Special Situation Report:

Date: December 01, 2004

Our Feature Profile:

True Religion Apparel, Inc.

(OTC BB: TRLG)

Company Profile

True Religion Apparel, Inc. (OTC BB: TRLG), through its wholly owned subsidiary Guru Denim, Inc. manufactures, markets, distributes and sells "True Religion Brand Jeans" in the United States, Canada, the United Kingdom, Europe, Mexico and Japan. True Religion Brand Jeans can be found in the United States at Neiman Marcus, Saks Fifth Avenue, Ron Herman, Henri Bendel, Bloomingdales, Nordstrom, Barneys and greater than 500 fashion boutique clothing stores throughout the United States and Canada. True Religion Brand Jeans can also be found at fine stores in Japan, including Isetan and Barneys Japan; in England, including Selfridges, Harrod's and Harvey Nichols; in France, including Galleries Lafayette.

About The Company:

True Religion Brand Jeans was established in December, 2002, to take denim in a refreshing new direction. The Los Angeles based premium denim company has become known for its intense attention to detail: from the fashion-forward seams, to the remarkable embroidery and innovative hand-sanded vintage washes, True Religion Brand Jeans has distinguished itself as a leader in the high-end denim market for men, women and kids. The line also includes a myriad of colored corduroy pants, skirts, shirts, shorts, jackets, blazers, hoodies, T-shirts and everything in between.

Husband and wife designers, Jeffrey and Kym Lubell, have combined his love of classic rock and her love of hip-hop and R&B to produce a trendsetting line made to exceed consumers’ expectations of denim apparel. Magazines including Elle, Bazaar, InStyle, NY Times, Los Angeles Magazine, Lucky, GQ, Razor, DNR, Rolling Stones, Men’s Health, Vogue, Intl’ Publications, Teen People, Teen Vogue, Star, People, InTouch, Life & Style, and US Weekly have recently featured True Religion Brand Jeans apparel.

The line will also be featured in upcoming movies including “Cake” w/ Heather Graham, “The Fog” w/ Selma Blair (opening scene), “Domino” w/ Keira Knightley, and “Dukes of Hazzard” w/Jessica Simpson.

In addition, the brand has amassed an impressive list of celebrity enthusiasts including Kate Beckinsale, David Beckham, Sarah Chalke, Courteney Cox, Gary Dourdon, Faith Evans, Tom Ford, Jennifer Garner, Heather Graham, Kate Hudson, Angelina Jolie, Donna Karan, Heidi Klum, Nick Lachey, Jennifer Lopez, Freddie Ljungberg, Madonna, Chad Michael Murray, Gwyneth Paltrow, Brooke Shields, Jessica Simpson, Jada Pinkett Smith, Gwen Stefani, Justin Timberlake, Usher, Bruce Willis, the Wayans Bros., and the Cast of Desperate Housewives. True Religion Brand Jeans can currently be found in the world’s finest retailers including:

• United States: Barney’s New York, Fred Segal, Neiman Marcus, Ron Herman, Henri Bendel, Bergdorf Goodman, Saks Fifth Avenue, Atrium, H. Lorenzo, Kitson, Intermix and Jeffries NY
• United Kingdom: Harrod’s, Harvey Nichols, Selfridges, and Vertice
• France: L'eclaireur, Printemps, Bonmarché and Galeries Lafayette - Paris; Martine Chambon - St tropez.
• Japan: Barneys, Isetan, B’2ND, and Estonation
• Hong Kong: Lane Crawford and Harvey Nichols
• Italy: Gio’ Moretti, De Fano, Sugar, Leam, and Luisa Via Roma
• Russia: Mercury and Opium

Competition:

The apparel industry is intensely competitive and fragmented. The company will compete against other small companies like theirs, as well as large companies that have a similar business and large marketing companies, importers and distributors that sell products similar to or competitive with their. Examples of companies with whom the company will compete with include Innovo Group, Inc. (Joe's Jeans, Inc.), Levi Strauss & Co., Giorgio Armani, Polo Ralph Lauren Corporation, Calvin Klein, Seven For All Mankind, Citizens For Humanity, etc.

The company believes that their competitive strengths consist of the detailing of the design, the quality of the denim and the superiority of the finish (the "wash"). Within the contemporary better jean market, where the company will sell their products, jeans sell from $100 to $300 per pair and designer label jeans can command higher prices. The company believes that their price range of $170 to $200 provides superior value for the quality, style, fit and finish of True Religion Brand Jeans.

Important Links:

• Company Stores: Stores Across the U.S.
• Distributors: Distributors Across the World

Key Management:

• Mr. Jeffrey Lubell, Chief Exec. Officer, Pres, Director and Pres of Guru Denim, Inc.
• Mr. Charles A. Lesser, Chief Financial Officer, Prin. Accounting Officer, and Chief Operating Officer of Guru Denim, Inc.
• Mr. Mark Saltzman, Chief Operating Officer
• Mr. Patrick Forseille, Chief Technical Officer
• Ms. Kymberly Gold-Lubell, VP, Sec., Director and Design Director Guru Denim, Inc.

SEC Filings:

SEC filings for all True Religion Apparel, Inc. can be reviewed at: http://finance.yahoo.com/q/sec?s=TRLG.OB

Share Structure:

Latest Press Releases:

	11/12/04		TRUE RELIGION APPAREL INC Files SEC form 10QSB, Quarterly Report
	11/09/04		TRUE RELIGION APPAREL INC Files SEC form 8-K, Results of Operations
	10/05/04		TRUE RELIGION APPAREL INC Files SEC form 8-K, Results of Operations
	09/20/04		TRUE RELIGION APPAREL INC Files SEC form 8-K, Regulation FD Disclosure

Contact Information:

Technical Analysis

Conclusion

Chart analysis presents a stock that is deemed for higher prices, while the company is poised for higher market capitalization. Company fundamentals paint a picture for TRLG having tremendous potential of succeeding in the highly competitive clothing apparel industry. We believe the stock is a solid investment opportunity and should perform well over the next six months.

Disclaimer and Disclosure

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This stock profile/advertisement alert contains or incorporates by reference "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward looking statements" within the meaning of the Safe Harbor Clause of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements invoke risk and uncertainties that may cause the Company's actual results to differ materially from such forward-looking statements. Forward looking statements in this action may be identified through the use of words such as “expects”, “will”, “anticipates”, “estimates”, “believes”, or that by statements indicating certain actions “may”, “could”, or “might occur”, and similar expressions which are intended to identify forward-looking statements. These risks and uncertainties include, but are not limited to, demand for the Company's product both domestically and abroad, the Company's ability to continue to develop its market, the Company's ability to obtain necessary financing, general economic conditions, and other factors that may be more fully described in the company's literature and any periodic filings with the Securities and Exchange Commission.

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