Ibis Consulting Group, LLC
4500 Campus Drive, # 217
Newport Beach, CA 92660
To Whom It May Concern:
On behalf of True Religion Apparel, Inc., I would like to extend my appreciation to Ibis Consulting Group for their assistance in garnering recognition in the institutional investment community.
The efforts of the Ibis staff assisted our company in building an institutional shareholder base, which gradually helped our stock to appreciate and gain positions with long term institutional buyers.
True Religion's stock trading price has increased from below $l.00 in July of 2004 to over $14.00 as of today's market close., and Ibis Consulting Group's professional services definitely contributed to our positive growth.
Very truly yours,
Charles A. Lesser
Chief Financial Officer
