1. Use excel to prepare DCF valuations using both Bullish and Bearish scenarios: use assumptions provided in Exhibit below
2. Calculate the terminal value of the firm.
3. To calculate WACC that you will use as a discount rate, use the information provided in Exhibits 6 and 9

Exhibit 8 American Greetings Financial Forecast Assumptions Exhibit 9 American Greetings Capital Market Data 30-Day Treasury Bill 10-Year Treasury Bond Yield 0.1% 2.8% 10-Year Corporate Bonds of Industrial Companies AAA AA A+ A A- BBB+ BBB BBB- BB+ BB BB- B+ B 2.8% 2.9% 3.2% 3.3% 3.5% 3.8% 4.1% 4.6% 5.8% 6.5% 6.5% 6.8% 8.4% B- 9.0% Historical Market Risk Premium Equity Market Index Less Government Debt 5.5% Exhibit 6 American Greetings Comparable Firms, End of 2011 (in millions of dollars except share price) Exhibit 8 American Greetings Financial Forecast Assumptions Exhibit 9 American Greetings Capital Market Data 30-Day Treasury Bill 10-Year Treasury Bond Yield 0.1% 2.8% 10-Year Corporate Bonds of Industrial Companies AAA AA A+ A A- BBB+ BBB BBB- BB+ BB BB- B+ B 2.8% 2.9% 3.2% 3.3% 3.5% 3.8% 4.1% 4.6% 5.8% 6.5% 6.5% 6.8% 8.4% B- 9.0% Historical Market Risk Premium Equity Market Index Less Government Debt 5.5% Exhibit 6 American Greetings Comparable Firms, End of 2011 (in millions of dollars except share price)