Investment Recommendation Rating System

Strong Buy: Expected to provide a substantial return over the next 12 months, with a lower level of risk than comparable investments.  

Buy: Expected to provide a reasonably positive return over the next 12 months.  

Speculative Buy: Expected to provide a positive return over the next 12 months, but with a high level of risk, or based on a future uncertain event.

Hold: Expected to remain in a trading range near the current share price for the next 12 months.

Sell: Expected to deliver a negative return over the next 12 months.

Under Review: Currently available information is inadequate to provide an investment rating.

Tender: Investors should tender their shares to the current offer.

Distribution of Ratings, iA Securities, Equity Research,
as of october 15, 2020

Rating Number Percent
Strong Buy 12 10%
Buy 66 56%
Spec Buy 13 11%
Hold 25 21%
Tender 0 0%
Restricted 1 1%
Under Review 0 0%
Sell 1 1%
Total 118 100%













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Research Dissemination Policy

Industrial Alliance is a Registered Trader on the Toronto Stock Exchange for the company that is the subject of this Report.