DVM

The dividend valuation formula gives the market value assuming that the dividends are growing from time 1 onwards. If the dividend growth starts later then the value for the formula starts later and needs discount back.

In June 13 Q4 the examiners answer calculates the value twice. Once assuming that the do not do option 1 and therefore the dividend continues growing at 3% a year, and the second assuming they did do option 1 – in that case the dividend will grow at 4% per year and also needed discounting back for 2 year because it started late.
(He needed to do both to be able to answer the question, which wanted you to advise whether it would be acceptable to shareholders)

In June 13 Q4 you only needed to do it once because there was nothing else to consider, and you say you are happy with the discounting back in that question.