Director Shareholding

Lloyds TSB Group PLC
12 February 2004



The London Stock Exchange
RNS
Old Broad Street
London EC2N 1HP
                                                           12th February, 2004





Dear Sirs,

Lloyds TSB Group plc ordinary shares of 25p each

Notification of interests of directors

Lloyds TSB Quest Limited, as trustee of the Lloyds TSB qualifying employee share
ownership trust, and Hill Samuel Offshore Trust Company Limited, as trustee of
the Lloyds TSB Group employee share ownership trust, today transferred 12,187
and 111,340 ordinary shares of 25p each in the capital of Lloyds TSB Group plc
at prices ranging from 242.5p to 591p per share to individuals who had exercised
share options granted under the group's employee share schemes.

In addition, Hill Samuel Offshore Trust Company Limited, as trustee of the
Lloyds TSB Group employee share ownership trust, today transferred 18,343 shares
to individuals who had exercised share options granted under the group's
employee share schemes to compensate them for the special dividend of 68.3p per
share which was paid to former TSB Group plc shareholders in 1996, following the
merger with Lloyds Bank Plc, but which was not paid to optionholders.

The following directors, together with some 80,000 other employees, are
potential beneficiaries of the trusts and are therefore to be treated as
interested in the remaining 21,965 and 1,474,892 shares, respectively, held by
these trusts.

Mr. P.G.E. Ayliffe

Mr. J.E. Daniels

Mr. M.E. Fairey

Mr. A.G. Kane

Mr. D.P. Pritchard

Mr. S.C. Targett

Mr. M.A. van den Bergh


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


Yours faithfully,

A.J. Michie

Secretary



                      This information is provided by RNS
            The company news service from the London Stock Exchange