Chairman's Statement

Lloyds TSB Group PLC
19 April 2001




LLOYDS TSB GROUP: ANNUAL GENERAL MEETING STATEMENT BY THE CHAIRMAN

The following is an extract from the statement made by Sir Brian Pitman,
Chairman of Lloyds TSB Group at the company's annual general meeting in
Edinburgh (18 April 2001).

'In 2000, Lloyds TSB Group had another successful year. We continued to grow
organically and we made two important acquisitions: Scottish Widows and
Chartered Trust.

We've built one of the UK's most diversified financial services companies. We
have good market positions in major categories, including personal banking,
mortgages, Internet banking, home insurance, life assurance, pensions, mutual
funds, small business banking, commercial banking for the middle and larger
corporations and agricultural finance. Our vision is to bring all these
products to our customers through all our channels, satisfy our customers'
financial needs, offer sound financial advice and help them succeed
financially.

Our aim is to continue to grow as a financial services company both
organically and by acquisition.

'Despite continuing pressure on margins, profits for the first quarter were
ahead of the first quarter last year, excluding short-term fluctuations in
investment returns. Business volumes are good and we have sold more products
in the first quarter of 2001 than in any quarter of 2000.'

For more information:
Lloyds TSB Press Office
Tel: [phone]