Dividend 2 Year per share 3 1995 4 1996 Total dividends 0.25 $1,075,000.00 0.25 $1,075,000.00 0 share repurchases repurchases to shareholders $0.00 from share Total payments $1,075,000.00 115,000 $140,000.00 $1,215,000.00 5 1997 0.3 $1,255,500.00 0 $0.00 $1,255,500.00 6 1998 7 1999 8 2000 9 2001 10 2002 0.31 $1,297,350.00 0.35 $1,394,750.00 0.37 $1,430,050.00 0.39 $1,507,350.00 0.42 $1,623,300.00 200,000 $260,000.00 120,000 $180,000.00 $1,557,350.00 $1,574,750.00 0 $0.00 $1,430,050.00 0 $0.00 $1,507,350.00 120,000 $220,000.00 $1,843,300.00 11 12 Share price, end of 2002 13 Number of shares 14 Cinema Market Value 15 16 Dividend compound growth rate 17 Cost of equity, re 1.83 3,745,000