M.D.C. Holdings Inc.

In 1972, Larry A. Mizel founded M.D.C. Holdings, Inc. (MDC). Building under the name Richmond American Homes, the company is one of today's largest national homebuilders. In 1984, MDC reached a significant milestone with its listing on the New York Stock Exchange. Mr. Mizel continues to serve as Chairman and Chief Executive Officer of MDC as the company celebrates 35 years of building homes. Mr. Mizel was a founder, and until 1996, Chairman of the Board of Asset Investors Corporation (AIC), a New York Stock Exchange-listed real estate investment trust, and of Commercial Assets Inc. (CAX), a real estate investment trust that traded on the American Stock Exchange. In addition, he was Chairman of the Board of Directors of OMNIBANCORP, a multibank holding company, until its sale to KeyCorp in 1995. Mr. Mizel is actively involved in many charitable, religious and community causes. He is one of the founders and was elected Chairman of the Board of Trustees of the Simon Wiesenthal Center. With more than 400,000 members worldwide, this international human rights organization is dedicated to preserving the memory of the Holocaust by fostering tolerance and understanding through community involvement, educational outreach and social action. Headquartered in Los Angeles, the Center maintains offices in New York, Toronto, Miami, Jerusalem, Paris and Buenos Aires. He also is an integral part in the financing and construction of the Simon Wiesenthal Center's Museum of Tolerance in the heart of Jerusalem, which is expected to attract more than one million people each year. Additionally, Mr. Mizel and his wife Carol were the prime benefactors in the establishment of the Mizel Museum—an institution dedicated to teaching awareness and respect of human diversity in a multicultural and artistic environment. In May 2001, Mr. Mizel received the distinguished Ellis Island Medal of Honor for his contribution and support of diversity in American life. Mr. Mizel graduated with a bachelor's degree in business administration from the University of Oklahoma in 1964, and with a JD from the University of Denver College of Law in 1967. Larry Mizel and his wife Carol reside in Denver and have two grown children.

David D. Mandarich was elected President of the Company in July 1999, Chief Operating Officer of the Company in March 1996, Co-Chief Operating Officer in September 1994 and Executive Vice President-Real Estate in April 1993. He was appointed a Director of the Company in March 1994. In April 1990, Mr. Mandarich was elected as Chairman of the Board of Directors of Richmond American Homes. Mr. Mandarich also was a Director of the Company from September 1980 until April 1989.

Chris Anderson was appointed Senior Vice President and Chief Financial Officer of M.D.C. Holdings, Inc. in July 2008. He works very closely with MDC's Chairman and President in developing and carrying out the Company's strategic direction. In addition, he has direct responsibility for MDC's investor relations, accounting, treasury, tax, risk management and strategic planning functions. Mr. Anderson has more than 15 years of experience in business, accounting and corporate finance, including six years in public accounting at Price Waterhouse. Most recently, he served as the Senior Vice President of Finance for Burger King Corporation, where he led a finance organization of 150 people in 10 different countries. He also has held leadership positions with multi-billion dollar companies including Hewlett-Packard and Compaq Computer Corporation. A California native, Mr. Anderson graduated from Brigham Young University with a bachelor's degree in accounting, a master's degree in accounting and finance, and he is a Certified Public Accountant. He is affiliated with the BYU Management Society, the MIT Management Forum, the Texas Society of Certified Public Accountants, and the Financial Executives Institute. Mr. Anderson and his wife, Dedra, most recently relocated to Denver from Miami and enjoy spending their free time with their five children.

Michael Touff was elected Senior Vice President and the General Counsel of the Company in July 1999 and a Vice President and General Counsel in December 1994. From August 1992 through December 1994, he was an officer in the law firm of Ireland, Stapleton, Pryor & Pascoe, P.C. Prior to August 1992, Mr. Touff was an officer in the law firm of Holmes & Starr, a Professional Corporation.

Director David E. Blackford is the Chief Executive Officer of California Bank & Trust. That bank is one of the 23 participating lenders in the Company s Second Amended and Restated Credit Agreement dated March 22, 2006, which is the Company s homebuilding line of credit. In 2008, California Bank & Trust received interest and fees from the Company representing approximately 0.03% of the bank s total revenue. Mr. Blackford has no direct or indirect material interest with respect to the Company s homebuilding line of credit.

Herbert T. Buchwald has been a principal in the law firm of Herbert T. Buchwald, P.A. and president and chairman of the board of directors of BPR Management Corporation, a property management company located in Denver, Colorado, for more than the past five years. Mr. Buchwald has been a practicing Certified Public Accountant and served as principal financial officer of a publicly held homebuilder in Florida. He is an attorney admitted to practice before federal and state trial and appellate courts in Florida and Colorado. In addition, Mr. Buchwald has been engaged for over 30 years in the real estate development of residential and commercial properties in Florida, New Jersey and Colorado, serving as chief executive officer of various entities. Mr. Buchwald was appointed to the Company's Board of Directors in March 1994 and is a member of the Audit, Compensation, Legal and Corporate Governance/Nominating Committees. He also is a director of M.D.C. Land Corporation ("MDC Land"), a wholly-owned subsidiary of the Company. Mr. Buchwald currently serves as the Board's Lead Director.

Mr. Berman is the Chairman of Applied Capital Management, a private investment management firm located in Scottsdale, Arizona. He also serves as CEO of First Ascent Capital, a start-up financial services firm located in New York. From January 1990 until March 1999, Mr. Berman was employed by The Nomura Securities Co., Ltd. (Tokyo) group of companies, where he held several executive positions, including that of President and CEO of Nomura Holding America Inc. and Chairman of Capital America, Nomura's commercial real estate lending subsidiary. Prior to joining Nomura, Mr. Berman was employed at Merrill Lynch from 1987 until 1989, where he held the title of Director, and at Kidder Peabody & Co., Inc. from 1980 until 1987, where he held several executive positions. Mr. Berman received a BA in Economics with honors from San Francisco State University. He was appointed to the Company's Board of Directors in April 2006.

Steven J. Borick was named President and Chief Executive Officer of Superior Industries International, Inc. effective January 1, 2004. Mr. Borick had been named President and Chief Operating Officer effective January 1, 2003 and, prior to that date, he served as Executive Vice President of that company. Mr. Borick has been a director of that company since 1981. Superior Industries International, Inc. is a NYSElisted manufacturer of automobile wheels and suspension parts. Mr. Borick has been President of Texakota, Inc., an oil and gas exploration and development company, and general partner in Texakota Oil Company, a private oil and gas partnership, for the last eight years. Mr. Borick has been a Director since April 1987 and is Chairman of the Compensation Committee. He was a member of the Audit Committee, having left that committee effective February 20, 2006.

William B. Kemper has been engaged in private real estate investments, real estate development and property management since May 1982. Prior to May 1982, he was president of Gold Crown, Inc., a real estate development company. He also is a director of HomeAmerican Mortgage Corporation ("HomeAmerican"), the Company's wholly-owned mortgage lending subsidiary. Mr. Kemper has been a Director since January 1972. He is Chairman of the Audit Committee and a member of the Compensation and Corporate Governance/Nominating Committees.