The Pyxis ELNs summary of terms
	Issuer:	Pyxis Finance Limited
	Issue Date:	1 August, 2003 (Due to the effect of adverse weather conditions, the Issue Date has been changed to 4 August, 2003)
	Issue Size:	US$50,000,000 (indicative). The Issuer has sole discretion to adjust the actual issue size.
	Issue Price per Pyxis ELN:	100% of par value (US$4,500 approximately) (determined to be US$4,322 on the Price Fixing Date) (see Note)
	Maturity Date:	1 August, 2007, subject to an Issuer's Call Option at par after the second year (Due to the effect of adverse weather conditions, the Maturity Date has been changed to 4 August, 2007)
	Coupon Rate:	6% to be paid annually subject as follows: Year 1 and Year 2: Par value X 6% Year 3 and Year 4 (payable if the Issuer does not exercise the Call Option after the second year):   Aggregate number of Hong Kong exchange business days where closing share price of HSBC is equal to or greater than the Strike Price for the relevant year Par value X 6% X   Total number of Hong Kong exchange business days for the relevant year
	Strike Price :	88% of the closing share price of HSBC as at Price Fixing Date (determined to be HK$84.26 on the Price Fixing Date)
	Pricing Fixing Date:	25 July, 2003 (Due to the effect of adverse weather conditions, the Price Fixing Date has been changed to 28 July, 2003)
	Subscription Period :	17 July, 2003 (9:00 a.m.) to 24 July, 2003 (4:30 p.m.) (Due to the effect of adverse weather conditions, the subscription period has been extended to 4:30 p.m. of 25 July, 2003)
	Principal Redemption at Maturity:	If the closing share price of HSBC on the Valuation Date is less than the Strike Price, Pyxis ELN holders will receive HSBC shares. If the closing share price of HSBC is equal to or greater than the Strike Price, Pyxis ELN holders will be repaid at par.
	Valuation Date:	Expected to be 18 July, 2007. (Due to the effect of adverse whether conditions, the Valuation Date has been changed to 23 July, 2007). The 10th Hong Kong exchange business day prior to the Maturity Date.
	Securities:	(i) US dollar-denomianted floating rate notes to be issued by Lehman Brothers Treasury Co. B.V. and guaranteed by Lehman Brothers Holdings Inc. in a principal amount equal to the Issue Size; and (ii) the swap to be provided by Lehman Brothers Finance S.A. (guaranteed by Lehman Brothers Holdings Inc.)
	Note: Actual subscription price will be determined on the Price Fixing Date (28 July, 2003). Subscription price will be calculated at 88% of the closing share price of HSBC as at Price Fixing Date x 400 shares 7.8. The par value of the Pyxis ELN will be equivalent to the subscription price.

(This is not a capital guaranteed investment. The Notes are equity-linked to HSBC Holdings Plc ("HSBC"). Interest in the third and fourth years of the life of the Notes will be dependent on the closing price of the shares of HSBC during those periods. If the closing price of the shares of HSBC on a specified date falling immediately prior to the maturity of the Notes is below the specified Strike Price of the Notes, investors in the Notes could lose all or part of their investment. The Notes are not obligations of HSBC.

The Notes are not obligations of Lehman Brothers Holdings Inc. The Notes are secured on an equal principal amount of securities guaranteed by Lehman Brothers Holdings Inc., and on certain swap obligations guaranteed by Lehman Brothers Holdings Inc. which have been entered into by the issuer of the Notes to enable it to meet its obligations under the Notes. To the extent Lehman Brothers Holdings Inc. is unable to procure due payment of amounts under the securities or the swap arrangements, the issuer of the Notes will be unable to make the corresponding payments due under the Notes and the recourse of investors in the Notes will be limited to realisation of the securities and to the termination payment (if any) due to the issuer under the swap arrangements.

An Issue Prospectus dated 14 July 2003, which contains details of the Notes and the offering, and a Programme Prospectus dated 30 April 2003, which contains details of the Programme under which the Notes are issued, are available for collection from the Participating Dealer. Potential investors in the Notes must read the Programme Prospectus and the Issue Prospectus before deciding whether or not to invest in the Notes. Please click here for the Programme Prospectus or the Issue Prospectus.

This advertisement does not constitute an offer or an invitation to induce an offer by any person to obtain or acquire or subscribe or invest in Notes and no application for Notes will be accepted by any person other than in accordance with the offering procedures set out in the Issue Prospectus.

This advertisement is issued by The Bank of East Asia, Limited and is not issued by or on behalf of, and nor has it been approved by, Pyxis Finance Limited, Lehman Brothers Asia Limited or Lehman Brothers Holdings Inc. or any of their directors.

Value of investments and income may go down as well as up. Potential investors should read the relevant Programme Prospectus and Issue Prospectus for detailed information and its risk disclosure statements prior to subscription. Although the information is obtained or compiled from sources ICEA Capital Limited ("ICEA") believe to be reliable, ICEA cannot and does not warrant the accuracy, validity, timeliness or completeness of any such information.)