Ann: Investor Presentation, page-8

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iWebgate Ltd
(IWG $0.27) Spec. Buy - Initiation of Coverage.Initiation of Coverage
Price Target: $0.50/sh
Investment Case
IWG offers significant upside to its current market capitalisation of circa $160m should its cyber security technology be successfully commercialised. Key to the success of commercialisation is attracting channel partners to sell IWG’s technology through respective customers. IWG is in discussion with a number of potential channel partners, mainly Australia and US based, and it is anticipated IWG will have success on this front in 2015. We initiate coverage with a Speculative Buy recommendation and a 12 month price target of 50 cents per share.