Since the initial update on the transition of the metals business into Enron, 
a tremendous amount of progress has been made by the London-based integration 
team to achieve our goal of a seamless integration of the two businesses by 
the end of the year.  We can now report that we are well on our way to 
reaching this target and as a result of this work we will be welcoming the 
arrival of the London-based metals team into Enron House over the weekend of 
15th September.  Accordingly, I feel it is important to provide you with an 
overview of one critical aspect of the transition process ) namely, the 
re-branding and re-positioning of the metals business as a core commercial 
unit within Enron.  

We announced in July that the metals business would be re-branded globally as 
Enron Metals.  This trading name will serve as the umbrella under which the 
business will operate, with the exception of Henry Bath & Son Limited, the 
metals warehousing division, which will retain its current brand image and be 
recognised as an Enron company.  Since this announcement about our branding 
strategy, Fiona Grant in Public Relations and Sue Kelly, our Company 
Secretary, have started working on the re-branding programme.  A brief 
overview of the steps taken to date and a summary of what should be expected 
over the coming months is provided in the attached file.

As was stressed in the initial announcement about the change of name, a key 
part of the integration of these operations into Enron will be the conclusion 
of a successful re-branding programme.  To this end, given the size of Enron 
Metals, the re-branding initiative will be phased in over the next few months 
and should be completed by the end of 2000.  Accordingly, we would ask that 
all staff bear with us through this process, as the new corporate identity is 
rolled-out worldwide.  

Any questions relating to branding issues should be directed to Fiona Grant, 
Public Relations and Communications.