Price Range
Dec 30, 2011	Disposition (Non Open Market)	656	10.69
Dec 26, 2011	Disposition (Non Open Market)	372	10.69
Nov 30, 2011	Disposition (Non Open Market)	656	10.81
Nov 26, 2011	Disposition (Non Open Market)	372	9.12
Nov 15, 2011	Buy	5,000	9.95
Oct 30, 2011	Disposition (Non Open Market)	656	11.10
Oct 26, 2011	Disposition (Non Open Market)	372	10.38
Sep 30, 2011	Disposition (Non Open Market)	7,862	9.68
Sep 26, 2011	Disposition (Non Open Market)	372	9.57
Aug 26, 2011	Disposition (Non Open Market)	372	11.21
Jul 26, 2011	Disposition (Non Open Market)	372	16.37
Jul 6, 2011	Automatic Sell	10,000	17.10
Jul 6, 2011	Option Execute	10,000	1.33
Jun 26, 2011	Disposition (Non Open Market)	372	17.03
May 26, 2011	Disposition (Non Open Market)	372	16.88
Apr 26, 2011	Disposition (Non Open Market)	372	15.41
Mar 26, 2011	Disposition (Non Open Market)	372	14.73
Feb 26, 2011	Disposition (Non Open Market)	372	17.21
Feb 16, 2011	Automatic Sell	10,000	18.28
Feb 16, 2011	Option Execute	10,000	1.33
Jan 26, 2011	Disposition (Non Open Market)	373	15.60
Dec 26, 2010	Disposition (Non Open Market)	349	14.94
Nov 26, 2010	Disposition (Non Open Market)	348	14.82
Oct 26, 2010	Disposition (Non Open Market)	348	14.81
Sep 30, 2010	Acquisition (Non Open Market)	100,000	n/a
Sep 24, 2010	Disposition (Non Open Market)	348	12.93
Aug 26, 2010	Disposition (Non Open Market)	4,174	11.72
Oct 2, 2009	Automatic Sell	5,000	22.01
Oct 2, 2009	Option Execute	5,000	1.33
Aug 26, 2009	Acquisition (Non Open Market)	56,700	n/a
Aug 14, 2009	Automatic Sell	15,000	25.52
Aug 14, 2009	Option Execute	15,000	1.33
Jun 26, 2009	Automatic Sell	15,000	30.09 - 30.65
Jun 26, 2009	Option Execute	15,000	1.33
May 8, 2009	Automatic Sell	15,000	28.06 - 28.84
May 8, 2009	Option Execute	15,000	1.33
Dec 10, 2008	Automatic Sell	6,000	14.76
Dec 10, 2008	Option Execute	6,000	1.33
Dec 3, 2008	Automatic Sell	7,000	14.04 - 14.08
Dec 3, 2008	Option Execute	7,000	1.33 - 2.56
Nov 26, 2008	Automatic Sell	7,000	14.90
Nov 26, 2008	Option Execute	7,000	1.33
Nov 19, 2008	Automatic Sell	7,000	14.29
Nov 19, 2008	Option Execute	7,000	1.33
Nov 12, 2008	Automatic Sell	7,000	16.35
Nov 12, 2008	Option Execute	7,000	1.33
Nov 5, 2008	Automatic Sell	7,000	16.66
Nov 5, 2008	Option Execute	7,000	1.33
Oct 29, 2008	Automatic Sell	7,000	17.31
Oct 29, 2008	Option Execute	7,000	1.33

David A. Lopez
Senior Vice President, Sales

As Senior Vice President of Sales, Dave oversees the management and growth of all Neutral Tandem voice and data sales in the Americas. He brings a wealth of sales management experience to Neutral Tandem and has more than 20 years experience in the telecommunications industry. Dave has been with the company since its inception and has secured agreements with nearly every national wireless carrier and over a hundred other competitive carriers and service providers.

Dave has held national account and sales management positions at Centel, Sprint and Focal Communications Corporation (now part of Level 3). In his most recent position, he was instrumental in opening Focal's largest and most successful market (Chicago) where he grew sales to nearly $40 million per year.

Mr. Lopez holds a B.S. in Marketing from Illinois State University.

Holdings: 83,240 shares View Transactions
Date	Type	Shares Traded	Price Range
Dec 30, 2011	Disposition (Non Open Market)	492	10.69
Dec 26, 2011	Disposition (Non Open Market)	112	10.69
Nov 30, 2011	Disposition (Non Open Market)	492	10.81
Nov 26, 2011	Disposition (Non Open Market)	112	9.12
Nov 15, 2011	Buy	4,000	10.04
Oct 30, 2011	Disposition (Non Open Market)	648	11.10
Oct 26, 2011	Disposition (Non Open Market)	147	10.38
Sep 30, 2011	Disposition (Non Open Market)	5,897	9.68
Sep 26, 2011	Disposition (Non Open Market)	147	9.57
Aug 26, 2011	Disposition (Non Open Market)	148	11.21
Jul 26, 2011	Disposition (Non Open Market)	147	16.37
Jun 26, 2011	Disposition (Non Open Market)	147	17.03
May 26, 2011	Disposition (Non Open Market)	147	16.88
Apr 26, 2011	Disposition (Non Open Market)	112	15.41
Mar 26, 2011	Disposition (Non Open Market)	112	14.73
Mar 15, 2011	Automatic Sell	11,750	13.25 - 13.39
Mar 15, 2011	Option Execute	8,750	3.68
Feb 26, 2011	Disposition (Non Open Market)	113	17.21
Jan 26, 2011	Disposition (Non Open Market)	113	15.60
Dec 26, 2010	Disposition (Non Open Market)	105	14.94
Nov 26, 2010	Disposition (Non Open Market)	106	14.82
Oct 26, 2010	Disposition (Non Open Market)	106	14.81
Sep 30, 2010	Acquisition (Non Open Market)	75,000	n/a
Sep 24, 2010	Disposition (Non Open Market)	106	12.93
Sep 14, 2010	Buy	1,000	10.43
Aug 26, 2010	Disposition (Non Open Market)	1,252	11.72
Oct 26, 2009	Automatic Sell	8,750	23.48
Oct 26, 2009	Option Execute	8,750	3.68
Aug 26, 2009	Acquisition (Non Open Market)	17,000	n/a
Jun 11, 2009	Automatic Sell	21,250	27.92
May 4, 2009	Sell	16,250	28.75
May 4, 2009	Option Execute	16,250	17.90
Feb 26, 2009	Sell	2,750	19.85
Feb 26, 2009	Option Execute	2,750	3.68
Dec 11, 2008	Sell	6,000	15.24
Dec 11, 2008	Option Execute	6,000	3.68
Jul 21, 2008	Automatic Sell	9,409	17.28
Jul 14, 2008	Automatic Sell	15,136	17.88
Jul 14, 2008	Automatic Sell	3,190	17.88
Jul 8, 2008	Automatic Sell	8,181	18.15
Jul 8, 2008	Automatic Sell	1,063	18.15
Jul 7, 2008	Automatic Sell	12,000	17.47
Jul 7, 2008	Automatic Sell	6,000	17.47
Jul 1, 2008	Automatic Sell	7,646	18.03
Jul 1, 2008	Automatic Sell	1,751	18.03
Jun 30, 2008	Automatic Sell	16,535	16.47 - 18.00
Jun 30, 2008	Automatic Sell	6,040	16.48 - 18.00
Jun 27, 2008	Sell	16,191	18.00 - 18.10
Jun 27, 2008	Sell	4,335	18.00 - 18.10
Jun 26, 2008	Sell	11,508	17.38 - 17.70

Richard Monto
General Counsel

Richard Monto joined Neutral Tandem in 2007 and has over a decade of telecommunications law experience. Prior to becoming Neutral Tandem's General Counsel and Secretary, he served as Assistant General Counsel, and was involved in all of Neutral Tandem's ongoing legal and regulatory matters.

Before joining Neutral Tandem, Richard held senior legal positions at various companies. He served as the Chief Legal Officer of Universal Access Global Holdings, Inc., a Chicago based wholesale telecommunications carrier. Richard also worked at MCI, where he was responsible for the provision of legal support for sales to MCI's largest enterprise users in the Midwest region. Richard began his career at the law firm of Sonnenschein, Nath and Rosenthal.

Mr. Monto has an undergraduate degree in Russian and Eastern European Studies from the University of Michigan and a J.D. from the Boston University School of Law.

Holdings: 87,457 shares View Transactions
Date	Type	Shares Traded	Price Range
Dec 30, 2011	Disposition (Non Open Market)	492	10.69
Dec 26, 2011	Disposition (Non Open Market)	214	10.69
Nov 30, 2011	Disposition (Non Open Market)	492	10.81
Nov 26, 2011	Disposition (Non Open Market)	214	9.12
Oct 30, 2011	Disposition (Non Open Market)	492	11.10
Oct 26, 2011	Disposition (Non Open Market)	214	10.38
Sep 30, 2011	Disposition (Non Open Market)	5,897	9.68
Sep 26, 2011	Disposition (Non Open Market)	214	9.57
Aug 26, 2011	Disposition (Non Open Market)	214	11.21
Jul 26, 2011	Disposition (Non Open Market)	214	16.37
Jun 26, 2011	Disposition (Non Open Market)	214	17.03
May 26, 2011	Disposition (Non Open Market)	214	16.88
Apr 26, 2011	Disposition (Non Open Market)	214	15.41
Mar 26, 2011	Disposition (Non Open Market)	214	14.73
Feb 26, 2011	Disposition (Non Open Market)	215	17.21
Jan 26, 2011	Disposition (Non Open Market)	215	15.60
Dec 26, 2010	Disposition (Non Open Market)	200	14.94
Dec 10, 2010	Sell	7,000	15.46
Nov 26, 2010	Disposition (Non Open Market)	200	14.82
Oct 26, 2010	Disposition (Non Open Market)	200	14.81
Sep 30, 2010	Acquisition (Non Open Market)	75,000	n/a
Sep 24, 2010	Disposition (Non Open Market)	200	12.93
Aug 26, 2010	Disposition (Non Open Market)	2,400	11.72
Aug 26, 2009	Acquisition (Non Open Market)	32,600	n/a
May 4, 2009	Sell	11,500	28.87
May 4, 2009	Option Execute	11,500	4.14
Aug 12, 2008	Sell	6,000	19.70
Aug 12, 2008	Option Execute	6,000	4.14

Paolo Susnik
Managing Director of Tinet

Paolo Susnik has more than 14 years of executive management experience in the telecommunications industry. He has been Managing Director of Tinet since 2002, where he also successfully managed the completion of BS Private Equity's acquisition of Tinet in May 2009.

Prior to Tinet, Mr. Susnik was the Chief Technology Officer of the Tiscali Group, an Internet company currently listed on the Milan Stock Exchange. In this capacity, he led the start up of "Video Online" in the Czech Republic. Prior to his employment with the Tiscali Group, Susnik worked for IBM.

Mr. Susnik holds a master's in Engineering from the University of Cagliari, Italy, and currently serves as a board member of Mix S.r.l., an Italian Internet exchange company.

Holdings: 45,000 shares View Transactions
Date	Type	Shares Traded	Price Range
Dec 5, 2011	Sell	15,000	10.52
Oct 1, 2010	Statement of Ownership	0	n/a
Oct 1, 2010	Acquisition (Non Open Market)	60,000	n/a

David Zwick
Senior Vice President, Business Development

David Zwick joined Neutral Tandem in 2011 as Senior Vice President of Business Development and M&A. He is responsible for corporate strategy, mergers and acquisitions, business development, strategic alliances, and strategic planning for the company.

From 1998 – 2011, Mr. Zwick was a senior investment banker in the Global Communications & Media groups at Lehman Brothers and Barclays Capital. During his 13 years of investment banking experience, he advised clients on more than $85 billion of successful M&A transactions in the telecom sector globally. He was based in New York and Hong Kong.

David began his career in the Chicago office of Arthur Andersen & Co., where he spent 5 years prior to attending graduate school.

A native of Chicago, Mr. Zwick earned a B.A. in Finance (with honors) from the University of Illinois and an M.B.A. from Northwestern University's J.L. Kellogg School of Management. Mr. Zwick is also a CPA.

John Harrington
Senior Vice President, Regulatory & Litigation

John Harrington joined Neutral Tandem in April 2011. As Senior Vice President, Regulatory & Litigation, Mr. Harrington is responsible for all of Neutral Tandem's litigation and regulatory advocacy.

Prior to joining Neutral Tandem, Mr. Harrington was a partner at Jenner & Block in Chicago. While at Jenner & Block, Mr. Harrington co-chaired the firm's Communications Law practice and served as Neutral Tandem's primary outside litigation and regulatory counsel.

Mr. Harrington received his undergraduate degrees from Northwestern University and received his J.D., magna cum laude, from Indiana University's Maurer School of Law.

Holdings: 80,000 shares View Transactions
Date	Type	Shares Traded	Price Range
Sep 19, 2011	Buy	5,000	10.07
Apr 13, 2011	Statement of Ownership	0	n/a
Apr 13, 2011	Acquisition (Non Open Market)	75,000	n/a