The Moonstone, FL (SeasonsTM)

2nd Quarter 2018 WebcastM.D.C. Holdings, Inc.

August 1, 2018

Forward Looking Statements

2

Certain statements in this release, including statements regarding our business, financial condition,results of operation, cash flows, strategies and prospects, constitute "forward-looking statements"within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-lookingstatements involve known and unknown risks, uncertainties and other factors that may cause theactual results, performance or achievements of MDC to be materially different from any futureresults, performance or achievements expressed or implied by the forward-looking statements.Such factors include, among other things, (1) general economic conditions, including changes inconsumer confidence, inflation or deflation and employment levels; (2) changes in businessconditions experienced by MDC, including cancellation rates, net home orders, home grossmargins, land and home values and subdivision counts; (3) changes in interest rates, mortgagelending programs and the availability of credit; (4) changes in the market value of MDC’sinvestments in marketable securities; (5) uncertainty in the mortgage lending industry, includingrepurchase requirements associated with HomeAmerican Mortgage Corporation’s sale of mortgageloans (6) the relative stability of debt and equity markets; (7) competition; (8) the availability andcost of land and other raw materials used by MDC in its homebuilding operations; (9) theavailability and cost of performance bonds and insurance covering risks associated with ourbusiness; (10) shortages and the cost of labor; (11) weather related slowdowns and naturaldisasters; (12) slow growth initiatives; (13) building moratoria; (14) governmental regulation,including the interpretation of tax, labor and environmental laws; (15) terrorist acts and other actsof war; (16) changes in energy prices; and (17) other factors over which MDC has little or nocontrol. Additional information about the risks and uncertainties applicable to MDC's business iscontained in MDC's Form 10-Q for the quarter ended June 30, 2018, which is scheduled to be filedwith the Securities and Exchange Commission today. All forward-looking statements made in thispress release are made as of the date hereof, and the risk that actual results will differ materiallyfrom expectations expressed in this press release will increase with the passage of time. MDCundertakes no duty to update publicly any forward-looking statements, whether as a result of newinformation, future events or otherwise. However, any further disclosures made on related subjectsin our subsequent filings, releases or webcasts should be consulted.

It should also be noted that SEC Regulation G requires that certain information accompany the useof non-GAAP financial measures. Any information required by Regulation G will be posted onour web site, www.mdcholdings.com.

The Ruby, FL (SeasonsTM)

The Yorktown, CO

Overview – Q2 2018 vs. Q2 2017

3

• 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)

Pretax and Net Income

4

34.7%

Diluted Earnings Per Share $0.60

16.6%

$1.12

$33.9

$63.9

$0.0

$20.0

$40.0

$60.0

$80.0

Q2 '17 Q2 '18

Pretax Income Net Income

$51.9

$76.6

$0.0

$25.0

$50.0

$75.0

$100.0

Q2 '17 Q2 '18

+48%+89%

($ in millions)($ in millions)

Effective Tax Rate

Homes Closed and Average Selling Price

5

42%

Beginning Backlog

Backlog Conversion Rate(Closings as a % of Beginning Backlog)

70% % of Beginning Backlog Under Construction

3,324

40%

67%

3,789

$458.7

495.8

$400

$425

$450

$475

$500

$525

$550

Q2 '17 Q2 '18

Homes Closed Average Selling Price

1,412

1,512

1,200

1,400

1,600

Q2 '17 Q2 '18

+7%

+8%

($ in thousands)

Gross Margin

6

$77.0

$94.6

$60

$70

$80

$90

$100

$110

Q2 '17 Q2 '18

Gross Margin $ from Home Sales Per Home Closed

Gross Margin % from Home Sales

16.8%

19.1%

12.5%

15.0%

17.5%

20.0%

22.5%

Q2 '17 Q2 '18

+23%+230 bps

(in thousands)

Homebuilding SG&A Expenses (incl. Corporate)

7

32.340.4

17.0

17.2

21.4

24.0

$0

$25

$50

$75

$100

Q2 '17 Q2 '18

$ in

Mill

ions

General and Administrative Marketing Commissions

$70.7

$81.6

1,412 Home Closings

10.9% SG&A % of Home Sale Revenues

1,512

10.9%

$647.6 Home Sale Revenues (in millions)$749.6

The Citrine, CO

The Citrine, CO (SeasonsTM)

Return Ratios

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14.1%

15.3%

12%

13%

14%

15%

16%

Q2 '17 Q2 '18

+120 bps

Core Pretax Return on Equity (Last Twelve Months)*

5.8%

8.2%

2%

4%

6%

8%

10%

Q1 '17 Q1 '18

+240 bps

Homebuilding Operating Margin**

*Excludes $52 million investment sale gain recorded in Q3 2017. See Reconciliation of Non-GAAP Financial Measures slide at end of presentation.

**Gross Margin from home sales less homebuilding SG&A as a percentage of home sale revenues

Net New Home Orders

9

$710.6

$776.2

450

550

650

750

850

Q2 '17 Q2 '18

Dollar Value of Net New Home Orders

3.41

3.68

2.00

2.50

3.00

3.50

4.00

Q2 '17 Q2 '18

Monthly Absorption Rate

158 157Average Subdivisions

153 164Ending Subdivisions

10% 12%Cancellations -- % of Beginning Backlog

+9%

+8%(in millions)

1,598 1,721Net New Orders -- Units

Active Subdivisions (Ending)

10

153 154 151155

164

100

120

140

160

180

6/30/17 9/30/17 12/31/17 3/31/18 6/30/18

The Robert, AZ

Lot Approval and Acquisition Activity

11

$126

$188

$69

$78

$0

$60

$120

$180

$240

$300

Q2 '17 Q2 '18

Land Development

Land Acquisition

Land Spend

1,582

2,088

0

500

1,000

1,500

2,000

2,500

Q2 '17 Q2 '18

Lots Acquired

$195

$ in millions

$266

3,342 3,678

0

900

1,800

2,700

3,600

4,500

Q2 '17 Q2 '18

Lots Approved for Acquisition

Lot Supply

12

12,004 12,653 12,998 14,158 14,744

5,090

6,306 6,314

7,295

8,882

5,000

10,000

15,000

20,000

25,000

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

Owned Optioned

Total Number of Lots Controlled

17,094

18,959 19,312

21,453

23,626

30%% of Lots Controlled Under Option

33% 33% 34% 38%

The Raven, AZ

Questions?

Reconciliation of Non-GAAP Financial Measures

14

“Net debt” and “net capital” are non-GAAP financial measures, and should not be considered in isolation or as an alternative to performance measures prescribed by GAAP. The table below reconciles “net debt” and “net capital” to debt and capital as calculated

based on GAAP. We believe the ratio of net debt to net capital, also knows as “net debt-to-capital” is meaningful to investors as management uses the ratio in understanding the leverage employed in our operations and as an indicator of our ability to obtain

external financing. Furthermore, we utilize this information for comparative purposes within our industry.

Senior notes, net $ 987,272 $ 986,597 $ 842,232 Revolving credit facility 15,000 15,000 15,000 GAAP debt 1,002,272 1,001,597 857,232

Stockholders' equity 1,489,841 1,407,287 1,363,653

Total GAAP capital 2,492,113 2,408,884 2,220,885

Ratio of GAAP debt to capital 40.2% 41.6% 38.6%

GAAP debt less: Homebuilding cash and cash equivalents (378,219) (472,957) (314,814) Homebuilding marketable securities - (49,634) (65,268) Financial services cash and cash equivalents (47,661) (32,471) (23,162) Financial services marketable securities (44,328) (42,004) (38,666)

Net debt 532,064 404,531 415,322

Stockholders' equity 1,489,841 1,407,287 1,363,653

Total capital $ 2,021,905 $ 1,811,818 $ 1,778,975

Ratio of net debt to capital 26.3% 22.3% 23.3%

June 30,

2017

June 30, December 31,

2018 2017(Dollars in thousands)

Reconciliation of Non-GAAP Financial Measures

15

“Gross Margin from Home Sales Excluding Inventory Impairments and Warranty Adjustments” and “Gross Margin from Home Sales Excluding Inventory Impairments, Warranty Adjustments, and Interest in Cost of Sales” are non-GAAP financial measures, and should

not be considered in isolation or as an alternative to performance measures prescribed by GAAP. The table below reconciles each of these non-GAAP financial measures to gross margin as calculated based on GAAP. We believe this information is relevant and

meaningful as it provides our investors and analysts with the impact that interest, warranty and impairments have on our Gross Margin from Home Sales and permits investors to make better comparisons with our competitors, who also break out and adjust gross margins

in a similar fashion.

Gross Gross Gross Gross GrossMargin % Margin % Margin % Margin % Margin %

Gross Margin $ 143,005 19.1% $ 110,506 18.2% $ 121,203 17.2% $ 95,341 16.3% $ 108,692 16.7%Less: Land Sales Revenue - - (1,609) (1,340) (1,351) Add: Land Cost of Sales - - 1,768 1,259 1,202

Gross Margin from Home Sales 143,005 19.1% 110,506 18.2% 121,362 17.3% 95,260 16.3% 108,543 16.8%Add: Inventory Impairments 200 550 620 4,540 - Add: Warranty Adjustments - 3,106 1,716 (425) -

Gross Margin from Home SalesExcluding Inventory Impairmentsand Warranty Adjustments 143,205 19.1% 114,162 18.8% 123,698 17.6% 99,375 17.0% 108,543 16.8%

Add: Interest in Cost of Sales 16,150 14,428 17,938 15,001 17,123 Gross Margin from Home Sales

Excluding Inventory Impairments,Warranty Adjustments, andInterest in Cost of Sales $ 159,355 21.3% $ 128,590 21.2% $ 141,636 20.2% $ 114,462 19.6% $ 125,722 19.4%

June 30, 2018

(Dollars in thousands)

Three Months EndedSeptember 30,

2017June 30,

2017March 31,

2018 2017December 31,

Reconciliation of Non-GAAP Financial Measures

16

“Adjusted pretax return on equity” 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 “adjusted pretax return on equity” to pretax return on equity as calculated based on GAAP. We believe this information is relevant and meaningful as it provides our investors and analysts with pretax returns that exclude the impact of significant one-time or infrequent item and permits investors to make better comparisons

across periods as well as with our competitors.

Last 12 months income before income taxes $ 268,626 $ 185,303

Last 12 months average stockholders equity 1,416,839 1,317,395

Last 12 months pretax return on equity 19.0% 14.1%

Last 12 months income before income taxes less:Realized gain from the sale of metropolitan district bond securities - Q3 2017 (35,847) - Net realized gain from sales of marketable securities - Q3 2017 (16,364) -

Last 12 months core pretax income 216,415 185,303

Last 12 months average stockholders' equity 1,416,839 1,317,395

Last 12 months core pretax return on equity 15.3% 14.1%

2017

June 30,

(Dollars in thousands)

June 30,

2018