SAR - Bankers Investment Trust

Lloyds TSB - Securities Administration
                  

FORM SAR 3

Lodge with a RIS or Newstrack, if appropriate, and the Takeover Panel. A copy
must also be sent to the company the shares of which are acquired.

Date of disclosure…22/12/2004

DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING SUBSTANTIAL ACQUISITIONS OF
SHARES ("SARs")

Date of acquisition ……21/12/2004……………………………………………………...

Acquisition in …………BANKERS INVESTMENT TRUST…………………………(name of company)


(1)Class of voting shares     Number of shares/rights over      If rights over
   (eg ordinary shares)        shares acquired                   shares acquired, as
                                                                 opposed to the
                                                                 shares themselves,
                                                                 specify nature of
   ......ORDINARY...         ..........19,787,030..shares        rights
                                                

                             ......................rights
                              



(2)Resultant total holding of  Resultant total holding of rights  Total percentage
 voting shares (and % of       over shares (and % of total
 total voting shares in        voting shares in issue)
 issue)
                             
   19,787,030...... (16.036%)                     (   %)              (16.036%)


(3) Party making disclosure LLOYDS TSB GROUP……………………………………

(4) (a) Name of person acquiring shares or rights over shares ………LLOYDS TSB
GROUP

and, if different, beneficial owner …………………………………………………………………….

(b) Names of any other persons acting by

agreement or understanding …………... ..……………………………………………………………

Signed, for and on behalf of the party named in (3) above …………………………………………………….

(Also print name of signatory) ………MATHEW SHIRCORE…………………………………….………

Telephone and extension number ………020 7522 5133……………………………………………………

______________________________________

Note 1. Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person. Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.

Note 2. The resultant total percentage holding of voting shares and rights over
shares is to be calculated by reference to the percentage held and in issue
outside treasury.

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs. If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section, Tel. No: 020 7638 0129.

E-mail: [e-mail]