Director Shareholding

Lloyds TSB Group PLC
18 December 2003


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                                                                           18th December, 2003


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 18,203 ordinary shares of 25p each in the
capital of Lloyds TSB Group plc at prices ranging from 284p to 474p 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 162,692 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,

Sharon Slattery
Senior Assistant Secretary





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