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What does thiiiiiiiiis button do?

Just got an epiphone LP standard bass. Two volume knobs, what appears to be a master tone, and another. I've heard of a double tone, but there's another knob that appears to be some kind of massive bass boost. It's like the "bawls" knob. Is there a name for it? Is it something completely different, and i'm ********? Thanks in advance guys.
 
I was hoping to see a Dexter's Lab reference....

But googling the Epiphone LP Standard bass doesn't seem to do me much good. I can only find info on the Special which is vol/vol/tone.

My guess is that it's a 2 band EQ without doing further research. Perhaps High/Lows? That would make sense as to cutting the highs by rolling off one and boosting the lows by rolling on the other.