Covad to Present at the CIBC World Markets Communications Conference; CIBC to Webcast Presentation.

Business Editors/High-Tech Writers

CIBC World Markets Annual Investor Conference

SANTA CLARA, Calif.--(BUSINESS WIRE)--May 30, 2002

Covad Communications (OTCBB:COVD), the leading national broadband services provider utilizing DSL (Digital Subscriber Line) technology, today announced that Charles E. Hoffman, CEO and president, and Mark A. Richman, CFO, will be presenting at the CIBC World Markets Annual Investor Conference, "The Communications Food Chain" in New York, NY on Monday, June 10, 2002. The company presentation will be made available to the public via audio webcast.

Covad's presentation will take place at 3:30 p.m. EDT/12:30 p.m. PDT on June 10, 2002 at The Plaza Hotel in New York City.

The webcast may be accessed from the Investor Relations section of Covad's website at http://www.covad.com/companyinfo/investorrelations/. A replay of the webcast will be made available by CIBC within 4 hours of the presentation, and will be accessible until 8:00 p.m. EDT/5:00 p.m. PDT on June 17, 2002.

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, 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:

Covad's presentation at this financial conference may contain forward-looking statements based on our current expectations, estimates and projections about our industry, management's beliefs, and certain assumptions made by us, including statements concerning our anticipated costs, our ability to continue as a going concern, our additional capital requirements, our ability to become profitable, more efficient, and new products that we may offer. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will" and variations of these words or similar expressions are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These statements speak only as of the date they are made, and are based upon the information available to us at that time. Such information is subject to change, and we will not necessarily inform you of such changes. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. 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 in Covad's SEC Quarterly Report on Form 10-Q for the quarter ended March 31, 2002.