Contract

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Guru Denim, Inc. dba True Religion Brand ▇▇▇▇

May 15, 2003

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London, W1R 0ES, England Via Facsimile: 011 44 20 75810496

Exclusivity Agreement for the Territories of United Kingdom,
Ireland & Scotland

Dear Vinay:

Please accept this letter as an Exclusivity Agreement between Guru Denim, Inc. dba True Religion Brand Jeans and ▇▇▇▇▇▇▇ Agency for duration of two (2) years effective immediately.

This Agreement is renewable in Two (2) years - May 15, 2005) solely on my discretion.

Upon execution of this agreement you will be the sole territorial representative for Guru Denim, Inc.

Also please be advised that all Intellectual Property associated with Guru Denim, Inc. is considered confidential.

Please sign this agreement and fax a copy for our file.

Yours very truly,

Guru Denim, Inc.

/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
CEO/President

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May 15, 2003 /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇
May 15, 2003

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