Summary of NEUTRAL TANDEM INC

Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Resignation of Robert M. Junkroski as Chief Financial Officer

On September 17, 2012, Robert M. Junkroski informed the Board of Directors of Neutral Tandem, Inc. d/b/a Inteliquent (the "Company") of his decision to step down as the Company's Chief Financial Officer effective October 1, 2012. It is anticipated that Mr. Junkroski will remain employed with the Company until November 1, 2012 to assist with the transition of his responsibilities. The Company and Mr. Junkroski are in the process of negotiating an employment separation agreement and release, the final terms of which will be disclosed in a future Form 8-K filing.

The Company's Board of Directors is currently identifying a candidate to succeed Mr. Junkroski as the Company's Chief Financial Officer.

Resignation of Surendra Saboo as President and Chief Operating Officer

On September 17, 2012, Surendra Saboo informed the Company's Board of Directors of his decision to step down as the Company's President and Chief Operating Officer effective October 1, 2012. It is anticipated that Dr. Saboo will remain employed with the Company until November 1, 2012 to assist with the transition of his responsibilities. The Company and Dr. Saboo are in the process of negotiating an employment separation agreement and release, the final terms of which will be disclosed in a future Form 8-K filing.

The Company's Board of Directors is not currently planning to hire a successor to fill Dr. Saboo's positions.

On September 20, 2012, we publicly announced the departures of Mr. Junkroski and Dr. Saboo in the press release attached hereto as Exhibit 99.1 and incorporated herein by reference.