Reading 33, Q15 part A valuation, receive, solution, because, company

ayaz_mahmud369

I see for part A they want the value of the company or the value per share at T=4. Now does this include the PV of all the dividends before T=4 because in the solution they do not add this to the value? Why? In my mind, this whole model is forward looking from T=0 and onwards, why ignore in your valuation at T=4 the value of all the dividends you shall receive up until this date?  
Is the solution incorrect?
Please no condescending answers.