In this step we are going to add some shadows to the ribbon......
Now right click on the layer 'v' and click 'duplicate layer'

Also duplicate the layers 'n' and 'i'.
Now move the duplicated layers just below their parent layers one by one.

Now change the opacity of the parent layers 'v','n','i' to 10%

Now rasterize all the duplicated layers by right clicking on the layers and selecting 'rasterize type'.
Then select 'polygonal lasso tool' from the tool box.

Then click on the 'v copy layer' then in the canvas draw a selection as shown in the following image using the lasso tool.

Then just delete the selection.....

Now the lower part....

We need only that part of the letter which is just above the ribbon. got it? repeat the steps for the letter 'n' and 'i'.

Ok..

Then change the opacity of the parent layers from 10% to 100%.

Ok..

Then double click on any one of the duplicated layers (ncopy or vcopy or icopy) and click on the drop shadow effect. Change the values as shown in the following image..

If you are done click 'OK'
Now right click on the duplicated layer that we just added a drop shadow effect and from the menu select 'copy layer style'.
Then right click on the other duplicated layers and from the menu select 'paste layer style'.
You will get this....
