Step 1 - Create a new file. On the Stage with the text tool write the phrase: My frog movie

Step 3 - With all the text boxes selected choose
Modify >Distribute to Layers

This puts each letter on a different layer.

With the arrow tool click on the M and in the Properties Inspector convert it to a Symbol with a Graphic Behavior. Name this M and click OK.

Repeat this with all the letters

Step 4 - On the Timeline click on frame 20 and drag down all the layers that you've placed a symbol, now add a Keyframe. Notice how you've now added a keyframe to all the layers?

Add an additional keyframe at frame 40 for all layers.

Step 5 - Make sure that all your letters are deselected and with the Framehead on frame 40, drag the letters M and Y (the word My) off the Stage to the work area.

Step 6 - In the Toolbox select the Free Transform and change the scale and rotation of the letters M and Y.

In the Properties Inspector change the Alpha to zero. This will have these letters fade out.

Step 8 - Click on a frame between your two keyframes and drag down to select all your layers. Add a motion tween.

In the Properties Inspector add a Ease of 80 out.