Director Shareholding

Lloyds TSB Group PLC
05 January 2004





The London Stock Exchange
RNS
Old Broad Street
London EC2N 1HP
                                                          5th January, 2004


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 19,556 ordinary shares of 25p each in the
capital of Lloyds TSB Group plc at prices ranging from 253p to 520p 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 143,136 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,

        A.J. Michie

        Secretary



                      This information is provided by RNS
            The company news service from the London Stock Exchange