Disposal

Lloyds TSB Group PLC
3 October 2001


100/01 3 October 2001


LLOYDS TSB GROUP SELLS ITS BRAZILIAN FUND MANAGEMENT AND PRIVATE BANKING
BUSINESS

Lloyds TSB Group has sold its Brazilian fund management and private banking
business, including its subsidiary Lloyds TSB Asset Management S.A., to Banco
Itau S.A.. The net asset value of the business sold is approximately £2
million and assets under management are approximately US$2.0 billion. The sale
of this business does not affect the Group's other Brazilian businesses.

The profit after tax on the sale of approximately £25 million will be included
in the accounts of Lloyds TSB Group for the year ending 31 December 2001.


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