This is a standard forward-looking statements legend that may be included in an initial public offering (IPO) prospectus. Forward-looking information contained in an IPO prospectus is not covered by the statutory defence available under the Ontario Securities Act, R.S.O. 1990, c. S.5, against civil liability for misrepresentations in forward-looking information. The legend may nevertheless facilitate other defences against potential liability under applicable securities laws and common law and its inclusion in an IPO prospectus is standard practice in Canada. The legend may also be used in relation to securities offerings other than initial public offerings. This legend includes several examples of forward-looking statements and important factors to be included in the meaningful cautionary language to aid drafters. This Standard Document has integrated notes with important explanations and drafting tips.