American Greetings Presents at Goldman Sachs Consumer Products Conference;
Announces Fiscal 2003 First Quarter Earnings Estimates Reflecting Restructuring Benefits

CLEVELAND, May 10 /PRNewswire-FirstCall/ -- American Greetings Corporation (NYSE: AM) today made a presentation at the Goldman Sachs Global Consumer Products Conference at the Plaza Hotel in New York. Morry Weiss, chairman and chief executive officer of American Greetings, discussed the Corporation's strong market share, partnerships with major retailers, and prospects for
growth, which include outbound licensing opportunities through proven intellectual properties such as Care Bears and Strawberry Shortcake.

Weiss said fiscal 2003 should be a solid year for American Greetings, driven by improvements in both earnings per share and earnings before interest, taxes, depreciation and amortization (EBITDA), reflecting benefits from the Corporation's recently completed restructuring effort.

As part of his prepared remarks, Weiss reaffirmed the Corporation's previously announced basic earnings estimate of $1.45 to $1.55 per share (assuming full dilution) for the full year, compared to fully diluted pro forma results of $1.09 last year.

Weiss also provided earnings projections for the Corporation's first fiscal quarter ending May 31, 2002, based on results to date. American Greetings estimates its earnings to be between 40 to 45 per share assuming full dilution, which exceeds the Corporation's pro forma earnings per share results of 29 cents from the first quarter of fiscal 2002. Excluded from the Corporation's projections is a one-time gain on the sale of an investment by a foreign subsidiary that will favorably impact first quarter results by an additional 9 cents per on a fully diluted basis.

"The first quarter is showing nice results from both cost reduction programs, as well as improved greeting card sales," Weiss said.

An audio Web cast replay and PowerPoint presentation are both available on the Investor Relations section of the American Greetings corporate Web site at http://corporate.americangreetings.com/ .

First quarter earnings release and conference call

American Greetings will release its first quarter results at 9 a.m. Eastern time on Thursday, June 27, 2002 and broadcast its conference call live on the Internet at 10:30 a.m. Eastern time the same day.

The conference call will be accessible through the Investor Relations section of the American Greetings corporate Web site at
http://corporate.americangreetings.com/ . Minimum requirements to listen to the Web cast are Windows Media Player software (available free at http://www.microsoft.com/ ), audio capabilities, and at least a 14.4 Kbps connection to the Internet. A replay of the call will also be available on the site.

About American Greetings Corporation

American Greetings Corporation (NYSE: AM) is the world's largest publicly held creator, manufacturer and distributor of greeting cards and social expression products. Its staff of artists, designers and writers comprises one of the largest creative departments in the world and helps consumers "say it best" by supplying more than 15,000 greeting card designs to retail outlets in nearly every English-speaking country. Located in Cleveland, Ohio, American Greetings has annual sales of about $2 billion. For more information on the
company, visit http//www.americangreetings.com on the World Wide Web.

The statements contained in this release that are not historical facts are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties, including but not limited to: retail bankruptcies and consolidations, successful implementation of the Corporation's restructuring, a weak retail environment, consumer acceptance of products as priced and marketed, the impact of technology on core product sales and competitive terms of sale offered to customers. Risks pertaining specifically to the Corporation's electronic marketing business include the viability of online advertising as a revenue generator and the public's acceptance of online social expression products and subscriptions thereto.