Further to the announcement on 10 December 2014, Rolls-Royce has announced the completion of the first £250m tranche of the share buyback. The second £250m tranche has now been initiated to enable the purchase of its ordinary shares. The aim of the buyback is to reduce the company’s issued share capital, helping enhance returns for shareholders, Rolls-Royce said. The second £250 million tranche will be a non-discretionary programme and is irrevocable, when the company is in a prohibited period. The purchases made under the Programme will be managed by Morgan Stanley, which will make trading decisions in relation to the

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