AGM Statement

Lloyds TSB Group PLC
21 May 2004



87/04                                                       21 May 2004


LLOYDS TSB GROUP ANNUAL GENERAL MEETING STATEMENT



The following is an extract from the statements made by Maarten van den Bergh,
Chairman and Eric Daniels, Group Chief Executive of Lloyds TSB Group at the
company's annual general meeting in Glasgow (21 May 2004).

2003 was a year of considerable change for the Lloyds TSB Group as we refocused
our strategic direction to concentrate on maintaining and building the
profitability of our core businesses. We disposed of a number of overseas
businesses and our residual emerging markets debt portfolio. We also put in
place the building blocks to deliver growth in 2004 and beyond, based on three
key themes:


  • to reduce earnings volatility and enhance the quality of earnings;

  • to maintain and build profitability;

  • to position the Group to deliver profitable growth in the future.

One of the keys to our future success is to win a greater share of new and
existing customers' business. To do this we are placing much greater emphasis on
developing our relationship management skills in each of the Group's businesses.

Good progress is being made across the Group and we expect to deliver a
satisfactory trading performance for the half-year. Asset quality remains good
and the Group remains strongly capitalised.

                                                                       ..../more

For further information:-

Investor Relations

Michael Oliver          [phone]

Director of Investor Relations

E-mail: [e-mail]

Ian Gordon             [phone]

Senior Manager, 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 the
business, strategy and plans of the Lloyds TSB Group and its current goals and
expectations relating to its future financial condition and performance.
Statements that are not historical facts, including statements about Lloyds TSB
Group's or management's beliefs and expectations, are forward looking
statements. 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 Group'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, risks concerning borrower credit quality,
market related risks such as interest rate risk and exchange rate risk in its
banking businesses and equity risk in its insurance businesses, inherent risks
regarding changing demographic developments, catastrophic weather and similar
contingencies outside Lloyds TSB Group's control, any adverse experience in
inherent operational risks, any unexpected developments in regulation or
regulatory actions, changes in customer preferences, competition, industry
consolidation, acquisitions and other factors. For more information on these and
other factors, please refer to Lloyds TSB Group's Annual Report on Form 20-F
filed with the US Securities and Exchange Commission and to any subsequent
reports furnished by Lloyds TSB Group to the US Securities and Exchange
Commission or to the London Stock Exchange. The forward looking statements
contained in this announcement are made as of the date hereof, and Lloyds TSB
Group undertakes no obligation to update any of its forward looking statements.


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