X0306 4 2020-08-04 0000773141 M.D.C. HOLDINGS, INC. MDC 0001009874 MANDARICH DAVID D 4350 S. MONACO STREET SUITE 500 DENVER CO 80237 1 1 0 0 President, COO and Director Common Stock $.01 Par Value 2020-08-04 4 M 0 200000 19.96 A 4363466 D Common Stock $.01 Par Value 2020-08-04 4 S 0 193241 44.26 D 4170225 D Common Stock $.01 Par Value 2020-08-04 4 S 0 6759 44.83 D 4163466 D Common Stock $.01 Par Value 5616 I By 401(k) Non-Statutory Stock Option (right to buy) 19.96 2020-08-04 4 M 0 200000 0 D 2013-03-08 2022-03-08 Common Stock $.01 Par Value 200000 212360 D The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $43.73 to $44.72 inclusive. The reporting person undertakes to provide M.D.C. Holdings, Inc., any security holder of M.D.C. Holdings, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $44.73 to $44.93, inclusive. The reporting person undertakes to provide M.D.C. Holdings, Inc., any security holder of M.D.C. Holdings, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote. Unitized shares held in a stock fund in the Reporting Person's 401(k) Savings Plan which changes on a daily basis. David D. Mandarich 2020-08-05