Covad Appoints Mark A. Richman as Chief Financial Officer.

Business Editors/High-Tech Writers

SANTA CLARA, Calif.--(BUSINESS WIRE)--Sept. 17, 2001

Covad Communications (OTCBB:COVD), the leading national broadband services provider utilizing DSL (Digital Subscriber Line) technology, announced that Mark A. Richman joins the company today as chief financial officer (CFO).

Richman brings over 18 years of financial management experience to Covad. He joins the company from MainStreet Networks where he was vice president and CFO, and built the finance, accounting and IT functions into departments. Prior to MainStreet, Richman held senior management positions at Adecco S.A. where he was vice president of finance and administration for Adecco U.S., a $3 billion operating division. He was also vice president and corporate treasurer at the parent company where he raised over $3 billion in funding through various debt and equity transactions. He also worked for Merisel, Inc., a global computer hardware and software distributor, and was primarily based in London as European finance director. Prior to Merisel, Richman had held various banking positions with ING Capital, Manufacturers Hanover Trust Company and Wells Fargo Bank. Richman holds a bachelor of science degree in managerial economics from the University of California at Davis and a master of business administration degree from the Anderson School at UCLA.

Richman will be responsible for all aspects of Covad's finance organization, including strategic and financial planning and analysis, financing, investor relations, accounting and treasury.

"Mark brings proven experience and leadership in a broad range of financial operations and in the development and management of strong operating controls and processes," said Charles E. Hoffman, Covad president and chief executive officer. "He also brings in-depth experience in areas imperative to Covad, such as financing activities and bond transactions."

About Covad Communications

Covad is the leading national broadband service 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 94 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: 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 anticipated reduction of costs , ability to continue as a going concern, sufficiency of Covad's cash on hand and the statements made by the president and CEO in this release. 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 raise additional capital and address its financial issues, to continue as a going concern, to continue to service and support its customers, 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 and the absence of an adverse result in litigation against Covad. 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, 2000 and in Covad's SEC Quarterly Report on Form 10-Q for the quarter ended June 30, 2001.