Directors' Dealings

LLOYDS TSB GROUP PLC



                            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

HOLDING OF DIRECTOR AND OF DIRECTOR'S SPOUSE


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)

MRS ELLWOOD

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

SALE OF SHARES
(SEE APPENDIX)

7)   Number of shares/amount of
     stock acquired

N/A

8)   ( N/A %)
    of issued Class

9)   Number of shares/amount
     of stock disposed

SEE APPENDIX

10)  ( MINIMAL %)
    of issued Class

11)  Class of security

ORDINARY SHARES OF 25P EACH

12)  Price per share

SEE APPENDIX

13)  Date of transaction

SEE APPENDIX

14)  Date company informed

23.9.99

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

N/A

18)  Period during which or date on which exercisable

N/A

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

N/A

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

N/A

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

N/A

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

490,486

23)  Any additional information

N/A

24)  Name of contact and telephone number for queries


A. J. MICHIE, SECRETARY   0171 356 1043


25)  Name and signature of authorised company official
     responsible for making this notification

     Date of Notification....23 SEPTEMBER, 1999..............


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:

          Mr Ellwood:                                                36,883
          Mrs Ellwood:                                              134,924
          Lloyds Bank Profit Sharing Trustees Limited (LBPSTL):       3,267
          Lloyds Bank (PEP Nominees) Limited (LB(PN)L):               
          - Mr Ellwood (Single company):                                538
          - Mrs Ellwood (Single company):                               538

SECTIONS 6, 9, 12 AND 13

Mr Ellwood sold 3,830 shares on 17th September, 1999 at 774p per share.
Mrs Ellwood sold 4,390 shares on 17th September, 1999 at 774p per share.

SECTION 15

Total holding following this notification:

          Mr Ellwood:                                                33,053
          Mrs Ellwood:                                              130,534
          LBPSTL:                                                     3,267
          LB(PN)L:                      
          - Mr Ellwood (Single company):                               538
          - Mrs Ellwood (Single company):                              538