Hi HooRide,
It’s a mistake by Linear Technology it should be 34K.
If you calculate that the series 100K and 1M are in parallel with the 301K, we get (1/301K) + (1/100K+1M) = 1/total = 236K for the upper leg of the voltage divider when the LT1317 is in running mode.
The voltage divider ratio is (236K/34K) + 1 = 7.94 so the low battery trigger level will be 0.2*7.94 = 1.58v
When the LT1317 low battery level has been triggered the 1M resistor will be pulled to ground by the LBO pin placing it now across the 34K resistor, thus changing the low battery trigger level. The effect of the 1M in parallel with the 34K and the voltage drop across the NPN open collector of the LBO pin will be small so I will leave it at 34K.
Now the voltage divider ratio will be (301K/34K) + 1 = 9.85 making the low battery trigger level 0.2*9.85 = 1.97v thus providing hysteresis to the circuit. This reduces the chance of oscillation or false triggering of the LT1317 if the battery voltage increases when it is placed in shutdown by the low battery circuit.
Hope this helps.
HalfSpace.