Acquisition

Lloyds TSB Group PLC
16 December 2002









162/02    16 December 2002



LLOYDS TSB GROUP ACQUIRES DUTTON-FORSHAW GROUP



Lloyds TSB Group today announces that Lloyds TSB Asset Finance Division has
acquired the Dutton-Forshaw Group, one of the leading motor dealer groups in the
UK, for a cash consideration of £48.7 million.


Dutton-Forshaw Group will provide Lloyds TSB with 38 franchised dealerships
representing 14 manufacturers. The addition of Dutton-Forshaw Group to the
Lloyds TSB Group will provide an infrastructure of retail outlets through which
Lloyds TSB Asset Finance Division will be able to sell a proportion of the
70,000 used vehicles it currently disposes of through auctions. It also provides
an additional channel for the sourcing of new cars for its contract hire
operation and Lloyds TSB customers.


The Managing Director of the Dutton-Forshaw business being acquired will be
Maurice Rourke. Maurice has extensive experience in the motor industry having
held senior roles at Autologic Holdings plc., DaimlerChrysler and Inchcape plc.


John Davies, managing director, Lloyds TSB Asset Finance Division, said: "With
our strong track record in successfully integrating businesses, we are well
placed to maximise the synergies that this acquisition provides. The acquisition
of Dutton-Forshaw Group offers a great opportunity for us to increase the
efficiency of our retail and contract car hire operations."


                                     -ends-

LLOYDS TSB GROUP ACQUIRES DUTTON-FORSHAW GROUP .../2



For further information:-


Investor Relations

Michael Oliver     [phone]

Director of Investor Relations

mailto:[e-mail]


Media

Lloyds TSB Press Office     + 44 (0) 20 7626 1500

IMPORTANT NOTICE

This announcement should be read in conjunction with our results announcement
for the half-year ended 30 June 2002, and the trading update issued on 4
December 2002, copies of which are available from Investor Relations, Lloyds TSB
Group plc, 71 Lombard Street, London EC3P 3BS or on our website at
www.lloydstsb.com.


This document contains certain forward-looking statements with respect to
certain of the plans of the Lloyds TSB Group, its current goals and expectations
relating to its future financial condition and performance. By their nature,
forward-looking statements involve risk and uncertainty because they relate to
events and depend on circumstances that will occur in the future. Lloyds TSB's
actual future results may differ materially from the results expressed or
implied in these forward-looking statements as a result of a variety of factors,
including UK domestic and global economic and business conditions, market
related risks such as interest rate risk and exchange rate risk in its banking
business and equity risk in its insurance businesses, unexpected changes to
regulation, changes in customer preferences, competition and other factors.
Please refer to the latest Annual Report on Form 20-F of Lloyds TSB Group filed
with the US Securities and Exchange Commission for a discussion of such factors.







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