Covad Provides Broadband Services to National Association of Realtors Members; Covad Nationwide Network Makes It Easy for Realtors to Purchase High-Speed Internet Access.

Business Editors/High-Tech Writers

SANTA CLARA, Calif.--(BUSINESS WIRE)--May 28, 2003

Covad Communications Group, Inc. (OTCBB:COVD), a leading national broadband service provider of high-speed Internet and network access, has been named the exclusive REALTOR VIP(R) Partner of the National Association of Realtors(R) (NAR) for the sale of DSL and T1 services to NAR's members.

Under this agreement, members of NAR, America's largest trade association representing approximately 880,000 members, are eligible to purchase an array of Covad broadband services at discounted rates. NAR's members may choose a number of broadband services, including Asymmetrical Digital Subscriber Line (ADSL) for fast residential access, Symmetrical Digital Subscriber Line (SDSL), suitable for small businesses with higher bandwidth demands, and both full and fractional T1 services for businesses with the greatest bandwidth demands. Additionally, IDSL or Integrated Services Digital Network (ISDN) allows users who do not qualify for standard DSL, due to distance limitations, to receive a faster, always-on alternative to dial-up.

"Working faster, smarter and more efficiently is critical for businesses, especially real estate professionals," said Pat Bennett, executive vice president and general manager of Covad Broadband Solutions. "Covad helps businesses meet these needs through the use of high-speed, always-on broadband and a nationwide network that can reach over 40 million homes and businesses."

NAR members can receive price reductions on business class ADSL, SDSL, T1 and IDSL services. There is a special $50 rebate on Covad TeleSurfer PLUS(R), a CNET Editor's Choice award-winning residential service, which provides downloads speeds up to 28 times the speed of dial-up (56k).

"Covad has proven it can deliver quality broadband Internet services. NAR members will benefit from the significant investment Covad has made in its national network to address the growing demand for faster Internet service," said Bob Goldberg, NAR senior vice president of marketing and business development and head of the REALTOR VIP(R) Program. "Covad is committed to bringing its program at significant savings and discounts to Realtors(R)," added Goldberg.

In addition to these special offers, Covad provides all participating realtors the convenience of the largest nationwide business class DSL network, 24X7X365 online and telephone support, 30-day no-risk satisfaction guarantee, and easy-to-use online account management tools.

To learn more about Covad Broadband services and preferred NAR pricing, visit http://www.getcovad.com/NAR, or call 800/555-0439; members should mention NAR.

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, hosting, IP, dial-up services 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 operates the largest national DSL network with services currently available in 96 of the top Metropolitan Statistical Areas (MSAs). Covad's network currently covers more than 40 million homes and business and reaches approximately 45 percent of all U.S. homes and businesses. Corporate headquarters is located at 3420 Central Expressway, Santa Clara, CA 95051. 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 potential sales to NAR members, and the statements made by the executive vice president and general manager of Covad Broadband Solutions 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, future FCC rulemaking, the terms and interpretations of the decision announced February 20, 2003 by the FCC, 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. 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, 2002 and the Quarterly Report on Form 10-Q for the quarter ending March 31, 2003, along with Current Reports on Form 8-K filed from time to time with the SEC.