As part of our global coverage of the Precious Metal markets, ScotiaMocatta has a tradition of entering into close alliances with local banks, to take greater advantage of opportunities in regions important to our business. To these alliances we have undertaken to supply 24 - hour coverage of the metals markets, risk management expertise, and seconded staff. Our alliance partners, in their turn, are able to on-sell these services as part of an integrated package.

One such alliance is the Dubai Bullion Desk, established and managed by ScotiaMocatta at the National Bank of Dubai (NBD), which offers a range of physical bullion, location swap and hedging facilities to bullion wholesalers, jewelry wholesalers, jewelry retailers and jewelry manufacturers in the United Arab Emirates (UAE). The strong name of NBD in the UAE market coupled with the global presence of ScotiaMocatta makes it an effective combination, offering customers international quality bullion services in the local environment. For further information about National Bank of Dubai, please see www.nbd.co.ae.

ScotiaMocatta is proud of its association with NBD and has enjoyed its various alliances over the years. We will continue to consider using the 'model' in other regions of the world where it suits our strategic aims.