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 Impairments	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

	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

1. Make a 3 year FREE CASH FLOW ( FCF) 2012,2013,2014.

2. Estimate American Greetings weighted-average cost of capital.

3.Based on the three estimates above, what do you think is the most appropriate share price? Do you recommend repurchasing shares?