EXHIBIT 5.E.

EXPENSES

Expenses, other than underwriting discounts and commissions, payable by Development Bank of Japan in connection with the issuance and sale of the Bonds are estimated as follows (yen amounts have been translated into U.S. dollar amounts using the exchange rate of ¥125.20=$1.00, the spot buying rate quoted on the Tokyo Foreign Exchange Market on December 5, 2002, as reported by The Bank of Japan at 5:00 p.m., Tokyo time):

Securities and Exchange Commission registration fee	$	21,964.86
Fiscal Agent’s fee, including expenses for printing and engraving Bonds		404,353.00
Printing expenses		24,000.00
Legal fees and expenses		147,764.00
Miscellaneous, including reimbursement in lieu of Underwriter’s Expenses		17,253.00
Total	$	615,334.86