1. Name and address of the eligible institutional investor:
Mawer Investment Management Ltd. (“Mawer”)
Suite 900, 603-7th Avenue SW
Calgary, Alberta, Canada T2P 2T5

2. Name of the reporting issuer: Global Railway Industries Ltd.

3. Period for which the report is filed: Period ended November 2008.

4. Net increase or decrease in the number or principal amount of securities, and in the eligible institutional investor’s security holding percentage in the class of securities, since the last report filed by the eligible institutional investor under the early warning requirements: Since the last report filed, Mawer’s position increased by 102,903 shares, or by 0.68% of total shares.

5. Designation and number or principal amount of securities and the eligible institutional investor’s security holding percentage in the class of securities at the end of the month for which the report is made:
Mawer exercises control and direction over 1,554,601 shares representing approximately 10.21% of the oustanding shares.