Directors' Dealings

Lloyds TSB Group PLC
15 March 2000

                       DEALINGS BY DIRECTORS


1)  NAME OF COMPANY

    LLOYDS TSB GROUP PLC

2)  NAME OF DIRECTOR

    PETER BRIAN ELLWOOD

3)  Please state whether notification indicates that it is in respect of
    holding of the Director named in 2 above or holding of that person's
    spouse or children under the age of 18 or in respect of a non-beneficial
    interest

    SEE APPENDIX

4)  Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them. (If notified)

    SEE APPENDIX

5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)

SEE APPENDIX

6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary

    ACQUISITION OF SHARES
   (SEE APPENDIX)

7)  Number of shares/amount of
    stock acquired

    SEE APPENDIX

8)   (    % )
    of issued Class

    MINIMAL

9)  Number of shares/amount
    of stock disposed

    N/A

10)  (    % )
   of issued Class

    N/A

11) Class of security

    ORDINARY SHARES OF 25P

12) Price per share

    SEE APPENDIX


13) Date of transaction

    SEE APPENDIX

14) Date company informed

    15.3.2000

15) Total holding following this notification

    SEE APPENDIX

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



18) Period during which or date on which exercisable



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



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



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



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

    570,850

23) Any additional information



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...15TH MARCH 2000...........................



APPENDIX

LLOYDS TSB GROUP PLC
MR P.B. ELLWOOD

SCHEDULE 11
NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS


SECTION 4

Names of registered holders and the number of shares held by each of them before
this notification:

Mr Ellwood:                                                 36,883
Mrs Ellwood:                                               134,924
Lloyds TSB Share Schemes Trustees Limited (LTSBSSTL):        3,267
Lloyds Bank (PEP Nominees) Limited (LB(PN)L):
- Mr. Ellwood (Single company):                                544
- Mrs. Ellwood (Single company):                               544

SECTIONS 3,5,6,7,12 AND 13

On 10th March, 2000, Mr Ellwood purchased 7000 shares at 549p per share for the
Peter & Judy Ellwood grandchildren's settlement.


SECTION 15

Mr Ellwood:                                               36,883
Mrs. Ellwood:                                            134,924
LTSBSSTL:                                                  3,267
LB(PN)L:                              
- Mr. Ellwood (Single company):                              544
- Mrs Ellwood (Single company):                              544

                                                       Non beneficial

Peter B. Ellwood, Judith A.Ellwood and 
Trevor George (trustees of the Peter and 
Judy Ellwood grandchildren's settlement):                  7,000



A.J. Michie
Secretary