THE GUIDING PHILOSOPHY OF LITTLEFIELD CORPORATION

"Risk is diminished and value is created when organization is made from chaos."

Littlefield Corporation President and CEO Jeffrey L. Minch created the concept of Adventure-less Capital&trade, a guidepost to savvy investing that has become the core philosophy of the public company.

The key tenet of Adventure-less Capital™ is building value by acquiring private companies that are profitable and well established and that generate real, verifiable cash flow. These businesses are frequently not glamorous.

Using the Adventure-less Capital™ theory, Littlefield's target acquisitions tend to be:

• Old-economy business with a verifiable, obvious and easily understood market for their product or service.
• Privately owned business in which a substantial amount of the owner's wealth is held.
• Old-line mom-and-pop business that is undervalued and which is not currently using the best modern business practices.
• Business that can be operated with a multi-unit operating strategy.
• Old-economy businesses with limited or no succession plans in place and for which therefore disposition is an attractive strategy for the owners to access their wealth.
• Available for acquisition at extremely reasonable multipliers of annual revenue, typically 3 to 5 times trailing 12-month cash flow.

Littlefield Corporation takes the acquisitions into its family of companies and dramatically improves their operations and profitability by:

• Immediately investing the appropriate level of funding to modernize operations.
• Implementing 21st Century operational technologies.
• Realizing merger efficiencies.
• Relieving line managers of non-mission-critical administrative chores, allowing them to focus on growing the core business.
• Integrating Littlefield's high standards of customer identification, service and satisfaction throughout the newly acquired company by using contact relationship management software.

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