© Rolls-Royce Group plc 2004
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Financial statements and notes to the accountsRolls-Royce
Joint arrangements that are not entities at December 31, 2003



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Held subsidiary undertakings
  Class % of class
held
  % of total
equity held
Jersey RS Leasing Limited1 A Ordinary 100 }
49.5
  Aircraft leasing B Ordinary

The interest is held by Rolls-Royce leasing Limited.