Director Shareholding

Lloyds TSB Group PLC
19 March 2004



                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1. Name of company

LLOYDS TSB GROUP plc

2. Name of director

PETER GEORGE AYLIFFE

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. P.G. Ayliffe:     50,622

Mr. P.G. Ayliffe & Mrs. J. Ayliffe:     2,825

Mrs. J. Ayliffe:     30,495

Lloyds TSB Share Schemes Trustees Limited (LTSBSSTL):     2,295

Lloyds TSB Registrars Corporate Nominee Limited

AESOP1 account (LTSBRCNL AESOP1):     1,063

Lloyds Bank (PEP Nominees) Limited (LB(PN)L):

- Mr. P.G. Ayliffe (General choice PEP)     3,982



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

N/A

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

N/A

12. Price per share

N/A

13. Date of transaction

N/A

14. Date company informed

N/A

15. Total holding following this notification

Mr. P.G. Ayliffe:     50,622

Mr. P.G. Ayliffe & Mrs. J. Ayliffe:     2,825

Mrs. J. Ayliffe:     30,495

Lloyds TSB Share Schemes Trustees Limited (LTSBSSTL): 2,295

LTSBRCNL AESOP1:      1,063

Lloyds Bank (PEP Nominees) Limited (LB(PN)L):

- Mr. P.G. Ayliffe (General choice PEP)     3,982



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

18TH MARCH, 2004





18. Period during which or date on which exercisable

18/03/2007 TO 17/03/2014

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

NIL

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

ORDINARY SHARES OF 25p - 429,338

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

419.25p

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

1,076,859

23. Any additional information

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 18TH MARCH, 2007 
AND 17TH MARCH, 2014, OR EARLIER IN THE CIRCUMSTANCES DESCRIBED IN THE OPTION 
SCHEMES.

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

19TH MARCH, 2004

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.


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