Covad Announces Financing and GoBeam Acquisition Conference Call.

Business Editors/High-Tech Writers

SAN JOSE, Calif.--(BUSINESS WIRE)--March 9, 2004

Covad Communications Group, Inc. (OTCBB:COVD) will conduct a conference call to discuss recent activities, including its financing and GoBeam acquisition announcements, on Thursday, March 11, at 5:00 p.m. Eastern Standard Time (EST). The conference call will be conducted by Charles Hoffman, president and CEO of Covad, and Mark Richman, CFO of Covad.

The conference call will be webcast over the Internet. To listen to the call visit the Covad website at www.covad.com/companyinfo/investorrelations. The webcast will be available until March 9, 2005. Investors and press may also listen to the call by telephone by dialing [phone] using passcode 63372568 and are advised to call in 5 minutes prior to the start time. The conference call will be recorded and available for replay listening until 11:59 p.m. EST on March 12, 2004 by dialing [phone] or [phone], passcode 72288924.

About Covad Communications

Covad is a leading national broadband service provider of high-speed Internet and network access utilizing Digital Subscriber Line (DSL) technology. It offers DSL, T1, hosting, managed security, IP and dial-up, and bundled voice and data services directly through Covad's network and through Internet Service Providers, value-added resellers, telecommunications carriers and affinity groups to small and medium-sized businesses and home users. Covad services are currently available across the nation in 44 states and 235 Metropolitan Statistical Areas (MSAs) and can be purchased by more than 57 million homes and businesses, which represent over 50 percent of all US homes and businesses. Corporate headquarters is located at 110 Rio Robles San Jose, CA 95134. 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". 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 continue to service and support its customers, to successfully market its services to current and new customers, to maintain competitive pricing, manage the consolidation of sales to a fewer number of wholesale customers, to respond to competition, to develop and maintain strategic relationships, to 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 and the absence of an adverse result in litigation against Covad. Covad disclaims any obligation to update any forward-looking statement contained in this press release. All forward-looking statements are expressly qualified in their entirety by the "Risk Factors" and other cautionary statements included in Covad's SEC Annual Report on Form 10-K for the year ended December 31, 2003, along with Current Reports on Form 8-K filed from time to time with the SEC.