The Citrine, AZ

M.D.C. Holdings, Inc.September 2018 Investor Presentation

Forward Looking Statements

Certain statements in this presentation, including statements regarding our business, financialcondition, results of operation, cash flows, strategies and prospects, constitute "forward-lookingstatements" within the meaning of the Private Securities Litigation Reform Act of 1995. Suchforward-looking statements involve known and unknown risks, uncertainties and other factorsthat may cause the actual results, performance or achievements of MDC to be materiallydifferent from any future results, performance or achievements expressed or implied by theforward-looking statements. Such factors include, among other things, (1) general economicconditions, including changes in consumer confidence, inflation or deflation and employmentlevels; (2) changes in business conditions experienced by MDC, including cancellation rates, nethome orders, home gross margins, land and home values and subdivision counts; (3) changesin interest rates, mortgage lending programs and the availability of credit; (4) changes in themarket value of MDC’s investments in marketable securities; (5) uncertainty in the mortgagelending industry, including repurchase requirements associated with HomeAmerican MortgageCorporation’s sale of mortgage loans (6) the relative stability of debt and equity markets; (7)competition; (8) the availability and cost of land and other raw materials used by MDC in itshomebuilding operations; (9) the availability and cost of performance bonds and insurancecovering risks associated with our business; (10) shortages and the cost of labor; (11) weatherrelated slowdowns and natural disasters; (12) slow growth initiatives; (13) building moratoria;(14) governmental regulation, including the interpretation of tax, labor and environmental laws;(15) terrorist acts and other acts of war; (16) changes in energy prices; and (17) other factorsover which MDC has little or no control. Additional information about the risks and uncertaintiesapplicable to MDC's business is contained in the Company’s Annual Report on form 10-Q for thequarter ended June 30, 2018. All forward-looking statements made in this presentation are madeas of the date hereof, and the risk that actual results will differ materially from expectationsexpressed in this press release will increase with the passage of time. The Companyundertakes no duty to update any forward-looking statements, whether as a result of newinformation, future events or otherwise. However, any further disclosures made on relatedsubjects in our subsequent filings, releases or presentations should be consulted.

It should also be noted that SEC Regulation G requires that certain information accompanythe use of non-GAAP financial measures. Any information required by Regulation G will beposted on our web site, www.mdcholdings.com.

Soho, CO

Bedford, UT

Company Overview

3

Founded in 1972, M.D.C. Holdings, Inc. is one of the leading homebuilders in the United States. Through our Richmond American Homes subsidiaries, we’ve helped over 195,000 buyers move into new, quality homes across the country.

Homebuilding Operations:

Financial Services Business Units:

Seattle

Portland (Coming Soon)

Salt Lake CityLas Vegas

Northern California

Southern California

Phoenix

Tucson

Metro Denver

Colorado Springs

Maryland

Northern Virginia

Jacksonville

Orlando

South Florida

AZ CA NV WA CO UT FL Mid-Atl Total

LTM Deliveries 791 916 921 379 1,576 222 466 388 5,659

% of Total 14.0% 16.2% 16.3% 6.7% 27.8% 3.9% 8.2% 6.9%

LTM ASP ('000s) $ 333 $ 646 $ 366 $535 $ 496 $459 $ 370 $ 504 $ 468 Data as of quarter ended June 30, 2018

The MDC Difference

4

Led By Two of the Industry’s Most Senior Veterans CEO/COO with 87 years of combined experience at MDC

(ranked #1) vs. 42-year average for peer group

Industry-Leading Management Ownership CEO/COO beneficial ownership of 26% (ranked #1) of

MDC shares vs. 5% average for peer group

Conservative Inventory Strategies Limit Risk Carefully managed land supply designed to reduce

exposure to industry cycles “Build-to-order” policy limits risk vs. speculative building

of unsold homes by peer group

Credit Profile Among the Best in the Industry Moody’s: Ba2 / S&P: BB+ / Fitch: BBB-

Industry-Leading Dividend (ranked #1) Current yield of 3.7% vs. 0.4% average for peer group* Uninterrupted cash dividend since 1994 – unequalled by

any member of the peer group In the past ten years, Company paid approximately $500

million in dividends to shareholders

Decades of experience has created long-term shareholder value by successfully navigating through multiple economic cycles

Aligns management’s interests with our shareholders

Inline with Company operating philosophy, emphasizing risk management and financial stability while striving to achieve long-term shareholder value

Commitment to maintaining a strong financial profile (1) safeguards against inevitable market downturns and (2) provides capital resources for opportunistic investments

Shows long-term commitment and ability to provide a reliable source of return for our shareholders

How MDC is DifferentHow MDC is Different Why it MattersWhy it Matters

* Dividend yield from Yahoo Finance, September 14, 2018

Peer group includes: Beazer Homes (BZH), D.R. Horton (DHI), Hovnanian Enterprises, Inc. (HOV), KB Home (KBH), Lennar (LEN), M/I Homes Inc. (MHO), Meritage Homes Corporation (MTH), NVR, Inc. (NVR), PulteGroup (PHM), and Toll Brothers (TOL).

Creating A Sustainable Builder Operation Across Cycles

5

Conservative operating philosophy that minimizes land speculation, which improves returns over the entire housing cycle and reduces our risk and exposure to land price volatility No land banking, no joint ventures, and minimal goodwill

Generally target 2-3 year land supply Significant portion of owned lots are finished (58% at June 30, 2018) -- minimal additional investment

required before start of home construction No “mothballed” communities

Focus on presales, with 89% of work-in-process units already sold as of June 30, 2018 Approach is becoming more unique for MDC as more homebuilders move to a spec strategy Strong merchandising and “Home Gallery” operations focus on customization niche within production

builder environment

Strict underwriting criteria and management discipline

Allows us to grow over the long run and retain prudent cash positions in order to weather the cyclicality of the housing industry

Overview – Q2 2018 vs. Q2 2017

6

• Net income of $63.9 million, or $1.12 per diluted share vs. $33.9 million, or $0.60 per diluted share*

• Pretax income of $76.6 million increased 48% vs. $51.9 million

• Home sale revenues increased 16% to $749.6 million

• Gross margin from home sales up 230 basis points to 19.1%

• Dollar value of net new orders up 9% year-over-year to $776.2 million

– Monthly sales absorption pace up 8% to 3.68

• Ending backlog of $1.95 billion, up 16%

• 3,678 lots approved for purchase, up 10%

• Liquidity increased 18% to $1.14 billion

• Paid dividend of $0.30 per share, up 30%

*All per share amounts have been adjusted as necessary for the 8% stock dividend declared and paid in the 2017 fourth quarter.

Yorktown, UT

The Deacon, AZ (RV Series)

Forward-Looking Guidance*

7

The Yorktown, CO

The Grove, CA

• Backlog dollar value at June 30, 2018 up 16% year-over-year to $1.95 billion

– Gross margin from home sales in backlog at 6/30/2018 roughly even with 2018 second quarter closing gross margin of 19.1%

– Backlog conversion ratio (home deliveries divided by beginning backlog) for Q3 2018 estimated to be in the 40% to 41% range

• Active subdivision count at 6/30/2018 of 164 up 7% year-over-year

• Targeting a 10% year-over-year increase in active subdivision count by year end (from 151 at 12/31/2017 to at least 166 at 12/31/2018)

• Lots controlled of 23,626 at 6/30/2018, up 38% year-over-year

• Estimated effective tax rate for the final six months of 2018 between 25% and 27%, excluding impact of any further discrete items

*All guidance effective as of August 1, 2018

Coronado, UT Yorktown, UT

YoY Change in Gross Margin %

8

230 bps210 bps

170 bps

120 bps 120 bps

60 bps

‐20 bps‐40 bps ‐40 bps

‐90 bps

N/A*

MDC DHI KBH HOV PHM MTH TOL BZH NVR MHO LEN

Source: Company filings.Note: Figures as of most recent quarter or annual public filing.* LEN change omitted due to YoY impact on comparability as a result of the merger with CAA

Adjusted Gross Margin from Home Sales*

9*Before impairments and warranty adjustments. See end of presentation for reconciliation of non-GAAP financial measures.

14.5%

16.9%

19.3%

22.3%23.2% 23.0%

24.1%

27.7%28.4%

22.2%

13.9%

11.7%

14.6%

16.8%

14.0%

15.5%

17.8%16.9% 16.7% 16.8% 17.1%

19.0%

10%

12%

14%

16%

18%

20%

22%

24%

26%

28%

30%

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1H2018

+870 bps

Proven ability to grow gross margin quickly

YTD June ‘18 up 220 bps YoY from YTD 

June ‘17

Product Spotlight - Seasons

10

The Peridot, AZ

The Citrine, CO

The Coral, CO

The Moonstone, FL

Q2 2018 Activity48% of total lots approved for acquisition / 48% of total lots acquired

19% of total homes sold / 13% of total homes delivered

Product Spotlight - Landmark

11

The Coronado, COThe Yorktown, CO

The Bedford, UT

The Hopewell, AZ

Q2 2018 Activity10% of total lots approved for acquisition / 5% of total lots acquired

9% of total homes sold / 9% of total homes delivered

Product Spotlight – Cityscapes / Infill / Duplexes

12

The Norris, CO (Duplexes)

The Norah, CO (Duplexes)

Product Spotlight - RV Garages & Luxury

13

The Damon, AZ (RV Series)

The Deacon, AZ (RV Series)

The Reilly, CA

The Robert, AZ

Land Acquisition & Approval Activity

14

678 374 544 420 695 926

1,215 1,170 1,399 448

682 589 893 887

1,078 683 1,334 689

1,126 1,056 1,133 1,313 1,582

2,004 1,898 2,504

2,088

Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18

Lots Acquired by Quarter

Lots - Finished Lots - Development Required

Continued focus on land acquisition following strong top-side growth

1,7921,357 1,560

1,985

3,342

2,489 2,566

4,0723,678

Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18

Lots Approved by Quarter

The Lawson, NV

16

“Gross Margin from Home Sales, before imp. and war. adj.” is a non-GAAP financial measure, and should not be considered in isolation or as an alternative to performance measures prescribed by GAAP. The table below reconciles “Gross Margin from Home Sales, before

imp. and war. adj.” to gross margin as calculated based on GAAP. We believe the measure is meaningful to investors as management uses it to isolate the impact that warranty adjustments and impairments have on our gross margins.

YTD June

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Gross Margin 253,511$ 414,959$ 363,423$ 298,226$ 280,691$ 289,317$ 177,094$ 106,601$ 155,079$ 124,907$ (118,668)$

Less: Land Sales Revenue - (4,547) (5,700) (12,337) (3,233) (2,468) (5,144) (11,859) (5,883) (30,730) (60,050)

Add: Land Cost of Sales - 4,440 4,866 12,611 2,559 1,961 4,823 10,796 5,366 25,038 53,847

Gross Margin from Home Sales 253,511$ 414,852$ 362,589$ 298,500$ 280,017$ 288,810$ 176,773$ 105,539$ 154,562$ 119,215$ (124,871)$

Add: Inventory Impairments 750 10,010 10,173 9,993 1,760 919 1,105 12,965 21,195 30,986 298,155

Less: Warranty Adjustments 3,106 1,341 7,462 189 (2,600) - - (5,478) (20,845) (27,783) (14,011)

Gross Margin from Home Sales, 257,367$ 426,203$ 380,224$ 308,682$ 279,177$ 289,729$ 177,878$ 113,026$ 154,912$ 122,417$ 159,273$

before imp. and war. adj. 19.0% 17.1% 16.8% 16.7% 16.9% 17.8% 15.5% 14.0% 16.8% 14.6% 11.7%

2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997

Gross Margin (350,466)$ 919,992$ 1,363,151$ 1,088,585$ 688,088$ 520,664$ 477,158$ 377,071$ 294,702$ 205,483$ 132,443$

Less: Land Sales Revenue (50,130) (34,611) (2,995) (8,898) (1,298) (6,022) (2,909) (6,641) (8,114) (13,964) (9,978)

Add: Land Cost of Sales 59,529 33,491 1,861 8,783 842 4,600 1,105 4,293 5,767 9,700 7,740

Gross Margin from Home Sales (341,067)$ 918,872$ 1,362,017$ 1,088,470$ 687,632$ 519,242$ 475,354$ 374,723$ 292,355$ 201,219$ 130,205$

Add: Inventory Impairments 726,621 112,027 - - - - 7,041 4,200 2,242 5,300 5,850

Less: Warranty Adjustments - - - - - - - - - - -

Gross Margin from Home Sales, 385,554$ 1,030,899$ 1,362,017$ 1,088,470$ 687,632$ 519,242$ 482,395$ 378,923$ 294,597$ 206,519$ 136,055$

before imp. and war. adj. 13.9% 22.2% 28.4% 27.7% 24.1% 23.0% 23.2% 22.3% 19.3% 16.9% 14.5%

Year Ended December 31,

Year Ended December 31,

(Dollars in thousands)

(Dollars in thousands)

Reconciliation of Non-GAAP Financial Measures