080305_JPM Series Fix and Win ... - Börse Stuttgart

A09110530 AF 39
TAXATION
The comments below address only taxation on income from Notes withheld at source and a limited number of
other taxation aspects of the Notes in a limited number of jurisdictions and are included herein solely for
information purposes. These comments cannot replace legal or tax advice. Holders are advised to consult their
professional advisers on all taxation aspects of an investment in Notes. Holders should be aware that they may
be liable to taxation under the laws of any jurisdiction in relation to payments in respect of the Notes even if
such payments may be made without withholding or deduction for or on account of taxation under the laws of
any of the jurisdictions specified below. No representation with respect to the consequences to any particular
prospective holder of a Note is made hereby. Prospective holders of a Note should consult their own tax advisers
in all relevant jurisdictions.
PROSPECTIVE PURCHASERS OF THE NOTES ARE ADVISED TO CONSULT THEIR OWN ADVISORS
AS TO THE TAX CONSEQUENCES FOR THEM OF A PURCHASE AND HOLDING OF NOTES.
United States Taxation
The comments below address only certain aspects of the taxation of income from Instruments (in the following
sections regarding United States taxation, "Notes" and "Instruments" refers to securities issued under the
Programme generally) in a limited number of jurisdictions and are included herein solely for information
purposes. These comments cannot replace legal or tax advice.
Instruments may have terms or conditions that result in tax consequences that differ from those described below.
In that case, the supplement pursuant to which those Instruments are issued will include a summary of material
tax considerations applicable to those Instruments.
PROSPECTIVE PURCHASERS OF THE INSTRUMENTS ARE ADVISED TO CONSULT THEIR OWN
ADVISORS AS TO THE TAX CONSEQUENCES TO THEM OF THE PURCHASE, OWNERSHIP AND
DISPOSITION OF AN INSTRUMENT.
United States Federal Income Taxation
The following is a summary of certain United States federal income and estate tax consequences of the
purchase, ownership and disposition of Instruments. This summary is based on the Internal Revenue Code of
1986, as amended to the date hereof (the "Code"), administrative pronouncements, judicial decisions and
existing, proposed and temporary Treasury Regulations, changes to any of which subsequent to the date hereof
may affect the tax consequences described herein.
This summary discusses only the principal United States federal income tax consequences to United States
Alien Holders (as defined below). It does not address all of the tax consequences that may be relevant to a
Holder in light of the Holder's particular circumstances. The Instruments are not intended to be held by United
States Persons and a holder of a bearer Instrument that is treated as a debt obligation for U.S. federal income tax
purposes who is a United States Person will be subject to the limitations under U.S. income tax laws, including
the limitations provided in Sections 165(j) and 1287(a) of the Code.
For purposes of the discussion below, a "United States Alien" means a person that for U.S. federal income tax
purposes is (i) a foreign corporation, (ii) a non-resident alien individual that is not a U.S. citizen or (iii) a foreign
estate or trust.
This discussion is limited to the federal tax issues addressed herein. Additional issues may exist that are not
addressed in this discussion and that could affect the federal tax treatment of an investment in the Notes. This
tax disclosure was written to support the dissemination of this Prospectus, and it cannot be used by any holder
for the purpose of avoiding penalties that may be asserted against the holder under the Internal Revenue Code.
Holders should seek their own advice based on their particular circumstances from an independent tax adviser.