Covad to Present at Wall Street Webcasting's Undiscovered Stocks Conference.

Business Editors/High-Tech Writers

SANTA CLARA, Calif.--(BUSINESS WIRE)--Aug. 21, 2002

Covad Communications (OTCBB:COVD), the leading national broadband services provider utilizing DSL (Digital Subscriber Line) technology, today announced that Mark A. Richman, CFO, will be presenting at Wall Street Webcasting's "Undiscovered Stocks Conference" on Thursday, August 22, 2002 at 12:00 p.m. EDT.

This is a virtual conference and will be broadcast live and, subsequently, on demand via the Internet. To listen to the web cast and simultaneously view the corresponding slides, investors should visit the website of The Wall Street Transcript at: www.twst.com/econf/mm/uds/covd.html. Please visit the site at least 15 minutes prior to the beginning of the scheduled presentation to register and download and install any necessary multimedia streaming software. The software plug-ins required for the live event can be either RealPlayer or Windows Media Player.

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's direct sales force and web and telephone sales 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 revenue, and growth, and the statements made by the CFO during this presentation and the assumptions underlying such statements. Covad disclaims any obligation to update 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 Reports on Form 10-Q for the periods ended March 31, 2002 and June 30, 2002.