AGM Statement

Lloyds TSB Group PLC
17 April 2002




50/02                                                17 April 2002







LLOYDS TSB GROUP: ANNUAL GENERAL MEETING STATEMENT

The following is an extract from the statements made by Maarten van den Bergh,
Chairman and Peter Ellwood, Group Chief Executive of Lloyds TSB Group at the
company's annual general meeting in Edinburgh (17 April 2002).

2001 was another successful year for the Lloyds TSB Group. In an environment
characterised by increasing regulation, intense competition and an uncertain
world economic outlook, the Group continued to perform well.

On a business as usual basis, income rose by 10 per cent and operating profit
increased by 6 per cent, with the trading profit before provisions for bad and
doubtful debts increasing by 11 per cent. The Group improved its efficiency
ratio to under 43 per cent, maintaining our position as the most efficient bank
of our size in the world, and at the same time we grew market share in a number
of key areas. The total dividend for 2001 of 33.7p per share represented an
increase of 10 per cent.

We continue to move forward with a very clear vision and strategy. Our vision is
to create value for our customers by understanding and meeting their needs more
effectively than any of our competitors. As we progress with this strategy, and
effectively manage our costs and our risks, the natural outcome will be to
maximise value for shareholders.

Lloyds TSB has made a solid start to 2002. The Group continues to benefit from
higher branch network product sales and business volumes have been good,
particularly in our retail businesses where consumer confidence remains robust.
Life assurance and pension sales in the first quarter of 2002 were well ahead of
the comparative period in 2001. However, equity markets have continued to be
volatile and sales of unit trusts and ISAs have been lower than in the first
quarter of 2001.

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LLOYDS TSB GROUP: ANNUAL GENERAL MEETING STATEMENT/....2

Strict control of our costs has been maintained and, as expected, there has been
a modest increase in provisions for bad and doubtful debts and weather related
general insurance claims. The Group's business as usual operating profit was
satisfactorily ahead of the first quarter of 2001.

We continue to expect that the growth in our core business as usual operating
expenses in 2002 will be no greater than the rate of inflation, with income
growing at a materially higher rate than costs.



For further information:-

Investor Relations

Kent Atkinson     [phone]

Group Finance Director

E-mail: [e-mail]

Michael Oliver     [phone]

Director of Investor Relations

E-mail: [e-mail]



Media

Terrence Collis     [phone]

Director of Group Corporate Communications

E-mail: [e-mail]

Mary Walsh     [phone]

Head of Media Relations

E-mail: [e-mail]



FORWARD LOOKING STATEMENTS

This announcement contains forward looking statements with respect to certain of
the plans of the Lloyds TSB Group, its current goals and expectations relating
to its 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
Registration Statement on Form 20F of Lloyds TSB Group filed with the US
Securities and Exchange Commission for a discussion of such factors.



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