Nokomis Capital Master Fund,

L.P.

Fund Investment Objectives

Nokomis Capital Partners, L.P. is a long/short equity fund utilizing an outsized focus on fundamental, bottom-up research on individual (primarily U.S. based) companies. This research process includes extensive quantitative research inextricably linked with extensive qualitative research. The Fund makes a concerted effort to make money on both sides of the portfolio, short and long, at all times. On the short side, the research process essentially finds fundamentally flawed businesses that are masquerading as solid companies. In addition, the research process helps the Investment Manager to discern the proper timing, which is critical on the short side. On the long side, the research process allows the Fund to get involved with situations that other institutional investors find too complex, and also to find situations where the future cash flows of the business have the potential to significantly outperform the real and implied expectations of Wall Street. In addition to prudent management of overall net exposure, a disciplined approach to risk management is taken in terms of overall gross exposure, sector exposure and the sizing of individual positions and the correlation of individual positions to each other. The objective of the strategy is to create a low risk, below market volatility vehicle that generates superior absolute and relative returns over the intermediate and long terms regardless of the equity market environment.