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: 780,000 shares View Transactions
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: 2,973,260 shares View Transactions
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

Chris Anderson
Senior Vice President of Finance & Chief Financial Officer

Appointed Senior Vice President and Chief Financial Officer at MDC in 2008, Chris Anderson leads the finance team as they continue to position the company for the future by improving the business model and managing one of the best balance sheets in the industry. His responsibilities are far reaching and include work with investor relations, strategic planning, treasury, accounting, tax and risk management.

Chris brings a fresh approach to the MDC executive team, working closely with the Chairman and President to develop and implement the company's strategic direction. His financial acumen was honed at Price Waterhouse, Compaq Computers and Hewlett-Packard. Prior to joining MDC, he served as the Senior Vice President of Finance for Burger King Corporation.

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: 98,912 shares View Transactions
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

Chad Yetka
Senior Vice President - Operations

Chad began his career in aerospace engineering, after which he returned to school and earned his MBA from the University of Chicago. He went on to spend five years with the management consulting firm, McKinsey and Company. Chad then joined MDC in 2003, a time of major growth for the company. Chad has held several operational roles, including President of MDC's mortgage subsidiary, HomeAmerican Mortgage Corporation. He currently oversees all homebuilding operations.

In 2007, Chad became the lead visionary in implementing an Enterprise Resource Planning solution designed to streamline, standardize and simplify Richmond American's homebuilding operations on a national scale. Chad's expertise and passion continue to positively impact the company's operating strategy.

John J. Heaney
Senior Vice President and Treasurer

Shelley Casagrande
Vice President - Internal Audit

Zane DeHerrera
Vice President – Marketing; Chief Marketing Officer

Zane DeHerrera joined the MDC team in 2005 with a background including 18 years of marketing and consulting experience. The first challenge he took on was to advance the company's internal full-service advertising agency. By further centralizing creative advertising and marketing efforts, Zane's leadership supports the strategic management of the company's brand identity across market regions.

Zane has taken on many new projects, including the launching of a national homeowner magazine, a new national branding platform and new Richmond American website. He continues to pursue his passion for discovering new ways to reach potential customers in an evolving housing market by leveraging the latest in technology and innovative marketing.

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.

Ed Gwynn
Vice President of Finance and Corporate Controller

Jeff Handlin
National Vice President of Land Acquisition

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.

James McClanahan
Vice President - IT, Chief Information Officer

James McClanahan brings more than 25 years of global IT leadership experience to MDC, with a track record of leveraging technology to deliver business results. As a 2002 graduate of the GE® Information Management Leadership Program at the Jack Welch School of Management, he is well equipped with the current skills and strength to lead the company in strategic new directions.

Right from the start in his role as MDC's Chief Information Officer, he helped launch the deployment of a company-wide Enterprise Resource Planning system, aimed at re-evaluating, transforming and streamlining core business practices. Under James' guidance, MDC will continue to advance in ways that enable the company to better serve customers both today and in the future.

Joseph H. Fretz
Secretary and Corporate Counsel

Arlee Jensen
Vice President – National Sales of Richmond American Homes Corporation

When Arlee Jensen joined the company over 5 years ago as Vice President, Design Center, she led the charge in bringing Richmond American's innovative Home Gallery to life in the company's major markets from coast to coast. Her extensive background with several national retailers made her ideally suited to the task. From concept to delivery, Arlee's strategic leadership supported this groundbreaking venture for the company.

Arlee's solid execution of the Home Gallery platform made her a natural choice to fill the position of Vice President - National Sales. In this critical role, Arlee is challenged with overseeing and further developing multiple sales-driven organizations within the company, including Richmond American's field and inside sales teams, as well as continuing to lead the Home Gallery design center team.

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.