1
 
   
                         NOTICE OF GUARANTEED DELIVERY
    
                                 FOR TENDER OF
                   9 7/8% SENIOR SUBORDINATED NOTES DUE 2007
                      (INCLUDING THOSE IN BOOK-ENTRY FORM)
                                       OF
 
                             AMSCAN HOLDINGS, INC.
 
   
    This form or one substantially equivalent hereto must be used to accept the
Exchange Offer of Amscan Holdings, Inc. (the "Company") made pursuant to the
Prospectus, dated February   , 1998 (the "Prospectus"), if certificates for the
outstanding 9 7/8% Senior Subordinated Notes due 2007 of the Company (the "Old
Notes") are not immediately available or if the procedure for book-entry
transfer cannot be completed on a timely basis or time will not permit all
required documents to reach the Exchange Agent prior to 5:00 p.m., New York City
time, on the Expiration Date of the Exchange Offer. Such form may be delivered
or transmitted by telegram, telex, facsimile transmission, mail or hand delivery
to IBJ Schroder Bank & Trust Company (the "Exchange Agent") as set forth below.
In addition, in order to utilize the guaranteed delivery procedure to tender Old
Notes pursuant to the Exchange Offer, a completed, signed and dated Letter of
Transmittal (or facsimile thereof) must also be received by the Exchange Agent
prior to 5:00 p.m., New York City time, on the Expiration Date. Capitalized
terms not defined herein are defined in the Prospectus.
    
 
               IBJ SCHRODER BANK & TRUST COMPANY, EXCHANGE AGENT.
 
                                    By Mail:
                       IBJ Schroder Bank & Trust Company
                                  P.O. Box 84
                             Bowling Green Station
                         New York, New York 10274-0084
   
                Attention: Reorganization Operations Department
    
 
                        By Overnight Courier or By Hand:
                       IBJ Schroder Bank & Trust Company
                                One State Street
                            New York, New York 10004
   
           Attn: Securities Processing Window -- Subcellar One (SC-1)
    
 
                                 By Facsimile:
                                 (212) 858-2611
 
                             Confirm by Telephone:
                                 (212) 858-2103
 
    DELIVERY OF THIS INSTRUMENT TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE, OR
TRANSMISSION OF INSTRUCTIONS VIA FACSIMILE OTHER THAN AS SET FORTH ABOVE, WILL
NOT CONSTITUTE A VALID DELIVERY.
   2
 
Ladies and Gentlemen:
 
    Upon the terms and conditions set forth in the Prospectus and the
accompanying Letter of Transmittal, the undersigned hereby tenders to the
Company the principal amount of Old Notes set forth below, pursuant to the
guaranteed delivery procedure described in "The Exchange Offer -- Guaranteed
Delivery Procedures" section of the Prospectus.
 
Principal Amount of Old Notes Tendered:*                                       $
                ----------------------------------------------------------------
 
Certificate Nos. (if available):
              ------------------------------------------------------------------
 
Total Principal Amount Represented by Certificate(s):                          $
                ----------------------------------------------------------------
 
*Must be in denominations of principal amount of $1,000 and any integral
multiple thereof.
 
     All authority herein conferred or agreed to be conferred shall survive the
death or incapacity of the undersigned and every obligation of the undersigned
hereunder shall be binding upon the heirs, personal representatives, successors
and assigns of the undersigned.
 
                                PLEASE SIGN HERE
 

                                                          
X
- -----------------------------------------------------        -------------------------------------
 
- -----------------------------------------------------        -------------------------------------
Signature(s) of Owner(s)                                     Date
or Authorized Signatory

 
Area Code and Telephone
Number:  ________________________________________________________
 
     Must be signed by the holder(s) of Old Notes as their name(s) appear(s) on
certificates for Old Notes or on a security position listing, or by person(s)
authorized to become registered holder(s) by endorsement and documents
transmitted with this Notice of Guaranteed Delivery. If signature is by a
trustee, executor, administrator, guardian, attorney-in-fact, officer or other
person acting in a fiduciary or representative capacity, such person must set
forth his or her full title below. If Old Notes will be delivered by book-entry
transfer to The Depository Trust Company, provide account number.
 
                      PLEASE PRINT NAME(S) AND ADDRESS(ES)
 
NAME(S):
  _____________________________________________________________________________
 
  _____________________________________________________________________________
 
  _____________________________________________________________________________
 
  _____________________________________________________________________________
 
  _____________________________________________________________________________
 
CAPACITY:
  _____________________________________________________________________________
 
  _____________________________________________________________________________
 
ADDRESS(ES):
      _________________________________________________________________________
 
      _________________________________________________________________________
 
ACCOUNT
NUMBER:  ______________________________________________________________________
   3
 
                                   GUARANTEE
                    (NOT TO BE USED FOR SIGNATURE GUARANTEE)
 
     The undersigned, a financial institution (including most banks, savings and
loan associations and brokerage houses) that is a participant in the Securities
Transfer Agents Medallion Program, the New York Stock Exchange Medallion
Signature Program or the Stock Exchanges Medallion Program, hereby guarantees
that the undersigned will deliver to the Exchange Agent the certificates
representing the Old Notes being tendered hereby or confirmation of book-entry
transfer of such Old Notes into the Exchange Agent's account at The Depository
Trust Company, in proper form for transfer, together with any other documents
required by the Letter of Transmittal within three New York Stock Exchange
trading days after the Expiration Date.
 
Name of Firm
           ---------------------------------------------------------------------
 
Address ------------------------------------------------------------------------
 
Area Code & Telephone No.
                        --------------------------------------------------------
 
Authorized Signature
                  --------------------------------------------------------------
 
Name  --------------------------------------------------------------------------
                                (Please Type or Print)
 
Title---------------------------------------------------------------------------
 
Date ----------------------------------------------------------
 
NOTE: DO NOT SEND CERTIFICATES OF OLD NOTES WITH THIS FORM. CERTIFICATES OF OLD
      NOTES SHOULD BE SENT ONLY WITH A COPY OF THE PREVIOUSLY EXECUTED LETTER OF
      TRANSMITTAL.