TNAG-2474-FCO40-3604-Business-matters-in-Hong-Kong-acquisition-of-Midland-Bank-by-1992 — Page 69

Q10. What effect would the price Lloyds paid for shares have

on the value of any offer by them for Midland?

A10. Under the rules of the Takeover Code, the value of any

offer made by Lloyds for Midland per share could not be less than the price paid by them for shares in the twelve

months prior to any bid.

900

CADIO NOLIEWOO) 110

25:60

26/90/90