Director Shareholding

Lloyds TSB Group PLC
29 January 2004


The London Stock Exchange
RNS
Old Broad Street
London EC2N 1HP
                                              29th 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 11,323 ordinary shares of 25p each in the
capital of Lloyds TSB Group plc at prices ranging from 253p to 520p 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 2,196 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 44,775 and 1,604,575 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


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