Covad Communications Announces Three-For-Two Stock Split.

SANTA CLARA, Calif.--(BUSINESS WIRE)--April 23, 1999--

Covad Communications Group, Inc. (Nasdaq:COVD) announced today that its Board of Directors has approved a three-for-two split of its Common Stock.

The stock split will be effected as a stock dividend. Stockholders of record at the close of business on May 3, 1999 will be issued a certificate representing one additional share for each two shares of Common Stock held on the record date. The certificates will be distributed on May 18, 1999. Covad Common Stock will begin trading on a split-adjusted basis on May 19, 1999.

Covad Communications Company is a leading high-speed Internet and network access provider offering DSL services through Internet Service Providers to small and medium businesses and consumers, and sold directly to large enterprise customers. The Company has launched its services in the San Francisco Bay Area, Los Angeles, Riverside and Orange County areas, New York, Boston, the Washington, D.C./Baltimore corridor, Philadelphia and Seattle metropolitan areas.

Covad has announced plans to deploy its networks in a total of 22 regions, encompassing 51 metropolitan statistical areas nationwide. Covad Communications Company and its affiliates doing business as Covad Communications Company, are wholly owned subsidiaries of Covad Communications Group, Inc. (Nasdaq:COVD). Corporate headquarters is located at 2330 Central Expressway, Santa Clara, CA, 95050. Telephone: [phone] or 1-888-GO-COVAD; FAX: [phone]. Web Site: www.covad.com.