During the course of 2011, Southern Railway Limited (“SR”) undertook a process to procure new electric multiple units. The purpose of the new units is to provide the capacity which will enable SR to meet the demands of the December 2013 timetable. The outcome of the process was the selection of Bombardier Transportation (“BT”) to supply 26 x new 5-car class 377/6 units together with associated capital spares. A manufacture and supply agreement was entered into by SR and BT on 23.12.2011. The value of the contract and options will be in the range of 200 000 000 GBP to 250 000 000 GBP. SR is now intending to refinance the transaction.