Covad 2000 Financial Results to be Reported and 10-K Filed Week of May 21.

Business Editors

SANTA CLARA, Calif.--(BUSINESS WIRE)--May 11, 2001

Covad Communications (Nasdaq:COVD), the leading national broadband services provider utilizing DSL (Digital Subscriber Line) technology, expects to file its 10-K and 2000 financial results during the week of May 21.

"We quintupled the size of our business and made two major acquisitions in 2000," said Chuck McMinn, Covad chairman. "It is important that our financial statements accurately represent our financial position and the results of our operations for the past year. We thought we would be done by now but, unfortunately, we are not. While we are working through the process diligently and making significant progress, we are dealing with very complex matters that require additional time. We expect to file our 10-K prior to our Nasdaq hearing

that is scheduled for May 24. We understand the concerns of investors, customers and employees and it is embarrassing for all of us, but it is important to clarify and resolve all year 2000 accounting matters and we simply must take the time to do that."

About Covad Communications

Covad is the leading national broadband services provider of high-speed Internet and network access utilizing Digital Subscriber Line (DSL) technology. It offers DSL, IP and dial-up services through Internet Service Providers, telecommunications carriers, enterprises, affinity groups, PC OEMs and ASPs to small and medium-sized businesses and home users. Covad services are currently available across the United States in 109 of the top Metropolitan Statistical Areas (MSAs). Covad's network currently covers more than 40 million homes and business and reaches approximately 40 to 45 percent of all US homes and businesses. Corporate headquarters is located at 4250 Burton Drive, Santa Clara, CA 95054. Telephone: 1-888-GO-COVAD. Web Site: www.covad.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

The statements contained in this press release that are not historical facts are "forward- looking statements," including statements concerning Covad's ability to file its financial results, become profitable, plans to expand its network, market opportunities, the cost, of the deployment of Covad's network and launching of its services, Covad's ability to recover past amounts paid to local exchange carriers, implementation of line sharing and self-installation, anticipated capital expenditures, expense reductions and other operating results, and the success of strategic relationships. Actual events or results may differ materially as a result of risks facing Covad or actual results differing from the assumptions underlying such statements. Such risks and assumptions include, but are not limited to, Covad's ability to successfully market its services to current and new customers, the consolidation of sales to a fewer number of wholesale customers, Covad's ability to generate customer demand, to achieve acceptable pricing, to respond to increasing competition, to manage growth, to receive timely payment from our Internet service providers and other customers, to access regions and negotiate suitable interconnection agreements, all in a timely manner, at reasonable costs and on satisfactory terms and conditions, as well as regulatory, legislative, and judicial developments. All forward-looking statements are expressly qualified in their entirety by the "Risk Factors" and other cautionary statements included in Covad's SEC filings.