Exhibit (c) (3)

PETER J SOLOMON

COMPANY

Project Care

Presentation to the Special Committee of the Board of Directors

November 19, 2012

PRELIMINARY DRAFT FOR DISCUSSION PURPOSES ONLY

PETER J SOLOMON

COMPANY

PROCESS UPDATE

PJSC Diligence

Care’s Data Room

NAGCD New Business

Dollar Store Profitability

World Headquarters (WHQ)

PJSC continues to have follow-up diligence discussions with Management – selected recent calls include:

- Cathy Kilbane, Chris Haffke and Gina Beredo (Properties, COLI and other litigation)

- Greg Ivanov, Sally Schriner & Ann-Marie McGowan (Cardstore)

- John Beeder (Supply Chain cost outs)

- Kevin Norcross (SG&A cost outs)

- Greg Steinberg & Gui de Mello (Adjustments to EBITDA and Clinton)

- Steve Dopp (In-Store)

- Chad Anderson (Three year plan)

- Steve Smith (Revised FY13 forecast)

PJSC prepared a comprehensive data package for Jones Day

- Well-populated dataroom opened within 48 hours

- Dataroom being accessed by nine parties

Management provided an updated analysis of Base Case Adjusted EBITDA

- However, the Weiss Family and/or its advisors chose to only post the historical financials (did not post complete file with

projections)

- Similarly, other forward-looking data has generally not been posted

Walgreens / Duane Reade and Ahold update

Walmart update

Care does not expect opportunities for other meaningful incremental wins or losses in the next 18-24 months

Management does not anticipate any meaningful margin improvement in the next 18-24 months

Total estimated new WHQ cost projected to be spent between FY 2013 - FY 2015: ~$175mm (PV of ~$136 mm(a))

- Non-binding commitment letter with Cleveland International Fund was expected to be signed, providing $120mm of financing

- Company also expects to receive ~$88mm in state and local incentives over a 20 year period (PV of ~$44mm(a)(b)); not

currently reflected in the Treasury Model

Staying in current WHQ estimated to cost ~$30mm (present value); may have ability to sell Crocker Park land assets for ~$12mm

Additional considerations include potential public relations issues, employee morale and employee taxes

(a) Assumes discount rate of 10.5%.

(b) See p.20 for detail.

1

PETER J SOLOMON

COMPANY

PROCESS UPDATE

Properties

Retail

Cost Outs

Other

Today’s Analyses

No bona fide offer on the table

Trial with Moonscoop, which began on November 13th, will determine potential outcome (assessment of damages and / or

enforcement of specific performance)

Lack of visibility remains with Clinton until post holiday season; no revision to current plan expected

~$47mm in cumulative “Cost Outs” between FY2012 and FY2016; projected savings captured in current Treasury Model

Potential additional $1mm - $2mm of incremental savings according to Management for various minor initiatives, but could be offset

by $1mm of increased R&D budget

ERP project

- Management suggests that the ERP initiative addresses many critical shortcomings of the Company’s aging systems, while

providing a platform for improved efficiency and competitiveness

Currently in “Wave 1” of the project; FY13E expenses currently exceed plan by ~$9mm, but unanticipated savings

on handheld scanners reduces overage to approximately $3mm

Wave 2 blueprint due February 2013; incremental cost estimated between $50-100mm (Treasury Model FY14-

FY16 assumes aggregate cost of $72mm, including handheld scanners)

In-Store fixtures business

- Company has made considerable efforts over the last 5-7 years to integrate In-Store operations with those of the core

Company, solidify relationships with key outside clients and mitigate volatility in the business

- While performance has stabilized, significant further growth is not anticipated

- Level of integration makes separation more challenging

PJSC analysis based on updated Treasury Model received November 17, 2012, which reflects revised FY13 income statement (no

change to FY14 - FY16)

Analyses include:

- Sensitivity to margins and growth rates and implied incremental SG&A expense / savings

- Analysis of hypothetical impact of two additional years’ sales and EBITDA at various levels

- Reduction of Cardstore spending

- Analysis of economics of a hypothetical reversal of WHQ plans

- Impact of changes in Clinton performance

3

SUMMARY HISTORICAL AND PROJECTED FINANCIAL PERFORMANCE

PETER J SOLOMON COMPANY

(Dollars in Millions, Except per Share Data)

Fiscal Year Ended February 28, LTM Projected Fiscal Year Ended February 28,

2010A 2011A 2012A Aug-12 2013E (d) 2014E 2015E 2016E

Total Revenue $1,640.9 $1,597.9 $1,695.1 $1,708.2 $1,840.6 $1,935.1 $1,939.9 $1,944.8

Cost of Goods Sold 691.4 682.4 741.6 762.1 811.7 875.8 877.8 880.0

Gross Profit 949.5 915.5 953.5 946.1 1,028.9 1,059.3 1,062.1 1,064.8

SG&A and Other Expense 759.1 724.5 774.5 801.9 890.8 908.5 900.8 893.9

Adjusted EBITDA including SBT Expense 234.0 226.4 211.4 176.2 172.2 204.1 222.6 232.1

Adjusted EBITDA 235.5 232.1 218.3 184.6 183.5 204.1 222.6 232.1

Adjusted EBIT including SBT Expense 188.8 185.3 172.2 135.8 126.7 150.8 161.4 170.9

Adjusted EBIT 190.3 191.0 179.0 144.2 138.0 150.8 161.4 170.9

Net Income as Reported 81.6 87.0 57.2 13.1 28.6 83.2 89.6 95.7

Diluted Earnings Per Share as Reported $2.03 $2.11 $1.42 $0.35 $0.84 $2.57 $2.73 $2.87

Margins

Gross Profit 57.9% 57.3% 56.2% 55.4% 55.9% 54.7% 54.8% 54.8%

SG&A 46.5 45.9 46.3 47.5 51.4 47.1 46.5 46.1

Adjusted EBITDA 14.4 14.5 12.9 10.8 10.0 10.5 11.5 11.9

Adjusted EBIT including SBT Expense 11.5 11.6 10.2 8.0 6.9 7.8 8.3 8.8

Adjusted EBIT 11.6 12.0 10.6 8.4 7.5 7.8 8.3 8.8

Net Income as Reported 5.0 5.4 3.4 0.8 1.6 4.3 4.6 4.9

Growth Rates

Net Sales (3.0)% (2.6)% 6.1% 4.6% 8.6% 5.1% 0.3% 0.3%

Adjusted EBITDA 171.3 (1.4) (6.0) (20.4) (15.9) 11.2 9.0 4.3

Adjusted EBIT including SBT Expense 410.8 (1.9) (7.1) (24.7) (26.4) 19.0 7.0 5.9

Adjusted EBIT 417.5 0.4 (6.3) (23.8) (22.9) 9.2 7.0 5.9

Diluted Earnings Per Share NM 3.9 (32.7) (84.9) (40.5) 203.9 6.1 5.2

Summary Balance Sheet and Cash Flow Data (a)

Cash $137.9 $215.8 $132.4 $61.7 $61.9 $131.0 $180.0 $300.5

Total Debt 329.7 232.7 225.2 280.2 245.2 335.2 350.2 350.2

Depreciation and Amortization 45.2 41.0 39.2 40.4 45.5 53.4 61.2 61.2

Capital Expenditures (b) (26.6) (36.3) (70.9) (86.6) (127.9) (154.5) (127.6) (46.0)

Free Cash Flow (b) (c) 170.9 143.5 45.6 39.1 36.8 (1.8) 53.5 140.2

Source: FY10 – FY12 and LTM based on public filings; FY2013 – FY2016 based on Care Treasury Model.

(a) FY13-FY16 adjusted for updated FY13 income statement. Revised balance sheet and cash flow statement not yet available.

(b) Excludes benefits of anticipated tax incentives related to new WHQ.

(c) Defined as Cash Flow from Operations less Capital Expenditures.

(d) Assumes tax rate of 31.3% consistent with previous Treasury Model (current model not updated by Care tax department).

3

ADJUSTED EBITDA BRIDGE

PETER J SOLOMON COMPANY

(Dollars in Millions)

Fiscal Year Ended February 28, LTM FYE 2/28,

2010 2011 2012 Aug-12 2013

Unadjusted EBITDA $184.3 $215.8 $188.8 $121.8 $104.3

Charges Associated With Clinton Cards -- -- 27.2 47.7

Impairments, debt expense and fees

Party Goods Transaction (18.4) -- -- -- --

Gain on sale

Mexico Shutdown 18.2 -- -- -- --

Closing of Carlton Mexico

Retail Disposition 29.2 -- -- -- --

Sales of stores to Schurman

RPG Transaction Costs -- 10.3 -- -- --

Fees associated with purchase of RPG

Lawsuit 24.0 -- -- -- --

Settlement of a RPG lawsuit

Goodwill and Other Intangibles Impairment -- 0.3 27.2 27.2 --

Related to NAGCD, UK and Interactive

Gain from Sale of Intellectual Property -- -- (4.5) -- --

Sold certain minor character properties

Gain from Liquidation of Business in France (3.3) -- -- -- --

Currency translation adjustment from sale

Loss on Sale of WHQ -- -- -- -- 21.4

Estimated loss on sale of WHQ

Gain on sale of Party City investment (a) -- -- -- -- (3.2)

Sold remaining shares of Party City

Voluntary Compliance Program (b) -- -- -- -- 1.3

Related to prior years’ underexpensing catch up

Webshots -- -- -- -- (2.5)

Partial year of sales and gain on sale

Weiss Transaction Costs -- -- -- -- 3.2

Current process costs

Total Adjustment w/o Scan Based Trading Addback $49.7 $10.6 $22.7 $54.4 $67.9

Adjusted EBITDA including SBT Expense $234.0 $226.4 $211.4 $176.2 $172.2

Adjusted EBIT including SBT Expense 188.8 185.3 172.2 135.8 126.7

Scan-Based Trading 1.5 5.7 6.8 8.4 11.3

Impact of scan-based trading conversions

Total Adjustment w/ Scan Based Trading Addback $51.2 $16.3 $29.5 $62.8 $79.2

Adjusted EBITDA

$235.5 $232.1 $218.3 $184.6 $183.5

Adjusted EBIT 190.3 191.0 179.0 144.2 138.0

Source: FY10 – FY12 and LTM based on public filings; FY2013 based on Care Treasury Model.

(a) $3.2mm gain on sale of Party City investment in Q2 FY13 categorized below operating income and therefore not deducted in LTM calculation.

(b) Adjustment to correct expenses in prior years; only FY13 is being adjusted.

4

FY2013 REVISED FORECAST AS OF NOVEMBER 17, 2012

PETER J SOLOMON COMPANY

(Dollars in Millions, Except per Share Data)

Revised 2013E

Q2 Est. 2013E Difference

Total Revenue $1,840.6 $1,830.2 $10.4

Cost of Goods Sold (811.7) (859.7) 47.9

Gross Profit 1,028.9 970.6 58.3

SG&A and Other Expense (890.8) (816.7) (74.1)

Adjusted EBITDA including SBT Expense 172.2 185.9 (13.7)

Adjusted EBITDA 183.5 199.4 (15.9)

Adjusted EBIT including SBT Expense 126.7 140.4 (13.7)

Adjusted EBIT 138.0 153.9 (15.9)

Net Income as Reported (a) 28.6 34.1 (5.4)

Diluted Earnings Per Share as Reported (a) $0.84 $1.01 (0.16)

Margins

Gross Margin 55.9% 53.0% 2.9%

SG&A 51.4 48.3 3.0

Adjusted EBITDA 10.0 10.9 (0.9)

Adjusted EBIT Including SBT Expense 6.9 7.7 (0.8)

Adjusted EBIT 7.5 8.4 (0.9)

Net Income as Reported 1.6 1.9 (0.3)

Growth Rates

Net Sales 8.6% 8.0%

Adjusted EBITDA (15.9) (8.6)

Adjusted EBIT Including SBT Expense (26.4) (18.5)

Adjusted EBIT (22.9) (14.0)

Diluted Earnings Per Share (40.5) (29.1)

Adjusted EBITDA and EBIT revised downward due in part to:

Loss of existing doors at Walgreens

Continued downward trend in Cardstore with higher losses than original plan

Additional legal expense in corporate, primarily related to COLI litigation (continue to investigate how to treat this expense)

(a) Assumes tax rate of 31.3%, consistent with previous Treasury Model.

5

EVOLUTION OF MANAGEMENT FORECASTS – PRE CLINTON

PETER J SOLOMON COMPANY

Total Revenue

FY 12 FY 13 FY 14 FY 15 FY 16

$2,000 (1.6%) Change 11.6% Change

$1,954

$1,900

$1,883

7.5% Change

$1,794

$1,800

(13% ) Change

$1,695

$1,693

$1,701

$1,724

$1,700

3.6% Change

$1,668

$1,665

$1,636

$1,600

$1,500

$1,400

FY11 FY12 FY11 FY12 FY11 FY12 FY13 FY12 FY13 FY13

Plan Actual Plan Plan Plan Plan Plan Plan Plan Plan

Total EBIT

$250 FY 12 FY 13 FY 14 FY 15 FY 16

(6.4%) Change

$196

(5.7%) Change

$208

$204

$200

$184

$185

(30.8%) Change

$172

(9.9%) Change

(24.1%) Change

$169

$160

$155

$150

$144

$100

$50

$0

FY11 FY12 FY11 FY12 FY11 FY12 FY13 FY12 FY13 FY13

Plan Actual Plan Plan Plan Plan Plan Plan Plan Plan

Source: Public filings and Care Management Strategic Plans.

6

CARE CONSOLIDATED FINANCIAL SNAPSHOT WITH HYPOTHETICAL FY17 AND FY18

PETER J SOLOMON COMPANY

(Dollars in Millions)

Total Revenue

$2,500

FY08 – FY12 CAGR: (1.2%) FY13 – FY16 CAGR: 1.9%

$2,042

$2,144

$2,000

$1,776

$1,691

$1,641

$1,598

$1,695

$1,841

$1,935

$1,940

$1,945

$1,500

$1,848

$1,755

$1,000

$500

$0

08A 09A 10A 11A 12A 13E 14E 15E 16E 17E 18E

Adjusted EBIT and EBITDA

Adjusted EBIT $129 $37 $190 $191 $179 $138 $151 $161 $171 $111-$204 $105-$214

% Growth (71%) 418% 0% (6%) (23%) 9% 7% 6% (35%)-19% (5%)-5%

$300

FY10 – FY12 CAGR: (3.7%)

FY13 – FY16 CAGR: 8.1%

$265

$276

$250

$236

$232

$218

$223

$232

$204

$200

$177

$184

$172

$167

$150

$100

$87

$50

$0

08A 09A 10A 11A 12A 13E 14E 15E 16E 17E 18E

Adj. EBITDA Margin

10.0% 4.9% 14.4% 14.5% 12.9% 10.0% 10.5% 11.5% 11.9% 9.3%-13.0% 9.5%-12.9%

Source: Public filings and Care Management Treasury Model.

Note: FY17 and FY18 are illustrative figures using hypothetical operating performance ranges.

7

CARE CONSOLIDATED FINANCIAL SNAPSHOT WITH HYPOTHETICAL FY17 AND FY18

PETER J SOLOMON COMPANY

(Dollars in Millions)

Capital Expenditures (a)

$200

$154

$150

$128

$128

$100

$71

$57

$56

$50

$27

$36

$46

$46

$46

$0

08A 09A 10A 11A 12A 13E 14E 15E 16E 17E 18E

% of Revenue 3.2% 3.3% 1.6% 2.3% 4.2% 7.0% 8.0% 6.6% 2.4% 2.3%-2.5% 2.1%-2.6%

Free Cash Flow (a) (b)

$200

$187

$171

$150

$143

$140

$125

$131

$100

$46

$37

$53

$105

$100

$50

$17

$0

($2)

-$50

08A 09A 10A 11A 12A 13E 14E 15E 16E 17E 18E

Source: Public filings and Care Management Treasury Model.

Note: FY17 and FY18 are illustrative figures using hypothetical operating performance ranges. FY17 and FY18 Capital Expenditures held constant.

(a) Excludes benefits of anticipated tax incentives related to new WHQ.

(b) Defined as Cash Flow from Operations less Capital Expenditures.

8

UPDATE SINCE WEISS FAMILY NON-BINDING PROPOSAL

PETER J SOLOMON COMPANY

(Amounts in Millions, except per share data)

Non-Binding Proposal Value

Offer Price $17.18

% Premium to Share Price on September 25, 2012 19.8%

% Premium to Share Price on August 24, 2012 20.1%

Shares Outstanding (a) 33.8

Implied Equity Value $581.0

Add: Debt (b) 280.2

Less: Cash (b) (61.7)

Implied Enterprise Value $799.5

Implied Trailing Adjusted EBITDA Multiple 4.3 x

Stock Price Performance – Last Two Years

10/4/11: Announcement of Apple Cards app

12/22/11: Reported Q3 2012 earnings of $0.50 per share, missing Street expectations of $0.81 per share

9/26/12: Weiss family announces offer to take Care private

Closing Stock Price

$25.00 $23.00 $21.00 $19.00 $17.18 $17.00 $15.00 $13.00 $11.00

Volume (000s)

8,000

7,000

6,000

5,000

4,000

$16.90

3,000

2,000

1,000

0

Sep-10 Dec-10 Feb-11 Apr-11 Jul-11 Sep-11 Nov-11 Jan-12 Apr-12 Jun-12 Aug-12 Nov-12

Source: Public sources. Stock price chart as of November 16, 2012.

(a) Assumes restricted stock and performance shares vest in change of control. (b) As of 10Q dated August 24, 2012.

9

STOCK PRICE PERFORMANCE – LAST TWO YEARS

PETER J SOLOMON COMPANY

Stock Price History

Pre-Announcement Unaffected Price

Offer Price As Premium / (Discount)

1 Day Prior $14.34 19.8%

5 Day Average 14.88 15.5%

10 Day Average 15.40 11.6%

20 Day Average 15.12 13.6%

30 Day Average 14.80 16.1%

Closing Stock Price

$30.00

$25.00

10/4/11: Announcement of Apple Cards app

1 Year Average

$20.00

$21.82

Post-Offer Average $16.93

$16.90

2 Year Average $18.49

1 Year Average $15.08

6 Month Average $14.44

$15.00

3 Month Average $14.15

$10.00

Sep-10

Dec-10

Feb-11

Apr-11

Jul-11

Sep-11

Nov-11

Jan-12

Apr-12

Jun-12

Aug-12

Nov-12

Offer Price $17.18

Source: Public sources. Stock price chart as of November 16, 2012.

10

CHANGE IN INSTITUTIONAL OWNERSHIP SINCE OFFER

PETER J SOLOMON COMPANY

Fund Date of Change

Shares Owned Prior Current

% Change

Basis Value Source

Purpose

Investment Style

Marathon Asset Management 11/14/2012 3,634,543 2,748,886 (24.4%) $20.49 Care N/A GARP

Dimensional Fund Advisors 11/13/2012 3,096,182 3,045,758 (1.6%) 17.38 Care N/A Value

Dawson Investments 10/26/2012 -- 1,580,614 NM 17.01 13D No present intention to change control of Care N/A

TowerView (a) 10/3/2012 1,290,000 1,450,000 12.4% 19.52 13D No present intention to change control of Care Alternative

Date

Share Trading Volume

Cumulative Volume

Date

Share Trading Volume

Cumulative Volume

9/26/2012 2,690.2 2,690.2

10/22/2012 394.4 13,735.6

9/27/2012 1,368.3 4,058.5

10/23/2012 388.3 14,123.9

9/28/2012 1,616.6 5,675.1

10/24/2012 167.1 14,290.9

10/1/2012 700.6 6,375.7

10/25/2012 192.9 14,483.8

10/2/2012 499.0 6,874.8

10/26/2012 295.4 14,779.2

10/3/2012 382.7 7,257.4

10/31/2012 448.4 15,227.6

10/4/2012 581.0 7,838.4

11/1/2012 814.5 16,042.0

10/5/2012 395.1 8,233.5

11/2/2012 175.1 16,217.1

10/8/2012 629.9 8,863.4

11/5/2012 189.0 16,406.2

10/9/2012 368.4 9,231.9

11/6/2012 181.1 16,587.3

10/10/2012 637.7 9,869.6

11/7/2012 311.8 16,899.1

10/11/2012 897.9 10,767.5

11/8/2012 362.0 17,261.1

10/12/2012 329.0 11,096.5

11/9/2012 288.7 17,549.8

10/15/2012 244.6 11,341.1

11/12/2012 287.9 17,837.7

10/16/2012 543.0 11,884.1

11/13/2012 387.8 18,225.4

10/17/2012 590.7 12,474.8

11/14/2012 998.5 19,223.9

10/18/2012 400.8 12,875.6

11/15/2012 344.7 19,568.6

10/19/2012 465.6 13,341.2

11/16/2012 327.0 19,895.5

% of Public Float Traded (b) 68.4%

(a) Purchased 160,000 shares post-offer with a basis of $16.69.

(b) Defined as non-Weiss public shares outstanding.

11

CARE HISTORICAL ENTERPRISE VALUE / LTM EBITDA – LAST 2 YEARS

PETER J SOLOMON COMPANY

Note: Using Management’s adjustments, which may differ from those used by the public markets, current EV / Adjusted LTM

EBITDA is 4.3x

EV / EBITDA

High 5.1 x

Median 3.6 x

Mean 3.5 x

Low 2.5 x

Mean (a) Median (a)

30 Days 3.2 x 3.2 x

60 Days 3.1 x 3.1 x

90 Days 3.1 x 3.1 x

6 Months 3.0 x 3.0 x

12 Months 3.1 x 3.1 x

18 Months 3.4 x 3.3 x

24 Months 3.5 x 3.5 x

Post-Offer Average 4.1x

6.0 x

4.0 x

2.0 x

0.0 x

1 Year Average 3.9x

2 Year Average 3.5x

3 and 12 Month Average 3.1x

6 Month Average 3.0x

Sep-10

Dec-10

Feb-11

Apr-11

Jul-11

Sep-11

Nov-11

Jan-12

Apr-12

Jun-12

Aug-12

Nov-12

Offer Date 9/25/12

Source: Capital IQ. Capital IQ calculation of enterprise value does include restricted stock or performance shares and may have different adjustments for EBITDA than those used in other analyses in this presentation. Data as of November 16, 2012.

(a) Statistics are only for pre-offer time period.

12

VALUATION MATRIX

PETER J SOLOMON COMPANY

(Amounts in Millions, except per share data)

Share Price

Market Cap (d)

Enterprise Value (e)

EV / Total Revenue

LTM $1,708

EV / LTM Adj. EBITDA

w/ Norm.

incl. SBT $176

SBT (f) $182

excl. SBT $185

EV / FY2013E Adj. EBITDA

w/ Norm.

incl. SBT $172

SBT (f) $179

excl. SBT $184

$13.00 $438.5 $656.9 0.4 x 3.7 x 3.6 x 3.6 x 3.8 x 3.7 x 3.6 x

14.34 (a) 484.1 702.6 0.4 x 4.0 x 3.9 x 3.8 x 4.1 x 3.9 x 3.8 x

15.00 506.7 725.1 0.4 x 4.1 x 4.0 x 3.9 x 4.2 x 4.1 x 4.0 x

16.00 540.8 759.2 0.4 x 4.3 x 4.2 x 4.1 x 4.4 x 4.3 x 4.1 x

16.90 (b) 571.5 789.9 0.5 x 4.5 x 4.3 x 4.3 x 4.6 x 4.4 x 4.3 x

17.18 (c) 581.0 799.5 0.5 x 4.5 x 4.4 x 4.3 x 4.6 x 4.5 x 4.4 x

18.00

609.0 827.5 0.5 x 4.7 x 4.5 x 4.5 x 4.8 x 4.6 x 4.5 x

19.00 643.5 861.9 0.5 x 4.9 x 4.7 x 4.7 x 5.0 x 4.8 x 4.7 x

20.00 678.0 896.4 0.5 x 5.1 x 4.9 x 4.9 x 5.2 x 5.0 x 4.9 x

21.00 712.7 931.1 0.5 x 5.3 x 5.1 x 5.0 x 5.4 x 5.2 x 5.1 x

22.00 747.5 966.0 0.6 x 5.5 x 5.3 x 5.2 x 5.6 x 5.4 x 5.3 x

23.00 782.7 1,001.1 0.6 x 5.7 x 5.5 x 5.4 x 5.8 x 5.6 x 5.5 x

24.00 818.3 1,036.7 0.6 x 5.9 x 5.7 x 5.6 x 6.0 x 5.8 x 5.6 x

25.00 854.3 1,072.8 0.6 x 6.1 x 5.9 x 5.8 x 6.2 x 6.0 x 5.8 x

(a) Unaffected closing share price on September 25, 2012.

(b) Closing share price on November 16, 2012.

(c) Offer price.

(d) Assumes restricted stock and performance shares vest in change of control.

(e) Net debt of $218.4mm represents total debt of $280.2mm less cash of $61.7mm as of August 24, 2012.

(f) Assumes normalized SBT of $6.3mm based on the median level over the past six fiscal years.

13

IMPLIED SHARE PRICES BASED ON ILLUSTRATIVE EBITDA LEVELS AND TRADING MULTIPLES

PETER J SOLOMON COMPANY

(Amounts in Millions, except per share data)

Illustrative EBITDA

EV / EBITDA Multiple

$150 $175 $200 $225 $250

2.50 x $4.67 $6.53 $8.39 $10.23 $12.06

2.75 x 5.79 7.83 9.86 11.88 13.90

3.00 x 6.90 9.12 11.33 13.53 15.73

3.25 x 8.02 10.41 12.80 15.18 17.56

3.50 x 9.12 11.70 14.26 16.83 19.38

3.75 x 10.23 12.98 15.73 18.47 21.18

4.00 x 11.33 14.26 17.20 20.10 22.97

4.25 x 12.43 15.55 18.65 21.72 24.72

4.50 x 13.53 16.83 20.10 23.32 26.40

4.75 x 14.63 18.11 21.54 24.89 28.05

5.00 x 15.73 19.38 22.97 26.40 29.70

Note: Net debt of $218.4mm represents total debt of $280.2mm less cash of $61.7mm as of August 24, 2012. Note: Share count includes restricted stock and performance shares.

14

DCF SUMMARY

PETER J SOLOMON COMPANY

Assumptions

Three year projection period

Based on Management Treasury Model

Discounted to February 28, 2013

Projected net debt of $183.3mm, consisting of total debt of $245.2mm less cash of $61.9mm at February 28, 2013

DCF does not include the value of the potential WHQ incentives, which would equal approximately $1.30 per share (see p. 20 for more detail) (a)

Share Price

Wtd. Avg. Cost of Capital

9.5% 10.5% 11.5%

Terminal Multiple

3.0 x $15.84 $15.32 $14.81

3.5 x 18.42 17.84 17.27

4.0 x 20.98 20.33 19.70

4.5 x 23.50 22.80 22.11

(a) Treasury Model as provided does not include value of tax incentive payments that Care expects to receive.

15

SG&A TRENDS

PETER J SOLOMON COMPANY

Projected SG&A Cost Outs in NAGCD (Beeder) and Supply Chain (formerly Goulder, now Beeder) make up more than 60% of the cumulative estimated reductions in FY13-FY16

2008A 2009A 2010A 2011A 2012A 2013E 2014E 2015E 2016E 2013E-2016E Cumulative

Gross SG&A -- -- -- -- -- $961.3 $924.9 $911.1 $904.2

Cost Out Forecast (15.9) (14.4) (8.3) (8.2)($46.8)

Net SG&A $868.2 $845.2 $763.2 $733.7 $784.5 $945.4 $910.5 $902.8 $896.0

Net SG&A Margin 48.9% 50.0% 46.5% 45.9% 46.3% 51.4% 47.1% 46.5% 46.1%

Change (bps) 112 bps -348 bps -59 bps 36 bps 509 bps -431 bps -51 bps -47 bps

(a) Care Management.

16

ILLUSTRATIVE FY17 AND FY18 EBIT

PETER J SOLOMON COMPANY

Treasury Model

FY10 FY11 FY12 LTM FY13 FY14 FY15 FY16

Total Revenue $1,640.9 $1,597.9 $1,695.1 $1,708.2 $1,840.6 $1,935.1 $1,939.9 $1,944.8

% Growth (3.0%) (2.6%) 6.1% 4.6% 8.6% 5.1% 0.3% 0.3%

Adjusted EBITDA incl. SBT Expense $234.0 $226.4 $211.4 $176.2 $172.2 $204.1 $222.6 $232.1

Adjusted EBIT incl. SBT Expense 188.8 185.3 172.2 135.8 126.7 150.8 161.4 170.9

% Margin 11.5% 11.6% 10.2% 8.0% 6.9% 7.8% 8.3% 8.8%

% Growth 410.8% (1.9%) (7.1%) (24.7%) (26.4%) 19.0% 7.0% 5.9%

FY17 EBIT

Total Revenue Growth in FY17

(5.0%) (2.5%) 0.0% 2.5% 5.0%

$1,847.5 $1,896.2 $1,944.8 $1,993.4 $2,042.0 Total Revenue Sensitivity

EBIT Margin

6.0% $110.9 $113.8 $116.7 $119.6 $122.5

7.0% 129.3 132.7 136.1 139.5 142.9

8.0% 147.8 151.7 155.6 159.5 163.4

EBIT Sensitivity

9.0% 166.3 170.7 175.0 179.4 183.8

10.0% 184.8 189.6 194.5 199.3 204.2

FY18 EBIT

Annual Total Revenue Growth in FY17 & FY18

(5.0%) (2.5%) 0.0% 2.5% 5.0%

$1,755.2 $1,848.7 $1,944.8 $2,043.2 $2,144.1

Total Revenue Sensitivity

EBIT Margin

6.0% $105.3 $110.9 $116.7 $122.6 $128.6

7.0% 122.9 129.4 136.1 143.0 150.1

8.0% 140.4 147.9 155.6 163.5 171.5

EBIT Sensitivity

9.0% 158.0 166.4 175.0 183.9 193.0

10.0% 175.5 184.9 194.5 204.3 214.4

17

DCF SENSITIVITY TO TOTAL REVENUE AND MARGIN

PETER J SOLOMON COMPANY

(Amounts in Millions, except per share data)

Treasury Model

FY10 FY11 FY12 LTM FY13 FY14 FY15 FY16

Total Revenue $1,640.9 $1,597.9 $1,695.1 $1,708.2 $1,840.6 $1,935.1 $1,939.9 $1,944.8

% Growth (3.0%) (2.6%) 6.1% 4.6% 8.6% 5.1% 0.3% 0.3%

Adjusted EBITDA incl. SBT Expense $234.0 $226.4 $211.4 $176.2 $172.2 $204.1 $222.6 $232.1

Adjusted EBIT incl. SBT Expense 188.8 185.3 172.2 135.8 126.7 150.8 161.4 170.9

% Margin 11.5% 11.6% 10.2% 8.0% 6.9% 7.8% 8.3% 8.8%

% Growth 410.8% (1.9%) (7.1%) (24.7%) (26.4%) 19.0% 7.0% 5.9%

Three Year DCF – Sensitizing Revenue and Margins

Incremental EBIT Margin

3-Year Cumulative Implied Cost Out

Implied Share Price

Incremental Total Revenue Growth

(5.0%) (2.5%) 0.0% 2.5% 5.0%

(1.0%) ($58.2) $13.37 $14.37 $15.43 $16.54 $17.71

(0.5%) (29.1) 14.42 15.50 16.63 17.82 19.06

0.0% 0.0 15.48 16.63 17.84 19.09 20.41

0.5% 29.1 16.54 17.76 19.03 20.36 21.74

1.0% 58.2 17.60 18.88 20.22 21.62 23.07

Five Year DCF – Treasury Model + Illustrative FY17-FY18

EBIT Margin in FY17 & FY18

2-Year Cumulative Implied Cost Out (a)

Implied Share Price

Total Revenue Growth in FY17 & FY18

(5.0%) (2.5%) 0.0% 2.5% 5.0%

6.0% ($108.4) $14.16 $14.45 $14.76 $15.07 $15.39

7.0% (69.5) 15.70 16.07 16.45 16.85 17.25

8.0% (30.7) 17.24 17.69 18.15 18.61 19.09

9.0% 8.2 18.77 19.29 19.82 20.36 20.92

10.0% 47.1 20.29 20.88 21.49 22.10 22.73

Note: Assumes 10.5% discount rate and 3.5x terminal multiple.

(a) Versus baseline Adjusted EBIT margin of 8.8% as at FY16.

18

PETER J SOLOMON COMPANY

CARDSTORE SENSITIVITY ANALYSIS

(Amounts in Millions, except per share data)

Management has stated that it may be possible to reduce Cardstore SG&A, particularly in the area of marketing

Value of Potential Annual Marketing Savings – 2013PF

EBITDA Multiple

3.0 x 3.5 x 4.0 x 4.5 x

Potential Marketing Savings

($1.0) ($2.0) ($3.0) ($4.0) ($5.0)

$3.0 $0.09 $6.0 $0.18 $9.0 $0.27 $12.0 $0.35 $15.0 $0.44

$3.5 $0.10 $7.0 $0.21 $10.5 $0.31 $14.0 $0.41 $17.5 $0.52

$4.0 $0.12 $8.0 $0.24 $12.0 $0.35 $16.0 $0.47 $20.0 $0.59

$4.5 $0.13 $9.0 $0.27 $13.5 $0.40 $18.0 $0.53 $22.5 $0.67

Total

Per Share

Discounted Cash Flow Analysis

Impact on Share Price from $5mm Annual Reduction to Marketing (a)

Wtd. Avg. Cost of Capital

Terminal Multiple

3.0 x 3.5 x 4.0 x 4.5 x

9.5% $0.39 0.43 0.47 0.50

10.5% $0.38 0.43 0.46 0.49

11.5% $0.37 0.42 0.45 0.49

Impact on Share Price if Cardstore Shut Down (b)

Wtd. Avg. Cost of Capital

Terminal Multiple

3.0 x 3.5 x 4.0 x 4.5 x

9.5% $0.69 0.72 0.74 0.76

10.5% $0.68 0.71 0.74 0.75

11.5% $0.67 0.71 0.73 0.75

(a) Treasury Model built using Cardstore marketing amounts of $13mm, $15mm and $16mm, respectively in FY14-16. FY13 revised marketing budget expected to be ~$17mm. Management believes go-forward marketing expenses to be ~$12mm. Therefore, to remove $5mm of marketing expense in each year vs. FY13 Treasury Model value, $1mm, $3mm and $4mm are removed in each of FY14-16.

(b) Assumes elimination of Cardstore EBIT with no change to overhead allocation.

19

PETER J SOLOMON COMPANY

FINANCIAL IMPACT OF WORLD HEADQUARTERS

Care expects to receive ~$88mm in state and local incentives over a 20 year period – Not currently reflected in the Treasury Model

Only $19mm in incentive payments is projected to be received in the initial three-year Treasury Model period

Financial impact of remaining in current headquarters is meaningfully positive

FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 Total

Grants $2.5 -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- $2.5

State Tax Incentives 5.0 $5.0 $5.0 $5.0 $5.0 $5.0 $5.0 $5.0 $5.0 $5.0 $5.0 $5.0 $5.0 $5.0 $5.0 -- -- -- -- -- 75.0

Municipal Tax Incentives 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 10.8

Total $8.0 $5.5 $5.5 $5.5 $5.5 $5.5 $5.5 $5.5 $5.5 $5.5 $5.5 $5.5 $5.5 $5.5 $5.5 $0.5 $0.5 $0.5 $0.5 $0.5 $88.3

PV of Tax Incentives

Discount Rate

8.5% 9.5% 10.5% 11.5% 12.5%

Total PV $48.9 $46.2 $43.7 $41.4 $39.3

Per Share $1.44 $1.36 $1.29 $1.22 $1.16

Source: Care Management.

20

PETER J SOLOMON COMPANY

CLINTON PERFORMANCE DCF SENSITIVITY

In the three year discounted cash flow analysis, Care share price is generally more sensitive to Clinton’s EBIT margin than to Clinton’s revenue growth

Treasury model assumes constant 4% EBIT margin in the projected period

Clinton net impact in Treasury Model expected to be ~$250mm of revenue and ~$10mm of EBIT each year

Incremental Value to Three Year DCF (a)

Total Revenue Growth

(20%) (10%) 0% 10% 20%

EBIT Margin

(2%) ($1.78) ($1.84) ($1.91) ($1.97) ($2.04)

0% (1.27) (1.27) (1.27) (1.27) (1.27)

2% (0.76) (0.70) (0.64) (0.57) (0.51)

4% (0.25) (0.13) -- 0.13 0.25

6% 0.25 0.44 0.63 0.82 1.01

(a) Assumes 10.5% discount rate and 3.5x terminal multiple.

21

PETER J SOLOMON COMPANY

FUTURE STOCK PRICE ANALYSIS

(Amounts in Millions, Except Per Share Data)

Management Treasury Model

LTM

Adjusted EBITDA $184.6

% Growth

Total Debt $280.2

Cash (61.7)

Net Debt $218.4

Adj. EBITDA Multiple

LTM

Projected Stock Price at Illustrative EV/Adjusted EBITDA Multiples: 3.0 x $9.92

3.5 12.65

4.0 15.37

4.3 (a) 17.183

4.5 18.10

LTM

Present Value of Stock Price Assuming 12.5% Cost of Equity:

3.0 x $9.92

3.5 12.65

4.0 15.37

4.3 (a) 17.18

4.5 18.10

Fiscal Year

2013E 2014E 2015E 2016E

$183.5 $204.1 $222.6 $232.1

(15.9%) 11.2% 9.0% 4.3%

$245.2 $335.2 $350.2 $350.2

(61.9) (131.0) (180.0) (300.5)

$183.3 $204.2 $170.1 $49.7

Stock Price at End of Fiscal Year

2013E 2014E 2015E 2016E

$10.85 $12.61 $15.13 $19.37

13.56 15.76 18.51 22.84

16.27 18.91 21.90 26.32

18.06 20.99 24.14 28.62

18.98 22.06 25.28 29.80

Present Value at February 28, 2013

$10.85 $11.20 $11.95 $13.60

13.56 14.01 14.63 16.04

16.27 16.81 17.30 18.49

18.06 18.66 19.07 20.10

18.98 19.61 19.98 20.93

Note: Share count based on diluted shares outstanding from Treasury Model.

(a) Implied LTM multiple of initial offer by Weiss family, assuming full value of SBT expenses are added back, where applicable.

22

PETER J SOLOMON COMPANY

FUTURE STOCK PRICE ANALYSIS – NORMALIZED SBT

Assumes $6.3mm in normalized SBT expense in LTM and FY13 periods (a)

(Amounts in Millions, Except Per Share Data)

Management Treasury Model

LTM

Adjusted EBITDA w/ Normalized SBT $182.5

% Growth

Total Debt $280.2

Cash (61.7)

Net Debt $218.4

Adj. EBITDA Multiple

LTM

Projected Stock Price at Illustrative EV/Adjusted EBITDA Multiples: 3.0 x $9.73

3.5 12.42

4.0 15.12

4.4 (b) 17.18

4.5 17.82

LTM

Present Value of Stock Price Assuming 12.5% Cost of Equity: 3.0 x $9.73

3.5 12.42

4.0 15.12

4.4 (b) 17.18

4.5 17.82

Fiscal Year

2013E 2014E 2015E 2016E

$178.5 $204.1 $222.6 $232.1

(18.2%) 14.4% 9.0% 4.3%

$245.2 $335.2 $350.2 $350.2

(61.9) (131.0) (180.0) (300.5)

$183.3 $204.2 $170.1 $49.7

Stock Price at End of Fiscal Year

2013E 2014E 2015E 2016E

$10.40 $12.61 $15.13 $19.37

13.04 15.76 18.51 22.84

15.67 18.91 21.90 26.32

17.68 21.31 24.48 28.97

18.31 22.06 25.28 29.80

Present Value at February 28, 2013

$10.40 $11.20 $11.95 $13.60

13.04 14.01 14.63 16.04

15.67 16.81 17.30 18.49

17.68 18.94 9.34 20.35

18.31 19.61 19.98 20.93

Note: Share count based on diluted shares outstanding from Treasury Model. (a) Calculated as median of prior six fiscal years scan-based trading expense.

(b) Implied LTM multiple of initial offer by Weiss family, assuming add-back of $6.3mm of SBT expenses in LTM and FY13 periods.

23

PETER J SOLOMON COMPANY

SUM OF THE PARTS ANALYSIS

(Dollars in Millions)

Revised Management Strategic Plan (a)

Segment NAGCD Cardstore Subtotal International (b) Retail Operations (Clinton) AG Interactive Other (c) Subtotal Properties (d) Unallocated Overhead

FY13E EBITDA (e) $216.1 (f) (27.3) 188.8 23.8 ~10.0 (g) 11.8 7.1 241.5 1.0 (55.4)

Multiple Range 3.5 x 3.5 x 3.5 x 6.0 x 3.5 x 3.5 x

- - - - - -

4.5 x 4.5 x 4.5 x 8.0 x 4.5 x 4.5 x

Enterprise Value Range

$756.4 (95.7) 660.7 83.3 0.0 70.8 24.8 839.6 0.0 (193.8)

- - - - - - - -

$972.5 (123.0) 849.5 107.1 45.0 94.4 31.8 1,127.9 45.0 (249.2)

Sum of the Parts Total Value

FY2013 Net Debt

Implied Equity Value

Share Price (h)

Premium to Unaffected Share Price

Premium to Offer

$645.8 (183.3) 462.5 $13.71 (4.4%) (20.2%)

- -

$923.7 (183.3) 740.4 $21.80 52.0% 26.9%

(a) Based on revised forecast as of November 16, 2012.

(b) Assumes Management’s view of normalized UK wholesale EBIT of ~$14.0mm, reflecting some pick up from current $11.5mm. Also includes effect of FX.

(c) Primarily AGI In-Store.

(d) Based on discussions with Care counsel regarding potential value, should court order specific performance.

(e) Does not equal current Treasury plan EBITDA forecasts, due to UK adjustments.

(f) All D&A allocated to NAGCD.

(g) Assumes full year net EBIT contribution of $10.0mm, in line with current Treasury Model estimates for full-year FY14 – FY16

(h) Includes restricted stock and performance shares.

24

PETER J SOLOMON COMPANY

FUTURE STOCK PRICE ANALYSIS BASED ON ILLUSTRATIVE LEVERED RECAP

Assumes a $9.02 dividend is paid on February 28, 2013(a)

Adjusted EBITDA multiple ranges kept consistent with p. 22; however, executing a leveraged recapitalization may result in lower pro forma trading multiples

(Amounts in Millions, Except Per Share Data)

Management Treasury Model

Fiscal Year

2013E 2014E 2015E 2016E

Adjusted EBITDA $183.5 $204.1 $222.6 $232.1

% Growth (15.9%) 11.2% 9.0% 4.3%

Total Debt $550.6 $562.3 $517.9 $383.8

Cash (60.0) (60.0) (60.0) (60.0)

Net Debt $490.6 $502.3 $457.9 $323.8

Adj. EBITDA Multiple

Projected Stock Price at Illustrative EV/Adjusted EBITDA Multiples: 3.0 x 3.5 4.0 4.3(b) 4.5

Present Value of Stock Price Assuming 12.5% Cost of Equity: 3.0 x 3.5 4.0 4.3 4.5

Present Value Stock Price Including $9.02 Dividend: 3.0 x 3.5 4.0 4.3 (b) 4.5

Stock Price at End of Fiscal Year

2013E 2014E 2015E 2016E

$1.77 $3.40 $6.38 $11.16

4.48 6.55 9.76 14.63

7.19 9.70 13.15 18.11

8.98 11.79 15.39 20.41

9.90 12.85 16.53 21.58

Present Value at February 28, 2013

$1.77 $3.02 $5.04 $7.84

4.48 5.82 7.71 10.28

7.19 8.62 10.39 12.72

8.98 10.48 12.16 14.33

9.90 11.43 13.06 15.16

Present Value at February 28, 2013

$10.79 $12.04 $14.06 $16.85

13.50 14.84 16.73 19.30

16.21 17.64 19.41 21.74

18.00 19.50 21.17 23.35

18.92 20.44 22.08 24.18

Note: Share count based on diluted shares outstanding from Treasury Model.

(a) Assumes $305mm of incremental leverage using Term Loan B at L + 450bps with 125bps floor (3.0x Total Debt / FY13 EBITDA).

(b) Implied LTM multiple of initial offer by Weiss family, assuming full value of SBT expenses are added back, where applicable.

25

PETER J SOLOMON COMPANY

LBO SENSITIVITY – PURCHASE PRICE, LEVERAGE AND EXIT MULTIPLE

Management Treasury Model

IRR Based on Purchase Price and Leverage Assuming 4.0x Exit Multiple

Purchase Price per Share

$17.18 $18.00 $19.00 $20.00 $21.00 $22.00 $23.00 $24.00 $25.00

4.2 x 4.3 x 4.5 x 4.7 x 4.9 x 5.1 x 5.3 x 5.5 x 5.7 x

Leverage

2.5 x 24% 21% 18% 15% 12% 10% 7% 5% 3%

3.0 x 29% 25% 21% 17% 14% 11% 8% 6% 3%

3.5 x 38% 32% 26% 21% 16% 12% 9% 6% 3%

IRR Based on Purchase Price and Exit Multiple Assuming 3.0x Leverage

Purchase Price per Share

$17.18 $18.00 $19.00 $20.00 $21.00 $22.00 $23.00 $24.00 $25.00

4.2 x 4.3 x 4.5 x 4.7 x 4.9 x 5.1 x 5.3 x 5.5 x 5.7 x

Exit Multiple 3.0 x 10% 7% 3% (0%) (3%) (6%) (8%) (10%) (12%)

3.5 x 20% 17% 13% 9% 6% 3% 1% (2%) (4%) 4.0 x 29% 25% 21% 17% 14% 11%

8% 6% 3% 4.5 x 37% 33% 28% 24% 21% 17% 14% 12% 9%

Note: Assumes transaction date of February 28, 2013, exit in Year 3 and $2.3mm addback to EBITDA for public company expenses.

26

Implied EV / FY13 Adjusted EBITDA Assuming FYE Net Debt

Implied EV / FY13 Adjusted EBITDA Assuming FYE Net Debt

PETER J SOLOMON COMPANY

LBO SENSITIVITY – OPERATING PERFORMANCE

Illustrative share prices assuming target IRR of 20%

Assumes transaction date of February 28, 2013

Assumes 3.0x Total Debt / FY13 EBITDA leverage

Assumes 4.0x exit multiple

Assumes $2.3mm addback to EBITDA for elimination of public company expenses

Three-Year LBO Sensitivity to Changes in Operating Performance in FY14-FY16

Total Revenue Growth

(5.0%) (2.5%) 0.0% 2.5% 5.0%

EBIT Margin

(1.0%) $15.37 $16.29 $17.26 $18.28 $19.34

(0.5%) 16.23 17.21 18.24 19.31 20.43

0.0% 17.09 18.13 19.21 20.34 21.52

0.5% 17.95 19.03 20.18 21.37 22.61

1.0% 18.80 19.94 21.14 22.39 23.68

Five-Year LBO Sensitivity to Operating Performance in Illustrative FY17 and FY18 Periods

Total Revenue Growth

EBIT Margin

(5.0%) (2.5%) 0.0% 2.5% 5.0%

6.0% $14.71 $14.93 $15.16 $15.40 $15.64

7.0% 15.81 16.09 16.37 16.66 16.96

8.0% 16.90 17.24 17.58 17.93 18.29

9.0% 18.00 18.39 18.78 19.18 19.59

10.0% 19.09 19.53 19.97 20.43 20.90

27

PETER J SOLOMON COMPANY

APPENDIX. ADDITIONAL INFORMATION

28

PETER J SOLOMON COMPANY

CURRENT CARE SHAREHOLDERS

(Amounts in Thousands)

Common Shares % of Exercisable Beneficial Ownership % of Total

Class A Class B Total Options (a) Economic Voting Economic Voting

Zev Weiss -- 49.1 0.2 % 502.4 551.5 5,515.0 1.6 % 8.1 %

Morry Weiss -- 213.4 0.7 145.3 358.7 3,413.4 1.1 5.0

Jeffrey Weiss 4.3 35.2 0.1 318.1 357.5 3,536.7 1.1 5.2

Irving Stone LLC & related foundations -- 2,222.1 7.0 -- 2,222.1 22,221.5 6.6 32.6

Total Weiss Family & Foundations (b) 4.3 2,519.8 8.0 965.8 3,489.9 34,686.6 10.3 50.9

Other Inside Owners (c)

Charles A. Ratner 15.1 16.2 0.1 66.9 98.3 244.2 0.3 0.4

Jerry Sue Thornton -- 13.8 0.0 66.9 80.7 204.9 0.2 0.3

Jeffrey D. Dunn -- -- -- 45.9 45.9 45.9 0.1 0.1

William E. MacDonald, III 1.0 -- 0.0 45.9 46.9 46.9 0.1 0.1

Michael J. Merriman, Jr. -- -- -- 52.9 52.9 52.9 0.2 0.1

Stephen J. Smith 12.0 -- 0.0 96.1 108.2 108.2 0.3 0.2

John W. Beeder -- -- -- 30.1 30.1 30.1 0.1 0.0

Michael L. Goulder 16.1 -- 0.1 265.6 281.7 281.7 0.8 0.4

Scott S. Cowen 0.8 2.0 0.0 66.9 69.7 87.6 0.2 0.1

Other Insiders 136.2 (0.0) 0.4 556.9 693.1 693.1 2.0 1.0

Total Other Insiders 181.3 32.0 0.7 % 1,294.2 1,507.5 1,795.6 4.5 % 2.6 %

Top 10 Institutions (d)

Dimensional Fund Advisors 3,045.8 -- 9.6 % -- 3,045.8 3,045.8 9.0 % 4.5 %

Marathon Asset Management 2,748.9 -- 8.7 -- 2,748.9 2,748.9 8.1 4.0

BlackRock 2,640.8 -- 8.4 -- 2,640.8 2,640.8 7.8 3.9

LSV Asset Management 2,232.1 -- 7.1 -- 2,232.1 2,232.1 6.6 3.3

River Road Asset Management 2,045.9 -- 6.5 -- 2,045.9 2,045.9 6.0 3.0

The Vanguard Group 2,034.6 -- 6.4 -- 2,034.6 2,034.6 6.0 3.0

Intrepid Capital Management Inc. 1,826.6 -- 5.8 -- 1,826.6 1,826.6 5.4 2.7

Dawson Investments (e) 1,580.6 -- 5.0 -- 1,580.6 1,580.6 4.7 2.3

Towerview (f) 1,450.0 -- 4.6 -- 1,450.0 1,450.0 4.3 2.1

Northern Trust Global Investments 1,278.1 -- 4.0 -- 1,278.1 1,278.1 3.8 1.9

Total Top 10 Institutions 20,883.3 -- 66.1 % -- 20,883.3 20,883.3 61.6 % 30.7 %

Public and Other 7,686.2 307.7 25.3 % -- 7,994.0 10,763.7 23.6 % 15.8 %

Total Shares Outstanding (g) 28,755.1 2,859.5 92.0 % 2,260.0 33,874.7 68,129.1 100.0 % 100.0 %

(a) Includes only RSUs and exercisable options held by directors and executive officers.

(b) Includes all Weiss individuals listed plus Irving Stone LLC and related foundations.

(c) Source: Company’s Proxy Statement dated June 15, 2012.

(d) Source: Bloomberg, Capital IQ.

(e) Dawson Investments filed a 13D on October 23, 2012 declaring beneficial ownership of 5.0% of common shares.

(f) Towerview filed a 13D on October 3, 2012 declaring beneficial ownership of 5.0% of common shares.

(g) Shares outstanding as of October 1, 2012. Source: Company’s Form 10-Q for the period ended August 24, 2012.

29

PETER J SOLOMON COMPANY

PUBLIC COMPANY COSTS

Annual Meeting Annual Costs

Printing & EDGAR filing of proxy statement , 10-K and annual report $58,635

Tabulator services (Broadridge) 34,588

Shareholders’ meeting (food, linens, etc.) 770

Section 16 Insiders

RRDFile16.com data management system and filing services ($600/quarter) $2,400

Romeo & Dye publication 795

Fees and expenses - Directors (Assumes two outside directors remain)

Expenses (air transportation, hotel, ground transportation) $9,991

Fees FY 2012 (cash only) 360,000

Equity awards as part of fee payment (would become cash payment as private company) 347,188

All other compensation (AD&D insurance; charitable match contribution) 20,360

Advisors & Miscellaneous

Attorneys – SEC related matters $10,000

Auditors – incremental audit fees (save 1/3 of annual audit fee of $2.3 million) 766,666

Compensation advisor to the Board 171,877

11-K – incremental audit fee 4,000

Stock exchanges (NYSE Listing Fee) 80,745

Stock exchanges (OTC – FINRA Fee) 800

S-8 Registration statements ($10K every other year) 5,000

Bloomberg 25,000

PR Newswire quarterly & annual financial releases 41,625

EDGAR prep and transmission for quarterly earnings releases 1,279

Conference Call (public investor call) 4,932

Investor Relations website 15,732

Investor Relations Management Tool – Ipreo BD Corporate 66,500

Printer -- Miscellaneous EDGAR fees (8-K, 10-Q, 11-K, etc.) (a) 44,797

Stock transfer agent 62,493

Incremental costs – directors & officers insurance (50% of normalized coverage costs of $400,000) $200,000

Peer Chart for 10-K 1,000

IR Travel 7,500

TOTAL $2,344,673

Source: Management estimates.

(a) Includes initial 10-Q XBRL tagging costs ~$10,000 more than subsequent 10-Q.

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PETER J SOLOMON COMPANY

SELECTED PUBLIC TRADING MULTIPLES

Social Expression Licensing Related Online Printers Theaters

EV / LTM EBITDA Multiples

Soc. Exp. Median: 3.2x

Licensing Median: 7.2x

Rel. On. Median: 6.1x

Print. Median: 3.8x

Theaters Median: 7.2x

20.0 x 16.0 x 12.0 x 8.0 x 4.0 x --

Care 3.8 x 4.3 x 7.8 x

1.8 x 4.6 x 4.0 x 6.7 x NM 9.9 x 17.1 x 3.3 x 6.1 x 3.6 x 4.1 x 5.5 x 7.4 x 7.2 x

Unaffected Current BTH CSS ICON SCHL MDP MSO CHKE SFLY PRSS FLWS QUAD RRD CKEC CNK RGC

EV / CY2012E EBITDA Multiples

Soc. Exp. Median: NM

Licensing Median: 7.2x

Rel. On. Median: 5.6x

Print. Median: 3.9x

Theaters Median: 7.0x

20.0 x 16.0 x 12.0 x 8.1 x 8.0 x 4.0 x --

Care 3.8 x 4.3 x

NM NM 8.1 x NM 6.4 x NM NM 8.6 x 2.9 x 5.6 x 3.7 x 4.2 x 5.5 x 7.1 x 7.0 x

Unaffected Current BTH CSS ICON SCHL MDP MSO CHKE SFLY PRSS FLWS QUAD RRD CKEC CNK RGC

BTH: Blythe; CHKE: Cherokee; CKEC: Carmike; CNK: Cinemark; CSS: CSS Industries; FLWS: 1-800-Flowers.com; ICON: Iconix; MDP: Meredith; MSO: Martha Stewart Omnimedia; PRSS: CafePress; SCHL: Scholastic; SFLY: Shutterfly; QUAD: Quad/Graphics; RGC: Regal Entertainment; RRD: R.R. Donnelly. Data as of November 16, 2012.

31

PETER J SOLOMON COMPANY

PREMIA PAID IN SELECTED ANALOGOUS TRANSACTIONS

Reflects transaction over last 10 years involving targets in which the acquiring entity held greater than 50% but less than 90% voting interest in the target company

Unaffected Premium to /

Annc. Date 2/24/2012 1/16/2012 10/3/2011 7/12/2011 4/21/2011 2/22/2011 1/9/2011 11/15/2010 6/2/2010 3/22/2010 11/3/2009 9/8/2009 7/29/2009 7/13/2009 3/25/2009 3/22/2009 8/12/2008 7/21/2008 3/10/2008 10/23/2007 7/18/2007 4/23/2007 2/23/2007 1/24/2007 11/20/2006 10/9/2006 3/17/2006 3/13/2006 12/31/2005 9/1/2005 2/21/2005 1/27/2005 8/2/2004 11/7/2003 6/2/2003 12/16/2002 7/9/2002

Acquiror

Kenneth Cole Timothy M. Marquez Angelo Gordon ACF Industries CNA Financial Sun Pharmaceutical Ind. Hugh Hefner Rocco B. Commisso Gerdau SA CONSOL Energy Tilman Fertitta Fairfax Financial Holdings Overseas Shipholding Group KPN NV Hearst Corp. Cox Enterprises Mitsubishi UFJ Financial Roche Nationwide Mutual Insurance Macquarie Infrastructure Alfa Mutual Insurance Oplink Communications American Financial Group AIG TD Bank Financial Group VNU / Nielson General William Lyon LUKoil OAO Virbac SA Seven-Eleven Japan Novartis Danisco Cox Enterprises Barnes & Noble ICN Pharmaceuticals Savia SA Samuel J. Heyman

Target

Kenneth Cole Productions Venoco Inc. C&D Technologies XO Holdings CNA Surety Caraco Pharmaceutical Labs Playboy Mediacom Communications Gerdau Ameristeel CNX Gas Landry’s Restaurants Odyssey Re Holdings OSG America iBasis Hearst-Argyle Television Cox Radio UnionBanCal Genentech Nationwide Financial Services Waste Industries USA Alfa Corp. Optical Communication Products Great American Financial 21st Century Insurance TD Banknorth NetRatings William Lyon Homes Chaparral Resources Virbac Corp. 7-Eleven Eon Labs Genencor International Cox Communications barnesandnoble.com Ribapharm Seminis International Specialty Products

Deal Value $147 400 52 96 475 51 137 3,597 1,620 963 157 1,098 70 93 77 82 3,511 46,763 2,440 263 811 79 223 758 3,006 327 240 89 52 1,323 989 261 8,363 164 129 60 127 Average Median

Initial Stake % 47% 50% 65% 62% 61% 76% 34% 40% 66% 83% 57% 73% 77% 56% 82% 78% 65% 56% 66% 51% 55% 58% 81% 61% 58% 61% 75% 60% 60% 73% 65% 83% 62% 75% 80% 76% 81%

One-Day Prior 15% 39% 31% 84% 38% 16% 56% 64% 53% 46% 128% 30% 44% 131% 115% 45% 26% 16% 38% 33% 45% 20% 13% 33% 7% 44% 44% 57% 57% 32% 25% 24% 26% 36% 23% 51% 30% 44% 38%

One-Week Prior 17% 39% 27% 9% 39% 18% 49% 64% 57% 46% 116% 30% 54% 116% 150% 54% 29% 26% 29% 41% 46% 19% 15% 34% 8% 45% 51% 53% 53% 31% 23% 22% 25% 33% 24% 51% 27% 42% 34%

One-Month Prior 22% (6%) 25% 103% 49% 16% 72% 24% 47% 47% 138% 40% 54% 117% 143% (7%) 80% 27% 24% 33% 30% 21% 12% 25% 9% 43% 27% 49% 49% 10% 18% 19% 25% 31% 57% 45% 49% 42% 31%

Source: Public market filings.

32

PETER J SOLOMON COMPANY

SELECTED RELATED M&A ACTIVITY

Since 2001

(Dollars in Millions) Strategic Buyer Financial Buyer

Date Announced Nov-11 Jul-11 Apr-11 Mar-11 Mar-11 Dec-09 Sep-09 Apr-09 Feb-09 Aug-08 May-08 Apr-08 Nov-07 Oct-07 Oct-07 Oct-06 Aug-06 Jul-06 Jun-05 May-05 Dec-04 Jan-04 Mar-03 Oct-02 Jul-02 May-02 Feb-02 Sep-01

Acquiror Name ACCO Brands PhotoBox MVP Group International Shutterfly American Greetings Amscan Holdings Sun Capital Partners American Greetings American Greetings CSS Industries Peterson Partners Russ Berrie and Company American Greetings CSS Industries American Greetings Madison Dearborn Partners Prentice Capital Yankee Candle American Capital Strategies Mustang Group Russ Berrie and Company Blyth Blyth CSS Industries Russ Berrie and Company Blyth CSS Industries American Greetings

Target Name MeadWestvaco Consumer & Office Products Moonpig.com Midwest - CBK Tiny Prints Watermark Publishing DesignWare Lang Holdings Schurman Fine Papers (Wholesale & Papyrus) Recycled Paper Greetings Hampshire Paper Corporation Franklin Covey Organizational Products LaJobi Industries Photoworks C.R. Gibson Twofold Photos Yankee Candle Russ Berrie and Company (42%) Illuminations Potpourri Group Vermont Teddy Bear Company Kids Line Walter Drake Miles Kimball Company Crystal Creative Products Sassy CBK Styles C.M. Offray & Son Bluemountain.com

Description Designs school and office supplies Publishes greeting cards online Designs candles Online retail of photo cards Publishes greeting cards Manufactures party supplies Supplier of calendars and stationery Publishes greeting cards Publishes greeting cards Creates roll paper and waxed tissue Sells planners and organizers Designs baby furniture Offers online personal publishing Offers photo albums and scrapbooks Operates a photo and video sharing site Designs and sells candles Designs infant consumer products Designs candles Offers catalogs focused on home gifts Designs and sells teddy bears Provides infant bedding Markets calendars and stationery Sells cards and gifts Designs tissue and wrap products Designs infant toys Designs candles Provides ribbons and fabrics

Offers online greeting cards

Enterprise Value 860.0 195.6 36.9 376.4 6.0 24.9 (a) 25.0 18.1 150.2 9.7 32.0 62.7 (b) 26.5 72.9 45.2 1,678.4 292.5 22.0 226.5 35.1 127.9 53.0 65.0 22.8 45.0 54.3 44.8 35.0 Mean Median

EV as a Multiple of:

LTM Sales 1.2 x 3.2 0.4 4.3 0.2 NA NA NA 1.9 NA NA 1.0 2.5 1.4 2.5 2.6 1.0 NA NA 0.5 2.2 0.7 0.5 NA 1.0 0.7 NA 2.5 1.6 x 1.2

LTM EBITDA 5.9 x NA NA NM NA NA NA NA NA NA NA 7.0 NA NA NA 10.2 45.6 NA NA 5.8 6.5 NA NA NA NA NA NA NA 13.5 x 6.7

Source: Public market filings.

(a) Also included a warrant to purchase 2% of the common stock of AAH Holdings Corp. (b) Enterprise value includes $15 million earnout.

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