Covad Communications Announces Second Quarter 2002 Results Conference Call; Thursday, August 8, 2:00 p.m. Pacific Daylight Time.

Business Editors/High-Tech Writers

SANTA CLARA, Calif.--(BUSINESS WIRE)--Aug. 2, 2002

Covad Communications Group, Inc. (OTCBB:COVD) will conduct a conference call to discuss its second quarter 2002 financial results on Thursday, August 8, 2002 at 2:00 p.m. Pacific Daylight Time (PDT). The conference call will be conducted by Charles Hoffman, Covad's president and CEO, and Mark Richman, Covad's CFO.

The conference call will be webcast over the Internet. To listen to the call visit the Covad website at www.covad.com/companyinfo. Investors and press may also listen to the call by telephone by dialing 847-619-6534 and are advised to call in ten minutes prior to the start time. The conference call will be recorded and available to listen to until 5:00 p.m. PDT on Friday, August 16, 2002, by dialing 888-843-8996 or 630-652-3044, passcode 6045308, or by visiting the Covad website.

After the close of market on Thursday, August 8, 2002, and prior to the conference call, Covad will distribute a copy of the press release. The press release will also be available on the company's website.

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, managed security, IP and dial-up services directly through Covad 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 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 3420 Central Expressway, Santa Clara, CA 95051. 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 anticipated sales, revenue, and growth, and the statements made by the president and CEO and the assumptions underlying such 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 as a going concern, to continue to service and support its customers, to successfully market its services to current and new customers, to manage the consolidation of sales to a fewer number of wholesale customers, to successfully migrate end users, Covad's ability to generate customer demand, to achieve acceptable pricing, to respond to competition, to develop and maintain strategic relationships, to manage growth, to receive timely payment from 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, 2001 and its Report on Form 10-Q for the period ended March 31, 2002.