American Greetings.

1. What multiple of EBITDA do you think is justified? What is the implied share price that corresponds to that multiple? 2. Please model cash flows for American Greetings for fiscal years 2012 through 2015 based on the two sets of ratios in case Exhibit 8. Based on the discounted cash flows associated with the forecast, what is the implied enterprise value of American Greetings and the corresponding share price? 3. What are the key drivers of value in your model? 4. What do you believe to be the value of American Greetings shares? Do you recommend repurchasing shares?