Japan Finance Organization For Municipalities 18-K/A Annual report (foreign governments) (amended)

EXHIBIT 5.E.

EXPENSES

Expenses, other than underwriting discounts and commissions, payable by JFM in connection with the issuance and sale of the Bonds are estimated as follows:

Securities and Exchange Commission registration fee	$	96,268
Fiscal Agent’s fee, including printing and engraving Bonds		244,700
Printing expenses		45,000
Legal fees and expenses		195,420
Miscellaneous, including reimbursement in lieu of Underwriters’ Expenses		165,499
Total	$	746,887