American Achievement Group in Tender Offer

August 5, 2009

Cleary Gottlieb represented Goldman, Sachs & Co. as dealer manager in a cash tender offer by American Achievement Group Holding Corp. for up to $85 million aggregate principal amount of its outstanding 12.75% Senior PIK Notes due 2012 (the “Notes”). Approximately $65.3 million in aggregate principal amount of Notes, representing approximately 59.35% of the outstanding Notes, were validly tendered and not withdrawn in the tender offer. The tender offer was subject to a minimum tender condition of at least $65 million in aggregate principal amount of Notes (representing approximately 59% of the outstanding Notes) being validly tendered and not withdrawn. The tender offer expired on August 5.