Director Shareholding

Lloyds TSB Group PLC
11 March 2003

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1. Name of company
LLOYDS TSB GROUP plc

2. Name of director
STEPHEN CRAIG TARGETT

3. Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18 or in respect of a non-beneficial
interest
HOLDING OF DIRECTOR

4. Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them (if notified)
MR. S.C. TARGETT:     4,000

5. Please state whether notification relates to a person(s) connected with the
director named in 2 above and identify the connected person(s)
N/A

6. Please state the nature of the transaction. For PEP transactions please
indicate whether general/single co PEP and if discretionary/non discretionary
HOLDING OF SHARES ON 10TH MARCH

(DATE OF APPOINTMENT AS A DIRECTOR)

7. Number of shares / amount of stock acquired
N/A

8. Percentage of issued class
N/A

9. Number of shares/amount of stock disposed
N/A

10. Percentage of issued class
N/A

11. Class of security
ORDINARY SHARES OF 25p EACH


12. Price per share
N/A

13. Date of transaction
N/A

14. Date company informed
10TH AND 11TH MARCH, 2003

15. Total holding following this notification
MR. S.C. TARGETT:     4,000

16. Total percentage holding of issued class following this notification
MINIMAL



If a director has been granted options by the company please complete the
following boxes.

17. Date of grant
SEE APPENDIX

18. Period during which or date on which exercisable
SEE APPENDIX



19. Total amount paid (if any) for grant of the option
NIL

20. Description of shares or debentures involved: class, number
SEE APPENDIX

21. Exercise price (if fixed at time of grant) or indication that price is to be
fixed at time of exercise
SEE APPENDIX

22. Total number of shares or debentures over which options held following this
notification
SEE APPENDIX

23. Any additional information
-





24. Name of contact and telephone number for queries
A.J. MICHIE, SECRETARY               020 7356 1043

25. Name and signature of authorised company official responsible for making
this notification
A.J. MICHIE, SECRETARY

Date of Notification
11TH MARCH, 2003

The FSA does not give any express or implied warranty as to the accuracy of this
document or material and does not accept any liability for error or omission.
The FSA is not liable for any damages (including, without limitation, damages
for loss of business or loss of profits) arising in contract, tort or otherwise
from the use of or inability to use this document, or any material contained in
it, or from any action or decision taken as a result of using this document or
any such material.



APPENDIX

LLOYDS TSB GROUP plc

MR. STEPHEN CRAIG TARGETT





                                  SCHEDULE 11

          NOTIFICATION OF INTEREST OF DIRECTORS AND CONNECTED PERSONS





SECTIONS 17, 18, 20, 21 AND 22

On 10th March, 2003, Mr. Targett was granted options to acquire a maximum of
759,036 ordinary shares of 25p each at 311.25p per share under the group's
executive share option schemes. The actual number of shares to be acquired will
depend on the company's ranking within a peer group.


The options may become exercisable between the 10th March, 2006 and 9th March,
2013, or earlier in certain circumstances described in the option schemes.


On the 11th March, 2003, he was granted a further option to acquire 331,125
ordinary shares of 25p each for £1. The option may become exercisable between
1st January, 2006 and 30th June, 2006, or earlier in certain circumstances. The
option has been granted under an arrangement established specifically to
facilitate Mr. Targett's recruitment in unusual circumstances, as permitted by
listing rule 13.13A(b). It is not an executive option as that term is understood
in the UK listing authority's "combined code" on corporate governance. The
option compensates Mr. Targett in respect of options granted by his pervious
employer but which lapsed when he left to join Lloyds TSB Group.


A.J. Michie

Secretary  11th March, 2003


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