Nelson Obus of Wynnefield Capital, Inc. is an American businessman and hedge fund manager As an out-spoken critic of the SEC, Nelson Obus is the president of Wynnefield Capital, Inc., an employee-owned hedge fund, specializing in value stocks of small-cap companies.

1. Wynnefield Partners
Small Cap Value, L.P. I (WPSCV LP I)
Wynnefield Capital, Inc.
450 7th Avenue, Suite 509
New York, NY 10123
+1 (212) 760-0814
www.wynnefieldcapital.com
December 2015

2. Legal Notice
Private & Confidential Page 1
Wynnefield Capital, Inc. (“WCI”) is the investment manager to the Wynnefield Partners Small Cap Value L.P. I, Wynnefield Partners Small Cap Value L.P., and
Wynnefield Small Cap Value Offshore Fund, Ltd (collectively known as the “the Funds”). This presentation has been prepared solely for informational purposes for
the Wynnefield Partners Small Cap Value L.P. I fund (“the Fund”) and this presentation is not an offer to buy or sell or a solicitation of an offer to buy to sell any
limited partnership interests in the Fund or to participate in any trading strategy. If any offer of limited partnership interests or shares is made, it shall be pursuant to a
definitive Private Placement Memorandum prepared by or on behalf of the Fund which would contain material information not contained herein and which shall
supersede this information in its entirety. Any decision to invest in limited partnership interests or shares described herein should be made after reviewing the
definitive Private Placement Memorandum for the Fund, conducting such investigations as the investor deems necessary and consulting the investor’s own
investment, legal, accounting, and tax advisors in order to make an independent determination of the suitability and consequences of an investment in the Fund.
This presentation and its contents are proprietary information of the Investment Manager of the Wynnefield Partners Small Cap Value L.P. I fund, and any
reproduction of this information, in whole or in part, without the prior written consent of the Investment Manager is prohibited. Additional information including
performance information for Wynnefield as investment manager of other funds is available from the Investment Manager upon request.
Hedge fund investing is speculative and may involve substantial investment, liquidity and other risks. Hedge funds can be leveraged and their performance results
can be volatile. Performance returns are net of expenses and a management fee that ranges from 1% to 1.5% (depending on share class) and include reinvestment
of any dividends and interest. Past performance is not indicative of future returns. Many factors affect performance including changes in market conditions and
interest rates and responses to other economic, political or financial developments. Performance numbers have been calculated using the NAV’s provided by SS&C,
Inc, the administrator of the Fund. Audited numbers are prepared annually by CohnReznick LLP, the independent auditors of the Fund. 2015 returns are unaudited.
Individual investor returns compared to the Fund’s overall return may vary due to date of initial investment, high water mark, and status of investor under new issue
rules. Please refer to your monthly statement for your actual results.
Under no circumstances do the contents of this presentation represent a recommendation to buy or sell a security. The Investment Manager buys and sells securities
on behalf of the Fund’s investors and may do so, before and after any particular security is mentioned herein, with respect to the securities discussed in this
presentation. The Investment Manager’s appraisal of a company’s prospects is only one factor that affects the Investment Manager’s decision to buy or sell shares in
that company. Other factors might include, but are not limited to, the presence of limits on individual positions, decisions regarding portfolio exposures, and general
market conditions and liquidity needs. There may not always be consistency between the views expressed in this presentation and the Investment Manager’s trading
on behalf of the Fund’s investors.

3. Table of Contents
Private & Confidential Page 2
About Wynnefield Capital 3
Team Structure 4
Net Performance 5
Tax Efficient Investing 6
Investment Philosophy 7
Portfolio Characteristics 8
Constructive Activism 9
Outperformance of Small Cap Value 10
Investment Process 11
Long and Short Positions 12
Exit Strategy & Risk Management 13
Service Providers / Terms 14
Team Biographies 15
Contact Information 19

4. About Wynnefield Capital
Page 3
 Wynnefield employs an equity small-cap value special situations strategy that practices constructive activism.
 The investment team seeks out under-followed, misunderstood, and undervalued companies which lead to the
largest pricing inefficiencies and opportunities in the public market space.
 Wynnefield was founded in 1992 by Nelson Obus and Joshua Landes, both formerly of Lazard Frères and Co.
Mr. Obus has over 50+ years experience investing in small cap companies.
 The fund has an annualized net return of approximately 13.5% since inception in 1992.
 The principals and employees are the largest investors, comprising about 20% of the Fund’s AUM.
 The investment team has been in place since 1999 with two new additions and little employee turnover.
 The investment manager holds core positions about 6-8 years, turning the portfolio approximately 25% per year,
providing its limited partners the benefit of tax efficient returns.

5. Team Structure
Page 4
Nelson Obus
Co-founder, President and CIO
Mr. Obus has been the President and CIO of Wynnefield Capital, Inc. since its inception in November 1992. From February 1990 until September
1992 he was Research Director of Schafer Capital Management, Inc. and Schafer Cullen Management, Inc. Prior thereto, Mr. Obus worked at Lazard
Frères & Co. for eight years as an analyst, account executive and Director of Sell Side Research in the equity sales department. He received a B.A.
from New York University and a M.A. and A.B.D. from Brandeis University in Politics. Mr. Obus serves on the Board of Directors, the Audit
Committee, and the Compensation Committee of Layne Christensen Co. (NASDAQ: LAYN), the Board of Directors of Underground Solutions, Inc.
(OTCBB: UGSI), and he served on the Board of Directors, the Audit Committee, the Strategic Committee and the Nominating and Governance
Committee of Breeze-Eastern Corporation (NYSE: BZC). He also serves on the Board of Advisors of the Appalachian Mountain Club, the Board of
Directors of the Stonybrook - Millstone Watershed Association, the Board of Advisors of the Bank of Princeton, as well as the Board of Directors of the
Princeton Historical Society.
Investment Team Operations Team
Joshua Landes
Co-founder and COO
Nelson Obus
Co-founder, President and
CIO
Max Batzer
PM and
Head of Activism
Dwight Mamanteo
PM
Stephen Zelkowicz
Analyst and Trader
Robert Straus
PM/Analyst
Elise Raphel
Director of Marketing
Rick Wasserman
CCO
Joshua Landes
Co-founder and COO
Alex Liu
Director of Operations
and Trader

6. Net Performance
Private & Confidential Page 5
* Pre-tax
 Wynnefield Partners Small Cap Value, L.P. I (WPSCV LP I) has a Annualized Rate of Return of 13.5%, net of fees.
 $1,000,000 invested in Wynnefield Partners Small Cap Value, L.P. I in 1993 would have resulted in an absolute total value of approximately
$18,578,545* or an 18.6 times return, net of fees.
Growth of a $1,000,000 investment since inception
(January 1, 1993 to December 31, 2015)
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$16,000,000
$18,000,000
$20,000,000
1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015
WPSCV LP I
S&P 500
Russell 2000
HFRI -FWCI

7. Tax Efficient Investing‡
Private & Confidential Page 6
‡This presentation includes references on tax efficiencies. Wynnefield does not render legal or tax advice, and the information contained in this communication should not be
regarded as such. You should consult with your own legal and tax adviser.
*For purposes of the above illustration, at the federal level, 39.6% was used for the short-term capital gains tax rate and 20% was used for the long-term capital gains tax rate,
although these rates have historical variation.
 Minimize partner’s taxes through a focus on long-term capital gains.
 Focus on long-term investing and not short-term trading.
 Attempt to structure exits to avoid short-term capital gains.
 Generate portfolio turnover of approximately 25% per year.
VS.
After over 23+ years with WPSCV LP I, a $1MM investment would be worth:
After federal short-term
capital gains tax rates.*
After federal long-term
capital gains tax rates.
Approx.
$15,870,287
(net of fees)
Approx.
$12,259,276
(net of fees)

8. Investment Philosophy
Private & Confidential Page 7
General Overview
 Within the universe of US domiciled small capitalization value
stocks, focus on companies with market capitalizations typically
ranging from $50mm to $500mm.
 Uncover investment opportunities ahead of the investment
community by focusing on the least researched and most
inefficient segment of the market where there is little or no sell-
side analyst coverage.
 This enables WCI to take advantage of deep value entry points
with significant appreciation potential.
 As the investment thesis gains traction in the wider investment
community, sell-side coverage often follows which can lead to
multiple expansion and additional liquidity.
 Willing to actively work with management and the Board of
Directors, if necessary, to unlock shareholder value.
 Sector agnostic ... Follow value.
 Top down bottom up in-depth fundamental research. We start
with the industry and then go to macro themes with a detailed
focus on the company and its leadership.
Investment Opportunities
 Companies that trade at low multiples of cash flow and
hard assets.
› Deeply discounted valuations can be caused by an
overreaction to what we perceive to be “one-time” negative
announcements.
 Companies that have low levels of debt and high or growing
levels of free cash flow generation.
 Companies that possess a company-specific or industry-group
catalyst - because just being “cheap” is not enough.
 Companies situated for improved earnings and multiple
expansion due to regulatory changes.
 Companies that possess clearly identifiable and sustainable
competitive advantages.
 Insider investing patterns that show a change from selling or
limited buying to that of increased buying in frequency or scale.
 Change in family or generational ownership.
 Change in corporate governance or management.
 Industry consolidation, spinoffs, turnarounds, restructuring…

9. Portfolio Characteristics
Investment
Instruments
 Common stocks
› Private companies are limited
to no more than 10% of the
Partnership’s assets at cost.
› Buy U.S. companies. May
invest in global companies that
have a majority of sales and
operations in U.S.
Small Cap and
Micro Cap
Portfolio
 Highly concentrated portfolio-Top
10 positions typically 70% of NAV.
 Median market cap about $120MM.
 Approximately 40 positions.
Page 8
Historical
Exposure Ranges
 Typical net long exposure between
60-120%, ideally around 90%.
 Will use leverage when deemed
appropriate by CIO.
Activism
 Schedule 13D Filings (over 5%
ownership): 11.
 Schedule 13G Filings (passive): 4.
 Practice constructive activism.

10. Constructive Activism
Page 9
Wynnefield Case Study: Core-Mark Holding Company, Inc. (CORE)
2011
 At Wynnefield’s suggestion, Mr. Gross joined the
Board of CORE in 2011.
 CORE initiated a share repurchase program in
2011.
 When Mr. Gross joined the Board in 2011, the
stock was $15. By the end of 2012 the stock was
trading in the $50’s
 He is currently Chairman of the Compensation
Committee.
2005
 CORE emerged from Fleming Companies
bankruptcy and went public.
2007
 Wynnefield buys the stock.
2007-2011
 The Board of Directors was not shareholder friendly. There were
no corporate governance policies or an equitable compensation
structure in place. As a result, the stock did not perform as it was
expected to. Wynnefield suggested that Robert Gross be
appointed to the Board of CORE. Mr. Gross had extensive
consumer product and retail experience and had been CEO of
Monro Muffler, a previously profitable investment for Wynnefield.
 At that time Wynnefield, a large holder, owned more than 6% of
CORE’s outstanding shares.
2012
 CORE began returning cash to shareholders by issuing dividends
in 2012. (Still does).
 Wynnefield started selling its position in 2012 in the mid to high
$50’s, making its last sale in the $70’s at the end of 2013.

11. Outperformance of Small Cap Value
 Research shows that over a long investment
horizon, small cap stocks outperform other
asset classes. At the same time, value
stocks outperform growth. In one study,
Ibbotson Associates studied the annual
performance of stocks classified by size
(large, mid, small and micro) as well as by
style (growth and value).
 They found that the small cap value and
micro cap value stocks far outperform all
other asset classes over time.
*Source: Morningstar Ibbotson SBBI Chart
Page 10
IbbotsonⓇ SBBIⓇ
Stocks, Bonds, Bills, and Inflation 1926-2013

12. Investment Process
Private & Confidential Page 11
Idea Generation
 Leverage management network.
 Leverage peer network.
 Quantitative Screening.
 Macro outlook.
 Industry expertise.
 Attend industry conferences.
 Read industry journals.
Company Selection
 Deep financial analysis and modeling.
 Focus on free-cash-flow.
 Competitive market analysis.
 Channel & background checks.
 Management and plant visits.
 Risk/reward profile with expected probability.
Portfolio Management
 Scale-in and scale-out positioning.
 Assess individual idea exposure.
 Sizing based on conviction level.
 Average portfolio turnover approx. 25% per year.
Exit Strategy and
Risk Management
 Realization of expected catalysts.
 Changing multiples.
 Strategic buyers or evolving shareholder base.
 Enhanced analyst coverage.
 Activism.
 Monitor industry threats & management execution.
 Monitor company strategy & governance compliance.
 Position limits.
 Use hedging to limit downside risk.
 When we encounter a superstar manager we will hold
position even if it takes on growth characteristics.

13. Private & Confidential Page 12
Long Positions
 Utilizing thorough balance sheet analysis to measure
and identify companies with:
› Positive short and long-term solvency profile.
› Undervalued assets.
› Positive or improving free cash flow generation.
 Positive assessment of the quality of management that
understands value creating capital allocation such as:
› Using free cash flow to deleverage the balance sheet.
› Buy back stock.
› Pay dividends or expand business in a disciplined,
immediately accretive fashion.
 Company in an industry favorably disposed to
M&A trends, changing regulatory environment/
government policy, and top-down economic
trends.
 Increasing insider buying.
 Company has a sustainable competitive
advantage and high barriers to entry.
 Short positions are primarily used as a hedging
tool due to the difficulty of shorting less liquid
micro-cap equities.
 We will short specific names when our research
turns up a “catalyst” short.
 Index Futures & ETF’s are the main instruments used to
employ these hedges.
› Deteriorating Business/Industry fundamentals.
› Leveraged balance sheet and poor earnings quality.
› Manipulation of working capital to mask future cash
flow deterioration.
› Increasing insider selling.
› Management and Board of Directors Turnover.
Short Positions
Long and Short Positions

14. Exit Strategy
Private & Confidential Page 13
Typical exit and value creation strategies
 We continually monitor the value of our portfolio companies relative to their earnings power
and cash flow generation.
 Use ETFs and Futures & Options on indexes as the primary hedging tool.
Strategic Buyers
 Who can increase the operating business’ value by eliminating the company’s corporate overhead
and public listing expenses, and explore revenue synergies and product line expansion.
 Who can improve their own earnings by taking advantage of the disconnect between our
portfolio company’s current public valuation and its true private market value.
Evolving Shareholder Base  Who have taken notice as multiple expansion occurs when the investment catalyst takes hold.
Financial Buyers
 Who are attracted to the unleveraged or deleveraging balance sheets and high levels of
free-cash-flow that are typical of a WCI portfolio company.
Activist Participation
 In cases where management teams are not unlocking value, WCI takes an activist
role to improve company operations, direct the company to allocate its capital
towards higher return investments, and release value for all investors.
Risk Management

15. Service Providers/Terms
Private & Confidential Page 14
Prime Broker
Jefferies LLC 520 Madison Avenue, 12th Floor
New York, NY 10022
Fund Administrator
SS&C, Inc. 80 Lamberton Road
Windsor, Connecticut 06095
Independent Auditors
CohnReznick, LLP 1301 Avenue of the Americas
New York, NY 10019
Legal Advisors
Hutner Klarish LLP 1359 Broadway
New York, NY 10018
Fund
Wynnefield Partners Small Cap Value LP I
(a US limited partnership, 3c-7 fund).
Fund Terms
Management Fee: 1.5%
Performance Fee: 20%
Minimum Subscription: $250,000
Redemptions: Semi-Annual
Lock Up: 2 year

16. Team Biographies
Private & Confidential Page 15
Investment Team
Nelson Obus, Co-founder
President and CIO
Max Batzer
PM and Head of Activism
Mr. Obus has co-managed Wynnefield Capital with Mr. Landes
since its inception in November 1992. His principal responsibilities
are as Chief Investment Officer. From February 1990 until
September 1992 he was Research Director of Schafer Capital
Management, Inc. and Schafer Cullen Management, Inc. Prior
thereto, Mr. Obus worked at Lazard Frères & Co., for eight years as
an analyst, account executive and Director of Sell Side Research in
the equity sales department. He received a B.A. from New York
University and a M.A. and A.B.D. from Brandeis University in
Politics. Before coming to Wall Street, Mr. Obus worked as an
educator and land manager in the environmental field. Mr. Obus
serves on the Board of Directors, the Audit Committee, and the
Compensation Committee of Layne Christensen Co. (NASDAQ:
LAYN), the Board of Directors of Underground Solutions, Inc.
(OTCBB: UGSI), and he served on the Board of Directors, the Audit
Committee, and the Nominating and Governance Committee of
Breeze-Eastern Corporation (NYSE: BZC). He also serves on the
Board of Advisors of the Appalachian Mountain Club, the Board of
Directors of the Stonybrook - Millstone Watershed Association, the
Board of Advisors, Bank of Princeton, as well as the Board of
Directors of the Princeton Historical Society.
Mr. Batzer joined Wynnefield Capital in 1999. He currently serves as
Portfolio Manager and Head of Activism. From 1991 to January 1999,
he was Chairman of the Board and CEO of Diagnostic Health
Services. From 1981 until 1988, he was director and executive
committee member of Simmons Airlines Inc., a publicly traded
regional airline. From 1981 through 1991, Mr. Batzer was also
President of General Hide and Skin Corporation, a worldwide
commodity trading organization. Mr. Batzer received his B.S.E. from
the Wharton School at the University of Pennsylvania and his M.B.A.
from the University of Arizona. Mr. Batzer serves on the Board of
Directors of API Group Plc. (NYSE: API), Summer Infant (NASDAQ
SUMR), and Trans World Corporation (NASDAQ: TWOC). He served
on the Board of Cornell Corrections (NYSE: CRN) as Chair of the
Nominating and Governance Committee and as Chairman of the
Transaction Committee during a successful sale process.

17. Team Biographies
Private & Confidential Page 16
Investment Team
Dwight Mamanteo,
PM
Stephen Zelkowicz,
Analyst and Trader
Robert Straus,
PM/Analyst
Mr. Mamanteo joined Wynnefield Capital
in 2004. He currently serves as Portfolio
Manager. Prior to joining the firm, Mr.
Mamanteo worked in the technology field
for over 10 years. Mr. Mamanteo received
an M.B.A. from the Columbia University
Graduate School of Business (including
completing Columbia University’s Value
Investing Program) and a B.Eng. from
Concordia University, Montreal, Canada.
Mr. Mamanteo serves on the Board of
Directors of MAM Software Group
(NASDAQ: MAMS), and GlyEco, Inc.
(OTCBB: GLYE).
Mr. Zelkowicz joined Wynnefield Capital in
1999. He currently serves as Research
Analyst and Trader, where he is
responsible for all trading operations as
well as providing maintenance research on
current positions within the portfolio. Prior
to joining Wynnefield, he worked in sports
marketing for the Philadelphia Flyers of the
National Hockey League. Mr. Zelkowicz
received a B.A. from the University of
Pennsylvania, majoring in History and
International Relations. He serves on the
Board of Directors of Summer Infant
(NASDAQ: SUMR).
Mr. Straus joined Wynnefield Capital in
2015. He currently serves as a
PM/Equity Analyst with a research focus
on small-cap private and public
investment opportunities. Prior to joining
the firm, he worked at Gilford Securities;
his fundamental equity research
experience spans over 15 years. Mr.
Straus received an M.B.A. in Finance
from Bentley University and a BSBA
from the University of Hartford.

18. Team Biographies
Private & Confidential Page 17
Operations/Marketing
Joshua Landes,
Co-founder and COO
Elise Goldberg Raphel,
Director of Marketing
Mr. Landes has co-managed with Mr. Obus, Wynnefield Partners
Small Cap Value L.P. since its inception in November 1992,
Wynnefield Partners Small Cap Value L.P. I, since its inception in
July 1997 and the Wynnefield Small Cap Value Offshore Fund,
Limited since its inception in January 1997. His principal
responsibilities are administration and marketing related. Prior
thereto, he was employed at Lazard Freres & Co. from 1984 to
1991. During this period, he served as a trading assistant, analyst
and institutional equity salesman in the capital markets group and
was an associate at Lazard Realty. Mr. Landes received a B.A. in
Economics from Rutgers University. He is a member of the Board of
Directors of S.A.R. Academy in Riverdale, NY. He enjoys an
interest in architecture which included helping to finance the 2003
Academy Award nominated documentary “My Architect.”
Ms. Raphel joined Wynnefield Capital in 2012 as Director of
Marketing. She is responsible for forging relationships with
prospective investors and, together with Joshua Landes, managing
relationships with current investors. Prior to joining Wynnefield Elise
spent six years on the hedge fund sales team at Gerson Lehrman
Group. Ms. Raphel received an M.B.A. and a Master of Public Health
from the Columbia University Graduate School of Business and the
Mailman School of Public Health respectively. She earned her B.A. in
Government and Communications from the University of Virginia.

19. Team Biographies
Private & Confidential Page 18
Operations/Marketing
Frederick Wasserman,
CCO
Alex Liu,
Director of Operations and Trader
Mr. Wasserman began working with Wynnefield Capital as a
consultant in January 2007 and became its Chief Compliance
Officer in March 2012. Mr. Wasserman is President of FGW
Partners LLC, which provides financial and management consulting
services. From 1989 to 2007, he served with increasing
responsibility as a C-level officer in the Gift and Collectibles and
Sportswear industries. He received his B.S. in Economics with an
Accounting major from the Wharton School of the University of
Pennsylvania and was previously a CPA. Mr. Wasserman currently
serves on the Board of Directors of five of Wynnefield's current or
former portfolio companies: Breeze-Eastern Corporation (NYSE:
BZC), DLH Holdings Corp--Chairman (NASDAQ : DLHC), National
Holdings Corporation (OTCBB:NHLD), MAM Software Group
(NASDAQ: MAMS), and SMTC Corporation (NASDAQ: SMTX).
Ms. Liu joined Wynnefield Capital in 2003. She serves as Director of
Operations and Trader. Ms. Liu actively participates in the firm’s
trading operations. Additionally, she is responsible for overseeing all
aspects of portfolio administration including portfolio accounting and
operations, performance measurement, information reporting and
trade support. She received a B.A. in International Politics and
History from New York University.

20. Contact Information
Private & Confidential Page 19
We communicate with our investors via monthly statements from the administrators, factsheets and quarterly and
annual letters that detail the performance of the funds, investing rationale, net exposure, and our general opinions
about the current market. All letters since inception are available upon request.
Wynnefield Capital, Inc.
450 7th Avenue, Suite 509
New York, NY 10123
Joshua Landes
Co-founder and COO
(212) 760-0814
jlandes@wynnefieldcapital.com
Elise Raphel
Director of Marketing
212-991-0648
eraphel@wynnefieldcapital.com