Exhibit 1

AMERICAN GREETINGS
American Greetings Share Price
(Monthly Close)
Closing Adjusted Price for American Greetings Shares
Dec-09 $21
Jan-10
30 $17
Feb-10 $18
Mar-10 $20
Apr-10 $23
25
May-10 $22
Jun-10 $18
Jul-10 $20
20
Aug-10 $18
Sep-10 $18
Oct-10 $19
Nov-10
15 $19
Dec-10 $22
Jan-11 $21
Feb-11 $21
10
Mar-11 $23
Apr-11 $24
May-11 $23
Jun-11
5 $23
Jul-11 $22
Aug-11 $21
Sep-11 $18
0
Oct-11 $16
February-10

April-10

August-10

February-11

April-11

August-11
December-09

June-10

October-10

December-10

June-11
Nov-11 $17
Dec-11 $13
 April-11

June-11

August-11

October-11

December-11
 Exhibit 2
AMERICAN GREETINGS
American Greetings Income Statement, December 2011 (in millions of dollars)

2008 2009 2010 2011E

(Feb 2009) (Feb 2010) (Feb 2011) (Feb 2012)
Total American Greetings Figures
Total Revenue 1,691 1,636 1,593 1,677
Material, Labor, and Other Pruduction Costs 810 713 682 743
Selling, Distribution, and Marketing Expenses 619 508 478 526
Administrative and General Expenses 226 276 261 258
Goodwill and Other Intangible Asset Impairme 290 0 0 0
Other Operating Expenses 1 0 3 (6)
Operating Income (253) 139 175 157
Net Interest and Other Nonoperating Expenses 22 18 19 28
Income Before Income Tax Expense (275) 121 156 129
Income Tax Expense (47) 39 69 47
Net Income (228) 82 87 82

Earnings Per Share (Basic) (4.89) 2.07 2.18 2.22

Dividends per Share 0.60 0.36 0.56 0.60

By Business Unit
Operating Segment Net Sales
North American Social Expression Products 1,095 1,235 1,191 1,215
International Social Expression Products 271 254 262 344
Retail Operations 179 12
AG Interactive 83 80 78 68

Operating Segment Earnings

North American Social Expression Products 70 236 218 148
International Social Expression Products (78) 17 20 20
Retail Operations (19) (35)
AG Interactive (162) 11 14 14

Total Revenue by Product Category

Everyday Greeting Cards 704 764 753 823
Seasonal Greeting Cards 357 369 377 408
Gift Packaging 240 221 223 239
Other Revenue 44 38 32 32
All Other Products 345 244 207 176
Note: Fiscal year ends February of subsequent year.
Source: Company accounts; management and case writer estimates.
 Exhibit 3
AMERICAN GREETINGS
American Greetings Balance Sheet (in millions of dollars)

2009 2010 2011E

(Feb 2010) (Feb 2011) (Feb 2012)

Cash and Cash Equivalents 138 216 172

Trade Accounts Receivable 136 120 130
Inventories 164 180 190
Prepaid Expenses 148 128 131
Other Current Assets 94 72 54
Total Current Assets 679 716 677

Net Property, Plant, and Equipment and Other Assets 850 832 859
Total Assets 1,529 1,547 1,536

Debt Due within One Year 1 0 0

Accounts Payable 95 87 87
Other Current Liabilities 272 245 255
Current Liabilities 369 332 343

Long-Term Debt 329 233 235

Other Liabilities 196 219 206
Shareholders’ Equity 636 763 752
Total Liabilities and Shareholders’ Equity 1,529 1,547 1,536

Note: Fiscal year ends February of subsequent year.

Data source: Company accounts; management and case writer estimates.
 Exhibit 4
AMERICAN GREETINGS
Total U.S. Greeting Cards Sales (Actual and Forecast)

Sales at current prices

in millions of dollars % annual change
2005 6,537
2006 6,420 -1.8
2007 6,285 -2.1
2008 6,266 -0.3
2009 6,149 -1.9
2010 5,935 -3.5
2011 (est.) 5,838 -1.6
2012 (est.) 5,711 -2.2
2013 (est.) 5,596 -2.0
2014 (est.) 5,478 -2.1
2015 (est.) 5,359 -2.2

Data source: Mintel, based on U.S. Census Bureau, Economic Census.

 Exhibit 5
AMERICAN GREETINGS
Feelings About e-Cards: Usage Change among 2,000 Respondents, October 2010

By Age Category
All 18-24 25-34 35-44 45-54 55-64 65+
In the last year, I have sent
22% 17% 26% 20% 22% 21% 24%
more e-cards than I used to.

In the last year, I have sent

fewer e-cards than I used to
because I send greetings over 20% 26% 27% 21% 19% 15% 13%
social networking sites such as
Facebook.

Source: Mintel.
 Exhibit 6
AMERICAN GREETINGS
Comparable Firms, End of 2011 (in millions of dollars except share price)

Shares Enterprise EBITDA

Share Price Outstanding Total Cash Total Debt Value Revenue EBITDA Multiple*

American Greetings 12.51 38.3 86 235 714 1,660 204 3.5

Blyth 56.80 8.2 182 101 568 984 48 11.7
Consolidated Graphics 48.28 10.2 7 197 692 1,050 122 5.6
CSS Industries 19.92 9.7 10 0 194 453 30 6.5
Deluxe 22.76 50.9 31 742 1,901 1,420 359 5.3
Hallmark NA NA NA NA NA 4,100 NA NA
Lancaster Colony 69.34 27.3 162 0 1,890 1,090 156 12.2
Meredith 32.65 44.8 26 250 1,712 1,350 240 7.1
Scholastic 29.97 31.1 114 215 1,145 1,950 189 6.0

Bond
ROA ROE Beta Rating**

American Greetings 7% 11% 1.63 BB+

Blyth 4% 9% 1.60 B
Consolidated Graphics 5% 10% 1.45 BB
CSS Industries 4% 2% 1.36
Deluxe 13% 55% 1.85 B
Hallmark NA NA NA
Lancaster Colony 14% 19% 0.42
Meredith 7% 15% 1.75 BB
Scholastic 6% 8% 1.04 BB-

* EBITDA miltiple is defined as Enterprise Value divided by EBITDA

** The ratings for Cons. Graphics and Meredith are estimated by case writer.

Data source: Yahoo! Finance, Standard & Poor’s, Mergeant.

 Exhibit 6 (Continued)
AMERICAN GREETINGS
Comparable Firms

Blyth Global marketer of candles, gourmet foods, weight management

products, holiday cards, photo albums, and houseware products

Consolidated Graphics Provides commercial printing services in North America,

including brochures, shareholder communications, trading cards,
calendars, catalogs, and greeting cards

CSS Industries Designs, produces, and sells social expression products in North
America, including greeting cards, gift wrapping, Valentines
cards, Halloween costumes, and stationery

Deluxe Provides printed products to financial institutions and small

businesses worldwide, including forms, checks, envelopes, and
greeting cards

Lancaster Colony Manufactures and markets specialty foods, glassware, and

candles in the United States
Meredith Licenses brands and publishes magazines (e.g., Better Homes
and Gardens, Ladies’ Home Journal, FamilyFun) in the United
States

Scholastic Publishes and distributes children’s books and other media in the
United States

Data source: Case writer descriptions.

 Exhibit 7
AMERICAN GREETINGS
American Greetings Operating Performance

2005 2006 2007 2008 2009 2010 2011

Revenue Growth 0% -7% -1% -5% -3% -2% 7%
Operating Margin 8% 2% 5% -1% 6% 9% 9%

10%

8%

6%

4%

2%

0%

-2%

-4%

-6%

-8%
2005 2006 2007 2008 2009 2010 2011

Revenue Growth Operating Margin

Note: Fiscal year ends February of subsequent year.
Data source: Company financial statements.
 Exhibit 8
AMERICAN GREETINGS
Financial Forecast Assumptions

Actual *********** Forecast ***********

2011 2012 2013 2014 2015
Bullish Scenario
Revenue Growth 5.3% 1.0% 1.5% 2.0% 2.5%
Operating Margin 9.4% 9.0% 9.0% 9.0% 9.0%
Net Working Capital Turnover 5.02 6.00 6.50 7.00 7.50
Fixed Asset Turnover 1.95 1.95 1.95 1.95 1.95

Bearish Scenario
Revenue Growth 5.3% 0.0% 0.0% 0.0% 0.0%
Operating Margin 9.4% 8.0% 7.0% 6.0% 5.0%
Net Working Capital Turnover 5.02 6.00 6.50 7.00 7.50
Fixed Asset Turnover 1.95 1.95 1.95 1.95 1.95

Note: The ratios are defined in the following manner:

Revenue Growth is the annual percentage change in total revenue
Operating Margin is operating income divided by total revenue
Net Working Capital Turnover is total revenue divided by net working capital
where net working capital is current assets less current liabilities
Fixed Asset Turnover is total revenue divided by net PP&E and other assets

Data source: Case writer estimates.

 Exhibit 9
AMERICAN GREETINGS
Capital Market Data

Yield
30-Day Treasury Bill 0.1%
10-Year Treasury Bond 2.8%

10-Year Corporate Bonds of Industrial Companies

AAA 2.8%
AA 2.9%
A+ 3.2%
A 3.3%
A- 3.5%
BBB+ 3.8%
BBB 4.1%
BBB- 4.6%
BB+ 5.8%
BB 6.5%
BB- 6.5%
B+ 6.8%
B 8.4%
B- 9.0%

Historical Market Risk Premium

Equity Market Index Less Government Debt 5.5%

5-Year Forecast
U.S. Real GDP Annual Growth Rate 3.3%
U.S. GDP Annual Deflator Rate 1.8%
Consumer Price Index Annual Rate 2.2%

Data source: Bloomberg, Value Line Investment Survey, and case writer estimates.
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