A Report filed on SEDAR on January 4, 2008 reports as follows:

Howson Tattersall Investment Counsel Limited (“Howson Tattersall”) reports that as a result of recent purchases, one or more of its mutual fund, pension fund or other client accounts held in aggregate 2,101,400 shares of Global Railway Industries Ltd. at the end of the month of December, representing, based on Howson Tattersall’s understanding, approximately 14% of the total shares outstanding. This is an increase of 312,400 shares since the filing of the last Alternative Report.

PURPOSE OF THE ACQUISITION:
The securities were acquired for investment purposes only and not for the purpose of exercising control or direction over the Named Issuer. Howson Tattersall acts as an investment manager on behalf of mutual fund, pension fund and other client accounts and in respect of the acquired shares, specifically disclaims any beneficial ownership.