Management & Executive Bios

Larry A. Mizel
Chairman & Chief Executive Officer

With little more than $50,000 and a dream, Larry A. Mizel founded Mizel Development Corporation in 1972, a homebuilding company which later became MDC Holdings, Inc., parent company to Richmond American Homes. Under Larry's leadership, the organization began trading on the NYSE in 1984, grew into a nearly $5 billion business at the height of the last market cycle and is among the most respected in the homebuilding industry. His vision and strategic direction have seen the company through four housing market downturns.

Larry's philanthropic endeavors are wide-ranging. As one of the founders of the Simon Wiesenthal Center, Mr. Mizel has served as the International Chairman of the Board of Trustees since 2003. In addition, he was the founder of the Mizel Museum. Both the Simon Wiesenthal Center and the Mizel Museum promote understanding and tolerance and champion human rights. Larry has received numerous honors and recognition over the years, including being named Honorary Dean of the University of Denver's Burns School of Real Estate and Construction Management and receiving the distinguished 2001 Ellis Island Medal of Honor. Larry also serves as a life member of the Council on Foreign Relations.

Date	Type	Shares Traded	Price Range
Holdings: 1,192,837 shares View Transactions
Nov 17, 2011	Sell	432,575	18.76
Nov 17, 2011	Disposition (Non Open Market)	600,000	n/a
Nov 17, 2011	Acquisition (Non Open Market)	600,000	n/a
Nov 17, 2011	Option Execute	432,575	18.47
Feb 16, 2011	Disposition (Non Open Market)	20,000	n/a
Feb 16, 2011	Acquisition (Non Open Market)	20,000	n/a
Feb 9, 2011	Acquisition (Non Open Market)	60,000	n/a
Dec 10, 2010	Disposition (Non Open Market)	594,000	22.75
Dec 10, 2010	Acquisition (Non Open Market)	594,000	22.75
Apr 27, 2010	Disposition (Non Open Market)	4,000,000	n/a
Apr 27, 2010	Acquisition (Non Open Market)	4,000,000	n/a
Mar 1, 2010	Disposition (Non Open Market)	594,000	22.75
Mar 1, 2010	Acquisition (Non Open Market)	594,000	22.75
Feb 4, 2010	Acquisition (Non Open Market)	60,000	n/a
Nov 20, 2009	Disposition (Non Open Market)	600,000	n/a
Nov 20, 2009	Acquisition (Non Open Market)	600,000	n/a
Feb 5, 2009	Acquisition (Non Open Market)	60,000	n/a
Sep 8, 2008	Sell	300,000	42.68
Sep 8, 2008	Disposition (Non Open Market)	200,000	n/a
Feb 11, 2008	Sell	104,998	45.00
Feb 11, 2008	Option Execute	104,998	26.56
Dec 20, 2007	Acquisition (Non Open Market)	60,000	n/a
Feb 6, 2007	Sell	60,000	58.58
Feb 6, 2007	Option Execute	50,000	21.39
Feb 2, 2007	Sell	136,625	60.07
Feb 2, 2007	Option Execute	146,625	21.39
Mar 1, 2006	Disposition (Non Open Market)	1,877,223	n/a
Mar 1, 2006	Disposition (Non Open Market)	5,440,272	n/a
Mar 1, 2006	Acquisition (Non Open Market)	6,807,636	n/a
Mar 1, 2006	Acquisition (Non Open Market)	189,070	n/a
Aug 31, 2005	Buy	12,565	76.38
Aug 9, 2005	Option Execute	85,499	15.36
Aug 3, 2005	Sell	2,999	85.35
Aug 2, 2005	Sell	41,800	85.92
Aug 2, 2005	Option Execute	100,000	15.36
Aug 1, 2005	Sell	30,000	86.18
Jul 29, 2005	Sell	10,000	87.11
Jul 29, 2005	Option Execute	50,000	15.36
Jul 28, 2005	Sell	40,000	86.35
Jul 28, 2005	Option Execute	50,000	15.36

David D. Mandarich
President & Chief Operating Officer

As a Colorado native and Vietnam veteran, David Mandarich joined MDC in 1980 and has since held many prominent leadership positions with the company. David's superior management skills helped MDC emerge from housing market downturns in a position of strength. He has served in his current role as President and Chief Operating Officer since 1999.

In working on land acquisition and oversight of MDC's day-to-day operations, David takes a hands-on approach to his job. He works diligently both in the field and at the home office to continually advance every aspect of MDC's business processes. His unerring commitment to excellence—coupled with over 30 years of homebuilding experience—has driven the sale of more than 155,000 single-family homes in multiple markets across the country.

Date	Type	Shares Traded	Price Range
Holdings: 3,033,260 shares View Transactions
Nov 17, 2011	Sell	25,000	18.82
Nov 17, 2011	Option Execute	25,000	18.47
Feb 9, 2011	Acquisition (Non Open Market)	60,000	n/a
Feb 4, 2010	Acquisition (Non Open Market)	60,000	n/a
Aug 4, 2009	Disposition (Non Open Market)	3,000	n/a
Feb 5, 2009	Acquisition (Non Open Market)	60,000	n/a
Nov 5, 2008	Sell	75,000	36.02
Nov 5, 2008	Option Execute	75,000	18.47
Nov 3, 2008	Disposition (Non Open Market)	1,000	n/a
Aug 14, 2008	Sell	20,000	41.25
Aug 7, 2008	Sell	150,000	40.01
Aug 7, 2008	Option Execute	150,000	18.47
Mar 13, 2008	Sell	943	40.15
Feb 11, 2008	Sell	122,601	44.47 - 44.99
Feb 11, 2008	Option Execute	104,998	26.56
Dec 20, 2007	Acquisition (Non Open Market)	60,000	n/a
Jun 14, 2007	Disposition (Non Open Market)	4,000	n/a
Feb 1, 2007	Sell	196,625	58.16
Feb 1, 2007	Option Execute	196,625	21.39
Jul 20, 2005	Sell	60,000	87.16
Jul 20, 2005	Option Execute	60,000	15.36
Jul 19, 2005	Sell	125,499	87.43
Jul 19, 2005	Option Execute	125,499	15.36
Jul 18, 2005	Sell	100,000	87.41
Jul 18, 2005	Option Execute	100,000	15.36

Michael Touff
Senior Vice President & General Counsel

Michael Touff has been guiding MDC's talented in-house legal team for more than 15 years. As the company's Senior Vice President & General Counsel, he continues to pursue his passion for his profession, practicing law on behalf of MDC.

Prior to joining MDC, Michael practiced law for 20 years with several law firms in Denver. He received his BA from Harvard, attended London's School of Economics and then earned his law degree from the University of Michigan.

Date	Type	Shares Traded	Price Range
Holdings: 101,510 shares View Transactions
Nov 17, 2011	Sell	26,909	18.80
Nov 17, 2011	Option Execute	26,909	18.47
Dec 30, 2010	Acquisition (Non Open Market)	2,598	n/a
Dec 31, 2009	Acquisition (Non Open Market)	3,221	n/a
Dec 30, 2008	Acquisition (Non Open Market)	1,018	n/a
Aug 11, 2008	Sell	25,000	42.28
Aug 11, 2008	Option Execute	25,000	18.47
Feb 11, 2008	Sell	15,730	43.82
Feb 11, 2008	Option Execute	15,730	26.56
Dec 20, 2007	Acquisition (Non Open Market)	493	n/a
Jan 29, 2007	Sell	23,595	57.32
Jan 29, 2007	Option Execute	23,595	21.39
Dec 29, 2006	Acquisition (Non Open Market)	438	n/a
Dec 30, 2005	Acquisition (Non Open Market)	1,210	n/a
Oct 27, 2005	Option Execute	7,099	15.36
Jul 15, 2005	Sell	20,000	87.05
Jul 15, 2005	Option Execute	20,000	15.36

John J. Heaney
Senior Vice President and Treasurer

John J. Heaney has over 40 years of experience in the homebuilding, mortgage banking and building products industries. He has served as Senior Vice President and Treasurer of MDC since 1999 and has been a Vice President since 1989. John is responsible for all of the treasury functions for MDC and its subsidiaries, and is one of the chairmen of MDC's Asset Management Committee.

In the past, John has served as President and Chief Financial Officer of MDC's mortgage banking subsidiary and has managed other finance subsidiaries of the Company. John, a native of New Jersey, began his career in New York City, relocated to Denver and has lived in Colorado for over 38 years.

Karen Gard
Vice President - Human Resources; Chief HR Officer

Karen Gard joined MDC with more than 25 years of experience in the human resources field. Prior to her career at MDC, she held a number of senior leadership roles with large-scale companies, including USWest (Qwest), Aramark and Enron.

As a member of MDC's executive team, Karen is the driving force behind the company's approach to recruitment, employment practices and benefits policies. Her wealth of knowledge regarding compensation strategies, talent acquisition and retention, employment law and change management continues to be a major asset to the company and its employees.

Shelley Casagrande
Vice President - Internal Audit

Ed Gwynn
Vice President of Tax

Ed Gwynn joined the MDC team in 2006. He is responsible for all areas of taxation at MDC, including income tax, sales/use tax and property tax. Ed works closely with all Company departments to ensure complete and accurate management of the tax function.

Prior to joining MDC, Ed spent 17 years in public accounting at Arthur Andersen and Ernst & Young. A Texas native, Ed received his B.A. in accounting and M.S. in taxation from the University of Texas at Arlington. He is a Certified Public Accountant.

Robert N. Martin
Vice President of Finance and Business Development

Bob Martin first joined the MDC team in 2002 as a Financial Analyst, and has since held a number of leadership roles within the company. The Notre Dame alumnus was soon promoted to Senior Financial Analyst, and not long afterward gained the position of Director of Finance and Investor Relations. Bob played a key role in many crucial business decisions that helped MDC maintain its investment-grade status during a time of incredible stress for the industry.

Most recently, Bob's financial acumen and ever-growing experience in the homebuilding industry have earned him the title of VP of Finance and Business, where he continues to provide solid financial leadership as the company adapts and grows with the changing needs of the business. Bob is both a Certified Public Accountant and a CFA Charterholder.

Joseph H. Fretz
Secretary and Corporate Counsel

Plans and elevations are an artist's conception only and should not be relied upon as a representation of a completed house. The actual home as constructed may or may not contain the features and layouts depicted. Floorplans, elevations, features and related information, and information concerning the pricing and availability of our homes, are subject to change without notice. "Quick Move-In", "Home Under Construction" and "Model Home For Sale" pricing may include special savings. See Sales Associate for details. Drawings shown are not to scale.