Director Shareholding

Lloyds TSB Group PLC
08 January 2004


The London Stock Exchange
RNS
Old Broad Street
London EC2N 1HP
                                                              8th January, 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, today transferred 22,799 ordinary shares of 25p each in the
capital of Lloyds TSB Group plc at prices ranging from 284p to 520p per share to
individuals who had exercised share options granted under the group's employee
share schemes.

The following directors, together with some 80,000 other employees, are
potential beneficiaries of the trust and are therefore to be treated as
interested in the remaining 120,337 shares held by the trust.

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

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



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