B E F G COMPUTING JOHNSON &JOHNSON'S TE BASED ON DIVIDENDS PER SHARE JNJ's stock price, P 31 Dec 2005 61.07 Current dividend Quarterly Annualized dividend, Divo Quarterly Annualized Dividend growth rate, g Growth since 17-Nov-00 Growth since 14-Nov-03 Gordon model cost of equity le Growth since 17-Nov-00 Growth since 14-Nov-03 Date 17-Nov-00 15-Feb-01 18-May-01 17-Aug-01 16-Nov-01 14-Feb-02 17-May-02 16-Aug-02 15-Nov-02 13-Feb-03 16-May-03 15-Aug-03 14-Nov-03 12-Feb-04 14-May-04 13-Aug-04 12-Nov-04 11-Feb-05 13-May-05 19-Aug-05 18-Nov-05 Dividend per share 0.160 0.160 0.180 0.180 0.180 0.180 0.205 0.205 0.205 0.205 0.240 0.240 0.240 0.240 0.285 0.285 0.285 0.285 0.330 0.330 0.330