Acquisition

Lloyds TSB Group PLC 18 April 2002 53/02 18 April 2002 LLOYDS TSB AUTOLEASE ACQUIRES FIRST NATIONAL VEHICLE HOLDINGS Lloyds TSB Group today announces that its subsidiary Lloyds TSB Asset Finance Division has acquired First National Vehicle Holdings (FNVH) and Abbey National Vehicle Finance (ANVF), both wholly owned subsidiaries of Abbey National plc, for a cash consideration of £46 million, representing a premium on acquisition of £71 million. As at 31 December 2001, FNVH and ANVF had operating lease assets totalling some £400 million. The business will be combined with Lloyds TSB autolease thereby creating the leader in the UK contract hire market. This acquisition brings Lloyds TSB autolease significant opportunities for growth. FNVH brings a broader customer base and complementary products not currently offered by LloydsTSB autolease. Nigel Stead, managing director, Lloyds TSB autolease, said: "The car contract hire market offers considerable opportunities for organisations that have scale, expertise and experience and with its track record of successfully integrating businesses, Lloyds TSB autolease is well placed to maximise the synergies from the combined operation. The acquisition of FNVH enables us to strengthen our position in this market. It is a sound business, with excellent staff and we will be able to build upon our offer to all of our customers with an enhanced range of products and services. I'm delighted that First National Vehicle Holdings will be joining our business." -ends- .../more LLOYDS TSB AUTOLEASE ACQUIRES FIRST NATIONAL VEHICLE HOLDINGS/...2 Notes: • Lloyds TSB autolease is one of the UK's largest and most experienced fleet management and funding specialists with over 85,000 vehicles currently under management. • It was formed in 2001 through a merger between ACL autolease and Black Horse Vehicle Management and is now a wholly owned subsidiary of Lloyds TSB. • The combined company has over 40 years experience working closely with different organisations to help build fleet strategies that meet financial and HR objectives. • It offers a comprehensive range of funding options and services backed by a commitment to quality: Lloyds TSB autolease is the first leasing company to achieve the ISO 9001:2000 quality standard. The company employs expert systems and highly trained staff - 350 at its Birmingham head office and 35 at Lloyds TSB motorent in Stanmore, Middlesex. • Further information can be found at the following web site: http:// www.lloydstsbautolease.co.uk/ • FNVH has over 73,000 vehicles currently under management. For further information:- Investor Relations Kent Atkinson +44 (0) 20 7356 1436 Group Finance Director E-mail: kent.atkinson@ltsb-finance.co.uk Michael Oliver +44 (0) 20 7356 2167 Director of Investor Relations E-mail: michael.oliver@ltsb-finance.co.uk .../more LLOYDS TSB AUTOLEASE ACQUIRES FIRST NATIONAL VEHICLE HOLDINGS/...3 Media Terrence Collis +44 (0) 20 7626 1500 Director of Group Corporate Communications E-mail: terrence.collis@lloydstsb.co.uk Mary Walsh +44 (0) 20 7626 1500 Head of Media Relations E-mail: mary.walsh@lloydstsb.co.uk FORWARD LOOKING STATEMENTS This announcement contains forward looking statements with respect to certain of the plans of the Lloyds TSB Group, its current goals and expectations relating to its financial condition and performance. By their nature, forward looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Lloyds TSB's actual future results may differ materially from the results expressed or implied in these forward looking statements as a result of a variety of factors, including UK domestic and global economic and business conditions, market related risks such as interest rate risk and exchange rate risk in its banking business and equity risk in its insurance businesses, unexpected changes to regulation, changes in customer preferences, competition and other factors. Please refer to the Registration Statement on Form 20F of Lloyds TSB Group filed with the US Securities and Exchange Commission for a discussion of such factors. This information is provided by RNS The company news service from the London Stock Exchange
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