Director Shareholding

Lloyds TSB Group PLC
23 December 2003


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The London Stock Exchange
RNS
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London EC2N 1HP



                                                                        23rd December, 2003

Dear Sirs,

Lloyds TSB Group plc ordinary shares of 25p each

Notification of interests of directors

Hill Samuel ESOP Trustees Limited, as trustee of the Lloyds TSB Group Shareplan,
allocated 216,351 ordinary shares of 25p each in the capital of Lloyds TSB Group
plc to participants in Shareplan, to satisfy allocations of "matching shares" to
staff under Shareplan on 22nd December 2003. Accordingly, these shares were
transferred from Lloyds TSB Registrars Corporate Nominee Limited a/c AESOP3
(unallocated shares) to Lloyds TSB Registrars Corporate Nominee Limited a/c
AESOP1 (allocated shares).

Also, 21 ordinary shares of 25p each in the capital of Lloyds TSB Group plc were
transferred from Lloyds TSB Registrars Corporate Nominee Limited a/c AESOP3
(unallocated shares) to Lloyds TSB Registrars Corporate Nominee Limited a/c
AESOP 1 (allocated shares), following an adjustment to the "matching shares"
allocation.

Additionally, 25,391 ordinary shares of 25p each in the capital of Lloyds TSB
Group plc were transferred from Lloyds TSB Registrars Corporate Nominee Limited
a/c AESOP1 (allocated shares) to Lloyds TSB Registrars Corporate Nominee Limited
a/c AESOP2 (unallocated shares), following the forfeiture of shares, under the
rules of Shareplan, by participants who have left the Group.

The following directors, together with some 80,000 other employees, are
potential participants in Shareplan and are, therefore, to be treated as
interested in the remaining 472,222 and 1,691,045 shares held by Lloyds TSB
Registrars Corporate Nominee Limited a/c AESOP2 and a/c AESOP3 (unallocated
shares) respectively.

                    Mr. P. G. E. Ayliffe

Mr. J.E. Daniels

Mr. M.E. Fairey

Mr. P.R. Hampton

Mr. A.G. Kane

Mr. D.P. Pritchard

Mr. S.C. Targett

This notification is made to comply with paragraph 16.13 of the listing rules.

Yours faithfully,






        M.R. Hatcher

        Deputy Secretary



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