-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Ue9eH7F44HhIsP79rP0vrPt5MCZ4iqeNlf/IwnTdT3sdXYfwv+uHVhEl3P62EBKU
 t76H3hEif1EGCyMfgyGRDg==

<SEC-DOCUMENT>0001047469-04-035736.txt : 20041202
<SEC-HEADER>0001047469-04-035736.hdr.sgml : 20041202
<ACCEPTANCE-DATETIME>20041201180310
ACCESSION NUMBER:		0001047469-04-035736
CONFORMED SUBMISSION TYPE:	8-A12B
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20041202
DATE AS OF CHANGE:		20041201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GILDAN ACTIVEWEAR INC
		CENTRAL INDEX KEY:			0001061894
		STANDARD INDUSTRIAL CLASSIFICATION:	APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1003

	FILING VALUES:
		FORM TYPE:		8-A12B
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14830
		FILM NUMBER:		041178490

	BUSINESS ADDRESS:	
		STREET 1:		725 MONTEE DE LIESSE
		STREET 2:		VILLE SAINT LAURENT
		CITY:			QUEBEC CANADA
		STATE:			A8
		ZIP:			00000
		BUSINESS PHONE:		5147352023

	MAIL ADDRESS:	
		STREET 1:		725 MONTEE DE LIESSE
		STREET 2:		ST LAURENT QUE
		CITY:			CANADA
		STATE:			A8
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-A12B
<SEQUENCE>1
<FILENAME>a2140341z8-a12b.htm
<DESCRIPTION>FORM 8-A
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#04MTL1148_1">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>

<P><FONT SIZE=2>
<hr noshade width=100% align=left size=4>
<hr noshade width=100% align=left size=1> </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B>SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington,&nbsp;D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B>FORM 8-A  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B>FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES<BR>
PURSUANT TO SECTION 12(b) OR (g)&nbsp;OF THE<BR>
SECURITIES EXCHANGE ACT OF&nbsp;1934  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="51%" ALIGN="CENTER"><FONT SIZE=5><B>GILDAN ACTIVEWEAR&nbsp;INC.</B></FONT><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=5>&nbsp;</FONT></TD>
<TD WIDTH="22%"><FONT SIZE=5>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=5>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=5>&nbsp;</FONT></TD>
<TD WIDTH="51%" ALIGN="CENTER"><FONT SIZE=2>(Exact name of registrant as specified in its charter)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="47%" ALIGN="CENTER"><FONT SIZE=2>Canada</FONT><HR NOSHADE></TD>
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%" ALIGN="CENTER"><FONT SIZE=2>Not Applicable</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%" ALIGN="CENTER"><FONT SIZE=2>(State of incorporation or organization)</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%" ALIGN="CENTER"><FONT SIZE=2>(I.R.S. Employer Identification No.)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%" ALIGN="CENTER"><FONT SIZE=2>725 Mont&eacute;e de Liesse, Montr&eacute;al, QC</FONT><HR NOSHADE></TD>
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%" ALIGN="CENTER"><FONT SIZE=2>H4T&nbsp;1P5</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%" ALIGN="CENTER"><FONT SIZE=2>(Address of principal executive offices)</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%" ALIGN="CENTER"><FONT SIZE=2>(Zip Code)</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>If this Form relates to the registration of a class of securities pursuant to Section&nbsp;12(b) of the Exchange Act and is effective pursuant to General
Instruction&nbsp;A.(c), check the following&nbsp;box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>If this Form relates to the registration of a class of securities pursuant to Section&nbsp;12(g) of the Exchange Act and is effective
pursuant to General Instruction&nbsp;A.(d), please check the following&nbsp;box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT>  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>Securities Act registration statement file number to which this form relates: Not&nbsp;Applicable.</B></FONT></P>

<P><FONT SIZE=2>Securities
to be registered pursuant to Section&nbsp;12(b) of the Act: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>Title of each class<BR>
to be registered</FONT><HR NOSHADE></TD>
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="46%"><FONT SIZE=2>Name of each exchange on which<BR>
each class is to be registered</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="46%"><FONT SIZE=2>Rights to purchase Class&nbsp;A<BR>
Subordinate Voting Shares</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="46%"><FONT SIZE=2>New&nbsp;York Stock Exchange</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>Securities
to be registered pursuant to Section&nbsp;12(g) of the&nbsp;Act: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2>None</FONT><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2>(Title of class)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><hr
noshade width=100% align=left size=1>
<hr noshade width=100% align=left size=4> </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="1",CHK=211453,FOLIO='blank',FILE='DISK006:[04MTL8.04MTL1148]BE1148A.;11',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_da1148_1_2"> </A> </FONT> <FONT SIZE=2><U>Item&nbsp;1. Description of Registrant's Securities to be Registered</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a summary of the terms of the Shareholder Rights Plan Agreement dated as of December&nbsp;1, 2004 (the "Shareholder Rights Plan") between Gildan Activewear&nbsp;Inc.
(the "Corporation") and Computershare Trust Company of Canada, as rights agent (the "Rights Agent"). This summary is qualified in its entirety by reference to the text of the Shareholder Rights Plan,
which is annexed hereto as Exhibit No.&nbsp;1. </FONT><FONT SIZE=2><B>All capitalized terms used in this summary without definition have the meanings attributed to them in the Shareholder Rights
Plan.</B></FONT></P>

<P><FONT SIZE=2><B>Issuance of Rights  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Right will be issued by the Corporation in respect of each Class&nbsp;A Subordinate Voting Share of the Corporation (the "Shares") outstanding at the close
of business on December&nbsp;1, 2004, the date of implementation of the Shareholder Rights Plan, and one Right will be issued in respect of each Share of the Corporation issued thereafter, prior to
the earlier of the Separation Time and the Expiration Time. Each Right entitles the registered holder thereof to purchase from the Corporation one Share at the exercise price of five times the Market
Price of the Shares at the Separation Time, subject to adjustment and certain anti-dilution provisions (the "Exercise Price"). The Rights are not exercisable until the Separation Time. If
a Flip-In Event occurs, each Right will entitle the registered holder to receive, upon payment of the Exercise Price, Shares having an aggregate market price equal to twice the Exercise
Price. </FONT></P>

<P><FONT SIZE=2><B>Trading of Rights  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until the Separation Time (or the earlier termination or expiration of the Rights), the Rights will be evidenced by the certificates representing the associated
Shares, legended to indicate that such certificates also represent the Rights, and will be transferable only together with the associated Shares. From and after the Separation Time, separate
certificates evidencing the Rights (the "Rights Certificates"), together with a disclosure statement prepared by the Corporation describing the Rights, will be mailed to holders of record of Shares
(other than an Acquiring Person, as defined below) as of the Separation Time and such separate Rights certificates alone will evidence the Rights. The Rights will trade separately from the Shares
after the Separation Time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Rights will be listed on the Toronto Stock Exchange and the New&nbsp;York Stock Exchange, subject to the Corporation complying with the requirements of each exchange. </FONT></P>


<P><FONT SIZE=2><B>Separation Time  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Separation Time is the Close of Business on the eighth Business Day after the earlier of (i)&nbsp;the "Stock Acquisition Date", which is generally the first
date of public announcement of facts indicating that a Person has become an Acquiring Person, as defined below; and (ii)&nbsp;the date of the commencement of, or first public announcement of the
intent of any Person (other than the Corporation or any Subsidiary of the Corporation) to commence a Take-Over Bid (other than a Permitted Bid or a Competing Permitted Bid, so long as such
bid continues to satisfy the requirements of a Permitted Bid or Competing Permitted Bid). In either case, the Separation Time can be such later date as may from time to time be determined by the Board
of Directors. If a Take-Over Bid expires, is cancelled, terminated or otherwise withdrawn prior to the Separation Time, it shall be deemed never to have been made. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="1",CHK=681517,FOLIO='2',FILE='DISK006:[04MTL8.04MTL1148]DA1148A.;5',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_da1148_1_3"> </A>

<P><FONT SIZE=2><B>Acquiring Person  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An "Acquiring Person" is a person who is the Beneficial Owner (as defined below) of 20% or more of the outstanding Shares and any other securities the holders of
which are entitled to vote generally in the election of directors of the Corporation (collectively, the "Voting Shares"). Excluded from the definition of Acquiring Person are the Corporation and its
subsidiaries and any person who becomes the Beneficial Owner of 20% or more of the outstanding Voting Shares as a result of one or any combination of a Voting Share Reduction, a Permitted Bid
Acquisition, an Exempt Acquisition or a Pro&nbsp;Rata Acquisition. In general: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>a
"Voting Share Reduction" means an acquisition or a redemption by the Corporation of Voting Shares, which, by reducing the number of Voting Shares outstanding,
increases the percentage of Voting Shares Beneficially Owned by any person;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>a
"Permitted Bid Acquisition" means an acquisition by a person of Voting Shares made pursuant to a Permitted Bid;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>an
"Exempt Acquisition" means an acquisition by a person of Voting Shares: (i)&nbsp;in respect of which the Board of Directors has waived the application of
Section&nbsp;3.1 of the Shareholder Rights Plan, which governs adjustments to the Rights pursuant to a Flip-In Event; or (ii)&nbsp;pursuant to an amalgamation, merger, arrangement or
other statutory procedure requiring shareholder approval;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>a
"Pro&nbsp;Rata Acquisition" means an acquisition by a Person of Voting Shares pursuant to (i)&nbsp;any dividend reinvestment plan, stock purchase plan or other
plan of the Corporation made available to all holders of Voting Shares (other than holders resident in any jurisdiction where participation in such plan is restricted or impractical as a result of
applicable law); (ii)&nbsp;a stock dividend, a stock split or other event pursuant to which such Person becomes the Beneficial Owner of Voting Shares on the same pro&nbsp;rata basis as all other
holders of Voting Shares of the same class or series; (iii)&nbsp;the acquisition or exercise of rights to purchase Voting Shares distributed to all holders of Voting Shares (other than holders
resident in any jurisdiction where such distribution or exercise is restricted or impractical as a result of applicable law) by the Corporation pursuant to a rights offering (but only if such rights
are acquired directly from the Corporation), provided such Person does not thereby acquire a greater percentage of Voting Shares or Convertible Securities so offered than the Person's percentage of
Voting Shares Beneficially Owned immediately prior to such acquisition; or (iv)&nbsp;a distribution of Voting Shares or Convertible Securities in respect thereof offered pursuant to a prospectus or
by way of a private placement by the Corporation or a conversion or exchange of any such Convertible Security, provided that, in the cases of (iii)&nbsp;and (iv)&nbsp;above, such Person does not
thereby acquire a greater percentage of Voting Shares or Convertible Securities so offered than the Person's percentage of Voting Shares Beneficially Owned immediately prior to such acquisition. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=3,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="1",CHK=102541,FOLIO='3',FILE='DISK006:[04MTL8.04MTL1148]DA1148A.;5',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_da1148_1_4"> </A>
<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also
excluded from the definition of Acquiring Person are underwriters or banking or selling group members acting in connection with a distribution of securities and any "Grandfathered
Person" (generally, any person who is the Beneficial Owner of 20% or more of the outstanding Voting Shares at the Record Time). </FONT></P>

<P><FONT SIZE=2><B>Beneficial Ownership  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, a person is deemed to "Beneficially Own" securities actually held by others in circumstances where those holdings are or should be grouped together
for purposes of the Shareholder Rights Plan. Included are holdings by the person's "Affiliates" (generally, a person that controls, is controlled by, or is under common control with a specified
corporation) and "Associates" (generally, relatives sharing the same residence). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also
included are securities that the person or any of the person's Affiliates or Associates has the right to acquire within 60&nbsp;days (other than customary agreements with and
between underwriters and banking group or selling group members with respect to a distribution of securities and other than pursuant to pledges of securities in the ordinary course of business). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
person is also deemed to Beneficially Own any securities that are Beneficially Owned (as described above) by any other person with which, and in respect of which security, such person
is acting jointly or in concert. A person is acting jointly or in concert with any other person who is a party to an agreement, commitment or understanding with the first person for the purpose of
acquiring or offering to acquire Voting Shares and/or Convertible Securities. </FONT></P>

<P><FONT SIZE=2><B>Exclusions from the Definition of Beneficial Ownership  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shareholder Exemptions from Beneficial Ownership.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The definition of "Beneficial Ownership" contains several
exclusions whereby a Person is not considered to "Beneficially Own" a security. There are exemptions from the deemed "Beneficial Ownership" provisions for institutional shareholders acting in the
ordinary course of their duties. These exemptions apply to: (i)&nbsp;an investment manager ("Manager") that holds securities in the performance of the Manager's duties for the account of any other
person (a "Client"); (ii)&nbsp;a licensed trust company acting as trustee or administrator or in a similar capacity for the estates of deceased or incompetent persons (each an "Estate Account") or
in relation to other accounts (each an "Other Account"); (iii)&nbsp;a Plan Trustee, a Plan, a Statutory Body or a Crown agent or agency (a "Crown Agent"); (iv)&nbsp;a person established by statute
(a "Statutory Body"), the ordinary business of which includes the management of investment funds for employee benefit plans, retirement plans and insurance plans (other than insurance plans
administered by insurance companies) of various public bodies; and (v)&nbsp;the administrator ("Administrator") of one or more pension funds or plans (a "Plan") registered under applicable law. The
foregoing exemptions apply only so long as the Manager, Trust Company, Crown Agent, Statutory Body, Administrator or Plan is not then making or has not then publicly announced an intention to make a
Take-Over Bid, other than pursuant to a distribution by the Corporation or by means of ordinary market transactions. A Person will not be deemed to "Beneficially Own" a security because
(i)&nbsp;the Person is a Client of the same Investment Manager, an Estate Account or an Other Account of the same Trust Company, or Plan with the same Plan Trustee as another Person or Plan on whose
account the Investment Manager, Trust Company or Plan Trustee, as the case may be, holds such security; or (ii)&nbsp;the Person is a Client of an Investment Manager, Estate Account, Other Account or
Plan, and the security is owned at law or in equity by the Investment Manager, Trust Company or Plan Trustee, as the case may be. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=4,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="1",CHK=929263,FOLIO='4',FILE='DISK006:[04MTL8.04MTL1148]DA1148A.;5',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_da1148_1_5"> </A>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exemption for Lock-Up Agreement.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In addition, under the Shareholder Rights Plan, a Person will not be deemed to
"Beneficially Own" any security where the holder of such security has agreed to deposit or tender such security pursuant to a Lock-Up Agreement to a Take-Over Bid made by such
Person or such Person's Affiliates or Associates, or such security has been deposited or tendered pursuant to a Take-Over Bid made by such Person or such Person's Affiliates or Associates
until the earliest time at which any such tendered security is accepted unconditionally for payment or exchange or is taken up and paid for. A Lock-Up Agreement is essentially an agreement
between a Person and one or more holders of Voting Shares (the terms of which are publicly disclosed and a copy of which is made available to the public within the time frames set forth in the
definition of Lock-Up Agreement) pursuant to which each Locked-Up Person agrees to deposit or tender Voting Shares to the Lock-Up Bid and which further provides
that such agreement permits the Locked-Up Person to withdraw its Voting Shares in order to deposit or tender the Voting Shares to another Take-Over Bid or support another
transaction: (i)&nbsp;at a price or value that exceeds the price under the Lock-Up Bid; or (ii)&nbsp;that is for a number of Voting Shares that exceeds by as much or more than a number
specified in the Lock-Up Agreement (up to a maximum specified amount of 7%) the number of Voting Shares offered to be purchased under the Lock-Up Bid at a price or value that
is not less than the price or value offered in the Lock-Up Bid; or (iii)&nbsp;that contains an offering price that exceeds the offering price in the Lock-Up Bid by as much as
or more than a Specified Amount and does not provide for a Specified Amount greater than 7% of the offering price in the Lock-Up Bid. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Lock-Up Agreement may contain a right of first refusal or require a period of delay to give the Person who made the Lock-Up Bid an opportunity to match a higher
price in another Take-Over Bid or transaction or other similar limitation on a Locked-Up Person's right to withdraw Voting Shares so long as the limitation does not preclude
the exercise by the Lock-Up Person of the right to withdraw Voting Shares during the period of the other Take-Over Bid or transaction. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finally,
under a Lock-Up Agreement no "break up" fees, "top up" fees, penalties, expenses or other amounts that exceed in aggregate the greater of (i)&nbsp;2.5% of the
price or value of the consideration payable under the Lock-Up Bid; and (ii)&nbsp;50% of the amount by which the price or value of the consideration received by a Lock-Up
Person under another Take-Over Bid or transaction exceeds what such Locked-Up Person would have received under the Lock-Up Bid; shall be payable by such
Locked-Up Person if the Locked-Up Person fails to deposit or tender Voting Shares to the Lock-Up Bid or withdraws Voting Shares previously tendered thereto in order
to deposit such Voting Shares to another Take-Over Bid or support another transaction. </FONT></P>

<P><FONT SIZE=2><B>Flip-In Event  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A "Flip-In Event" occurs when any person becomes an Acquiring Person. If a Flip-In Event occurs prior to the Expiration Time that has not
been waived by the Board of Directors (see "Waiver" below), each Right (except for Rights Beneficially Owned or which may thereafter be Beneficially Owned by an Acquiring Person, or an Affiliate or
Associate of an Acquiring Person, or any person acting jointly or in concert with an Acquiring Person, or a transferee of any such person, which Rights will become null and void) shall constitute the
right to purchase from the Corporation, on payment of the Exercise Price, Shares having an aggregate market price equal to twice the Exercise Price, for an amount in cash equal to the Exercise Price,
subject to anti-dilution adjustments. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=5,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="1",CHK=277688,FOLIO='5',FILE='DISK006:[04MTL8.04MTL1148]DA1148A.;5',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_da1148_1_6"> </A>

<P><FONT SIZE=2><B>Permitted Bid and Competing Permitted Bid  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Take-Over Bid will not trigger a Flip-In Event if it is a Permitted Bid or Competing Permitted Bid. A "Permitted Bid" is a
Take-Over Bid made by way of a Take-Over Bid circular that complies with the following provisions: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>the
Take-Over Bid is made to all holders of record of Voting Shares wherever registered, other than the Offeror;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>the
Take-Over Bid contains irrevocable and unqualified conditions that:
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>no
Voting Share shall be taken up or paid for pursuant to the Take-Over Bid prior to the close of business on a date which is not less than 60&nbsp;days following the
date of the Take-Over Bid and unless at the close of business on that date, the Voting Shares deposited or tendered pursuant to the Take-Over Bid and not withdrawn constitute
more than 50% of the Voting Shares outstanding that are held by Independent Shareholders;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>unless
the Take-Over Bid is withdrawn, Voting Shares may be deposited pursuant to the Take-Over Bid at any time prior to the close of business on the date of
first take-up or payment for Voting Shares and all Voting Shares deposited pursuant to the Take-Over Bid may be withdrawn at any time prior to the close of business on such
date; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>in
the event that more than 50% of the then outstanding Voting Shares held by Independent Shareholders have been deposited to the Take-Over Bid and not withdrawn as at the
date of first take-up or payment for Voting Shares under the Take-Over Bid, the Offeror will make a public announcement of that fact and the Take-Over Bid will
remain open for deposits and tenders of Voting Shares for not less than 10 Business Days from the date of such public announcement. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Competing Permitted Bid is a Take-Over Bid that is made after a Permitted Bid has been made but prior to its expiry, termination or withdrawal and that satisfies all the
requirements of a Permitted Bid (and references to "Permitted Bids" include Competing Permitted Bids) as described above, except that a Competing Permitted Bid is only required to remain open until a
date that is not less than the later of 35&nbsp;days after the date of the Take-Over Bid constituting the Competing Permitted Bid and 60&nbsp;days after the date on which the prior bid
was made. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=6,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="1",CHK=108470,FOLIO='6',FILE='DISK006:[04MTL8.04MTL1148]DA1148A.;5',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_dc1148_1_7"> </A> </FONT> <FONT SIZE=2><B>Redemption  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>Redemption
of Rights on Approval of Holders of a Majority of Voting Shares or Rights. With the prior consent of the holders of the then-outstanding Voting
Shares or Rights, the Board of Directors may at any time prior to the occurrence of a Flip-In Event that has not been waived, elect to redeem all but not less than all of the outstanding
Rights at a redemption price of $0.0001 per Right (the "Redemption Price"), subject to adjustment for anti-dilution as provided in the Shareholder Rights Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>Deemed
Redemption. If a person who has made a Permitted Bid or an Exempt Acquisition in respect of which the Board of Directors has waived or has been deemed to have
waived the application of the Shareholder Rights Plan consummates the acquisition of the Voting Shares, the Board of Directors shall be deemed to have elected to redeem the Rights at the Redemption
Price.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>Redemption
of Rights on Withdrawal or Termination of Bid. Where a Take-Over Bid that is not a Permitted Bid or Competing Permitted Bid expires, is
withdrawn or otherwise terminates after the Separation Time and prior to the occurrence of a Flip-In Event, the Board of Directors may elect to redeem all the outstanding Rights at the
Redemption Price. Upon the Rights being so redeemed, all the provisions of the Shareholder Rights Plan shall continue to apply as if the Separation Time had not occurred and Rights Certificates had
not been mailed, and the Separation Time shall be deemed not to have occurred. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>If
the Board of Directors is deemed to have elected or elects to redeem the Rights as described above, the right to exercise the Rights will thereupon, without further action and without notice,
terminate and the only right thereafter of the holders of Rights is to receive the Redemption Price. Within 10 Business Days of any such election or deemed election to redeem the Rights, the
Corporation will notify the holders of the Voting Shares or, after the Separation Time, the holders of the Rights. </FONT></P>

<P><FONT SIZE=2><B>Waiver  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>Discretionary
Waiver respecting Acquisition not by Take-Over Bid Circular. With the prior consent of the holders of a majority of the
then-outstanding Voting Shares and prior written notice delivered to the Rights Agent, the Board of Directors may, prior to the occurrence of a Flip-In Event that would occur
by reason of an acquisition of Voting Shares otherwise than pursuant to a Take-Over Bid made by means of a Take-Over Bid circular sent to all holders of Voting Shares or by
inadvertence when such inadvertent Acquiring Person has then reduced its holdings to below 20%, waive the application of the Shareholder Rights Plan to such Flip-In Event.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>Discretionary
Waiver respecting Acquisition by Take-Over Circular and Mandatory Waiver of Concurrent Bids. The Board of Directors may, prior to the
occurrence of a Flip-In Event that would occur by reason of an acquisition of Voting Shares pursuant to a Take-Over Bid made by means of a Take-Over Bid circular
sent to all holders of Voting Shares, waive the application of the Shareholder Rights Plan to such a Flip-In Event upon prior written notice delivered to the Rights Agent, provided that if
the Board of Directors waives the application of the Shareholder Rights Plan to such a Flip-In Event, the Board of Directors shall be deemed to have waived the application of the
Shareholder Rights Plan in respect of any other Flip-In Event occurring by reason of any such Take-Over Bid made by means of a Take-Over Bid circular sent to all
holders of Voting Shares prior to the expiry of the Take-Over Bid for which a waiver is, or is deemed to have been, granted. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=7,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="1",CHK=866974,FOLIO='7',FILE='DISK006:[04MTL8.04MTL1148]DC1148A.;4',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_dc1148_1_8"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>Waiver
of Inadvertent Acquisition. The Board of Directors shall waive the application of the Shareholder Rights Plan in respect of the occurrence of any
Flip-In Event, and the applicable Stock Acquisition Date shall be deemed not to have occurred, (i)&nbsp;in the event that the Board of Directors has determined that a person became an
Acquiring Person under the Shareholder Rights Plan by inadvertence and without any intent or knowledge that it would become an Acquiring Person; and (ii)&nbsp;only on the condition that such Person,
within 10&nbsp;days after the foregoing determination by the Board of Directors or such later date as the Board of Directors may determine (the "Disposition Date"), has reduced its Beneficial
Ownership of Voting Shares such that the Person is no longer an Acquiring Person. If the Person remains an Acquiring Person at the Close of Business on the Disposition Date, the Disposition Date shall
be deemed to be the date of occurrence of a further Stock Acquisition Date and the applicable adjustments to the Rights pursuant to a Flip-In Event will apply to such further Stock
Acquisition Date. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>Anti-dilution Adjustments  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to adjustment upon the occurrence of a Flip-In Event, as described above, the Exercise Price of a Right, the number and kind of shares
subject to purchase upon exercise of a Right, and the number of Rights outstanding, will be adjusted in certain events, including: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>if
there is a dividend payable in Voting Shares or Convertible Securities (other than pursuant to any dividend reinvestment program) on the Shares, or a subdivision or
consolidation of the Shares, or an issuance of Voting Shares or Convertible Securities in respect of, in lieu of or in exchange for existing Shares; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>if
the Corporation fixes a record date for the distribution to all holders of Shares of certain rights, options or warrants to acquire Shares or Convertible Securities,
or for the making of a distribution to all holders of Shares of evidences of indebtedness or assets (other than regular periodic cash dividends or stock dividends payable in Shares, but including any
dividend payable in securities other than Shares) or rights or warrants. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=8,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="1",CHK=574200,FOLIO='8',FILE='DISK006:[04MTL8.04MTL1148]DC1148A.;4',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_dc1148_1_9"> </A>
<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2><B>Supplements and Amendments  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation may make changes to the Shareholder Rights Plan prior to or after the Separation Time to correct any clerical or typographical error or to
maintain the validity of the Shareholder Rights Plan as a result of any change in any applicable legislation, rules or regulation without the prior approval of the holders of the Voting Shares or
Rights. Any such changes effected by the Board of Directors will thereafter be submitted to a vote of the holders of Voting Shares, in the case of changes made prior to the Separation Time, or Rights
in the case of changes made after the Separation Time and may thereby be varied, deleted, confirmed or rejected and will be effective only when so consented to by the holders of Voting Shares or
Rights, as the case may be. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation may, with the approval of the holders of a majority of Voting Shares, at any time prior to the Separation Time, make changes to or rescind any of the provisions of the
Shareholder Rights Plan and the Rights (whether or not such action would materially adversely affect the interests of the holders of Rights generally). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation may, with the approval of the holders of a majority of Rights, at any time after the Separation Time, make changes to or rescind any of the provisions of the Shareholder
Rights Plan and the Rights (whether or not such action would materially adversely affect the interests of the holders of Rights generally). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation will provide the Rights Agent with written notice of any such changes to the Shareholder Rights Agreement within 5&nbsp;days of effecting such changes and any such
changes (other than to correct a clerical or typographical error or to maintain the validity of the Shareholder Rights Plan) shall be subject to the receipt of any requisite governmental or regulatory
approvals, including the approval of stock exchanges on which the shares are listed. </FONT></P>

<P><FONT SIZE=2><B>Declaration as to Non-Canadian and Non-U.S.&nbsp;Holders  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If in the opinion of the Board of Directors (who may rely on the advice of counsel) any action or event contemplated by the Shareholder Rights Plan would require
compliance with the securities laws or comparable legislation of a jurisdiction outside of Canada or the United&nbsp;States, the Board of Directors acting in good faith may take such actions as it
may deem appropriate to ensure that such compliance is not required. In no event shall the Corporation or the Rights Agent be required to issue or deliver Rights or securities issuable on the exercise
of Rights to Persons who are citizens, residents or nationals of any jurisdiction other than Canada or the United&nbsp;States in which such issue or delivery would be unlawful without registration
or the relevant Persons or securities for such purposes, or (until such notice is given as required by law) without advance notice to any regulatory or self-regulatory body. </FONT></P>

<P><FONT SIZE=2><B>Effective Date, Term and Renewal  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Shareholder Rights Plan will be effective as of December&nbsp;1, 2004 or a later date as determined by an officer or director of the Corporation. If the
Shareholder Rights Plan is not confirmed by resolution passed by a majority of the votes cast by Independent Shareholders at a meeting to be held not later than June&nbsp;1, 2005, then the
Shareholder Rights Plan and any outstanding Rights shall be of no further force and effect from the earlier of (a)&nbsp;the date of termination of the meeting called to consider the confirmation of
the Shareholder Rights Plan, and (b)&nbsp;June&nbsp;1, 2005. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=9,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="1",CHK=59333,FOLIO='9',FILE='DISK006:[04MTL8.04MTL1148]DC1148A.;4',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_dc1148_1_10"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
or prior to the first annual meeting of shareholders of the Corporation following the third anniversary of the date of the Shareholder Rights Plan, provided that a Flip-In
Event has not occurred prior to such time, the Board of Directors shall submit a resolution ratifying the continued existence of the Shareholder Rights Plan to the Independent Shareholders for their
consideration and, if thought advisable, approval. Unless a majority of the votes cast by Independent Shareholders who vote in respect of such resolution are voted in favour of the continued existence
of the Shareholder Rights Plan, the Board of Directors shall, immediately upon the confirmation by the chairman of such shareholders' meeting of the result of the vote on such resolution and without
further formality, be deemed to have elected to redeem the Rights at the Redemption Price. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=10,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="1",CHK=830905,FOLIO='10',FILE='DISK006:[04MTL8.04MTL1148]DC1148A.;4',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<!-- TOC_END -->

<P><FONT SIZE=2><U>Item&nbsp;2. Exhibits</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.
Shareholder Rights Plan Agreement, dated as of December&nbsp;1, 2004, between Gildan Activewear&nbsp;Inc. and Computershare Trust Company of Canada, as Rights Agent, which
includes the Form of Rights Certificate as Exhibit&nbsp;A. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.
Specimen of Class&nbsp;A Subordinate Voting Share Certificate with Rights Legend. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
exhibits required by Item&nbsp;2 have been or will be supplied to the New&nbsp;York Stock Exchange. </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=11,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="1",CHK=186282,FOLIO='blank',FILE='DISK006:[04MTL8.04MTL1148]DG1148A.;4',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1148_signature"> </A>
<A NAME="toc_dg1148_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURE    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of Section&nbsp;12 of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed
on its behalf by the undersigned, thereto duly authorized. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="90%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>GILDAN ACTIVEWEAR&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="46%"><FONT SIZE=2>/s/ St&eacute;phane Lemay</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="46%"><FONT SIZE=2>St&eacute;phane Lemay</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="46%"><FONT SIZE=2>Vice-President, Public and Legal Affairs</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>Date: December&nbsp;1, 2004</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=12,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="1",CHK=667086,FOLIO='blank',FILE='DISK006:[04MTL8.04MTL1148]DG1148B.;6',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dj1148_exhibit_index"> </A>
<A NAME="toc_dj1148_1"> </A>
<BR></FONT><FONT SIZE=2><U>EXHIBIT INDEX</U>  <BR></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="90%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit<BR>
No.<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="87%" ALIGN="CENTER"><FONT SIZE=1><B>Description<BR> </B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="11%" ALIGN="CENTER"><BR><FONT SIZE=2> 1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Shareholder Rights Plan Agreement, dated as of December&nbsp;1, 2004, between Gildan Activewear&nbsp;Inc. and Computershare Trust Company of Canada, as Rights Agent, which includes the Form of Rights Certificate as Exhibit&nbsp;A.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="11%" ALIGN="CENTER"><BR><FONT SIZE=2> 2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Specimen of Class&nbsp;A Subordinate Voting Share Certificate with Rights Legend.</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
exhibits required by Item&nbsp;2 have been or will be supplied to the New&nbsp;York Stock Exchange. </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=13,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="1",CHK=967515,FOLIO='blank',FILE='DISK006:[04MTL8.04MTL1148]DJ1148A.;4',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="04MTL1148_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dg1148_1">SIGNATURE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dj1148_1">EXHIBIT INDEX</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JDAY,SEQ=,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="1" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>a2140341zex-1.htm
<DESCRIPTION>EXHIBIT 1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#04MTL1148_2">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 1  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="la1148_shareholder_rights_plan_agreement"> </A>
<A NAME="toc_la1148_1"> </A>
<BR></FONT><FONT SIZE=2><B>SHAREHOLDER RIGHTS PLAN AGREEMENT    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="la1148_between"> </A>
<A NAME="toc_la1148_2"> </A>
<BR></FONT><FONT SIZE=2><B>BETWEEN    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="la1148_gildan_activewear_inc."> </A>
<A NAME="toc_la1148_3"> </A>
<BR></FONT><FONT SIZE=2><B>GILDAN ACTIVEWEAR&nbsp;INC.    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>and  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> <A NAME="la1148_computershare_trust_com__la102206"> </A>
<A NAME="toc_la1148_4"> </A>
<BR>    COMPUTERSHARE TRUST COMPANY OF CANADA,<BR>  as Rights Agent    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT SIZE=2><B>DATED AS OF DECEMBER&nbsp;1, 2004  </B></FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=558595,FOLIO='blank',FILE='DISK006:[04MTL8.04MTL1148]LA1148A.;6',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lc1148_table_of_contents"> </A>
<A NAME="toc_lc1148_1"> </A>
<BR></FONT><FONT SIZE=2><B>TABLE OF CONTENTS    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="92%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>Page</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>ARTICLE 1&nbsp;&nbsp;&nbsp;&nbsp;INTERPRETATION</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>2</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>1.1&nbsp;&nbsp;&nbsp;&nbsp;Certain Definitions</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>2</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>1.2&nbsp;&nbsp;&nbsp;&nbsp;Currency</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>13</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>1.3&nbsp;&nbsp;&nbsp;&nbsp;Number and Gender</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>13</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>1.4&nbsp;&nbsp;&nbsp;&nbsp;Sections and Headings</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>13</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>1.5&nbsp;&nbsp;&nbsp;&nbsp;Statutory References</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>13</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>1.6&nbsp;&nbsp;&nbsp;&nbsp;Determination of Percentage Ownership</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>14</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>1.7&nbsp;&nbsp;&nbsp;&nbsp;Acting Jointly or in Concert</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>14</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>1.8&nbsp;&nbsp;&nbsp;&nbsp;Generally Accepted Accounting Principles</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>14</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>ARTICLE 2&nbsp;&nbsp;&nbsp;&nbsp;THE RIGHTS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>15</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>2.1&nbsp;&nbsp;&nbsp;&nbsp;Legend on Share Certificates</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>15</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>2.2&nbsp;&nbsp;&nbsp;&nbsp;Initial Exercise Price; Exercise of Rights; Detachment of Rights</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>16</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>2.3&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to Exercise Price; Number of Rights</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>18</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>2.4&nbsp;&nbsp;&nbsp;&nbsp;Date on which Exercise is Effective</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>24</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>2.5&nbsp;&nbsp;&nbsp;&nbsp;Execution, Authentication, Delivery and Dating of Rights Certificates</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>24</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>2.6&nbsp;&nbsp;&nbsp;&nbsp;Registration, Transfer and Exchange</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>24</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>2.7&nbsp;&nbsp;&nbsp;&nbsp;Mutilated, Lost, Stolen and Destroyed Rights Certificates</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>25</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>2.8&nbsp;&nbsp;&nbsp;&nbsp;Persons Deemed Owners</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>26</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>2.9&nbsp;&nbsp;&nbsp;&nbsp;Delivery and Cancellation of Certificates</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>26</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>2.1&nbsp;&nbsp;&nbsp;&nbsp;Agreement of Rights Holders</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>26</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>ARTICLE 3&nbsp;&nbsp;&nbsp;&nbsp;ADJUSTMENTS TO THE RIGHTS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>27</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>3.1&nbsp;&nbsp;&nbsp;&nbsp;Flip-in Event</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>27</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>3.2&nbsp;&nbsp;&nbsp;&nbsp;Fiduciary Duties of the Board of Directors of the Corporation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>29</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>ARTICLE 4&nbsp;&nbsp;&nbsp;&nbsp;THE RIGHTS AGENT</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>29</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>4.1&nbsp;&nbsp;&nbsp;&nbsp;General</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>29</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>4.2&nbsp;&nbsp;&nbsp;&nbsp;Merger, Amalgamation, Consolidation or Change of Name of Rights Agent</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>30</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>4.3&nbsp;&nbsp;&nbsp;&nbsp;Duties of Rights Agent</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>30</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>4.4&nbsp;&nbsp;&nbsp;&nbsp;Change of Rights Agent</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>32</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>ARTICLE 5&nbsp;&nbsp;&nbsp;&nbsp;MISCELLANEOUS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>33</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>5.1&nbsp;&nbsp;&nbsp;&nbsp;Redemption, Waiver and Termination</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>33</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>5.2&nbsp;&nbsp;&nbsp;&nbsp;Expiration</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>35</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>5.3&nbsp;&nbsp;&nbsp;&nbsp;Issuance of New&nbsp;Rights Certificates</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>35</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>5.4&nbsp;&nbsp;&nbsp;&nbsp;Supplements and Amendments</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>35</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>5.5&nbsp;&nbsp;&nbsp;&nbsp;Fractional Rights and Fractional Shares</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>37</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>5.6&nbsp;&nbsp;&nbsp;&nbsp;Rights of Action</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>37</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>5.7&nbsp;&nbsp;&nbsp;&nbsp;Holder of Rights Not Deemed a Shareholder</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>38</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>5.8&nbsp;&nbsp;&nbsp;&nbsp;Notice of Proposed Actions</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>38</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>5.9&nbsp;&nbsp;&nbsp;&nbsp;Notices</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>38</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>5.10&nbsp;&nbsp;&nbsp;&nbsp;Costs of Enforcement</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>39</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>5.11&nbsp;&nbsp;&nbsp;&nbsp;Regulatory Approvals</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>39</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>5.12&nbsp;&nbsp;&nbsp;&nbsp;Declaration as to Non-Canadian and Non-U.S.&nbsp;Holders</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>39</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>5.13&nbsp;&nbsp;&nbsp;&nbsp;Successors</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>40</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>5.14&nbsp;&nbsp;&nbsp;&nbsp;Benefits of this Agreement</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>40</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>5.15&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Review</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>40</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>5.16&nbsp;&nbsp;&nbsp;&nbsp;Determination and Actions by the Board of Directors</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>40</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>5.17&nbsp;&nbsp;&nbsp;&nbsp;Governing Law</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>40</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>5.18&nbsp;&nbsp;&nbsp;&nbsp;Language</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>40</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>5.19&nbsp;&nbsp;&nbsp;&nbsp;Counterparts</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>41</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>5.20&nbsp;&nbsp;&nbsp;&nbsp;Severability</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>41</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>5.21&nbsp;&nbsp;&nbsp;&nbsp;Effective Date</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>41</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>5.22&nbsp;&nbsp;&nbsp;&nbsp;Time of the Essence</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>41</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=1031060,FOLIO='blank',FILE='DISK006:[04MTL8.04MTL1148]LC1148A.;11',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="le1148_shareholder_rights_plan_agreement"> </A>
<A NAME="toc_le1148_1"> </A>
<BR></FONT><FONT SIZE=2><B>SHAREHOLDER RIGHTS PLAN AGREEMENT    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>THIS AGREEMENT</B></FONT><FONT SIZE=2> dated as of December&nbsp;1, 2004. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2><B>BETWEEN:</B></FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2><B>GILDAN ACTIVEWEAR&nbsp;INC.</B></FONT><FONT SIZE=2>, 725 Mont&eacute;e de<BR>
Liesse, Montr&eacute;al, Qc H4T&nbsp;1P5<BR>
<BR>
(the "</FONT><FONT SIZE=2><B>Corporation"</B></FONT><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><BR><FONT SIZE=2><B>AND:</B></FONT></TD>
<TD WIDTH="50%"><BR><FONT SIZE=2><B>COMPUTERSHARE TRUST COMPANY OF<BR>
CANADA</B></FONT><FONT SIZE=2>, 7<SUP>th</SUP> Floor, 1500 University Street,<BR>
Montr&eacute;al, Qc H3A&nbsp;3S8<BR>
<BR>
(the "</FONT><FONT SIZE=2><B>Rights Agent"</B></FONT><FONT SIZE=2>)</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><B>WHEREAS:  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>A.</FONT></DT><DD><FONT SIZE=2>The
Board of Directors has determined that it is advisable to adopt a shareholder rights plan (the "</FONT><FONT SIZE=2><B>Rights Plan</B></FONT><FONT SIZE=2>") to ensure, to the
extent possible, that all shareholders of the Corporation are treated fairly in connection with any take-over offer or other acquisition of control of the Corporation.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>B.</FONT></DT><DD><FONT SIZE=2>In
order to implement the Rights Plan, the Board of Directors has:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>authorized
the issuance, effective at 5:01&nbsp;p.m. on the Effective Date, of one right (a "</FONT><FONT SIZE=2><B>Right</B></FONT><FONT SIZE=2>") in respect of each Share
outstanding at the Record Time;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>authorized
the issuance of one Right in respect of each Share issued after the Record Time and prior to the earlier of the Separation Time and the Expiration Time; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>authorized
the issuance of Rights Certificates to holders of Rights pursuant to the terms and subject to the conditions set forth herein.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>C.</FONT></DT><DD><FONT SIZE=2>Each
Right entitles the holder thereof, after the Separation Time, to purchase securities of the Corporation pursuant to the terms and subject to the conditions set forth herein.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>D.</FONT></DT><DD><FONT SIZE=2>The
Corporation desires to appoint the Rights Agent to act on behalf of the Corporation, and the Rights Agent is willing to so act, in connection with the issuance, transfer, exchange
and replacement of Rights Certificates, the exercise of Rights and the other matters referred to herein. </FONT></DD></DL>
<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=3,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=106267,FOLIO='blank',FILE='DISK006:[04MTL8.04MTL1148]LE1148A.;6',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_lg1148_1_2"> </A> </FONT></P>

<!-- TOC_END -->

<P><FONT SIZE=2><B>NOW THEREFORE</B></FONT><FONT SIZE=2> in consideration of the premises and respective agreements set forth herein, the parties hereby agree as follows: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lg1148_article_1_interpretation"> </A>
<A NAME="toc_lg1148_1"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 1<BR>  INTERPRETATION    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>1.1&nbsp;&nbsp;&nbsp;Certain Definitions  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of this agreement (the "</FONT><FONT SIZE=2><B>Agreement</B></FONT><FONT SIZE=2>"), including the recitals hereto, the following terms have the
meanings indicated: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>a)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Acquiring Person</B></FONT><FONT SIZE=2>" shall mean any Person who is at any time after the date hereof the Beneficial Owner of 20% or more of the outstanding
Voting Shares of the Corporation; provided, however, that the term "</FONT><FONT SIZE=2><B>Acquiring Person</B></FONT><FONT SIZE=2>" shall not include:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>the
Corporation or any corporation controlled by the Corporation;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>any
Person who becomes the Beneficial Owner of 20% or more of the outstanding Voting Shares as a result of one or any combination of:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(A)</FONT></DT><DD><FONT SIZE=2>a
Voting Share Reduction;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(B)</FONT></DT><DD><FONT SIZE=2>a
Permitted Bid Acquisition;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(C)</FONT></DT><DD><FONT SIZE=2>an
Exempt Acquisition; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(D)</FONT></DT><DD><FONT SIZE=2>a
Pro&nbsp;Rata Acquisition; </FONT></DD></DL>
</DD></DL>
</DD></DL>
<UL>
<UL>

<P><FONT SIZE=2>provided,
however, that if a Person shall become the Beneficial Owner of 20% or more of the outstanding Voting Shares by reason of one or any combination of a Voting Share Reduction, a Permitted Bid
Acquisition, an Exempt Acquisition or a Pro&nbsp;Rata Acquisition, and thereafter becomes the Beneficial Owner of an additional one percent of the Voting Shares then outstanding (otherwise than
pursuant to a Voting Share Reduction, a Permitted Bid Acquisition, an Exempt Acquisition or a Pro&nbsp;Rata Acquisition or any combination thereof), then, as of the date that such Person becomes a
Beneficial Owner of such additional Voting Shares, such Person shall become an "</FONT><FONT SIZE=2><B>Acquiring Person</B></FONT><FONT SIZE=2>"; </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>an
underwriter or member of a banking or selling group acting in such capacity that becomes the Beneficial Owner of 20% or more of the Voting Shares in connection with
a distribution of securities; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>a
Person (a "</FONT><FONT SIZE=2><B>Grandfathered Person</B></FONT><FONT SIZE=2>") who is the Beneficial Owner of 20% or more of the outstanding Voting Shares
determined as of the Record Time, provided, however, that this exemption shall not be, and shall cease to be, applicable to a Grandfathered Person in the event that such Grandfathered Person shall,
after the Record Time, become the Beneficial Owner of additional Voting Shares that increases its Beneficial Ownership of Voting Shares by more than one percent of the number of Voting Shares
outstanding as at the Record Time, other than through one or any combination of a Voting Share Reduction, a Permitted Bid Acquisition, an Exempt Acquisition or a Pro&nbsp;Rata Acquisition. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=4,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=652779,FOLIO='2',FILE='DISK006:[04MTL8.04MTL1148]LG1148A.;19',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_lg1148_1_3"> </A>
<UL>
<UL>
</UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>b)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Affiliate</B></FONT><FONT SIZE=2>" shall mean, when used to indicate a relationship with a specified body corporate, a Person that directly or indirectly
through one or more intermediaries controls, or is a body corporate controlled by, or under common control with, such specified body corporate.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>c)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Associate</B></FONT><FONT SIZE=2>" shall mean, when used to indicate a relationship with a specified Person, (i)&nbsp;a spouse of that Person,
(ii)&nbsp;any Person of the same or opposite sex with whom that Person is living in a conjugal relationship outside marriage, (iii)&nbsp;any relative of that Person if that relative has the same
residence as that Person or (iv)&nbsp;any relative of such spouse or other Person referred to in the immediately preceding Clauses&nbsp;(i), (ii) or&nbsp;(iii) above, if that relative has the
same residence as the specified Person.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>d)</FONT></DT><DD><FONT SIZE=2>A
Person shall be deemed the "</FONT><FONT SIZE=2><B>Beneficial Owner</B></FONT><FONT SIZE=2>" of, and to have "</FONT><FONT SIZE=2><B>Beneficial Ownership</B></FONT><FONT SIZE=2>"
of, and to "</FONT><FONT SIZE=2><B>Beneficially Own</B></FONT><FONT SIZE=2>":
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>any
securities of which such Person or any of such Person's Affiliates or Associates is owner at law or in equity;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>any
securities which the Person or any of such Person's Affiliates or Associates has the right to acquire within 60&nbsp;days (where such right is exercisable within
a period of 60&nbsp;days whether or not upon the occurrence of a contingency or the making of a payment) pursuant to any Convertible Security, agreement, arrangement, pledge or understanding,
whether or not in writing (other than (A)&nbsp;customary agreements with and between underwriters and/or banking group and/or selling group members with respect to a distribution of securities or
(B)&nbsp;pledges of securities in the ordinary course of the pledgee's business); and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>any
securities that are Beneficially Owned within the meaning of Clause&nbsp;(i) or&nbsp;(ii) of this Subsection&nbsp;1.1(d) by any other Person with which such
Person is acting jointly or in concert; </FONT></DD></DL>
</DD></DL>
<UL>

<P><FONT SIZE=2>provided,
however, that a Person shall not be deemed the "</FONT><FONT SIZE=2><B>Beneficial Owner</B></FONT><FONT SIZE=2>" of, or to have "</FONT><FONT SIZE=2><B>Beneficial
Ownership</B></FONT><FONT SIZE=2>" of, or to "</FONT><FONT SIZE=2><B>Beneficially Own</B></FONT><FONT SIZE=2>", any security: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>because
such security has been deposited or tendered pursuant to a Take-over Bid made by such Person or any of such Person's Affiliates or Associates or any
other Person acting jointly or in concert with such Person until such deposited or tendered security is taken up or paid for, whichever shall first occur;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD><FONT SIZE=2>because
such security has been agreed to be deposited or tendered pursuant to a Lock-up Agreement until such deposited or tendered security is taken up or
paid for, whichever shall first occur; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=5,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=352040,FOLIO='3',FILE='DISK006:[04MTL8.04MTL1148]LG1148A.;19',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_lg1148_1_4"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD><FONT SIZE=2>because
such Person or any of the Affiliates or Associates of such Person or any other Person referred to in clause&nbsp;1.1d)(iii) above holds such security provided
that: (A)&nbsp;the ordinary business of any such Person (the "</FONT><FONT SIZE=2><B>Fund Manager</B></FONT><FONT SIZE=2>") includes the management of pension or mutual or investment funds for
others and such security is held by the Fund Manager in the ordinary course of such business in the performance of such Fund Manager's duties for the account of any other Person (a
"</FONT><FONT SIZE=2><B>Client</B></FONT><FONT SIZE=2>"), including non-discretionary accounts held on behalf of a Client by a broker or dealer registered under applicable laws;
(B)&nbsp;such Person (the "</FONT><FONT SIZE=2><B>Trust Company</B></FONT><FONT SIZE=2>") is licensed to carry on the business of a trust company under applicable laws and, as such, acts as trustee
or administrator or in a similar capacity in relation to the estates of deceased or incompetent Persons (each an "</FONT><FONT SIZE=2><B>Estate Account</B></FONT><FONT SIZE=2>") or in relation to
other accounts (each an "</FONT><FONT SIZE=2><B>Other Account</B></FONT><FONT SIZE=2>") and holds such security in the ordinary course of such duties for such Estate Accounts or for such Other
Accounts; (C)&nbsp;such Person (the "</FONT><FONT SIZE=2><B>Plan Administrator</B></FONT><FONT SIZE=2>") is the administrator or the trustee of one or more pension funds or plans (a
"</FONT><FONT SIZE=2><B>Plan</B></FONT><FONT SIZE=2>") registered under the laws of Canada or any province thereof or the laws of the United&nbsp;States of America or any state thereof and such
security is held by the Plan Administrator or the Plan in the ordinary course of such Plan Administrator's or Plan's activities; (D)&nbsp;such Person (the "</FONT><FONT SIZE=2><B>Statutory
Body</B></FONT><FONT SIZE=2>") is established by statute for purposes that include, and the ordinary business or activity of such Person includes, the management of investment funds for employee
benefit plans, pension plans or insurance plans of various public bodies and such security is held by the Statutory Body in the ordinary course of the management of such investment funds;
(E)&nbsp;such Person (the "</FONT><FONT SIZE=2><B>Crown Agent</B></FONT><FONT SIZE=2>") is acting as an agent of the Crown for purposes that include, and the ordinary business or activity of such
Person includes, the management of public assets and such security is held by the Crown Agent in the ordinary course of the management of such public assets; or (F)&nbsp;such Person is a Plan and
such security is held by the Plan in the ordinary course of such Plan's activities; provided, however, that in any of the foregoing cases the Fund Manager, the Trust Company, the Plan Administrator,
the Statutory Body, the Crown Agent or the Plan, as the case may be, is not then making or has not then announced a current intention to make a Take-over Bid, alone or by acting jointly or
in concert with any other Person, other than an Offer to Acquire Voting Shares or other securities (x)&nbsp;pursuant to a distribution by the Corporation or (y)&nbsp;by means of a Permitted Bid or
(z)&nbsp;by means of market transactions made in the ordinary course of business of such Person (including pre-arranged trades entered into in the ordinary course of business of such
Person) executed through the facilities of a stock exchange or organized over-the-counter-market;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(vii)</FONT></DT><DD><FONT SIZE=2>because
such Person is a Client of the same Fund Manager as another Person on whose account the Fund Manager holds such security, or because such Person is an Estate
Account or an Other Account of the same Trust Company as another Person on whose account the Trust Company holds such security, or because such Person is a Plan with the same Plan Administrator as
another Plan on whose account the Plan Administrator holds such security; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=6,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=991621,FOLIO='4',FILE='DISK006:[04MTL8.04MTL1148]LG1148A.;19',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_lg1148_1_5"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(viii)</FONT></DT><DD><FONT SIZE=2>because
such Person is a Client of a Fund Manager and such security is owned at law or in equity by the Fund Manager, or because such Person is an Estate Account or
an Other Account of a Trust Company and such security is owned at law or in equity by the Trust Company, or because such Person is a Plan and such security is owned at law or in equity by the Plan
Administrator; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ix)</FONT></DT><DD><FONT SIZE=2>because
such Person is the registered holder of securities as a result of carrying on the business of, or acting as, a nominee of a securities depositary. </FONT></DD></DL>


<P><FONT SIZE=2>For
purposes of this Agreement, in determining the percentage of the outstanding Voting Shares with respect to which a Person is, or is deemed to be, the Beneficial Owner, any unissued Voting Shares
as to which such Person is deemed the Beneficial Owner pursuant to this Subsection&nbsp;1.1(d) shall be deemed outstanding. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>e)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Board of Directors</B></FONT><FONT SIZE=2>" shall mean the board of directors of the Corporation or any duly constituted and empowered committee thereof.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>f)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Business Day</B></FONT><FONT SIZE=2>" shall mean any day, other than a Saturday or Sunday or a day on which banking institutions in Montr&eacute;al,
Quebec are authorized or obligated by law to close.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>g)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Canada Business Corporations Act</B></FONT><FONT SIZE=2>" shall mean the </FONT><FONT SIZE=2><I>Canada Business Corporations Act</I></FONT><FONT SIZE=2>
(Canada), R.S.C. 1985, c. C-44, as amended and the regulations thereunder, as from time to time in effect.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>h)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Canadian Dollar Equivalent</B></FONT><FONT SIZE=2>" of any amount which is expressed in United&nbsp;States dollars shall mean on any date the Canadian dollar
equivalent of such amount determined by reference to the U.S.&nbsp;&#151;&nbsp;Canadian Exchange Rate in effect on such date.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>i)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Close of Business</B></FONT><FONT SIZE=2>" on any given date shall mean the time on such date (or, if such date is not a Business Day, the time on the next
Business Day) at which the principal office of the transfer agent for the Shares in Montr&eacute;al, Quebec (or after the Separation Time, the principal office of the Rights Agent in
Montr&eacute;al, Quebec) is closed to the public.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>j)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Closing Price</B></FONT><FONT SIZE=2>" per security of any securities on any date of determination shall mean:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>the
closing board lot sale price or, if such price is not available, the average of the closing bid and asked prices, for such securities on such date as reported by the
stock exchange or national securities quotation system on which such securities are listed or admitted to trading (provided that, if at the date of determination such securities are listed or admitted
to trading on more than one stock exchange or national securities quotation system, such price or prices shall be determined based on the stock exchange or quotation system on which such securities
are then listed or admitted to trading on which the largest number of such securities were traded during the most recently completed calendar year or, if a calendar year has not been completed prior
to the date of determination, during such shorter period as the Board of Directors acting in good faith determines to be appropriate); or </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=7,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=263846,FOLIO='5',FILE='DISK006:[04MTL8.04MTL1148]LG1148A.;19',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_lg1148_1_6"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>if
for any reason none of such prices is available on such date or the securities are not listed or admitted to trading on a stock exchange or a national securities
quotation system on such date, the last sale price, or in case no sale takes place on such date, the average of the high bid and low asked prices for each of such securities in the
over-the-counter market; </FONT></DD></DL>
</UL>
<UL>

<P><FONT SIZE=2>provided,
however, that (A)&nbsp;if for any reason none of such prices is available on such date, the "</FONT><FONT SIZE=2><B>Closing Price</B></FONT><FONT SIZE=2>" per security of such securities
on such date shall mean the fair value per security of the securities on such date as determined at the request of the Board of Directors by a nationally or internationally recognized investment
dealer or investment banker; and (B)&nbsp;if the Closing Price so determined is expressed in United&nbsp;States dollars, such amount shall be converted to the Canadian Dollar Equivalent. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>k)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Competing Permitted Bid</B></FONT><FONT SIZE=2>" means a Take-over Bid that:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>is
made after a Permitted Bid has been made and prior to the expiry of the Permitted Bid;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>satisfies
all components of the definition of a Permitted Bid other than the requirement in subclause&nbsp;(ii)(A)(x) thereof; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>contains,
and the take-up and payment for securities tendered or deposited thereunder is subject to, irrevocable and unqualified conditions that no Voting
Shares shall be taken up or paid for pursuant to the Take-over Bid prior to the Close of Business on a date that is earlier than the later of (A)&nbsp;35&nbsp;days (or such longer
minimum period of days that a Take-over Bid must remain open for acceptance under the Securities Act) after the date of the Take-over Bid; and (B)&nbsp;the 60<SUP>th</SUP>
day after the earliest date on which any other Permitted Bid that is then in existence was made.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>l)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>controlled</B></FONT><FONT SIZE=2>": a body corporate is "</FONT><FONT SIZE=2><B>controlled</B></FONT><FONT SIZE=2>" by another Person or two or more Persons
acting jointly or in concert if and only if:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>securities
entitled to vote in the election of directors carrying more than 50% of the votes for the election of directors are held, directly or indirectly, by or for
the benefit of the other Person or two or more Persons acting jointly or in concert; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>the
votes carried by such securities are entitled, if exercised, to elect a majority of the board of directors of such body corporate; </FONT></DD></DL>
</DD></DL>
<UL>

<P><FONT SIZE=2>and
"</FONT><FONT SIZE=2><B>controls</B></FONT><FONT SIZE=2>", "</FONT><FONT SIZE=2><B>controlling</B></FONT><FONT SIZE=2>" "</FONT><FONT SIZE=2><B>under common control
with</B></FONT><FONT SIZE=2>" shall be interpreted accordingly. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>m)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Convertible Security</B></FONT><FONT SIZE=2>" means, with respect to any security, a security convertible into or exercisable or exchangeable for the
first-mentioned security including, without limitation, share purchase rights, exchange rights, options and warrants.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>n)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Co-Rights Agents</B></FONT><FONT SIZE=2>" shall have the meaning ascribed thereto in Subsection&nbsp;4.1(a). </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=8,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=650761,FOLIO='6',FILE='DISK006:[04MTL8.04MTL1148]LG1148A.;19',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_lg1148_1_7"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>o)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Disposition Date</B></FONT><FONT SIZE=2>" shall have the meaning ascribed thereto in Subsection&nbsp;5.1(b).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>p)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Effective Date</B></FONT><FONT SIZE=2>" shall mean December&nbsp;1, 2004 or any other later date determined by a duly authorized officer or director of the
Corporation.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>q)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Election to Exercise</B></FONT><FONT SIZE=2>" shall have the meaning ascribed thereto in Subsection&nbsp;2.2(d).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>r)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Exempt Acquisition</B></FONT><FONT SIZE=2>" means a share acquisition (i)&nbsp;in respect of which the Board of Directors has waived the application of
Section&nbsp;3.1 pursuant to Subsection&nbsp;5.1(b), 5.1(d) or 5.1(e) or (ii)&nbsp;pursuant to an amalgamation, merger or other statutory procedure requiring shareholder approval.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>s)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Exercise Price</B></FONT><FONT SIZE=2>" shall mean, as of any date from and after the Separation Time, the price at which a holder of a Right may purchase the
securities issuable upon exercise of one whole Right which, subject to adjustment in accordance with the terms hereof, shall be an aggregate dollar amount equal to the Market Price per Share
(determined as at the Separation Time) multiplied by five.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>t)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Expiration Time</B></FONT><FONT SIZE=2>" shall mean the earlier of (i)&nbsp;the Termination Time; and (ii)&nbsp;the Close of Business on the date on which
the first annual meeting of shareholders of the Corporation following the third anniversary of the date of this Agreement is held; provided, however, that if the resolution referred to in
Section&nbsp;5.15 is approved by the Independent Shareholders in accordance with Section&nbsp;5.15 at or prior to such annual meeting, "</FONT><FONT SIZE=2><B>Expiration
Time</B></FONT><FONT SIZE=2>" shall mean the earlier of (A)&nbsp;the Termination Time; and (B)&nbsp;the Close of Business on the sixth anniversary of the date of this Agreement.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>u)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Fiduciary</B></FONT><FONT SIZE=2>" shall mean, when acting in that capacity, a trust company registered under the trust company legislation of Canada or any
province thereof, a trust company organized under the laws of any state of the United&nbsp;States, a portfolio manager registered under the securities legislation of one or more provinces of Canada
or an investment adviser registered under the United&nbsp;States Investment Advisers Act of 1940 or any other securities legislation of the United&nbsp;States or any state of the
United&nbsp;States.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>v)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Flip-in Event</B></FONT><FONT SIZE=2>" shall mean a transaction or event in or pursuant to which any Person becomes an Acquiring Person.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>w)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>holder</B></FONT><FONT SIZE=2>" shall have the meaning ascribed thereto in Section&nbsp;2.8.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>x)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Independent Shareholders</B></FONT><FONT SIZE=2>" shall mean holders of outstanding Voting Shares, other than Voting Shares Beneficially Owned by
(i)&nbsp;any Acquiring Person or Offeror other than a Person who is deemed not to Beneficially Own such Voting Shares by reason of Clause&nbsp;1.1(d)(vi) hereof; (ii)&nbsp;any Person acting
jointly or in concert with such Acquiring Person or Offeror; (iii)&nbsp;any Associate or Affiliate of such Acquiring Person or Offeror; and (iv)&nbsp;any employee benefit plan, stock purchase
plan, deferred profit sharing plan and any similar plan or trust for the benefit of employees of the Corporation or a corporation controlled by the Corporation, unless the beneficiaries of the plan or
trust direct the manner in which the Voting Shares are to be voted or withheld from voting or direct whether the Voting Shares are to be tendered to a Take-over Bid. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=9,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=748172,FOLIO='7',FILE='DISK006:[04MTL8.04MTL1148]LG1148A.;19',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_lg1148_1_8"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>y)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Lock-up Agreement</B></FONT><FONT SIZE=2>" means an agreement between an Offeror or any Affiliate or Associate of an Offeror and one or more
holders of Voting Shares (each such holder herein referred to as a "</FONT><FONT SIZE=2><B>Locked-up Person</B></FONT><FONT SIZE=2>") who are not Affiliates or Associates of the Offeror
and who are not, other than by virtue of entering into such agreement, acting jointly or in concert with the Offeror, the terms of which are publicly disclosed and a copy of which is made available to
the public (including the Corporation) not later than the date of the Lock-up Bid (as hereinafter defined) or, if the Lock-up Bid has been made prior to the date of the
Lock-up Agreement, not later than the Business Day following the date the Lock-up Agreement was entered into, pursuant to which each Locked-up Person agrees to
deposit or tender the Voting Shares held by such holder to a Take-over Bid (the "</FONT><FONT SIZE=2><B>Lock-up Bid</B></FONT><FONT SIZE=2>") made by the Offeror or any
Affiliates or Associates of the Offeror or any other Person acting jointly or in concert with the Offeror provided that:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>the
Lock-up Agreement permits the Locked-up Person to withdraw its Voting Shares from the Lock-up Agreement and the
Lock-up Bid in order to deposit or tender the Voting Shares to another Take-over Bid or to support another transaction prior to the Voting Shares being taken up and paid for
under the Lock-up Bid:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(A)</FONT></DT><DD><FONT SIZE=2>at
a price or value per Voting Share that exceeds the price or value per Voting Share offered under the Lock-up Bid; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(B)</FONT></DT><DD><FONT SIZE=2>for
a number of Voting Shares that exceeds by as much as or more than a number specified in the Lock-up Agreement (the "</FONT><FONT SIZE=2><B>Specified
Number</B></FONT><FONT SIZE=2>") the number of Voting Shares that the Offeror has offered to purchase under the Lock-up Bid at a price or value per Voting Share that is not less than the
price or value per Voting Share offered under the Lock-up Bid, provided that the Specified Number is not greater than 7% of the number of Voting Shares offered to be purchased under the
Lock-up Bid; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(C)</FONT></DT><DD><FONT SIZE=2>at
such price or value that exceeds by as much as or more than an amount specified in the Lock-up Agreement (the "</FONT><FONT SIZE=2><B>Specified
Amount</B></FONT><FONT SIZE=2>") the offering price for each Voting Share contained in or proposed to be contained in the Lock-up Bid, provided that the Specified Amount is not greater
than 7% of the offering price contained in or proposed to be contained in the Lock-up Bid; </FONT></DD></DL>
</DD></DL>
</DD></DL>
<UL>
<UL>

<P><FONT SIZE=2>and
for greater certainty, the Lock-up Agreement may contain a right of first refusal or require a period of delay to give the Person who made the Lock-up Bid an opportunity to
match a higher price in another Take-over Bid or transaction or other similar limitation on a Locked-up Person's right to withdraw Voting Shares from the agreement, so long as
the limitation does not preclude the exercise by the Locked-up Person of the right to withdraw Voting Shares during the period of the other Take-over Bid or transaction; and </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>no
"break-up" fees, "topping" fees, penalties, expenses or other amounts that exceed in aggregate the greater of: </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=10,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=489156,FOLIO='8',FILE='DISK006:[04MTL8.04MTL1148]LG1148A.;19',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_lg1148_1_9"> </A>
<UL>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(A)</FONT></DT><DD><FONT SIZE=2>2<SUP>1</SUP>/<SMALL>2</SMALL>%
of the price or value of the aggregate consideration payable under the Lock-up Bid to a Locked-up Person; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(B)</FONT></DT><DD><FONT SIZE=2>50%
of the amount by which the price or value of the consideration received by a Locked-up Person under another Take-over Bid or transaction
exceeds the price or value of the consideration that the Locked-up Person would have received under the Lock-up Bid; </FONT></DD></DL>
</UL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2>shall
be payable by such Locked-up Person if the Locked-up Person fails to deposit or tender Voting Shares to the Lock-up Bid, or withdraws Voting Shares previously
tendered thereto, in order to deposit or tender such Voting Shares to another Take-over Bid or support another transaction. </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>z)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Market Price</B></FONT><FONT SIZE=2>" per security of any securities on any date of determination shall mean the average of the daily Closing Prices per
security of such securities on each of the 20 consecutive Trading Days through and including the Trading Day immediately preceding such date of determination; provided, however, that if an event of a
type analogous to any of the events described in Section&nbsp;2.3 hereof shall have caused any Closing Price used to determine the Market Price on any Trading Day not to be fully comparable with the
Closing Price on the Trading Day immediately preceding such date of determination, each such Closing Price so used shall be appropriately adjusted in a manner analogous to the applicable adjustment
provided for in Section&nbsp;2.3 hereof (as determined by the Board of Directors acting in good faith) in order to make it fully comparable with the Closing Price on the Trading Day immediately
preceding such date of determination.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>aa)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Nominee</B></FONT><FONT SIZE=2>" shall have the meaning ascribed thereto in Subsection&nbsp;2.2(c).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>bb)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Offer to&nbsp;Acquire</B></FONT><FONT SIZE=2>" shall include:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>an
offer to purchase or a solicitation of an offer to sell Voting Shares, or a public announcement of an intention to make such an offer or solicitation; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>an
acceptance of an offer to sell Voting Shares, whether or not such offer to sell has been solicited; </FONT></DD></DL>
</DD></DL>
<UL>
<UL>

<P><FONT SIZE=2>or
any combination thereof, and the Person accepting an offer to sell shall be deemed to be making an Offer to Acquire to the Person that made the offer to sell. </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>cc)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Offeror</B></FONT><FONT SIZE=2>" shall mean a Person who has announced a current intention to make, or who is making, a Take-over Bid.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>dd)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Offeror's Securities</B></FONT><FONT SIZE=2>" shall mean the Voting Shares Beneficially Owned on the date of a Take-over Bid by an Offeror.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>ee)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Permitted Bid</B></FONT><FONT SIZE=2>" means a Take-over Bid made by way of a take-over bid circular which also complies with the
following additional provisions: </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=11,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=596485,FOLIO='9',FILE='DISK006:[04MTL8.04MTL1148]LG1148A.;19',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_lg1148_1_10"> </A>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>the
Take-over Bid is made to all holders of record of Voting Shares, other than the Offeror;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>the
Take-over Bid contains, and the take-up and payment for securities tendered or deposited thereunder is subject to, irrevocable and
unqualified conditions that:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(A)</FONT></DT><DD><FONT SIZE=2>no
Voting Shares shall be taken up or paid for pursuant to the Take-over Bid (x)&nbsp;prior to the Close of Business on a date which is not less than
60&nbsp;days following the date of the Take-over Bid and (y)&nbsp;unless, at the Close of Business on that date, the Voting Shares deposited or tendered pursuant to the
Take-over Bid and not withdrawn constitute more than 50% of the Voting Shares outstanding which are held by Independent Shareholders;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(B)</FONT></DT><DD><FONT SIZE=2>unless
the Take-over Bid is withdrawn, Voting Shares may be deposited pursuant to such Take-over Bid at any time prior to the Close of Business
on the date of the first take-up of or payment for Voting Shares;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(C)</FONT></DT><DD><FONT SIZE=2>any
Voting Shares deposited pursuant to the Take-over Bid may be withdrawn until taken up and paid for; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(D)</FONT></DT><DD><FONT SIZE=2>in
the event that the requirement set forth in subclause&nbsp;(A)(y) of this Clause&nbsp;1.1(ee)(ii) is satisfied, the Offeror will make a public announcement of
that fact and the Take-over Bid will remain open for deposits and tenders of Voting Shares for not less than 10 Business Days from the date of such public announcement. </FONT></DD></DL>
</DD></DL>
</UL>
<UL>

<P><FONT SIZE=2>For
purposes of this Agreement, the term "</FONT><FONT SIZE=2><B>Permitted Bid</B></FONT><FONT SIZE=2>" shall include a Competing Permitted Bid. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>ff)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Permitted Bid Acquisition</B></FONT><FONT SIZE=2>" means an acquisition of Voting Shares made pursuant to a Permitted Bid.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>gg)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Person</B></FONT><FONT SIZE=2>" includes any individual, firm, partnership, association, trust, trustee, executor, administrator, legal personal
representative, government, governmental body or authority, corporation, or other incorporated or unincorporated organization, syndicate or other entity.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>hh)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Pro&nbsp;Rata Acquisition</B></FONT><FONT SIZE=2>" means an acquisition by a Person of Voting Shares pursuant to (i)&nbsp;any dividend reinvestment plan,
such purchase plan or other plan of the Corporation made available to all holders of Voting Shares (other than holders resident in any jurisdiction where participation in such plan is restricted or
impractical as a result of applicable law); (ii)&nbsp;a stock dividend, a stock split or other event pursuant to which such Person becomes the Beneficial Owner of Voting Shares on the same
pro&nbsp;rata basis as all other holders of Voting Shares of the same class or series; (iii)&nbsp;the acquisition or exercise of rights to purchase Voting Shares distributed to all holders of
Voting Shares (other than holders resident in any jurisdiction where such distribution or exercise is restricted or impractical as a result of applicable law) by the Corporation pursuant to a rights
offering (but only if such rights are acquired directly from the Corporation); or (iv)&nbsp;a distribution of Voting Shares or Convertible Securities in respect thereof offered pursuant to a
prospectus or by way of a private placement by the Corporation or a conversion or exchange of any such Convertible Security, provided that, in the cases of (iii)&nbsp;and (iv)&nbsp;above, such
Person does not thereby acquire a greater percentage of Voting Shares or Convertible Securities so offered than the Person's percentage of Voting Shares Beneficially Owned immediately prior to such
acquisition. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=12,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=49492,FOLIO='10',FILE='DISK006:[04MTL8.04MTL1148]LG1148A.;19',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_lg1148_1_11"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>ii)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Record Time</B></FONT><FONT SIZE=2>" means on the Close of Business on the Effective Date.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>jj)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Redemption Price</B></FONT><FONT SIZE=2>" shall have the meaning attributed thereto in Subsection&nbsp;5.1(a).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>kk)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Regular Cash Dividend</B></FONT><FONT SIZE=2>" means cash dividends paid on the Shares in any fiscal year of the Corporation to the extent that such cash
dividends do not exceed in the aggregate in any fiscal year the greatest of:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>200%
of the aggregate amount of cash dividends declared payable by the Corporation on its Shares in its immediately preceding fiscal year;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>300%
of the arithmetic mean of the aggregate amounts of cash dividends declared payable by the Corporation on its Shares in its three immediately preceding fiscal
years; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>100%
of the aggregate consolidated net income of the Corporation, before extraordinary items, for its immediately preceding fiscal year.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>ll)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Right</B></FONT><FONT SIZE=2>" shall mean a right to purchase a Share pursuant to the terms and subject to the conditions set forth herein.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>mm)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Rights Certificate</B></FONT><FONT SIZE=2>" shall mean the certificates representing the Rights after the Separation Time which shall be substantially in the
form attached hereto as Exhibit&nbsp;A.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>nn)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Rights Register</B></FONT><FONT SIZE=2>" and "</FONT><FONT SIZE=2><B>Rights Registrar</B></FONT><FONT SIZE=2>" shall have the respective meanings ascribed
thereto in Subsection&nbsp;2.6(a).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>oo)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Securities Act</B></FONT><FONT SIZE=2>" shall mean the </FONT><FONT SIZE=2><I>Securities Act</I></FONT><FONT SIZE=2>, R.S.Q., c. V-1.1, as
amended and the regulations, rules and policy statements made thereunder, as from time to time in effect.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>pp)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Separation Time</B></FONT><FONT SIZE=2>" means the Close of Business on the eighth Trading Day after the earlier of:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>the
Stock Acquisition Date; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>the
date of the commencement of, or first public announcement or disclosure of the intent of any Person (other than the Corporation or any corporation controlled by the
Corporation) to commence, a Take-over Bid (other than a Permitted Bid, so long as such Take-over Bid continues to satisfy the requirements of a Permitted Bid); </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=13,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=783621,FOLIO='11',FILE='DISK006:[04MTL8.04MTL1148]LG1148A.;19',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_lg1148_1_12"> </A>
<UL>
<UL>
</UL>
</UL>
<UL>

<P><FONT SIZE=2>or
such later Business Day as may be determined at any time or from time to time by the Board of Directors provided, however, that if any such Take-over Bid expires, is cancelled, is
terminated or is otherwise withdrawn prior to the Separation Time, without securities deposited thereunder being taken up and paid for, such Take-over Bid shall be deemed, for purposes of
this Subsection&nbsp;1.1(pp), never to have been made, and, provided further, that if the Board of Directors determines, pursuant to Section&nbsp;5.1, to&nbsp;waive the application of
Section&nbsp;3.1 to&nbsp;a Flip-in Event, the Separation Time in respect of such Flip-in Event shall be deemed never to have occurred. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>qq)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Shares</B></FONT><FONT SIZE=2>" means the Class&nbsp;A Subordinate Voting Shares in the share capital of the Corporation as constituted at the Record Time,
as such shares may be subdivided, consolidated, reclassified or otherwise changed from time to time. For greater certainty and without limiting the generality of the foregoing, in the event the
Corporation files articles of amendment pursuant to which each Class&nbsp;A Subordinate Voting Share in the share capital of the Corporation is exchanged for one common share in the share capital of
the Corporation, immediately upon the coming into effect of such articles, "</FONT><FONT SIZE=2><B>Shares</B></FONT><FONT SIZE=2>" shall refer to such common shares in the share capital of the
Corporation, as such common shares may be subdivided, consolidated, reclassified or otherwise changed from time to time.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>rr)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Stock Acquisition Date</B></FONT><FONT SIZE=2>" shall mean the first date of public announcement or disclosure by the Corporation or an Acquiring Person of
facts indicating that a Person has become an Acquiring Person (which, for the purposes of this definition, shall include, without limitation, a report filed pursuant to Section&nbsp;147.11 of the
Securities Act or Section&nbsp;13(d) of the U.S.&nbsp;Exchange Act disclosing such information).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>ss)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Take-over Bid</B></FONT><FONT SIZE=2>" means an Offer to Acquire Voting Shares of any class, or Convertible Securities with respect thereto, where
the Voting Shares subject to the Offer to Acquire, together with the Voting Shares into or for which the securities subject to the Offer to Acquire are convertible or exchangeable and the Offeror's
Securities constitute in the aggregate 20% or more of the outstanding Voting Shares at the date of the Offer to Acquire.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>tt)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Termination Time</B></FONT><FONT SIZE=2>" means the time at which the right to exercise Rights shall terminate pursuant to Section&nbsp;5.1 hereof.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>uu)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Trading Day</B></FONT><FONT SIZE=2>" when used with respect to any securities, means the day on which the principal Canadian or United&nbsp;States
securities exchange (as determined by the Board of Directors acting in good faith) on which such securities are listed or admitted to trading is open for the transaction of business or, if the
securities are not listed or admitted to trading on any Canadian or United&nbsp;States securities exchange, a Business Day.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>vv)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;&#151;&nbsp;Canadian Exchange Rate</B></FONT><FONT SIZE=2>" on any date shall mean:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>if
on such date the Bank of Canada sets an average noon spot rate of exchange for the conversion of one United&nbsp;States dollar into Canadian dollars, such rate; and </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=14,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=814519,FOLIO='12',FILE='DISK006:[04MTL8.04MTL1148]LG1148A.;19',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_lg1148_1_13"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>in
any other case, the rate for such date for the conversion of one United&nbsp;States dollar into Canadian dollars which is calculated in the manner which shall be
determined by the Board of Directors from time to time acting in good faith.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>ww)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Exchange Act</B></FONT><FONT SIZE=2>" means the United&nbsp;States Securities Exchange Act of 1934, as amended, and the rules and regulations
thereunder as from time to time in effect.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>xx)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Voting Share Reduction</B></FONT><FONT SIZE=2>" means an acquisition or redemption by the Corporation or any corporation controlled by the Corporation of
Voting Shares which, by reducing the number of Voting Shares outstanding, increases the percentage of Voting Shares Beneficially Owned by any Person to 20% or more of the Voting Shares then
outstanding.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>yy)</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Voting Shares</B></FONT><FONT SIZE=2>" means the Shares and any other securities the holders of which are entitled to vote generally on the election of
directors of the Corporation. </FONT></DD></DL>

<P><FONT SIZE=2><B>1.2&nbsp;&nbsp;&nbsp;Currency  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All sums of money which are referred to in this Agreement are expressed in lawful money of Canada, unless otherwise specified. </FONT></P>

<P><FONT SIZE=2><B>1.3&nbsp;&nbsp;&nbsp;Number and Gender  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wherever the context will require, terms (including defined terms) used herein importing the singular number only shall include the plural and vice versa and
words importing any one gender shall include all others. </FONT></P>

<P><FONT SIZE=2><B>1.4&nbsp;&nbsp;&nbsp;Sections and Headings  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The division of this Agreement into Articles, Sections, Subsections, Clauses and Subclauses and the insertion of headings are for convenience of reference only
and shall not affect the construction or interpretation of this Agreement. The terms this "</FONT><FONT SIZE=2><B>Agreement</B></FONT><FONT SIZE=2>",
"</FONT><FONT SIZE=2><B>hereunder</B></FONT><FONT SIZE=2>", "</FONT><FONT SIZE=2><B>hereof</B></FONT><FONT SIZE=2>" and similar expressions refer to this Agreement as amended or supplemented from
time to time and not to any particular Article, Section or other portion hereof and include any agreement or instrument supplemental or ancillary hereto. Unless something in the subject matter or
context is inconsistent therewith, references herein to Articles, Sections, Subsections, Clauses and Subclauses are to Articles, Sections, Subsections, Clauses and Subclauses of this Agreement. </FONT></P>

<P><FONT SIZE=2><B>1.5&nbsp;&nbsp;&nbsp;Statutory References  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the context otherwise requires, any reference to a specific Section, Subsection, Clause or Rule of any statute or regulation shall be deemed to refer to
the same as it may be amended, reenacted or replaced or, if repealed and there shall be no replacement therefor, to the same as it is in effect on the date of this Agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=15,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=894030,FOLIO='13',FILE='DISK006:[04MTL8.04MTL1148]LG1148A.;19',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_lg1148_1_14"> </A>

<P><FONT SIZE=2><B>1.6&nbsp;&nbsp;&nbsp;Determination of Percentage Ownership  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The percentage of Voting Shares Beneficially Owned by any Person, shall, for the purposes of this Agreement, be and be deemed to be the product determined by the
formula: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="15%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="28%" VALIGN="CENTER"><FONT SIZE=2>100</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>&times;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><U>A</U><BR>
B</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;where:
</FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="89%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>A&nbsp;=</FONT></TD>
<TD WIDTH="92%"><FONT SIZE=2>the aggregate number of votes for the election of all directors generally attaching to the Voting Shares Beneficially Owned by such Person; and</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
B&nbsp;=</FONT></TD>
<TD WIDTH="92%"><FONT SIZE=2><BR>
the aggregate number of votes for the election of all directors generally attaching to all outstanding Voting Shares.</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>Where
any Person is deemed to Beneficially Own unissued Voting Shares pursuant to Subsection&nbsp;1.1(d), such Voting Shares shall be deemed to be outstanding for the purpose of both A and B in the
formula above. </FONT></P>

<P><FONT SIZE=2><B>1.7&nbsp;&nbsp;&nbsp;Acting Jointly or in Concert  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of this Agreement, a Person is acting jointly or in concert with every Person who is a party to an agreement, commitment or understanding,
whether formal or informal and whether or not in writing, with the first Person, or with any other Person acting jointly or in concert with the first Person, to acquire or to Offer to Acquire Voting
Shares or Convertible Securities in respect thereof (other than customary agreements with and between underwriters and banking group or selling group members with respect to a distribution of
securities or pursuant to a pledge of securities in the ordinary course of the pledgee's business). </FONT></P>

<P><FONT SIZE=2><B>1.8&nbsp;&nbsp;&nbsp;Generally Accepted Accounting Principles  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wherever in this Agreement reference is made to generally accepted accounting principles, such reference shall be deemed to be to the recommendations at the
relevant time of the Canadian Institute of Chartered Accountants, or any successor institute, applicable on a consolidated basis (unless otherwise specifically provided herein to be applicable on an
unconsolidated basis) as at the date on which a calculation is made or required to be made in accordance with generally accepted accounting principles. Where the character or amount of any asset or
liability or item of revenue or expense is required to be determined, or any consolidation or other accounting computation is required to be made for the purpose of this Agreement or any document
contemplated hereby, such determination or calculation shall, to the extent applicable and except as otherwise specified herein or as otherwise agreed in writing by the parties, be made in accordance
with generally accepted accounting principles applied on a consistent basis. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=13,SEQ=16,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=260356,FOLIO='14',FILE='DISK006:[04MTL8.04MTL1148]LG1148A.;19',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_li1148_1_15"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="li1148_article_2_the_rights"> </A>
<A NAME="toc_li1148_1"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 2<BR>  THE RIGHTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>2.1&nbsp;&nbsp;&nbsp;Legend on Share Certificates  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>a)</FONT></DT><DD><FONT SIZE=2>Certificates
representing the Shares, including without limitation Shares issued upon the conversion of Convertible Securities, issued after the Record Time but prior to the Close of
Business on the earlier of the Separation Time and the Expiration Time shall also evidence one Right for each Share represented thereby and shall have impressed on, printed on, written on or otherwise
affixed to them the following legend: </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>"Until
the Separation Time (as defined in the Rights Agreement referred to below), this certificate also evidences and entitles the holder hereof to certain Rights as set forth in a Shareholder Rights
Plan Agreement, dated as of December&nbsp;1, 2004 (the "</FONT><FONT SIZE=2><B>Rights Agreement</B></FONT><FONT SIZE=2>"), between the Corporation and Computershare Trust Company of Canada, as
rights agent, as the same may be amended or supplemented from time to time in accordance with the terms thereof, the terms of which are hereby incorporated herein by reference and a copy of which is
on file at the registered office of the Corporation. Under certain circumstances, as set forth in the Rights Agreement, such Rights may be amended or redeemed, may expire, may become void (if, in
certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, whether currently held by or on behalf of such Person or any subsequent
holder) or may be evidenced by separate certificates and may no longer be evidenced by this certificate. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the
holder of this certificate without charge as soon as practicable after the receipt of a written request therefor. </FONT></P>

<P><FONT SIZE=2>Jusqu'&agrave;
l'heure de s&eacute;paration (d&eacute;finie dans la convention visant les Droits mentionn&eacute;e ci-dessous), le pr&eacute;sent
certificat atteste &eacute;galement que son porteur jouit de certains Droits stipul&eacute;s dans une convention visant un r&eacute;gime de droits de souscription des
actionnaires intervenue en date du 1&nbsp;d&eacute;cembre 2004 ("convention visant les Droits") entre la Soci&eacute;t&eacute; et Soci&eacute;t&eacute; de
fiducie Computershare du Canada, &agrave; titre d'agent des Droits, en sa version pouvant &ecirc;tre modifi&eacute;e ou compl&eacute;t&eacute;e de temps
&agrave; autre conform&eacute;ment aux modalit&eacute;s des pr&eacute;sentes, convention dont les conditions sont int&eacute;gr&eacute;es dans les
pr&eacute;sentes par
renvoi et dont une copie se trouve dans les dossiers tenus au si&egrave;ge social de la Soci&eacute;t&eacute;. Dans certaines circonstances stipul&eacute;es dans la
convention visant les Droits, ces Droits peuvent &ecirc;tre modifi&eacute;s ou rachet&eacute;s ou peuvent expirer ou devenir nuls (si, dans certains cas, ils sont
"d&eacute;tenus &agrave; titre de v&eacute;ritable propri&eacute;taire" par une "personne faisant une acquisition", selon la d&eacute;finition de ces termes
dans la convention visant les Droits, qu'ils soient d&eacute;tenus actuellement par cette personne ou un porteur ult&eacute;rieur ou pour le compte de ceux-ci). Les Droits
peuvent aussi &ecirc;tre attest&eacute;s par des certificats distincts et peuvent ne plus &ecirc;tre attest&eacute;s par le pr&eacute;sent certificat. La
Soci&eacute;t&eacute; postera ou fera poster sans frais une copie de la convention visant les Droits au porteur du pr&eacute;sent certificat d&egrave;s que possible
apr&egrave;s la r&eacute;ception d'une demande &eacute;crite &agrave; cet effet." </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>b)</FONT></DT><DD><FONT SIZE=2>Certificates
representing Shares that have been issued prior to and remain outstanding at the Record Time shall evidence one Right for each Share evidenced thereby notwithstanding the
absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=17,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=561363,FOLIO='15',FILE='DISK006:[04MTL8.04MTL1148]LI1148A.;6',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_li1148_1_16"> </A>

<P><FONT SIZE=2><B>2.2&nbsp;&nbsp;&nbsp;Initial Exercise Price; Exercise of Rights; Detachment of Rights  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>a)</FONT></DT><DD><FONT SIZE=2>Subject
to adjustment as herein set forth, including without limitation as set forth in Article&nbsp;3, each Right will entitle the holder thereof, from and after the Separation Time
and prior to the Expiration Time, to purchase one Share for the Exercise Price (which Exercise Price and number of Shares are subject to adjustment as set forth below). Notwithstanding any other
provision of this Agreement, any Rights held by the Corporation or any of its subsidiaries shall be void.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>b)</FONT></DT><DD><FONT SIZE=2>Until
the Separation Time, (i)&nbsp;the Rights shall not be exercisable and no Right may be exercised; and (ii)&nbsp;for administrative purposes, each Right will be evidenced by
the certificate for the associated Shares registered in the name of the holder thereof (which certificate shall be deemed to represent a Rights Certificate) and will be transferable only together
with, and will be transferred by a transfer of, such associated Shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>c)</FONT></DT><DD><FONT SIZE=2>From
and after the Separation Time and prior to the Expiration Time, the Rights may be exercised, and the registration and transfer of the Rights shall be separate from and independent
of Shares. Promptly following the Separation Time, the Corporation will prepare or cause to be prepared and the Rights Agent will mail to each holder of record of Shares as of the Separation Time
(other than an Acquiring Person and, in respect of any Rights Beneficially Owned by such Acquiring Person which are not held of record by such Acquiring Person, the holder of record of such rights (a
"</FONT><FONT SIZE=2><B>Nominee</B></FONT><FONT SIZE=2>")) at such holder's address as shown by the records of the Corporation (the Corporation hereby agreeing to furnish copies of such record to the
Rights Agent for this purpose):
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>a
Rights Certificate in substantially the form of Exhibit&nbsp;A hereto&nbsp;appropriately completed, representing the number of Rights held by such holder at the
Separation Time and having such marks of identification or designation and such legends, summaries or endorsements printed thereon as the Corporation may deem appropriate and as are not inconsistent
with the provisions of this Agreement, or as may be required to comply with any law, rule or regulation or judicial or administrative order, or with any article, requirement or regulation of any stock
exchange or quotation system on which the Rights may from time to time be listed or traded, or to conform to usage; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>a
disclosure statement prepared by the Corporation describing the Rights; </FONT></DD></DL>
</DD></DL>
<UL>

<P><FONT SIZE=2>provided
that a Nominee shall be sent the materials provided for in (i)&nbsp;and (ii)&nbsp;only in respect of all Shares held of record by it which are not Beneficially Owned by an Acquiring
Person and the Corporation may require any Nominee or suspected Nominee to provide such information and documentation as the Corporation may reasonably require for such purpose. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>d)</FONT></DT><DD><FONT SIZE=2>Rights
may be exercised in whole or in part on any Business Day after the Separation Time and prior to the Expiration Time by submitting to the Rights Agent at its principal office in
Toronto, Ontario, or any other office of the Rights Agent designated for that purpose from time to time by the Corporation: </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=18,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=464983,FOLIO='16',FILE='DISK006:[04MTL8.04MTL1148]LI1148A.;6',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_li1148_1_17"> </A>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>the
Rights Certificate evidencing such Rights;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>an
election to exercise (an "</FONT><FONT SIZE=2><B>Election to Exercise</B></FONT><FONT SIZE=2>") substantially in the form attached to the Rights Certificate duly
completed and executed in a manner acceptable to the Rights Agent; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>payment
by certified cheque, banker's draft or money order payable to the order of the Rights Agent, of a sum equal to the Exercise Price multiplied by the number of
Rights being exercised and a sum sufficient to cover any transfer tax or charge which may be payable in respect of any transfer involved in the transfer or delivery of Rights Certificates or the
issuance or delivery of certificates for Shares in a name other than that of the holder of the Rights being exercised.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>e)</FONT></DT><DD><FONT SIZE=2>Upon
receipt of a Rights Certificate, which is accompanied by an appropriately completed and duly executed Election to Exercise (which does not indicate that such Right is null and
void as provided by Subsection&nbsp;3.1(b)) and&nbsp;payment as set forth in Subsection&nbsp;2.2(d), the Rights Agent (unless otherwise instructed by the Corporation) will thereupon as soon as
possible:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>requisition
from the transfer agent of the Shares, certificates representing the number of Shares to be purchased (the Corporation hereby irrevocably authorizing its
transfer agent to comply with all such requisitions);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>after
receipt of such share certificates, deliver such certificates to, or to the order of, the registered holder of such Rights Certificate, registered in such name or
names as may be designated by such holder;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>when
appropriate, requisition from the Corporation the amount of cash, if any, to be paid in lieu of issuing fractional Shares;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>when
appropriate, after receipt of such cash, deliver such cash to, or to the order of, the registered holder of the Rights Certificate; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD><FONT SIZE=2>tender
to the Corporation all payments received on exercise of the Rights.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>f)</FONT></DT><DD><FONT SIZE=2>If
the holder of any Rights shall exercise less than all of the Rights evidenced by such holder's Rights Certificate, a new Rights Certificate evidencing the Rights remaining
unexercised will be issued by the Rights Agent to such holder or to such holder's duly authorized assigns.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>g)</FONT></DT><DD><FONT SIZE=2>The
Corporation shall:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>take
all such action as may be necessary and within its power to ensure that all Shares delivered upon the exercise of Rights shall, at the time of delivery of the
certificates for such Shares (subject to payment of the Exercise Price), be duly and validly authorized, executed, issued and delivered as fully paid and non-assessable; </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=19,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=711830,FOLIO='17',FILE='DISK006:[04MTL8.04MTL1148]LI1148A.;6',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_li1148_1_18"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>take
all such action as may reasonably be considered to be necessary and within its power to comply with any applicable requirements of the Canada Business Corporations
Act, the Securities Act, the U.S.&nbsp;Exchange Act, the United&nbsp;States Securities Act of 1933, as amended, and applicable comparable legislation of each of the provinces and territories of
Canada and states of the United&nbsp;States of America, or the rules and regulations thereunder or any other applicable law, rule or regulation, in connection with the issuance and delivery of the
Rights, the Rights Certificates and the issuance of any Shares upon exercise of the Rights;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>use
reasonable efforts to cause all Shares issued upon exercise of the Rights to be listed on the stock exchanges on which the Shares are listed at that time;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>cause
to be reserved and kept available out of its authorized and unissued Shares, the number of Shares that, as provided in this Agreement, will from time to time be
sufficient to permit the exercise in full of all outstanding Rights;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD><FONT SIZE=2>pay
when due and payable, if applicable, any and all federal, provincial, state and municipal taxes (not in the nature of income, capital gains or withholding taxes) and
charges which may be payable in respect of the original issuance or delivery of the Rights Certificates or certificates for Shares issued upon the exercise of Rights, provided that the Corporation
shall not be required to pay any transfer tax or charge which may be payable in respect of any transfer of Rights or the issuance or delivery of certificates for Shares issued upon the exercise of
Rights, in a name other than that of the holder of the Rights being transferred or exercised; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD><FONT SIZE=2>after
the Separation Time, except as permitted by Section&nbsp;5.1 or Section&nbsp;5.4, not take (or permit any corporation it controls to take) any action if at
the time such action is taken it is reasonably foreseeable that such action will diminish substantially or otherwise eliminate the benefits intended to be afforded by the Rights. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>2.3&nbsp;&nbsp;&nbsp;Adjustments to Exercise Price; Number of Rights  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>a)</FONT></DT><DD><FONT SIZE=2>The
Exercise Price, the number and kind of securities subject to purchase upon exercise of each Right and the number of Rights outstanding are subject to adjustment from time to time
as provided in this Section&nbsp;2.3 and&nbsp;in Article&nbsp;3. Fractional interests in securities resulting from such adjustments are subject to Section&nbsp;5.5.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>b)</FONT></DT><DD><FONT SIZE=2>In
the event that the Corporation shall at any time after the Record Time and prior to the Expiration Time:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>declare
or pay a dividend on the Shares payable in Voting Shares or Convertible Securities in respect thereof other than pursuant to any dividend reinvestment plan or
program; </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=20,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=987677,FOLIO='18',FILE='DISK006:[04MTL8.04MTL1148]LI1148A.;6',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_li1148_1_19"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>subdivide
or change the then outstanding Shares into a greater number of Shares;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>consolidate,
combine or change the then outstanding Shares into a smaller number of Shares; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>issue
any Voting Shares (or Convertible Securities in respect thereof) in respect of, in lieu of, or in exchange for existing Shares, whether in a reclassification,
amalgamation, statutory arrangement, consolidation or otherwise; </FONT></DD></DL>
</UL>
<UL>

<P><FONT SIZE=2>the
Exercise Price and the number of Rights outstanding (or, if the payment or effective date therefor shall occur after the Separation Time, the securities purchasable upon the exercise of Rights)
shall be adjusted as follows: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(A)</FONT></DT><DD><FONT SIZE=2>If
the Exercise Price and number of Rights outstanding are to be adjusted:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(x)</FONT></DT><DD><FONT SIZE=2>the
Exercise Price in effect after such adjustment will be equal to the Exercise Price in effect immediately prior to such adjustment divided by the number of Shares (or
other securities of the Corporation) that a holder of one Share immediately prior to such dividend, subdivision, change, consolidation or issuance would hold thereafter as a result thereof; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(y)</FONT></DT><DD><FONT SIZE=2>each
Right held prior to such adjustment will become that number of Rights equal to that number that is equal to the number of Shares (or other securities of the
Corporation) that a holder of one Share immediately prior to such dividend, subdivision, change, consolidation or issuance would hold immediately thereafter as a result thereof, and the adjusted
number of Rights will be deemed to be allocated among the Shares with respect to which the original Rights were associated (if they remain outstanding) and the securities of the Corporation issued in
respect of such dividend, subdivision, change, consolidation or issuance, so that each such Share (or other security of the Corporation) will have exactly one Right associated with it.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(B)</FONT></DT><DD><FONT SIZE=2>If
the securities purchasable upon exercise of Rights are to be adjusted, the securities purchasable upon exercise of each Right after such adjustment will be the securities that a
holder of the securities purchasable upon exercise of one Right immediately prior to such dividend, subdivision, change, consolidation or issuance would hold thereafter as a result thereof.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>c)</FONT></DT><DD><FONT SIZE=2>Adjustments
pursuant to Subsection&nbsp;2.3(b) shall be made successively, whenever an event referred to in Subsection&nbsp;2.3(b) occurs.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>d)</FONT></DT><DD><FONT SIZE=2>If
an event occurs which would require an adjustment under both this Section&nbsp;2.3 and Section&nbsp;3.1 hereof, the adjustment provided for in this Section&nbsp;2.3 shall be
in addition to, and shall be made prior to, any adjustment required pursuant to Section&nbsp;3.1 hereof. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=21,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=357645,FOLIO='19',FILE='DISK006:[04MTL8.04MTL1148]LI1148A.;6',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_li1148_1_20"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>e)</FONT></DT><DD><FONT SIZE=2>In
the event the Corporation shall at any time after the Record Time and prior to the Expiration Time issue any Shares otherwise than in a transaction referred to in
Subsection&nbsp;2.3(b), each such Share so issued shall automatically have one new Right associated with it, which Right shall be evidenced by the certificate representing such Share.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>f)</FONT></DT><DD><FONT SIZE=2>In
the event the Corporation shall, at any time after the Record Time and prior to the Expiration Time, fix a record date for the making of a distribution to all holders of Shares of
rights or warrants entitling them (for a period expiring within 45 calendar days after such record date) to subscribe for or purchase Shares (or Convertible Securities in respect of Shares) at a price
per Share (or, in the case of such a Convertible Security, having a conversion, exchange or exercise price per share (including the price required to be paid to purchase such Convertible Security))
less than 90% of the Market Price per Share on such record date, the Exercise Price in effect after such record date will equal the Exercise Price in effect immediately prior to such record date
multiplied by a fraction;
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>of
which the numerator shall be the number of Shares outstanding on such record date plus the number of Shares which the aggregate offering price of the total number of
Shares so to be offered (and/or the aggregate initial conversion, exchange or exercise price of the Convertible Securities so to be offered (including the price required to be paid to purchase such
Convertible Securities)) would purchase at such Market Price per Share; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>of
which the denominator shall be the number of Shares outstanding on such record date plus the number of additional Shares to be offered for subscription or purchase
(or into which the Convertible Securities so to be offered are initially convertible, exchangeable or exercisable). </FONT></DD></DL>
</DD></DL>
<UL>

<P><FONT SIZE=2>In
case such subscription price is satisfied, in whole or in part, by consideration other than cash, the value of such consideration shall be as determined in good faith by the Board of Directors.
Such adjustment shall be made successively whenever such a record date is fixed. To the extent that such rights or warrants are not exercised prior to the expiration thereof, the Exercise Price shall
be readjusted in the manner contemplated above based on the number of Shares (or securities convertible into or exchangeable for Shares) actually issued on the exercise of such rights or warrants. </FONT></P>

<P><FONT SIZE=2>For
purposes of this Agreement, the granting of the right to purchase Shares (whether from treasury or otherwise) pursuant to any dividend or interest reinvestment plan or program or any share
purchase plan or program providing for the reinvestment of dividends or interest payable on securities of the Corporation or the investment of periodic optional payments or employee benefit or similar
plans (so long as such right to purchase is in no case evidenced by the delivery of rights or warrants by the Corporation) shall not be deemed to constitute an issue of rights or warrants by the
Corporation; provided, however, that in the case of any dividend or interest reinvestment or share purchase plan or program, the right to purchase Shares is at a price per share of not less than 90%
of the current market price per share (determined as provided in such plans) of the Shares. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=22,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=406226,FOLIO='20',FILE='DISK006:[04MTL8.04MTL1148]LI1148A.;6',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_li1148_1_21"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>g)</FONT></DT><DD><FONT SIZE=2>In
the event the Corporation shall, at any time after the Record Time and prior to the Expiration Time, fix a record date for the making of a distribution to all holders of Shares of
(i)&nbsp;evidences of indebtedness or assets (other than a Regular Cash Dividend or a dividend paid in Shares, but including any dividend payable in securities other than Shares), (ii)&nbsp;rights
or warrants entitling them to subscribe for or purchase Voting Shares (or Convertible Securities in respect of Voting Shares), at a price per Voting Share (or, in the case of a Convertible Security in
respect of Voting Shares, having a conversion, exchange or exercise price per share (including the price required to be paid to purchase such Convertible Security)) less than 90% of the Market Price
per Share on such record date (excluding rights or warrants referred to in Subsection&nbsp;2.3(f)) or&nbsp;(iii) other securities of the Corporation, the Exercise Price in effect after such record
date shall be equal to the Exercise Price in effect immediately prior to such record date less the fair market value (as determined in good faith by the Board of Directors) of the portion of the
assets, evidences of indebtedness, rights or warrants or other securities so to be distributed applicable to each of the securities purchasable upon exercise of one Right. Such adjustment shall be
made successively whenever such a record date is fixed.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>h)</FONT></DT><DD><FONT SIZE=2>Each
adjustment made pursuant to Section&nbsp;2.3 shall be made as of
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>the
payment or effective date for the applicable dividend, subdivision, change, consolidation or issuance, in the case of an adjustment made pursuant to
Subsection&nbsp;2.3(b) above; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>the
record date for the applicable dividend or distribution, in the case of an adjustment made pursuant to Subsections&nbsp;2.3(f) or&nbsp;2.3(g) above, subject to
readjustment to reverse the same if such distribution shall not be made.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>i)</FONT></DT><DD><FONT SIZE=2>In
the event the Corporation shall, at any time after the Record Time and prior to the Expiration Time, issue any shares (other than Shares), or rights or warrants to subscribe for or
purchase any such shares, or Convertible Securities in respect of any such shares, in a transaction referred to in any of Clauses&nbsp;2.3(b)(i) to&nbsp;(iv), Subsection&nbsp;2.3(f) or
Subsection&nbsp;2.3(g) above, if the Board of Directors acting in good faith determines that the adjustments contemplated by Subsections&nbsp;2.3(b), 2.3(f) and 2.3(g) above in connection with
such transaction would not appropriately protect the interests of the holders of Rights, the Board of Directors may from time to time acting in good faith determine what other adjustments, if any, to
the Exercise Price, number of Rights or securities purchasable upon exercise of Rights would be appropriate in the circumstances, if any, and such other adjustments (if any) shall be made upon the
Board of Directors providing written certification thereof to the Rights Agent pursuant to Subsection&nbsp;2.3(q) and&nbsp;no adjustments contemplated by Subsections&nbsp;2.3(b), 2.3(f) or
2.3(g) shall be made notwithstanding the terms thereof. The Corporation and the Rights Agent shall amend this Agreement in accordance with Section&nbsp;5.4 to&nbsp;provide for any such other
adjustments contemplated by this Subsection&nbsp;2.3(i).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>j)</FONT></DT><DD><FONT SIZE=2>Notwithstanding
anything herein to the contrary, no adjustment of the Exercise Price shall be required unless such adjustment would require an increase or decrease of at least 1% in
such Exercise Price; provided, however, that any adjustments which by reason of this Subsection&nbsp;2.3(j) are not required to be made shall be carried forward and taken into account in any
subsequent adjustment. All adjustments to the Exercise Price made pursuant to this Section&nbsp;2.3 shall be calculated to the nearest cent. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=23,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=849330,FOLIO='21',FILE='DISK006:[04MTL8.04MTL1148]LI1148A.;6',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_li1148_1_22"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>k)</FONT></DT><DD><FONT SIZE=2>All
Rights originally issued by the Corporation subsequent to any adjustment made to the Exercise Price hereunder shall evidence the right to purchase, at the adjusted Exercise Price,
the number of Shares purchasable from time to time hereunder upon exercise of the Rights, all subject to further adjustment as provided herein.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>l)</FONT></DT><DD><FONT SIZE=2>Unless
the Corporation shall have exercised its election as provided in Subsection&nbsp;2.3(m) to&nbsp;adjust the number of Rights in lieu of any adjustment in the number of Shares
purchasable upon the exercise of a Right, upon each adjustment of the Exercise Price as a result of the calculations made in Subsections&nbsp;2.3(f) and&nbsp;2.3(g), each Right outstanding
immediately prior to the making of such adjustment shall thereafter evidence the right to purchase, at the adjusted Exercise Price, that number of Shares obtained by:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>multiplying
(A)&nbsp;the number of Shares covered by a Right immediately prior to such adjustment, by (B)&nbsp;the Exercise Price in effect immediately prior to such
adjustment; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>dividing
the product so obtained by the Exercise Price in effect immediately after such adjustment.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>m)</FONT></DT><DD><FONT SIZE=2>The
Corporation may elect on or after the date of any adjustment of the Exercise Price to adjust the number of Rights, in lieu of any adjustment in the number of Shares purchasable
upon the exercise of a Right. Each of the Rights outstanding after the adjustment in the number of Rights shall be exercisable for the number of Shares for which a Right was exercisable immediately
prior to such adjustment. Each Right held of record prior to such adjustment of the number of Rights shall become the number of Rights obtained by dividing the relevant Exercise Price in effect
immediately prior to adjustment of the relevant Exercise Price by the relevant Exercise Price in effect immediately after adjustment of the relevant Exercise Price. The Corporation shall make a public
announcement of its election to adjust the number of Rights pursuant to this Subsection&nbsp;2.3(m), indicating the record date for the adjustment; and, if known at the time, the amount of the
adjustment to be made. This record date may be the date on which the relevant Exercise Price is adjusted or any day thereafter, but, if the Rights Certificates have been issued, shall be at least 10
calendar days later than the date of the public announcement. If Rights Certificates have been issued, upon each adjustment of the number of Rights pursuant to this Subsection&nbsp;2.3(m), the
Corporation shall, as promptly as practicable, cause to be distributed to holders of record of Rights Certificates on such record date, Rights Certificates evidencing, subject to Section&nbsp;5.5,
the additional Rights to which such holders shall be entitled as a result of such adjustment, or, at the option of the Corporation, shall cause to be distributed to such holders of record in
substitution and replacement for the Rights Certificates held by such holders prior to the date of adjustment, and upon surrender thereof, if required by the Corporation, new Rights Certificates
evidencing all the Rights to which such holders shall be entitled after such adjustment. Rights Certificates so to be distributed shall be issued, executed and countersigned in the manner provided for
herein and may bear, at the option of the Corporation, the relevant adjusted Exercise Price and shall be registered in the names of holders of record of Rights Certificates on the record date
specified in the public announcement. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=24,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=681226,FOLIO='22',FILE='DISK006:[04MTL8.04MTL1148]LI1148A.;6',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_li1148_1_23"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>n)</FONT></DT><DD><FONT SIZE=2>In
any case in which this Section&nbsp;2.3 shall require that an adjustment in an Exercise Price be made effective as of a record date for a specified event, the Corporation may
elect to defer until the occurrence of such event the issuance to the holder of any Right exercised after such record date of the number of Shares and other securities of the Corporation, if any,
issuable upon such exercise over and above the number of Shares and other securities of the Corporation, if any, issuable upon such exercise on the basis of the relevant Exercise Price in effect prior
to such adjustment; provided, however, that the Corporation shall deliver to such holder an appropriate instrument evidencing such holder's right to receive such additional Shares (fractional or
otherwise) or other securities upon the occurrence of the event requiring such adjustment.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>o)</FONT></DT><DD><FONT SIZE=2>Notwithstanding
anything in this Section&nbsp;2.3 to&nbsp;the contrary, the Corporation shall be entitled to make such adjustments in the Exercise Price, in addition to those
adjustments expressly required by this Section&nbsp;2.3, as and to the extent that in its good faith judgment the Board of Directors shall determine to be advisable in order that any
(i)&nbsp;subdivision or consolidation of the Shares, (ii)&nbsp;issuance wholly for cash of any Shares at less than the applicable Market Price, (iii)&nbsp;issuance wholly for cash of any Shares
or securities that by their terms are exchangeable for or convertible into or give a right to acquire Shares, (iv)&nbsp;stock dividends, or (v)&nbsp;issuance of rights, options or warrants
referred to in this Section&nbsp;2.3, hereafter made by the Corporation to holders of its Shares, shall not be taxable to such shareholders.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>p)</FONT></DT><DD><FONT SIZE=2>Irrespective
of any adjustment or change in the securities purchasable upon exercise of the Rights, the Rights Certificates theretofore and thereafter issued may continue to represent
the securities so purchasable which were represented in the initial Rights Certificates issued hereunder.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>q)</FONT></DT><DD><FONT SIZE=2>Whenever
an adjustment to the Exercise Price is made pursuant to this Section&nbsp;2.3, the Corporation shall
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>promptly
prepare a certificate setting forth such adjustment and a brief statement of the facts accounting for such adjustment; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>promptly
file with the Rights Agent and with each transfer agent for the Shares a copy of such certificate and mail a brief summary thereof to each holder of Rights who
requests a copy. </FONT></DD></DL>
</DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure
to file such certificate or to cause such notice to be given as aforesaid, or any defect therein, shall not affect the validity of any such adjustment or change. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=25,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=80338,FOLIO='23',FILE='DISK006:[04MTL8.04MTL1148]LI1148A.;6',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_li1148_1_24"> </A>

<P><FONT SIZE=2><B>2.4&nbsp;&nbsp;&nbsp;Date on which Exercise is Effective  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Person in whose name any certificate for Shares is issued upon the exercise of Rights shall for all purposes be deemed to have become the holder of record of
the Shares represented thereby on, and such certificate shall be dated, the date upon which the Rights Certificate evidencing such Rights was duly surrendered (together with a duly completed Election
to Exercise) and payment of the Exercise Price for such Rights (and any applicable transfer taxes and other governmental charges payable by the exercising Person hereunder) was made; provided,
however, that if the date of such surrender and payment is a date upon which the transfer books of the Corporation's Shares are closed, such Person shall be deemed to have become the record holder of
such shares on, and such certificate shall be dated, the next Business Day on which the transfer books of the Corporation's Shares are open. </FONT></P>


<P><FONT SIZE=2><B>2.5&nbsp;&nbsp;&nbsp;Execution, Authentication, Delivery and Dating of Rights Certificates  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>a)</FONT></DT><DD><FONT SIZE=2>The
Rights Certificates shall be executed on behalf of the Corporation by any two officers of the Corporation. The signature of any of these officers on the Rights Certificates may be
manual or facsimile. Rights Certificates bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Corporation shall bind the Corporation,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the countersignature and delivery of such Rights Certificates.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>b)</FONT></DT><DD><FONT SIZE=2>Promptly
following the Separation Time, the Corporation will notify the Rights Agent of such Separation Time and will deliver Rights Certificates executed by the Corporation to the
Rights Agent for countersignature and a statement describing the Rights, and the Rights Agent shall countersign manually (or by facsimile signature in a manner satisfactory to the Corporation) and
deliver such Rights Certificates and statement to the holders of the Rights pursuant to Section&nbsp;2.2 hereof. No Rights Certificate shall be valid for any purpose until countersigned by the
Rights Agent as aforesaid.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>c)</FONT></DT><DD><FONT SIZE=2>Each
Rights Certificate shall be dated the date of countersignature thereof. </FONT></DD></DL>

<P><FONT SIZE=2><B>2.6&nbsp;&nbsp;&nbsp;Registration, Transfer and Exchange  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>a)</FONT></DT><DD><FONT SIZE=2>After
the Separation Time, the Corporation shall cause to be kept a register (the "</FONT><FONT SIZE=2><B>Rights Register</B></FONT><FONT SIZE=2>") in which, subject to such
reasonable regulations as it may prescribe, the Corporation will provide for the registration and transfer of Rights. The Rights Agent is hereby appointed "</FONT><FONT SIZE=2><B>Rights
Registrar</B></FONT><FONT SIZE=2>" for the purpose of maintaining the Rights Register for the Corporation and registering Rights and transfers of Rights as herein provided and the Rights Agent hereby
accepts such appointment. In the event that the Rights Agent shall cease to be the Rights Registrar, the Rights Agent will have the right to examine the Rights Register at all reasonable times.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>b)</FONT></DT><DD><FONT SIZE=2>After
the Separation Time and prior to the Expiration Time, upon surrender for registration of transfer or exchange of any Rights Certificate, and subject to the provisions of
Subsections&nbsp;2.6(d) and&nbsp;3.1(b) below, the Corporation will execute, and the Rights Agent will countersign, deliver and register, in the name of the holder or the designated transferee or
transferees, as required pursuant to the holder's instructions, one or more new Rights Certificates evidencing the same aggregate number of Rights as did the Rights Certificates so surrendered. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=26,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=522023,FOLIO='24',FILE='DISK006:[04MTL8.04MTL1148]LI1148A.;6',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_li1148_1_25"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>c)</FONT></DT><DD><FONT SIZE=2>All
Rights issued upon any registration of transfer or exchange of Rights Certificates shall be valid obligations of the Corporation, and such Rights shall be entitled to the same
benefits under this Agreement as the Rights surrendered upon such registration of transfer or exchange.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>d)</FONT></DT><DD><FONT SIZE=2>Every
Rights Certificate surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the
Corporation or the Rights Agent, as the case may be, duly executed by the holder thereof or such holder's attorney duly authorized in writing. As a condition to the issuance of any new Rights
Certificate under this Section&nbsp;2.6, the Corporation may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any
other expenses (including the fees and expenses of the Rights Agent) in connection therewith. </FONT></DD></DL>

<P><FONT SIZE=2><B>2.7&nbsp;&nbsp;&nbsp;Mutilated, Lost, Stolen and Destroyed Rights Certificates  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>a)</FONT></DT><DD><FONT SIZE=2>If
any mutilated Rights Certificate is surrendered to the Rights Agent prior to the Expiration Time, the Corporation shall execute and the Rights Agent shall countersign and deliver in
exchange therefor a new Rights Certificate evidencing the same number of Rights as did the Rights Certificate so surrendered.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>b)</FONT></DT><DD><FONT SIZE=2>If
there shall be delivered to the Corporation and the Rights Agent prior to the Expiration Time: (i)&nbsp;evidence to their reasonable satisfaction of the destruction, loss or theft
of any Rights Certificate; and (ii)&nbsp;such security or indemnity as may be reasonably required by them to save each of them and any of their agents harmless, then, in the absence of notice to the
Corporation or the Rights Agent that such Rights Certificate has been acquired by a bona fide purchaser, the Corporation shall execute and, upon the Corporation's request the Rights Agent shall
countersign and deliver, in lieu of any such destroyed, lost or stolen Rights Certificate, a new Rights Certificate evidencing the same number of Rights as did the Rights Certificate so destroyed,
lost or stolen.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>c)</FONT></DT><DD><FONT SIZE=2>As
a condition to the issuance of any new Rights Certificate under this Section&nbsp;2.7, the Corporation may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Rights Agent) connected therewith.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>d)</FONT></DT><DD><FONT SIZE=2>Every
new Rights Certificate issued pursuant to this Section&nbsp;2.7 in lieu of any destroyed, lost or stolen Rights Certificate shall evidence a contractual obligation of the
Corporation, whether or not the destroyed, lost or stolen Rights Certificate shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Agreement equally and
proportionately with any and all other Rights duly issued hereunder. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=27,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=256805,FOLIO='25',FILE='DISK006:[04MTL8.04MTL1148]LI1148A.;6',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<A NAME="page_li1148_1_26"> </A>


<P><FONT SIZE=2><B>2.8&nbsp;&nbsp;&nbsp;Persons Deemed Owners  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation, the Rights Agent and any agent of the Corporation or the Rights Agent may deem and treat the Person in whose name a Rights Certificate (or, prior
to the Separation Time, the associated share certificate representing the Shares) is registered as the absolute owner thereof and of the Rights evidenced thereby for all purposes whatsoever. As used
in this Agreement, unless the context otherwise requires, the term "</FONT><FONT SIZE=2><B>holder</B></FONT><FONT SIZE=2>" of any Rights shall mean the registered holder of such Rights (or, prior to
the Separation Time, the associated Shares). </FONT></P>


<P><FONT SIZE=2><B>2.9&nbsp;&nbsp;&nbsp;Delivery and Cancellation of Certificates  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Rights Certificates surrendered upon exercise or for redemption, for registration of transfer or for exchange shall, if surrendered to any Person other than
the Rights Agent, be delivered to the Rights Agent and, in any case, shall be promptly cancelled by the Rights Agent. The Corporation may at any time deliver to the Rights Agent for cancellation any
Rights Certificates previously countersigned and delivered hereunder which the Corporation may have acquired in any manner whatsoever, and all Rights Certificates so delivered shall be promptly
cancelled by the Rights Agent. No Rights Certificate shall be countersigned in lieu of or in exchange for any Rights Certificates cancelled as provided in this Section&nbsp;2.9 except as expressly
permitted by this Agreement. The Rights Agent shall, subject to applicable law, destroy all cancelled Rights Certificates and deliver a certificate of destruction to the Corporation. </FONT></P>

<P><FONT SIZE=2><B>2.10&nbsp;Agreement of Rights Holders  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every holder of Rights, by accepting such Rights, consents and agrees with the Corporation and the Rights Agent and with every other holder of Rights: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>a)</FONT></DT><DD><FONT SIZE=2>to
be bound by and subject to the provisions of this Agreement, as amended from time to time in accordance with the terms hereof, in respect of all Rights held;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>b)</FONT></DT><DD><FONT SIZE=2>that,
prior to the Separation Time, each Right will be transferable only together with, and will be transferred by a transfer of, the associated Shares;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>c)</FONT></DT><DD><FONT SIZE=2>that,
after the Separation Time, the Rights will be transferable only on the Rights Register as provided herein;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>d)</FONT></DT><DD><FONT SIZE=2>that
prior to due presentment of a Rights Certificate (or, prior to the Separation Time, the associated Share certificate) for registration of transfer, the Corporation, the Rights
Agent and any agent of the Corporation or the Rights Agent may deem and treat the Person in whose name the Rights Certificate (or, prior to the Separation Time, the associated Share certificate) is
registered as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on such Rights Certificate or the associated share certificate made
by anyone other than the Corporation or the Rights Agent) for all purposes whatsoever, and neither the Corporation nor the Rights Agent shall be affected by any notice to the contrary;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>e)</FONT></DT><DD><FONT SIZE=2>that
such holder of Rights has waived its right to receive any fractional Rights or any fractional Shares or other securities upon exercise of a Right (except as provided herein); </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=28,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=175956,FOLIO='26',FILE='DISK006:[04MTL8.04MTL1148]LI1148A.;6',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_lk1148_1_27"> </A> </FONT></P>

<!-- TOC_END -->
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>f)</FONT></DT><DD><FONT SIZE=2>that,
subject to the provisions of Section&nbsp;5.4, without the approval of any holder of Rights or Voting Shares and upon the sole authority of the Board of Directors acting in
good faith, this Agreement may be supplemented or amended from time to time as provided herein; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>g)</FONT></DT><DD><FONT SIZE=2>that
notwithstanding anything in this Agreement to the contrary, neither the Corporation nor the Rights Agent shall have any liability to any holder of a Right or any other Person as a
result of its inability to perform any of its obligations under this Agreement by reason of any preliminary or permanent injunction or other order, decree or ruling issued by a court of competent
jurisdiction or by a governmental, regulatory or administrative agency or commission, or any statute, rule, regulation or executive order promulgated or enacted by any governmental authority,
prohibiting or otherwise restraining performance of such obligation. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lk1148_article_3_adjustments_to_the_rights"> </A>
<A NAME="toc_lk1148_1"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 3<BR>  ADJUSTMENTS TO THE RIGHTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>3.1&nbsp;&nbsp;&nbsp;Flip-in Event  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>a)</FONT></DT><DD><FONT SIZE=2>Subject
to Sections&nbsp;3.1(b) and&nbsp;5.1, in the event that prior to the Expiration Time a Flip-in Event occurs, each Right shall thereafter constitute the right to
purchase from the Corporation, upon exercise thereof in accordance with the terms hereof, that number of Shares as have an aggregate Market Price on the date of consummation or occurrence of such
Flip-in Event equal to twice the Exercise Price for an amount in cash equal to the Exercise Price (such Right to be appropriately adjusted in a manner analogous to the applicable
adjustment provided for in Section&nbsp;2.3 in the event that, after such date of consummation or occurrence, an event of a type analogous to any of the events described in Section&nbsp;2.3 shall
have occurred with respect to such Shares).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>b)</FONT></DT><DD><FONT SIZE=2>Notwithstanding
anything in this Agreement to the contrary, upon the occurrence of any Flip-in Event, any Rights that are or were Beneficially Owned on or after the earlier
of the Separation Time and the Stock Acquisition Date, or which may thereafter be Beneficially Owned, by:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>an
Acquiring Person (or any Affiliate or Associate of an Acquiring Person or any other Person acting jointly or in concert with an Acquiring Person or any Associate or
Affiliate of such other Person); or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>a
transferee of Rights, direct or indirect, from an Acquiring Person (or from any Affiliate or Associate of an Acquiring Person or any Person acting jointly or in
concert with an Acquiring Person or any Associate or Affiliate thereof) where such a transferee becomes a transferee concurrently with or subsequent to the Acquiring Person becoming such in a transfer
that the Board of Directors, acting in good faith, has determined is part of a plan, arrangement or scheme of an Acquiring Person (or of any Person acting jointly or in concert with an Acquiring
Person or any Associate or Affiliate of an Acquiring Person), that has the purpose or effect of avoiding Clause&nbsp;3.1(b)(i); </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=29,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=493520,FOLIO='27',FILE='DISK006:[04MTL8.04MTL1148]LK1148A.;5',USER='FALVARE',CD='25-NOV-2004;10:32' -->
<A NAME="page_lk1148_1_28"> </A>
<UL>
<UL>
</UL>
</UL>
<UL>

<P><FONT SIZE=2>shall
become null and void without any further action and any holder of such Rights (including any transferee of, or other successor entitled to, such Rights, whether directly or indirectly) shall
thereafter have no right to exercise such Rights under any provisions of this Agreement and further shall thereafter not have any rights whatsoever with respect to such Rights, whether under any
provision of this Agreement or otherwise. The holder of any Rights represented by a Rights Certificate which is submitted to the Rights Agent upon exercise or for registration of transfer or exchange
which does not contain the necessary certifications set forth in the Rights Certificate establishing that such Rights are not void under this Subsection&nbsp;3.1(b) shall be deemed to be an
Acquiring Person for the purposes of this Subsection&nbsp;3.1(b) and&nbsp;such Rights shall become null and void. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>c)</FONT></DT><DD><FONT SIZE=2>Any
Rights Certificate that represents Rights Beneficially Owned by a Person described in either of Clause&nbsp;3.1(b)(i) or&nbsp;(ii) or transferred to any Nominee of any such
Person, and any Rights Certificate issued upon transfer, exchange, replacement or adjustment of any other Rights Certificate referred to in this sentence, shall contain or will be deemed to contain
the following legend: </FONT></DD></DL>
<UL>
<UL>

<P><FONT SIZE=2>"The
Rights represented by this Rights Certificate were issued to a Person who was an Acquiring Person or an Affiliate or an Associate of an Acquiring Person (as such terms are defined in the Rights
Agreement) or to a Person acting jointly or in concert with any of them. This Rights Certificate and the Rights represented hereby shall be void in the circumstances specified in
Subsection&nbsp;3.1(b) of the Rights Agreement. </FONT></P>


<P><FONT SIZE=2>Les
Droits repr&eacute;sent&eacute;s par le pr&eacute;sent certificat de Droits ont &eacute;t&eacute; &eacute;mis &agrave; une personne qui
&eacute;tait une personne faisant une acquisition ou un membre du m&ecirc;me groupe qu'elle ou une personne avec qui elle avait des liens (selon la d&eacute;finition de ces
termes dans la convention visant les Droits) ou &agrave; une personne agissant conjointement ou de concert avec l'un de ceux-ci. Le pr&eacute;sent certificat de Droits et
les Droits repr&eacute;sent&eacute;s par celui-ci seront nuls dans les circonstances pr&eacute;cis&eacute;es &agrave; l'alin&eacute;a 3.1(b)
de la convention visant les Droits." </FONT></P>

</UL>

<P><FONT SIZE=2>The
Rights Agent shall not be under any responsibility to ascertain the existence of facts that would require the imposition of such legend but shall be required to impose such legend only if
instructed to do so in writing by the Corporation or if a holder fails to certify upon transfer or exchange in the space provided to do so that such holder is not a Person described in such legend. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>d)</FONT></DT><DD><FONT SIZE=2>After
the Separation Time, the Corporation shall do all such acts and things necessary and within its power to ensure compliance with the provisions of this Section&nbsp;3.1
including, without limitation, all such acts and things as may be required to satisfy the requirements of the Canada Business Corporations Act, the Securities Act and the securities laws or comparable
legislation in each of the provinces of Canada and in any other jurisdiction where the Corporation is subject to such laws and the rules of the stock exchanges or quotation systems where the Shares
are listed or quoted at such time in respect of the issue of Shares upon the exercise of Rights in accordance with this Agreement. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=30,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=333970,FOLIO='28',FILE='DISK006:[04MTL8.04MTL1148]LK1148A.;5',USER='FALVARE',CD='25-NOV-2004;10:32' -->
<A NAME="page_lk1148_1_29"> </A>

<P><FONT SIZE=2><B>3.2&nbsp;&nbsp;&nbsp;Fiduciary Duties of the Board of Directors of the Corporation  </B></FONT></P>

<P><FONT SIZE=2>For
clarification, it is understood that nothing contained in this Article&nbsp;3 shall be considered to affect the obligations of the Board of Directors to exercise its fiduciary duties. Without
limiting the generality of the foregoing, nothing contained herein shall be construed to suggest or imply that the Board of Directors shall not be entitled to recommend that holders of the Voting
Shares reject or accept any Take-over Bid or take any other action including, without limitation, the commencement, prosecution, defence or settlement of any litigation and the submission
of additional or alternative Take-over Bids or other proposals to the shareholders of the Corporation with respect to any Take-over Bid or otherwise that the Board of Directors
believes is necessary or appropriate in the exercise of its fiduciary duties. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lk1148_article_4_the_rights_agent"> </A>
<A NAME="toc_lk1148_2"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 4<BR>  THE RIGHTS AGENT    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>4.1&nbsp;&nbsp;&nbsp;General  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>a)</FONT></DT><DD><FONT SIZE=2>The
Corporation hereby appoints the Rights Agent to act as agent for the Corporation and the holders of the Rights in accordance with the terms and conditions hereof, and the Rights
Agent hereby accepts such appointment. The Corporation may from time to time appoint such co-rights agents ("</FONT><FONT SIZE=2><B>Co-Rights Agents</B></FONT><FONT SIZE=2>")
as it may deem necessary or desirable subject to the prior written approval of the Rights Agent. In the event the Corporation appoints one or more Co-Rights Agents, the respective duties
of the Rights Agent and Co-Rights Agents shall be as the Corporation may determine with the written approval of the Rights Agent. The Corporation agrees to pay to the Rights Agent
reasonable compensation for all services rendered by it hereunder and, from time to time, on demand of the Rights Agent, its reasonable expenses and other disbursements reasonably incurred in the
administration and execution of this Agreement and the exercise and performance of its duties hereunder, including the reasonable fees and disbursements of counsel and other experts consulted by the
Rights Agent pursuant to Subsection&nbsp;4.3(a). The Corporation also agrees to indemnify the Rights Agent, its officers, directors, employees and agents for, and to hold it harmless against any
loss, liability, cost, claim, action, damage, suit or expense, incurred without negligence, bad faith or willful misconduct on the part of the Rights Agent for anything done or omitted by the Rights
Agent in connection with the acceptance and administration of this Agreement including its reasonable legal costs and expenses, which right to indemnification will survive the termination of this
Agreement or the removal or resignation of the Rights Agent.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>b)</FONT></DT><DD><FONT SIZE=2>The
Rights Agent shall be protected and shall incur no liability for or in respect of any action taken, suffered or omitted by it in connection with its administration of this
Agreement in reliance upon any certificate for Shares, Rights Certificate, certificate for other securities of the Corporation, instrument of assignment or transfer, power of attorney, endorsement,
affidavit, letter, notice, direction, consent, certificate, statement, or other paper or document believed by it to be genuine and to be signed, executed and, where necessary, verified or
acknowledged, by the proper Person or Persons. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=31,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=14484,FOLIO='29',FILE='DISK006:[04MTL8.04MTL1148]LK1148A.;5',USER='FALVARE',CD='25-NOV-2004;10:32' -->
<A NAME="page_lk1148_1_30"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>c)</FONT></DT><DD><FONT SIZE=2>The
Corporation shall inform the Rights Agent in a reasonably timely manner of events which may materially affect the administration of this Agreement by the Rights Agent and, at any
time upon request, shall provide to the Rights Agent an incumbency certificate certifying the then current officers of the Corporation. </FONT></DD></DL>

<P><FONT SIZE=2><B>4.2&nbsp;&nbsp;&nbsp;Merger, Amalgamation, Consolidation or Change of Name of Rights Agent  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>a)</FONT></DT><DD><FONT SIZE=2>Any
corporation into which the Rights Agent or any successor Rights Agent may be merged or amalgamated or with which it may be consolidated, or any corporation resulting from any
merger, amalgamation or consolidation to which the Rights Agent or any successor Rights Agent is a party, or any corporation succeeding to the shareholder services business of the Rights Agent or any
successor Rights Agent, will be the successor to the Rights Agent under this Agreement without the execution or filing of any document or any further act on the part of any of the parties hereto,
provided that such corporation would be eligible for appointment as a successor Rights Agent under the provisions of Section&nbsp;4.4 hereof. In case at the time such successor Rights Agent succeeds
to the agency created by this Agreement any of the Rights Certificates have been countersigned but not delivered, any such successor Rights Agent may adopt the countersignature of the predecessor
Rights Agent and deliver such Rights Certificates so countersigned; and in case at that time any of the Rights Certificates have not been countersigned, any successor Rights Agent may countersign such
Rights Certificates either in the name of the predecessor Rights Agent or in the name of the successor Rights Agent; and in all such cases such Rights Certificates will have the full force provided in
the Rights Certificates and in this Agreement.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>b)</FONT></DT><DD><FONT SIZE=2>In
case at any time the name of the Rights Agent is changed and at such time any of the Rights Certificates shall have been countersigned but not delivered, the Rights Agent may adopt
the countersignature under its prior name and deliver Rights Certificates so countersigned; and in case at that time any of the Rights Certificates shall not have been countersigned, the Rights Agent
may countersign such Rights Certificates either in its prior name or in its changed name; and in all such cases such Rights Certificates shall have the full force provided in the Rights Certificates
and in this Agreement. </FONT></DD></DL>

<P><FONT SIZE=2><B>4.3&nbsp;&nbsp;&nbsp;Duties of Rights Agent  </B></FONT></P>

<P><FONT SIZE=2>The
Rights Agent undertakes the duties and obligations imposed by this Agreement upon the following terms and conditions, by all of which the Corporation and the holders of Rights Certificates, by
their acceptance thereof, shall be bound: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>a)</FONT></DT><DD><FONT SIZE=2>The
Rights Agent may retain and consult with legal counsel (who may be legal counsel for the Corporation) or such other experts that the Rights Agent considers necessary to carry out
its duties under this Agreement and the opinion of such counsel or other expert will be full and complete authorization and protection to the Rights Agent as to any action taken or omitted by it in
good faith and in accordance with such opinion; the Rights Agent may also, with the approval of the Corporation (such approval not to be unreasonably withheld), consult with such other experts (at the
expense of the Corporation) as the Rights Agent shall consider necessary or appropriate to properly carry out the duties and obligations imposed under this Agreement and the Rights Agent shall be
entitled to act and rely in good faith on the advice of any such expert. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=32,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=133847,FOLIO='30',FILE='DISK006:[04MTL8.04MTL1148]LK1148A.;5',USER='FALVARE',CD='25-NOV-2004;10:32' -->
<A NAME="page_lk1148_1_31"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>b)</FONT></DT><DD><FONT SIZE=2>Whenever
in the performance of its duties under this Agreement the Rights Agent deems it necessary or desirable that any fact or matter be proved or established by the Corporation
prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and
established by a certificate signed by a person believed by the Rights Agent to be a senior officer of the Corporation and delivered to the Rights Agent; and such certificate will be full
authorization to the Rights Agent for any action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon such certificate.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>c)</FONT></DT><DD><FONT SIZE=2>The
Rights agent will be liable hereunder only for its own negligence, bad faith or wilful misconduct.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>d)</FONT></DT><DD><FONT SIZE=2>The
Rights Agent will not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the certificates for Shares, or the Rights
Certificates (except its countersignature thereof) or be required to verify the same, and all such statements and recitals are and will be deemed to have been made by the Corporation only.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>e)</FONT></DT><DD><FONT SIZE=2>The
Rights Agent will not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof (except the due authorization, execution and
delivery hereof by the Rights Agent) or in respect of the validity or execution of any share certificate, or Rights Certificate (except its countersignature thereon) nor will it be responsible for any
breach by the Corporation of any covenant or condition contained in this Agreement or in any Rights Certificate; nor will it be responsible for any change in the exercisability of the Rights
(including the Rights becoming void pursuant to Subsection&nbsp;3.1(b) hereof) or any adjustment required under the provisions of Section&nbsp;2.3 hereof or responsible for the manner, method or
amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment (except with respect to the exercise of Rights after receipt of the certificate
contemplated by Section&nbsp;2.3 describing any such adjustment or any written notice from the Corporation or any holder that a Person has become an Acquiring Person); nor will it by any act
hereunder be deemed to make any representation or warranty as to the authorization of any Shares to be issued pursuant to this Agreement or any Rights or as to any Shares, when issued, being duly and
validly authorized, issued and delivered as fully paid and non-assessable.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>f)</FONT></DT><DD><FONT SIZE=2>The
Corporation agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts,
instruments and assurances as may reasonably be required by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this Agreement.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>g)</FONT></DT><DD><FONT SIZE=2>The
Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from any person designated in writing by the
Corporation, and to apply to such individuals for advice or instructions in connection with its duties, and it shall not be liable for any action taken or suffered by it in good faith in accordance
with instructions of any such individual. It is understood that instructions to the Rights Agent shall, except where circumstances make it impractical or the Rights Agent otherwise agrees, be given in
writing and, where not in writing, such instructions shall be confirmed in writing as soon as reasonably practicable after the giving of such instructions. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=33,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=379171,FOLIO='31',FILE='DISK006:[04MTL8.04MTL1148]LK1148A.;5',USER='FALVARE',CD='25-NOV-2004;10:32' -->
<A NAME="page_lk1148_1_32"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>h)</FONT></DT><DD><FONT SIZE=2>Subject
to applicable law, the Rights Agent and any shareholder or director, officer or employee of the Rights Agent may buy, sell or deal in Shares, Rights or other securities of the
Corporation or become pecuniarily interested in any transaction in which the Corporation may be interested, or contract with or lend money to the Corporation or otherwise act as fully and freely as
though it were not the Rights Agent under this Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Corporation or for any other legal entity.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>i)</FONT></DT><DD><FONT SIZE=2>The
Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys or agents, and the
Rights Agent will not be answerable or accountable for any act, default, neglect or misconduct of any such attorneys or agents or for any loss to the Corporation resulting from any such act, default,
neglect or misconduct, provided reasonable care was exercised in the selection and continued employment of such attorneys and agents. </FONT></DD></DL>

<P><FONT SIZE=2><B>4.4&nbsp;&nbsp;&nbsp;Change of Rights Agent  </B></FONT></P>

<P><FONT SIZE=2>The
Rights Agent may resign and be discharged from its duties under this Agreement by giving 60&nbsp;days' prior written notice (or such lesser notice as is acceptable to the Corporation) thereof to
the Corporation, to each transfer agent of the Shares and to the holders of the Rights, all in accordance with Section&nbsp;5.9 and&nbsp;at the expense of the Corporation. The Corporation may
remove the Rights Agent by giving 30&nbsp;days' prior written notice thereof to the Rights Agent, to each transfer agent of the Shares and to the holders of the Rights in accordance with
Section&nbsp;5.9. If the Rights Agent should resign or be removed or otherwise become incapable of acting, the Corporation will appoint a successor to the Rights Agent. If the Corporation fails to
make such appointment within a period of 30&nbsp;days after such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Rights Agent or
by the holder of any Rights (which holder shall, with such notice, submit such holder's Rights Certificate for inspection of the Corporation), then the holder of any Rights or the Rights Agent may
apply to any court of competent jurisdiction for the appointment of a new Rights Agent at the Corporation's expense. Any successor Rights Agent, whether appointed by the Corporation or by such a
court, must be a corporation incorporated under the laws of Canada or a province thereof and authorized to carry on the business of a trust company in the Province of Quebec. After appointment, the
successor Rights Agent will be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without further act or deed; but the predecessor
Rights Agent, upon receipt of any outstanding fees and expenses then owing, shall deliver and transfer to the successor Rights Agent any property at the time held by it hereunder, and execute and
deliver any further assurance, conveyance, act or deed necessary for the purpose. Not later than the effective date of any such appointment, the Corporation will file notice thereof in writing with
the predecessor Rights Agent and each transfer agent of the Shares and mail a notice thereof in writing to the holders of the Rights in accordance with Section&nbsp;5.9. Failure to give any notice
provided for in this Section&nbsp;4.4, however, or&nbsp;any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the
successor Rights Agent, as the case may be. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=34,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=872623,FOLIO='32',FILE='DISK006:[04MTL8.04MTL1148]LK1148A.;5',USER='FALVARE',CD='25-NOV-2004;10:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_lm1148_1_33"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lm1148_article_5_miscellaneous"> </A>
<A NAME="toc_lm1148_1"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 5<BR>  MISCELLANEOUS    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>5.1&nbsp;&nbsp;&nbsp;Redemption, Waiver and Termination  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>a)</FONT></DT><DD><FONT SIZE=2>Subject
to the prior consent of the holders of the Voting Shares or the Rights obtained as set forth herein, the Board of Directors acting in good faith may, at any time prior to a
Flip-in Event as to which the application of Section&nbsp;3.1 has not been waived pursuant to this Section&nbsp;5.1, elect to redeem all but not less than all of the then outstanding
Rights at a redemption price of $0.0001 per Right (appropriately adjusted in a manner analogous to the applicable adjustments provided for in Section&nbsp;2.3 in the event that an event of the type
analogous to any of the events described in Section&nbsp;2.3 shall have occurred (such redemption price being herein referred to as the "</FONT><FONT SIZE=2><B>Redemption
Price</B></FONT><FONT SIZE=2>")).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>b)</FONT></DT><DD><FONT SIZE=2>The
Board of Directors shall waive the application of Section&nbsp;3.1 in respect of the occurrence of any Flip-in Event if the Board of Directors has determined,
following the Stock Acquisition Date and prior to the Separation Time, that a Person became an Acquiring Person by inadvertence and without any intention to become, or knowledge that it would become,
an Acquiring Person under this Agreement and, in the event that such a waiver is granted by the Board of Directors, such Stock Acquisition Date shall be deemed not to have occurred. Any such waiver
pursuant to this Subsection&nbsp;5.1(b) may only be given on the condition that such Person, within 10&nbsp;days after the foregoing determination by the Board of Directors or such later date as
the Board of Directors may determine (the "</FONT><FONT SIZE=2><B>Disposition Date</B></FONT><FONT SIZE=2>"), has reduced its Beneficial Ownership of Voting Shares such that the Person is no longer
an Acquiring Person. If the Person remains an Acquiring Person at the Close of Business on the Disposition Date, the Disposition Date shall be deemed to be the date of occurrence of a further Stock
Acquisition Date and Section&nbsp;3.1 shall apply thereto.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>c)</FONT></DT><DD><FONT SIZE=2>In
the event that a Person acquires Voting Shares pursuant to a Permitted Bid or an Exempt Acquisition referred to in Subsection&nbsp;5.l(d), then the Board of Directors of the
Corporation shall, immediately upon the consummation of such acquisition and without further formality, be deemed to have elected to redeem the Rights at the Redemption Price.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>d)</FONT></DT><DD><FONT SIZE=2>The
Board of Directors acting in good faith may, prior to the occurrence of the relevant Flip-in Event, upon prior written notice delivered to the Rights Agent, determine
to waive the application of Section&nbsp;3.1 to&nbsp;a Flip-in Event that may occur by reason of a Take-over Bid made by means of a take-over bid circular to
all holders of record of Voting Shares, provided that if the Board of Directors waives the application of Section&nbsp;3.1 in respect of a Take-over Bid pursuant to this
Subsection&nbsp;5.1(d), the Board of Directors shall also be deemed to have waived the application of Section&nbsp;3.1 in respect of any other Take-over Bid made by means of a
take-over bid circular to all holders of record of Voting Shares prior to the expiry of any Take-over Bid (as the same may be extended from time to time) in respect of which a
waiver is, or is deemed to have been, granted under this Subsection&nbsp;5.1(d). </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=35,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=721128,FOLIO='33',FILE='DISK006:[04MTL8.04MTL1148]LM1148A.;12',USER='PANDERS',CD='29-NOV-2004;19:39' -->
<A NAME="page_lm1148_1_34"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>e)</FONT></DT><DD><FONT SIZE=2>The
Board of Directors acting in good faith may with the prior consent of the holders of Voting Shares obtained as set forth herein, prior to the occurrence of the relevant
Flip-in Event, upon prior written notice delivered to the Rights Agent, determine to waive the application of Section&nbsp;3.1 to&nbsp;a Flip-in Event that may occur by
reason of an acquisition of Voting Shares other than pursuant to a Take-over Bid made by means of a take-over bid circular to all holders of Voting Shares and other than in the
circumstances set out in Subsection&nbsp;5.1(b). In the event that the Board of Directors proposes such a waiver, the Board of Directors shall extend the Separation Time to a time and date
subsequent to and not more than 10 Business Days following the meeting of shareholders held to approve such waiver.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>f)</FONT></DT><DD><FONT SIZE=2>Where
a Take-over Bid that is not a Permitted Bid is withdrawn or otherwise terminated after the Separation Time has occurred and prior to the occurrence of a
Flip-in Event, the Board of Directors may elect to redeem all the outstanding Rights at the Redemption Price without the consent of the holders of the Voting Shares or the Rights and
reissue Rights under this Agreement to holders of record of Voting Shares immediately following such redemption. Upon the Rights being redeemed and reissued pursuant to this Subsection&nbsp;5.1(f),
all the provisions of this Agreement shall continue to apply as if the Separation Time had not occurred and Rights Certificates representing the number of Rights held by each holder of record of
Shares at the Separation Time had not been mailed to each such holder, and for all purposes of this Agreement the Separation Time shall be deemed not to have occurred and the Corporation shall be
deemed to have issued replacement Rights to the holders of its then outstanding Shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>g)</FONT></DT><DD><FONT SIZE=2>If
the Board of Directors is deemed under Subsection&nbsp;5.1(c) to&nbsp;have elected or elects under Subsection&nbsp;5.1(a) to&nbsp;redeem the Rights, the right to exercise
the Rights will thereupon, without further action and without notice, terminate and the only right thereafter of the holders of Rights shall be to receive the Redemption Price.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>h)</FONT></DT><DD><FONT SIZE=2>Within
10&nbsp;days after the Board of Directors is deemed under Subsection&nbsp;5.1(c) to&nbsp;have elected or elects under Subsection&nbsp;5.1(a) or&nbsp;(f) to redeem the
Rights, the Corporation shall give notice of redemption to the holders of the then outstanding Rights by mailing such notice to each such holder at his last address as it appears upon the registry
books of the Rights Agent or, prior to the Separation Time, on the registry books of the transfer agent for the Voting Shares. Any notice which is mailed in the manner herein provided shall be deemed
given, whether or not the holder receives the notice. Each such notice of redemption will state the method by which the payment of the Redemption Price will be made.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>i)</FONT></DT><DD><FONT SIZE=2>If
a redemption of Rights pursuant to Subsection&nbsp;5.1(a) or&nbsp;a waiver of a Flip-in Event pursuant to Subsection&nbsp;5.1(e) is proposed at any time prior to
the Separation Time, such redemption or waiver shall be submitted for approval to the holders of Voting Shares. Such approval shall be deemed to have been given if the redemption or waiver is approved
by the affirmative vote of a majority of the votes cast by Independent Shareholders represented in person or by proxy at a meeting of such holders duly held in accordance with applicable laws and the
Corporation's by-laws. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>34</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=36,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=944819,FOLIO='34',FILE='DISK006:[04MTL8.04MTL1148]LM1148A.;12',USER='PANDERS',CD='29-NOV-2004;19:39' -->
<A NAME="page_lm1148_1_35"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>j)</FONT></DT><DD><FONT SIZE=2>If
a redemption of Rights pursuant to Subsection&nbsp;5.1(a) or&nbsp;a waiver of a Flip-in Event pursuant to Subsection&nbsp;5.1(e) is proposed at any time after the
Separation Time, such redemption or waiver shall be submitted for approval to the holders of Rights. Such approval shall be deemed to have been given if the redemption or waiver is approved by holders
of Rights as set forth in Subsection&nbsp;5.4(d). </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>5.2&nbsp;&nbsp;&nbsp;Expiration  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Person will have any rights pursuant to this Agreement or in respect of any Right after the Expiration Time, except in respect of any right to receive cash,
securities or other property which has accrued at the Expiration Time and except as specified in Subsections&nbsp;4.1(a) and&nbsp;4.1(b) hereof. </FONT></P>

<P><FONT SIZE=2><B>5.3&nbsp;&nbsp;&nbsp;Issuance of New&nbsp;Rights Certificates  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any of the provisions of this Agreement or of the Rights to the contrary, the Corporation may, at its option, issue new Rights Certificates
evidencing Rights in such form as may be approved by its Board of Directors to reflect any adjustment or change in the number or kind or class of shares purchasable upon exercise of Rights made in
accordance with the provisions of this Agreement. </FONT></P>

<P><FONT SIZE=2><B>5.4&nbsp;&nbsp;&nbsp;Supplements and Amendments  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>a)</FONT></DT><DD><FONT SIZE=2>Subject
to Subsections&nbsp;5.4(b) and&nbsp;(c) and this Subsection&nbsp;5.4(a), the Corporation may from time to time amend, vary or delete any of the provisions of this
Agreement and the Rights provided that no amendment, variation or deletion made on or after the date of the meeting of shareholders at which the resolution referred to in Section&nbsp;5.21 is to be
considered shall be made without the prior consent of the holders of the Rights, given as provided in Subsection&nbsp;5.4(b) below, except that amendments, variations or deletions made for any of
the following purposes shall not require such prior approval but shall be subject to subsequent ratification in accordance with Subsection&nbsp;5.4(b):
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>in
order to make such changes as are necessary in order to maintain the validity of this Agreement and the Rights as a result of any change in any applicable
legislation, regulations or rules; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>in
order to make such changes as are necessary in order to cure any clerical or typographical error.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>b)</FONT></DT><DD><FONT SIZE=2>Any
amendment, variation or deletion to or from this Agreement made by the Board of Directors pursuant to Subsection&nbsp;5.4(a) shall: </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>35</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=37,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=406681,FOLIO='35',FILE='DISK006:[04MTL8.04MTL1148]LM1148A.;12',USER='PANDERS',CD='29-NOV-2004;19:39' -->
<A NAME="page_lm1148_1_36"> </A>
<UL>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>if
made prior to the Separation Time, be submitted to the shareholders of the Corporation at the next meeting of shareholders and the shareholders may, by resolution
passed by a majority of the votes cast by Independent Shareholders who vote in respect of such amendment, variation or deletion, confirm or reject such amendment or supplement; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>if
made after the Separation Time, be submitted to the holders of Rights at a meeting to be held on a date not later than the date of the next meeting of shareholders
of the Corporation and the holders of Rights may, by resolution passed by a majority of the votes cast by the holders of Rights which have not become void pursuant to Subsection&nbsp;3.1(b) who vote
in respect of such amendment, variation or deletion, confirm or reject such amendment or supplement. </FONT></DD></DL>
</UL>
<UL>

<P><FONT SIZE=2>Any
amendment, variation or deletion pursuant to Subsection&nbsp;5.4(a) shall be effective only when so consented to by the holders of Voting Shares or Rights, as applicable (except in the case of
an amendment, variation or deletion made prior to the date of the meeting of shareholders at which the resolution referred to in Section&nbsp;5.21 is considered or those referred to in any of
Clauses&nbsp;5.4(a)(i) or&nbsp;(ii), which shall be effective from the date of the resolution of the Board of Directors adopting such amendment, variation or deletion and shall continue in effect
until it ceases to be effective (as in this paragraph described) and, where such amendment, variation or deletion is confirmed, it shall continue in effect in the form so confirmed). If an amendment,
variation or deletion pursuant to Clause&nbsp;5.4(a)(i) or&nbsp;(ii) is rejected by the shareholders or the holders of Rights or is not submitted to the shareholders or holders of Rights as
required, then such amendment, variation or deletion shall cease to be effective from and after the termination of the meeting at which it was rejected or to which it should have been but was not
submitted or from and after the date of the meeting of holders of Rights that should have been but was not held, and no subsequent resolution of the Board of Directors to amend, vary or delete any
provision of this Agreement to substantially the same effect shall be effective until confirmed by the shareholders or holders of Rights, as the case may be. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>c)</FONT></DT><DD><FONT SIZE=2>For
greater certainty and notwithstanding anything herein contained, (i)&nbsp;the Corporation, at or prior to the meeting of shareholders referred to in Section&nbsp;5.21
or&nbsp;any adjournment or postponement thereof, may supplement or amend this Agreement without the approval of any holders of Rights or Voting Shares in order to make any changes that the Board of
Directors acting in good faith may deem necessary or desirable, (ii)&nbsp;no amendment, variation or deletion to the provisions of Article&nbsp;4 shall be made except with the concurrence of the
Rights Agent thereto, and (iii)&nbsp;neither the exercise by the Board of Directors of any power or discretion conferred on it hereunder nor the making by the Board of Directors of any determination
or the granting of any waiver it is permitted to make or give hereunder shall constitute an amendment, variation or deletion of the provisions of this Agreement or the Rights, for purposes of this
Section&nbsp;5.4 or&nbsp;otherwise.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>d)</FONT></DT><DD><FONT SIZE=2>The
approval, confirmation or consent of the holders of Rights with respect to any matter arising hereunder shall be deemed to have been given if the action requiring such approval,
confirmation or consent is authorized by the affirmative votes of the holders of Rights present or represented at and entitled to be voted at a meeting of the holders of Rights and representing a
majority of the votes cast in respect thereof. For the purposes hereof, each outstanding Right (other than Rights which are void pursuant to the provisions hereof or which, prior to the Separation
Time, are held otherwise than by Independent Shareholders) shall be entitled to one vote, and the procedures for the calling, holding and conduct of the meeting shall be those, as nearly as may be,
which are provided in the Corporation's by-laws and the Canada Business Corporations Act with respect to meetings of shareholders of the Corporation. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>36</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=38,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=524678,FOLIO='36',FILE='DISK006:[04MTL8.04MTL1148]LM1148A.;12',USER='PANDERS',CD='29-NOV-2004;19:39' -->
<A NAME="page_lm1148_1_37"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>e)</FONT></DT><DD><FONT SIZE=2>The
Corporation shall be required to provide the Rights Agent with notice in writing of any such amendment, variation or deletion to this Agreement as referred to in this
Section&nbsp;5.4 within 5&nbsp;days of effecting such amendment, variation or deletion.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>f)</FONT></DT><DD><FONT SIZE=2>Any
supplement or amendment to this Agreement pursuant to Subsections&nbsp;5.4 (b) through&nbsp;(e) shall be subject to the receipt of any requisite approval or consent from any
governmental or regulatory authority having jurisdiction over the Corporation, including without limitation any requisite approval of stock exchanges on which the Shares are listed. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>5.5&nbsp;&nbsp;&nbsp;Fractional Rights and Fractional Shares  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>a)</FONT></DT><DD><FONT SIZE=2>The
Corporation will not be required to issue fractions of Rights or to distribute Rights Certificates which evidence fractional Rights. After the Separation Time there shall be paid,
in lieu of such fractional Rights, to the registered holders of the Rights Certificates with regard to which fractional Rights would otherwise be issuable, an amount in cash equal to the same fraction
of the Market Price of a whole Right. The Rights Agent shall have no obligation to make any payments in lieu of fractional Rights unless the Corporation shall have provided the Rights Agent with the
necessary funds to pay in full all amounts payable in accordance with Subsection&nbsp;2.2(e).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>b)</FONT></DT><DD><FONT SIZE=2>The
Corporation shall not be required to issue fractional Shares upon exercise of the Rights or to distribute certificates that evidence fractional Shares. In lieu of issuing
fractional Shares, the Corporation shall pay to the registered holder of Rights Certificates at the time such Rights are exercised as herein provided, an amount in cash equal to the same fraction of
the Market Price of one Share at the date of such exercise. The Rights Agent shall have no obligation to make any payments in lieu of fractional Shares unless the Corporation shall have provided the
Rights Agent with the necessary funds to pay in full all amounts payable in accordance with Subsection&nbsp;2.2(e). </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>5.6&nbsp;&nbsp;&nbsp;Rights of Action  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms of this Agreement, rights of action in respect of this Agreement, other than rights of action vested solely in the Rights Agent, are vested
in the respective holders of the Rights; and any holder of any Rights, without the consent of the Rights Agent or of the holder of any other Rights may, on such holder's own behalf and for such
holder's own benefit and the benefit of other holders of Rights, enforce, and may institute and maintain any suit, action or proceeding against the Corporation to enforce, or otherwise act in respect
of, such holder's right to exercise such holder's Rights in the manner provided in this Agreement and in such holder's Rights Certificate. Without limiting the foregoing or any remedies available to
the holders of Rights, it is specifically acknowledged that the holders of Rights would not have an adequate remedy at law for any breach of this Agreement and will be entitled to specific performance
of the obligations under, and injunctive relief against actual or threatened violations of, the obligations of any Person subject to this Agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>37</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=39,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=405394,FOLIO='37',FILE='DISK006:[04MTL8.04MTL1148]LM1148A.;12',USER='PANDERS',CD='29-NOV-2004;19:39' -->
<A NAME="page_lm1148_1_38"> </A>

<P><FONT SIZE=2><B>5.7&nbsp;&nbsp;&nbsp;Holder of Rights Not Deemed a Shareholder  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No holder, as such, of any Rights or Rights Certificate shall be entitled to vote, receive dividends or be deemed for any purpose the holder of Shares or any
other securities which may at any time be issuable on the exercise of Rights, nor shall anything contained herein or in any Rights Certificate be construed to confer upon the holder of any Rights, as
such, any of the rights of a shareholder of the Corporation or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or
withhold consent to any corporate action, or to receive notice of meetings or other actions affecting shareholders (except as provided in Section&nbsp;5.8 hereof) or to receive dividends or
subscription rights or otherwise, until such Rights shall have been exercised in accordance with the provisions hereof. </FONT></P>

<P><FONT SIZE=2><B>5.8&nbsp;&nbsp;&nbsp;Notice of Proposed Actions  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case the Corporation proposes after the Separation Time and prior to the Expiration Time to effect the liquidation, dissolution or winding up of the
Corporation or the sale of all or substantially all of the Corporation's assets, then, in each such case, the Corporation shall give to each holder of a Right, in accordance with Section&nbsp;5.9
hereof, a notice of such proposed action, which shall specify the date on which such liquidation, dissolution, winding up or sale is to take place, and such notice shall be so given at least 20
Business Days prior to the date of the taking of such proposed action by the Corporation. </FONT></P>

<P><FONT SIZE=2><B>5.9&nbsp;&nbsp;&nbsp;Notices  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices or demands authorized or required by this Agreement to be given or made to or by the Rights Agent, the holder of any Rights or the Corporation will be
sufficiently given or made and shall be deemed to be received if delivered or sent by first-class mail, postage prepaid, or by fax machine or other means of printed telecommunication, charges prepaid
and confirmed in writing by mail or delivery, addressed (until another address is filed in writing with the Rights Agent or the Corporation, as applicable), as follows: </FONT></P>

<UL>
<UL>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>if
to the Corporation:<BR></FONT>
<BR>

<P><FONT SIZE=2>Gildan
Activewear&nbsp;Inc.<BR>
725 Mont&eacute;e de Liesse<BR>
Montr&eacute;al, Qc H4T&nbsp;1P5<BR></FONT></P>

<P><FONT SIZE=2>Attention:
Vice-President, Public and Legal Affairs<BR></FONT></P>

<P><FONT SIZE=2>Facsimile
No. (514)&nbsp;734-8379 </FONT></P>

</DD></DL>
</UL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>38</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=40,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=665910,FOLIO='38',FILE='DISK006:[04MTL8.04MTL1148]LM1148A.;12',USER='PANDERS',CD='29-NOV-2004;19:39' -->
<A NAME="page_lm1148_1_39"> </A>
<UL>
<UL>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>if
to the Rights Agent:<BR></FONT>
<BR>

<P><FONT SIZE=2>Computershare
Trust Company of Canada<BR>
Suite&nbsp;700<BR>
1500 University Street<BR>
Montr&eacute;al, QC H3A&nbsp;3S8 </FONT></P>

<P><FONT SIZE=2>Attention:
General Manager, Investor Services<BR>
Facsimile No. (514)&nbsp;982-7635 </FONT></P>

</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>if
to the holder of any Rights, to the address of such holder as it appears on the registry books of the Rights Agent or, prior to the Separation Time, on the registry books of the
Corporation for the Shares. </FONT></DD></DL>
</UL>
</UL>
</UL>

<P><FONT SIZE=2><B>5.10&nbsp;&nbsp;Costs of Enforcement  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation agrees that if the Corporation or any other Person the securities of which are purchasable upon exercise of Rights fails to fulfil any of its
obligations pursuant to this Agreement, then the Corporation or such Person will reimburse the holder of any Rights for the costs and expenses (including legal fees) incurred by such holder in actions
to enforce his rights pursuant to any Rights or this Agreement. </FONT></P>


<P><FONT SIZE=2><B>5.11&nbsp;&nbsp;Regulatory Approvals  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any obligation of the Corporation or action or event contemplated by this Agreement shall be subject to applicable law and to the receipt of any requisite
approval or consent from any governmental or regulatory authority. Without limiting the generality of the foregoing, any issuance or delivery of debt or equity securities (other than
non-convertible debt securities) of the Corporation upon the exercise of Rights and any amendment to this Agreement shall be subject to any required prior consent of the stock exchange(s)
on which the Corporation is from time to time listed or has been listed during the six months prior to such amendment. </FONT></P>

<P><FONT SIZE=2><B>5.12&nbsp;&nbsp;Declaration as to Non-Canadian and Non-U.S.&nbsp;Holders  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If in the opinion of the Board of Directors (who may rely upon the advice of counsel), any action or event contemplated by this Agreement would require compliance
with the securities laws or comparable legislation of a jurisdiction outside Canada and the United&nbsp;States of America, its territories and possessions, the Board of Directors acting in good
faith may take such actions as it may deem appropriate to ensure that such compliance is not required, including without limitation establishing procedures for the issuance to a Canadian resident
Fiduciary of Rights or securities issuable on exercise of Rights, the holding thereof in trust for the Persons entitled thereto (but reserving to the Fiduciary or to the Fiduciary and the Corporation,
as the Corporation may determine, absolute discretion with respect thereto) and the sale thereof and remittance of the proceeds of such sale, if any, to the Persons entitled thereto. In no event shall
the Corporation or the Rights Agent be required to issue or deliver Rights or securities issuable on exercise of Rights to Persons who are citizens, residents or nationals of any jurisdiction other
than Canada and a province or territory thereof and the United&nbsp;States of America and any state thereof in which such issue or delivery would be unlawful without registration of the relevant
Persons or securities for such purposes. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>39</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=41,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=901788,FOLIO='39',FILE='DISK006:[04MTL8.04MTL1148]LM1148A.;12',USER='PANDERS',CD='29-NOV-2004;19:39' -->
<A NAME="page_lm1148_1_40"> </A>

<P><FONT SIZE=2><B>5.13&nbsp;&nbsp;Successors  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All the covenants and provisions of this Agreement by or for the benefit of the Corporation or the Rights Agent shall bind and enure to the benefit of their
respective successors and assigns hereunder. </FONT></P>

<P><FONT SIZE=2><B>5.14&nbsp;&nbsp;Benefits of this Agreement  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Agreement shall be construed to give to any Person other than the Corporation, the Rights Agent and the holders of the Rights any legal or
equitable right, remedy or claim under this Agreement; this Agreement shall be for the sole and exclusive benefit of the Corporation, the Rights Agent and the holders of the Rights. </FONT></P>

<P><FONT SIZE=2><B>5.15&nbsp;&nbsp;Shareholder Review  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At or prior to the first annual meeting of shareholders of the Corporation following the third anniversary of the date of this Agreement, provided that a
Flip-in Event has not occurred prior to such time, the Board of Directors shall submit a resolution ratifying the continued existence of this Agreement to the Independent Shareholders for
their consideration and, if thought advisable, approval. Unless a majority of the votes cast by Independent Shareholders who vote in respect of such resolution are voted in favour of the continued
existence of this Agreement, the Board of Directors shall, immediately upon the confirmation by the chairman of such shareholders' meeting of the result of the vote on such resolution and without
further formality, be deemed to have elected to redeem the Rights at the Redemption Price. </FONT></P>

<P><FONT SIZE=2><B>5.16&nbsp;&nbsp;Determination and Actions by the Board of Directors  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All actions, calculations, interpretations and determinations (including all omissions with respect to the foregoing) which are done or made by the Board of
Directors pursuant to this Agreement, in good faith, (i)&nbsp;may be relied on by the Rights Agent, and (ii)&nbsp;shall not subject the Board of Directors to any liability to the holders of the
Rights or to any other parties. </FONT></P>

<P><FONT SIZE=2><B>5.17&nbsp;&nbsp;Governing Law  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and the Rights issued hereunder shall be deemed to be a contract made under the laws of the Province of Quebec and the laws of Canada applicable
therein and for all purposes will be governed by and construed in accordance with the laws of such province applicable to contracts to be made and performed entirely within such province. </FONT></P>


<P><FONT SIZE=2><B>5.18&nbsp;&nbsp;Language  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Les parties aux pr&eacute;sentes ont exig&eacute; que la pr&eacute;sente convention ainsi que tous les documents et avis qui s'y
rattachent ou qui en d&eacute;coulent soient r&eacute;dig&eacute;s en langue anglaise. The parties hereto have required that this Agreement and all documents and notices
related thereto or resulting therefrom be drawn up in English. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>40</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=42,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=961981,FOLIO='40',FILE='DISK006:[04MTL8.04MTL1148]LM1148A.;12',USER='PANDERS',CD='29-NOV-2004;19:39' -->
<A NAME="page_lm1148_1_41"> </A>

<P><FONT SIZE=2><B>5.19&nbsp;&nbsp;Counterparts  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in any number of counterparts and each of such counterparts will for all purposes be deemed to be an original, and all such
counterparts shall together constitute one and the same instrument. </FONT></P>

<P><FONT SIZE=2><B>5.20&nbsp;&nbsp;Severability  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any term or provision hereof or the application thereof to any circumstance is, in any jurisdiction and to any extent, invalid or unenforceable, such term or
provision will be ineffective only to the extent of such invalidity or unenforceability in such jurisdiction without invalidating or rendering unenforceable the remaining terms and provisions hereof
or the enforceability thereof in any other jurisdiction or the application of such term or provision to circumstances other than those as to which it is held invalid or unenforceable. </FONT></P>

<P><FONT SIZE=2><B>5.21&nbsp;&nbsp;Effective Date  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be effective as of the Effective Date. If the Rights Plan is not confirmed by resolution passed by a majority of the votes cast by
Independent Shareholders at a meeting to be held not later than June&nbsp;1, 2005, then this Agreement and any outstanding Rights shall be of no further force and effect from the earlier of
(a)&nbsp;the date of termination of the meeting called to consider the confirmation of this Agreement under this Section&nbsp;5.21, and&nbsp;(b) June&nbsp;1, 2005. </FONT></P>

<P><FONT SIZE=2><B>5.22&nbsp;&nbsp;Time of the Essence  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time shall be of the essence hereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>IN WITNESS WHEREOF</B></FONT><FONT SIZE=2>, the parties hereto have caused this Agreement to be duly executed as of December&nbsp;1,&nbsp;2004. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="44%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><B>GILDAN ACTIVEWEAR&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>GLENN J. CHAMANDY</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>Glenn J. Chamandy</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>President and Chief Executive Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><BR><FONT SIZE=2><B>COMPUTERSHARE TRUST COMPANY OF CANADA</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>JOSEPH CHIRICO</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>Joseph Chirico</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>Relationship Manager</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>MARK THOMPSON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>Mark Thompson</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>Relationship Manager</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>41</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=43,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=668465,FOLIO='41',FILE='DISK006:[04MTL8.04MTL1148]LM1148A.;12',USER='PANDERS',CD='29-NOV-2004;19:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lo1148_exhibit_a_form_of_rights_certificate"> </A>
<A NAME="toc_lo1148_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT A<BR>  <BR>    Form of Rights Certificate    <BR>    </B></FONT></P>

<P><FONT SIZE=2>Certificate
No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE
RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF THE CORPORATION, ON THE TERMS SET FORTH IN THE SHAREHOLDER RIGHTS PLAN AGREEMENT. UNDER CERTAIN CIRCUMSTANCES (SPECIFIED IN
SUBSECTION 3.1(b) OF SUCH AGREEMENT), RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON, CERTAIN RELATED PARTIES OF AN ACQUIRING PERSON OR A TRANSFEREE OF AN ACQUIRING PERSON OR ANY SUCH RELATED
PARTIES WILL BECOME VOID WITHOUT FURTHER ACTION. </FONT></P>


<P><FONT SIZE=2><B>Rights Certificate  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This certifies that&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;is the registered holder of the number of Rights set forth above, each of which entitles the
registered holder thereof, subject to the terms, provisions and conditions of the Shareholder Rights Plan Agreement (the "</FONT><FONT SIZE=2><B>Rights Agreement</B></FONT><FONT SIZE=2>") made as of
December&nbsp;1, 2004 between Gildan Activewear&nbsp;Inc., a corporation existing under the laws of Canada (the "</FONT><FONT SIZE=2><B>Corporation</B></FONT><FONT SIZE=2>") and Computershare
Trust Company of Canada, a trust company incorporated under the laws of Canada, as Rights Agent (the "</FONT><FONT SIZE=2><B>Rights Agent</B></FONT><FONT SIZE=2>"), which term shall include any
successor Rights Agent under the Rights Agreement, to purchase from the Corporation, at any time after the Separation Time and prior to the Expiration Time (as such terms are defined in the Rights
Agreement), one fully paid Share (as defined in the Rights Agreement) at the Exercise Price referred to below, upon presentation and surrender of this Rights Certificate, together with the Form of
Election to Exercise appropriately completed and duly executed, to the Rights Agent at its principal office in Montr&eacute;al. Until adjustment thereof in certain events as provided in the
Rights Agreement, the Exercise Price per Right shall be an aggregate dollar amount equal to the Market Price (as defined in the Rights Agreement) per Share (determined as at the Separation Time)
multiplied by five (payable by certified cheque, banker's draft or money order payable to the order of the Rights Agent). The number of Shares which may be purchased for the Exercise Price is subject
to adjustment as set forth in the Rights Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Rights Certificate is subject to all of the terms, provisions and conditions of the Rights Agreement, which terms, provisions and conditions are hereby incorporated by reference and
made a part hereof and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Rights
Agent, the Corporation and the holders of the Rights Certificates. Copies of the Rights Agreement are on file at the registered office of the Corporation and are available upon written request. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Rights Certificate, with or without other Rights Certificates, upon surrender at the principal office of the Rights Agent in Montr&eacute;al, may be exchanged for another
Rights Certificate or Rights Certificates of like tenor evidencing an aggregate number of Rights equal to the aggregate number of Rights evidenced by the Rights Certificate or Rights Certificates
surrendered. If this Rights Certificate shall be exercised in part, the registered holder shall be entitled to receive, upon surrender hereof, another Rights Certificate or Rights Certificates for the
number of whole Rights not exercised. </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=44,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=238468,FOLIO='blank',FILE='DISK006:[04MTL8.04MTL1148]LO1148A.;6',USER='FALVARE',CD='25-NOV-2004;10:32' -->
<A NAME="page_lo1148_1_2"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of the Rights Agreement, the Rights evidenced by this Rights Certificate may be redeemed by the Corporation at a redemption price of $0.0001 per Right subject
to adjustment in certain events. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
fractional Shares will be issued upon the exercise of any Right or Rights evidenced hereby, but in lieu thereof a cash payment will be made, as provided in the Rights Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
holder of this Rights Certificate, as such, shall be entitled to vote or receive dividends or be deemed for any purpose the holder of Shares or any other securities which may at any
time be issuable upon the exercise hereof, nor shall anything contained in the Rights Agreement or herein be construed to confer upon the holder hereof, as such, any of the rights of a shareholder of
the Corporation or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action, or to
receive notice of any meeting or other actions affecting shareholders (except as provided in the Rights Agreement), or to receive dividends or subscription rights or otherwise, until the Rights
evidenced by this Rights Certificate shall have been exercised as provided in the Rights Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Rights Certificate shall not be valid for any purpose until it shall have been countersigned by the Rights Agent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WITNESS
the facsimile signature of the proper officers of the Corporation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date:
</FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="44%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="53%"><BR><FONT SIZE=2><B>GILDAN ACTIVEWEAR&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="53%"><FONT SIZE=2><BR>
Per:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="53%"><FONT SIZE=2><BR>
Per:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="53%"><FONT SIZE=2><BR>
Countersigned:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="53%"><BR><FONT SIZE=2><B>COMPUTERSHARE TRUST COMPANY OF CANADA,<BR> </B></FONT><FONT SIZE=2>in the City of Montr&eacute;al</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="53%"><FONT SIZE=2><BR>
Per:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=45,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=896136,FOLIO='2',FILE='DISK006:[04MTL8.04MTL1148]LO1148A.;6',USER='FALVARE',CD='25-NOV-2004;10:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lq1148_form_of_election_to_exercise"> </A>
<A NAME="toc_lq1148_1"> </A>
<BR></FONT><FONT SIZE=2><B>FORM OF ELECTION TO EXERCISE    <BR>    </B></FONT></P>

<P><FONT SIZE=2>The
undersigned hereby irrevocably elects to exercise
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> whole Rights represented by this Rights Certificate to purchase the Shares issuable upon the exercise
of such Rights and requests that certificates for such Shares be issued in the name of and delivered to: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="65%"><FONT
SIZE=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="65%"><FONT SIZE=2>Name</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="65%"><BR><FONT SIZE=2>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="65%"><FONT SIZE=2>Address</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="65%"><BR><FONT SIZE=2>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="65%"><FONT SIZE=2>City and Province</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="65%"><BR><FONT SIZE=2>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="65%"><FONT SIZE=2>Social Insurance No. or other taxpayer identification number</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>If
such number of Rights shall not be all the Rights evidenced by this Rights Certificate, a new Rights Certificate for the balance of such Rights shall be registered in the name of and delivered to: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="65%"><BR><FONT SIZE=2>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="65%"><FONT SIZE=2>Name</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="65%"><BR><FONT SIZE=2>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="65%"><FONT SIZE=2>Address</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="65%"><BR><FONT SIZE=2>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="65%"><FONT SIZE=2>City and Province</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="65%"><BR><FONT SIZE=2>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="65%"><FONT SIZE=2>Social Insurance No. or other taxpayer identification number</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="49%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="49%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><BR><FONT SIZE=2> Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>Signature</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT
SIZE=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Signature Guaranteed</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>(Signature must correspond to name as written upon the face of this Rights Certificate in every particular, without alteration or enlargement or any change whatsoever)</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=46,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=739943,FOLIO='blank',FILE='DISK006:[04MTL8.04MTL1148]LQ1148A.;4',USER='FALVARE',CD='25-NOV-2004;10:32' -->

<P><FONT SIZE=2>Signature
must be Signature Guaranteed by a Schedule&nbsp;1 Canadian chartered bank, a major Canadian trust company or a member of a recognized Medallion Guarantee program. </FONT></P>

<P><FONT SIZE=2><I>(To be completed by the holder if true)  </I></FONT></P>

<P><FONT SIZE=2>The
undersigned hereby certifies and represents, for the benefit of the Corporation and all holders of Rights and Shares, that the Rights evidenced by this Rights Certificate are not and, to the
knowledge of the undersigned, have never been, Beneficially Owned by an Acquiring Person or by an Affiliate or Associate of an Acquiring Person or any other Person acting jointly or in concert with
any of the foregoing (as such terms are defined in the Rights Agreement). </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="90%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="49%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="49%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT
SIZE=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Signature</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U><BR>
(Please print name below signature)</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lq1148_notice"> </A>
<A NAME="toc_lq1148_2"> </A>
<BR></FONT><FONT SIZE=2><B>NOTICE    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>In the event that the certification set forth above in the Form of Election to Exercise is not completed, the Corporation shall deem the Beneficial Owner of the Rights
represented by this Rights Certificate to be an Acquiring Person (as defined in the Rights Agreement) and, accordingly, such Rights shall be null and void.</B></FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=47,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=110700,FOLIO='blank',FILE='DISK006:[04MTL8.04MTL1148]LQ1148A.;4',USER='FALVARE',CD='25-NOV-2004;10:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ls1148_form_of_assignment"> </A>
<A NAME="toc_ls1148_1"> </A>
<BR></FONT><FONT SIZE=2><B>FORM OF ASSIGNMENT    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(please
print name and address of transferee) the Rights represented by this Rights Certificate, together with all right, title and interest therein. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT
SIZE=2>Date:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="51%" VALIGN="BOTTOM"><FONT
SIZE=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Signature</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><BR><FONT SIZE=2>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U><BR>
Signature Guaranteed</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
(Signature must correspond to name as written upon the face of this Rights Certificate in every particular, without alteration or enlargement or any change whatsoever)</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
must be Signature Guaranteed by a Schedule&nbsp;1 Canadian chartered bank, a major Canadian trust company or a member of a recognized Medallion Guarantee program. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>(To be completed by the assignor if true)</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby certifies and represents, for the benefit of the Corporation and all holders of Rights and Shares, that the Rights evidenced by this Rights Certificate are not
and, to the knowledge of the undersigned, have never been, Beneficially Owned by an Acquiring Person or by an Affiliate or Associate of an Acquiring Person or any other Person acting jointly or in
concert with any of the foregoing (as such terms are defined in the Rights Agreement). </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="51%" VALIGN="BOTTOM"><FONT
SIZE=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Signature</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
(Please print name below signature)</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ls1148_notice"> </A>
<A NAME="toc_ls1148_2"> </A>
<BR></FONT><FONT SIZE=2><B>NOTICE    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>In the event that the certification set forth above in the Form of Assignment is not completed, the Corporation shall deem the Beneficial
Owner of the Rights represented by this Rights Certificate to be an Acquiring Person (as defined in the Rights Agreement) and, accordingly, such Rights shall be null and void.</B></FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=48,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=966389,FOLIO='blank',FILE='DISK006:[04MTL8.04MTL1148]LS1148A.;7',USER='FALVARE',CD='25-NOV-2004;10:32' -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificat
n</FONT><FONT SIZE=2><B>&deg;</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Droits </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LES
DROITS PEUVENT &Ecirc;TRE RACHET&Eacute;S, AU GR&Eacute; DE LA SOCI&Eacute;T&Eacute;, SELON LES MODALIT&Eacute;S
INDIQU&Eacute;ES DANS LA CONVENTION VISANT UN R&Eacute;GIME DE DROITS DE SOUSCRIPTION DES ACTIONNAIRES. DANS CERTAINES CIRCONSTANCES (PR&Eacute;CIS&Eacute;ES
&Agrave; L'ALIN&Eacute;A 3.1(b) DE CETTE CONVENTION), LES DROITS D&Eacute;TENUS EN PROPRI&Eacute;T&Eacute; EFFECTIVE PAR UNE PERSONNE FAISANT UNE
ACQUISITION, CERTAINES PARTIES APPARENT&Eacute;ES &Agrave; UNE PERSONNE FAISANT UNE ACQUISITION OU LE CESSIONNAIRE D'UNE PERSONNE FAISANT UNE ACQUISITION OU D'UNE DE CES PARTIES
APPARENT&Eacute;ES DEVIENDRONT NULS SANS AUTRE FORMALIT&Eacute;. </FONT></P>

<P><FONT SIZE=2><B>Certificat de Droits  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Les pr&eacute;sentes attestent que&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;est le porteur inscrit du nombre de Droits indiqu&eacute;
ci-dessus, dont chacun permet au porteur inscrit des Droits, sous r&eacute;serve des modalit&eacute;s, dispositions et conditions de la convention visant un
r&eacute;gime de droits de souscription des actionnaires ("</FONT><FONT SIZE=2><B>convention visant les Droits</B></FONT><FONT SIZE=2>") pass&eacute;e en date du 3 ao&ucirc;t
2004 entre Les V&ecirc;tements de Sports Gildan&nbsp;Inc., une soci&eacute;t&eacute; existant en vertu des lois du Canada
("</FONT><FONT SIZE=2><B>Soci&eacute;t&eacute;</B></FONT><FONT SIZE=2>") et Soci&eacute;t&eacute; de fiducie Computershare du Canada,
soci&eacute;t&eacute; de fiducie constitu&eacute;e en vertu des lois du Canada, en qualit&eacute; d'agent des Droits ("</FONT><FONT SIZE=2><B>agent des
Droits</B></FONT><FONT SIZE=2>"), terme qui comprend tout successeur de l'agent des Droits conform&eacute;ment &agrave; la convention visant les Droits, d'acheter aupr&egrave;s
de la Soci&eacute;t&eacute;, en tout temps apr&egrave;s l'heure de s&eacute;paration et avant l'heure d'expiration (selon la d&eacute;finition de ces termes
dans la convention visant les Droits) une action &agrave; droit de vote subalterne de cat&eacute;gorie A (ou une action ordinaire obtenue dans le cadre d'un &eacute;change, le
cas &eacute;ch&eacute;ant, de toutes les actions &agrave; droit de vote subalterne de cat&eacute;gorie A contre des actions ordinaires par suite du
d&eacute;p&ocirc;t de statuts de modification ayant cet effet) enti&egrave;rement lib&eacute;r&eacute;e de la Soci&eacute;t&eacute;
("</FONT><FONT SIZE=2><B>action</B></FONT><FONT SIZE=2>") au prix d'exercice indiqu&eacute; ci-dessous, sur pr&eacute;sentation et remise du pr&eacute;sent
certificat de Droits, accompagn&eacute; du formulaire de choix d'exercice ad&eacute;quatement rempli et d&ucirc;ment sign&eacute;, &agrave; l'agent des Droits
&agrave; son bureau principal de Montr&eacute;al. Tant qu'il ne sera pas ajust&eacute; dans certaines circonstances pr&eacute;vues dans la convention visant les Droits,
le prix d'exercice pour chaque Droit sera un montant en dollars &eacute;gal au cours du march&eacute; (selon la d&eacute;finition de ce terme dans la convention visant les
Droits) par action (d&eacute;termin&eacute; &agrave; l'heure de s&eacute;paration) multipli&eacute; par cinq (payable par ch&egrave;que
certifi&eacute;, traite bancaire ou mandat-poste &eacute;tabli &agrave; l'ordre de l'agent des Droits). Le nombre d'actions pouvant &ecirc;tre achet&eacute;
pour le prix d'exercice peut faire l'objet d'ajustements comme le stipule la convention visant les Droits. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le
pr&eacute;sent certificat de Droits est assujetti &agrave; toutes les modalit&eacute;s, dispositions et conditions de la convention visant les Droits,
lesquelles sont int&eacute;gr&eacute;es dans les pr&eacute;sentes par renvoi et en font partie int&eacute;grante, convention &agrave; laquelle il est fait
renvoi par les pr&eacute;sentes pour la description compl&egrave;te des droits, restrictions des droits, obligations, fonctions et immunit&eacute;s qu'elle
conf&egrave;re &agrave; l'agent des Droits, &agrave; la Soci&eacute;t&eacute; et aux porteurs des certificats de Droits. Des copies de la convention visant les
Droits sont conserv&eacute;es au si&egrave;ge social de la Soci&eacute;t&eacute; et peuvent &ecirc;tre obtenues sur demande &eacute;crite. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le
pr&eacute;sent certificat de Droits, avec ou sans autres certificats de Droits, peut, sur remise au bureau principal de l'agent des Droits &agrave;
Montr&eacute;al, &ecirc;tre &eacute;chang&eacute; contre un ou plusieurs autres certificats de Droits de la m&ecirc;me teneur attestant un nombre global de
Droits &eacute;gal au nombre global des Droits attest&eacute;s par le ou les certificats de Droits remis. Si le pr&eacute;sent certificat de Droits est exerc&eacute; en
partie, le porteur inscrit aura le droit de recevoir, sur remise de celui-ci, un ou plusieurs autres certificats de Droits repr&eacute;sentant le nombre de Droits entiers qui
n'auront pas &eacute;t&eacute; exerc&eacute;s. </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=49,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=150919,FOLIO='blank',FILE='DISK006:[04MTL8.04MTL1148]LS1148A.;7',USER='FALVARE',CD='25-NOV-2004;10:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_lt1148_1_2"> </A> </FONT> <FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sous r&eacute;serve des dispositions de la convention visant les Droits, les Droits attest&eacute;s par le pr&eacute;sent certificat de Droits peuvent
&ecirc;tre rachet&eacute;s par la Soci&eacute;t&eacute; au prix de rachat de 0,0001 $ par Droit, sous r&eacute;serve d'ajustements dans certaines
circonstances. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aucune
fraction d'action ne sera &eacute;mise au moment de l'exercice d'un ou de plusieurs Droits attest&eacute;s par les pr&eacute;sentes mais, en remplacement
de celle-ci, un paiement comptant sera effectu&eacute; comme le pr&eacute;voit la convention visant les Droits. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aucun
porteur du pr&eacute;sent certificat de Droits, en tant que tel, ne sera habile &agrave; voter ou &agrave; recevoir des dividendes ni ne sera
r&eacute;put&eacute; &agrave; quelque fin que ce soit &ecirc;tre le porteur d'actions ou d'autres titres pouvant &ecirc;tre &eacute;missibles
&agrave; un moment quelconque au moment de l'exercice du pr&eacute;sent certificat, et aucune disposition de la convention visant les Droits ou du pr&eacute;sent certificat ne
devra &ecirc;tre interpr&eacute;t&eacute;e comme conf&eacute;rant au porteur du pr&eacute;sent certificat, en tant que tel, l'un quelconque des droits d'un
actionnaire de la Soci&eacute;t&eacute; ni le droit de voter en vue de l'&eacute;lection d'administrateurs ou &agrave; l'&eacute;gard de toute question soumise
aux actionnaires &agrave; une assembl&eacute;e de ceux-ci, ni le droit d'approuver ou de s'abstenir d'approuver toute mesure prise par la
Soci&eacute;t&eacute;, ni le droit de recevoir l'avis de convocation &agrave; quelque assembl&eacute;e des actionnaires que ce soit ou un avis des autres mesures visant
les actionnaires de la Soci&eacute;t&eacute; (sauf comme le pr&eacute;voit la convention visant les Droits), ni le droit de recevoir des dividendes ou des droits de
souscription ni quelque autre droit, et ce, tant que les Droits attest&eacute;s par le pr&eacute;sent certificat de Droits n'auront pas &eacute;t&eacute;
exerc&eacute;s comme le pr&eacute;voit la convention visant les Droits. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le
pr&eacute;sent certificat de Droits n'est pas valide &agrave; quelque fin que ce soit tant qu'il n'a pas &eacute;t&eacute; contresign&eacute;
par l'agent des Droits. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EN
FOI DE QUOI le fac-simil&eacute; de la signature des dirigeants appropri&eacute;s de la Soci&eacute;t&eacute; a
&eacute;t&eacute; appos&eacute; sur le pr&eacute;sent certificat de Droits. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date:
</FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="44%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="53%"><BR><FONT SIZE=2><B>LES V&Ecirc;TEMENTS DE SPORTS GILDAN&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="53%"><FONT SIZE=2><BR>
Par&nbsp;:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="53%"><FONT SIZE=2><BR>
Par&nbsp;:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="53%"><FONT SIZE=2><BR>
Contresignature&nbsp;:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="53%"><BR><FONT SIZE=2><B>SOCI&Eacute;T&Eacute; DE FIDUCIE COMPUTERSHARE DU CANADA<BR> </B></FONT><FONT SIZE=2>dans la ville de Montr&eacute;al</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="53%"><FONT SIZE=2><BR>
Par&nbsp;:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=50,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=742791,FOLIO='2',FILE='DISK006:[04MTL8.04MTL1148]LT1148A.;2',USER='FALVARE',CD='25-NOV-2004;10:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lu1148_formulaire_de_choix_d_exercice"> </A>
<A NAME="toc_lu1148_1"> </A>
<BR></FONT><FONT SIZE=2><B>FORMULAIRE DE CHOIX D'EXERCICE    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par les pr&eacute;sentes, le soussign&eacute; choisit irr&eacute;vocablement
d'exercer&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;Droits entiers attest&eacute;s par le
pr&eacute;sent certificat de Droits en vue de l'achat des actions
&eacute;missibles au moment de l'exercice de ces Droits et demande que les certificats attestant ces actions soient &eacute;mis au nom de la personne suivante et lui soient
livr&eacute;s: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TD WIDTH="47%" VALIGN="TOP"><FONT
SIZE=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Nom</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="51%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="47%" VALIGN="TOP"><BR><FONT SIZE=2>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U><BR>
Adresse</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="47%" VALIGN="TOP"><BR><FONT SIZE=2>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U><BR>
Ville et province</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="47%" VALIGN="TOP"><BR><FONT SIZE=2>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U><BR>
Num&eacute;ro d'assurance sociale ou autre<BR>
num&eacute;ro d'identification du contribuable</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Si
ce nombre de Droits ne constitue pas la totalit&eacute; des Droits attest&eacute;s par le pr&eacute;sent certificat de Droits, un nouveau certificat de Droits
attestant le reste de ces Droits sera immatricul&eacute; au nom de la personne suivante et lui sera livr&eacute;: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TD WIDTH="47%" VALIGN="TOP"><FONT
SIZE=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Nom</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="51%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="47%" VALIGN="TOP"><BR><FONT SIZE=2>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U><BR>
Adresse</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="47%" VALIGN="TOP"><BR><FONT SIZE=2>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U><BR>
Ville et province</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="47%" VALIGN="TOP"><BR><FONT SIZE=2>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U><BR>
Num&eacute;ro d'assurance sociale ou autre<BR>
num&eacute;ro d'identification du contribuable</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="47%"><BR><FONT SIZE=2>
Date&nbsp;:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Signature</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><BR><FONT SIZE=2>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U><BR>
(Signature garantie)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
(La signature doit correspondre en tous points au nom apparaissant au recto du pr&eacute;sent certificat de Droits, sans modification, ajout ni changement d'aucune sorte)</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=51,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=891237,FOLIO='blank',FILE='DISK006:[04MTL8.04MTL1148]LU1148A.;8',USER='FALVARE',CD='25-NOV-2004;10:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_lw1148_1_2"> </A> </FONT></P>

<!-- TOC_END -->

<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La signature doit &ecirc;tre garantie par une banque &agrave; charte canadienne de l'annexe 1, une grande soci&eacute;t&eacute; de fiducie canadienne ou
un membre d'un programme reconnu de garantie des signatures Medallion. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><I>(Attestation devant &ecirc;tre sign&eacute;e par le porteur si elle est exacte)</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le
soussign&eacute; atteste et d&eacute;clare par les pr&eacute;sentes, au profit de la Soci&eacute;t&eacute; et de tous les porteurs de Droits et
d'actions, que les Droits attest&eacute;s par le pr&eacute;sent certificat de Droits ne sont pas et, &agrave; la connaissance du soussign&eacute;, n'ont jamais
&eacute;t&eacute; d&eacute;tenus en propri&eacute;t&eacute; effective par une personne faisant une acquisition ou un membre du m&ecirc;me groupe
qu'elle ou une personne avec qui elle a des liens ou une autre personne agissant conjointement ou de concert avec l'un de ceux-ci (selon la d&eacute;finition de ces termes dans la
convention visant les Droits). </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="51%" VALIGN="BOTTOM"><HR NOSHADE><FONT SIZE=2> Signature</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%" VALIGN="BOTTOM"><BR><HR NOSHADE><FONT SIZE=2> (Veuillez &eacute;crire le nom en lettres moul&eacute;es sous la&nbsp;signature)</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lw1148_avis"> </A>
<A NAME="toc_lw1148_1"> </A>
<BR></FONT><FONT SIZE=2><B>AVIS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>Si l'attestation figurant ci-dessus dans le formulaire de choix d'exercice n'est pas sign&eacute;e, la
Soci&eacute;t&eacute; consid&eacute;rera le v&eacute;ritable propri&eacute;taire des Droits repr&eacute;sent&eacute;s par le
pr&eacute;sent certificat de Droits comme une personne faisant une acquisition (selon la d&eacute;finition donn&eacute;e dans la convention visant les Droits) et, par
cons&eacute;quent, ces Droits seront nuls et non avenus.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=52,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=534222,FOLIO='2',FILE='DISK006:[04MTL8.04MTL1148]LW1148A.;5',USER='FALVARE',CD='25-NOV-2004;10:32' -->
<A NAME="page_lw1148_1_3"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lw1148_formulaire_de_cession"> </A>
<A NAME="toc_lw1148_2"> </A>
<BR></FONT><FONT SIZE=2><B>FORMULAIRE DE CESSION    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONTRE VALEUR RE&Ccedil;UE, le soussign&eacute; vend, c&egrave;de et transf&egrave;re par les pr&eacute;sentes
&agrave; </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD COLSPAN=3><HR NOSHADE></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(veuillez
&eacute;crire le nom et l'adresse du cessionnaire en lettres moul&eacute;es) les Droits repr&eacute;sent&eacute;s par le pr&eacute;sent
certificat de Droits, de m&ecirc;me que tous les droits, titres et int&eacute;r&ecirc;ts s'y attachant. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>Date&nbsp;:&nbsp;</FONT><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="51%" VALIGN="BOTTOM"><HR NOSHADE><FONT SIZE=2> Signature</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><BR><HR NOSHADE><FONT SIZE=2> (Signature garantie)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
(La signature doit correspondre en tous points au nom apparaissant au recto du pr&eacute;sent certificat de Droits, sans modification, ajout ni changement d'aucune sorte)</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La
signature doit &ecirc;tre garantie par une banque &agrave; charte canadienne de l'annexe 1, une grande soci&eacute;t&eacute; de fiducie canadienne ou
un membre d'un programme reconnu de garantie des signatures Medallion. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><I>(Attestation devant &ecirc;tre sign&eacute;e par le c&eacute;dant si elle est exacte)  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le soussign&eacute; atteste et d&eacute;clare par les pr&eacute;sentes, au profit de la Soci&eacute;t&eacute; et de tous
les porteurs de Droits et d'actions, que les Droits attest&eacute;s par le pr&eacute;sent certificat de Droits ne sont pas et, &agrave; la connaissance du
soussign&eacute;, n'ont jamais &eacute;t&eacute; d&eacute;tenus en propri&eacute;t&eacute; effective par une personne faisant une acquisition ou un
membre du m&ecirc;me groupe qu'elle ou une personne avec qui elle a des liens ou une autre personne agissant conjointement ou de concert avec l'un de ceux-ci (selon la
d&eacute;finition de ces termes dans la convention visant les Droits). </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="51%" VALIGN="BOTTOM"><HR NOSHADE><FONT SIZE=2> Signature</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%" VALIGN="BOTTOM"><BR><HR NOSHADE><FONT SIZE=2> (Veuillez &eacute;crire le nom en lettres moul&eacute;es sous la&nbsp;signature)</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lw1148_avis_1"> </A>
<A NAME="toc_lw1148_3"> </A>
<BR></FONT><FONT SIZE=2><B>AVIS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>Si l'attestation figurant ci-dessus dans le formulaire de cession n'est pas sign&eacute;e, la
Soci&eacute;t&eacute; consid&eacute;rera le v&eacute;ritable propri&eacute;taire des Droits repr&eacute;sent&eacute;s par le
pr&eacute;sent certificat de Droits comme une personne faisant une acquisition (selon la d&eacute;finition donn&eacute;e dans la convention visant les Droits) et, par
cons&eacute;quent, ces Droits seront nuls et non avenus.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=53,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=699733,FOLIO='3',FILE='DISK006:[04MTL8.04MTL1148]LW1148A.;5',USER='FALVARE',CD='25-NOV-2004;10:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="04MTL1148_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_la1148_1">SHAREHOLDER RIGHTS PLAN AGREEMENT</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_la1148_2">BETWEEN</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_la1148_3">GILDAN ACTIVEWEAR INC.</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_la1148_4">COMPUTERSHARE TRUST COMPANY OF CANADA, as Rights Agent</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_lc1148_1">TABLE OF CONTENTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_le1148_1">SHAREHOLDER RIGHTS PLAN AGREEMENT</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_lg1148_1">ARTICLE 1 INTERPRETATION</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_li1148_1">ARTICLE 2 THE RIGHTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_lk1148_1">ARTICLE 3 ADJUSTMENTS TO THE RIGHTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_lk1148_2">ARTICLE 4 THE RIGHTS AGENT</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_lm1148_1">ARTICLE 5 MISCELLANEOUS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_lo1148_1">EXHIBIT A Form of Rights Certificate</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_lq1148_1">FORM OF ELECTION TO EXERCISE</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_lq1148_2">NOTICE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ls1148_1">FORM OF ASSIGNMENT</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ls1148_2">NOTICE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_lu1148_1">FORMULAIRE DE CHOIX D'EXERCICE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_lw1148_1">AVIS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_lw1148_2">FORMULAIRE DE CESSION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_lw1148_3">AVIS</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JDAY,SEQ=,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="2" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>3
<FILENAME>a2140341zex-2.htm
<DESCRIPTION>EXHIBIT 2
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 2  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TD WIDTH="50%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=1><B>00111<BR>
NUM&Eacute;RO-NUMBER</B></FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=1><B>ACTIONS-SHARES</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1><B><BR>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%" ALIGN="CENTER"><BR><FONT SIZE=1><B>[GRAPHIC]</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="CENTER"><BR><FONT SIZE=1><B>[GRAPHIC]</B></FONT><FONT SIZE=1><BR>
CONSTITU&Eacute;E SOUS L'AUTORIT&Eacute; DE LA LOI </FONT><FONT SIZE=1><I>CANADIENNE SUR<BR>
LES SOCI&Eacute;T&Eacute;S PAR ACTIONS</I></FONT><FONT SIZE=1><BR>
INCORPORATED UNDER THE </FONT><FONT SIZE=1><I>CANADA BUSINESS<BR>
CORPORATIONS ACT</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="CENTER"><FONT SIZE=1><B>CAT&Eacute;GORIES A<BR>
<BR>
CLASS A</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="CENTER"><FONT SIZE=3>CUSIP 375916 10 3</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=1>LE CAPITAL SOCIAL AUTORIS&Eacute; DE LA SOCI&Eacute;T&Eacute; EST CONSTITU&Eacute; D'UN NOMBRE ILLIMIT&Eacute; D'ACTIONS DE CAT&Eacute;GORIE&nbsp;A &Agrave; DROIT DE VOTE SUBALTERNE ET D'UN NOMBRE ILLIMIT&Eacute;
D'ACTIONS DE CAT&Eacute;GORIE&nbsp;B &Agrave; DROITS DE VOTE MULTIPLES.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=1>THE AUTHORIZED SHARE CAPITAL OF THE CORPORATION CONSISTS OF AN UNLIMITED NUMBER OF CLASS&nbsp;A SUBORDINATE VOTING SHARES AND AN UNLIMITED NUMBER OF CLASS&nbsp;B MULTIPLE VOTING SHARES.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=1>CECI ATTESTE QUE<BR>
THIS CERTIFIES THAT</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=1>RESTRICTION DE TRANSPERT, L&Eacute;GENDE AU VERSO<BR>
TRANSFER RECTRICTION, LEGEND ON REVERSE</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>SPECIMEN</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="50%" VALIGN="TOP"><FONT SIZE=1><I>est le d&eacute;tenteur inscrit de<BR>
is the registered holder of</I></FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=1>ACTIONS DE CAT&Eacute;GORIE A &Agrave; DROIT VOTE SUBALTERNE DU CAPITAL SOCIAL DE</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=1>CLASS A SUBORDINATE VOTING SHARES OF THE SHARE CAPITAL OF</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>GILDAN ACTIVEWEAR&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=1><I>&nbsp;&nbsp;&nbsp;&nbsp;Transf&eacute;rables dans les livres de la soci&eacute;t&eacute; seulement par le d&eacute;tenteur inscrit ou par son procureur d&ucirc;ment autoris&eacute; par &eacute;crit, sur remise de ce
certif&icirc;cat d&ucirc;ment endoss&eacute; sous r&eacute;serve des exigences des lois r&eacute;gissant la soci&eacute;t&eacute;.</I></FONT><FONT SIZE=1><BR>
&nbsp;&nbsp;&nbsp;&nbsp;Ce Certificat n'est valide que s'il est contresigne par l'agent des transferts et immatricul&eacute; par l'agent charg&eacute; de la tenue des registres de la soci&eacute;t&eacute;.<BR></FONT> <FONT SIZE=1><B>En foi de
quoi</B></FONT><FONT SIZE=1>, </FONT><FONT SIZE=1><I>la soci&eacute;t&eacute; a fait signer ce certif&icirc;cat par ses dirigeants d&ucirc;ment autoris&eacute;s.</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=1><I>&nbsp;&nbsp;&nbsp;&nbsp;Transferable on the books of the Corporation only by the registered holder thereof or his duly authorized attorney in writing, upon surrender of this certificate properly endorsed, subject to
compliance with the requirements of the laws governing the Corporation.</I></FONT><BR>
<FONT SIZE=1><I>&nbsp;&nbsp;&nbsp;&nbsp;This certificate is not valid until countersigned by the Transfer Agent and registered by the Registrar of the Corporation.</I></FONT><BR>
<FONT SIZE=1><B><I>In witness whereof,</I></B></FONT><FONT SIZE=1><I> the Corporation has caused this certificate to be signed by its duly authorized officers.</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%" ALIGN="CENTER"><FONT SIZE=1><I>Fait le/Dated</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%" ALIGN="RIGHT"><FONT SIZE=1>MONTREAL<BR>
TORONTO</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1>LE PR&Eacute;SIDENT DU CONSEIL<BR>
ET CHEF DE LA DIRECTION</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="RIGHT"><FONT SIZE=1>LE PR&Eacute;SIDENT ET CHEF DE L'EXPLOITATION</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="50%" VALIGN="TOP"><FONT SIZE=1>CONTRESIGN&Eacute; ET IMMATRICUL&Eacute;&nbsp;&#151;&nbsp;COUNTERSIGNED AND REGISTERED<BR>
<BR></FONT> <FONT SIZE=1><B>SOCI&Eacute;T&Eacute; DE FIDUCIE COMPUTERSHARE DU CANADA&nbsp;&#151;&nbsp;COMPUTERSHARE TRUST COMPANY OF CANADA</B></FONT><FONT SIZE=1><BR>
<BR>
AGENT DES TRANSFERTS ET AGENT CHARG&Eacute; DE LA TENUE DES REGISTRES TRANSFER AGENT AND REGISTRAR<BR>
<BR></FONT> <FONT SIZE=1><B>OU&nbsp;&#151;&nbsp;OR COMPUTERSHARE TRUST COMPANY,&nbsp;INC.</B></FONT><FONT SIZE=1><BR>
<BR>
CO-AGENT DES TRANSFERTS ET CO-AGENT CHARG&Eacute; DE LA TENUE DES REGISTRES<BR>
<BR>
CO-TRANSFER AGENT AND CO-REGISTRAR</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="50%" VALIGN="TOP"><FONT
SIZE=1>PAR&nbsp;&#151;&nbsp;BY:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP"><FONT SIZE=1>"signed"</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP"><FONT SIZE=1>"signed"</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="50%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=1>DIRIGEANT AUTORIS&Eacute;&nbsp;&#151;&nbsp;AUTHORIZED OFFICER</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT
SIZE=1>PAR&nbsp;&#151;&nbsp;BY:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1>CHAIRMAN OF THE BOARD</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="CENTER"><FONT SIZE=1>PRESIDENT AND</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%" ALIGN="CENTER"><FONT SIZE=1>DIRIGEANT AUTORIS&Eacute;&nbsp;&#151;&nbsp;AUTHORIZED OFFICER</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1>AND CHIEF EXECUTIVE OFFICER</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="CENTER"><FONT SIZE=1>CHIEF OPERATING OFFICER</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=1>TRANSF&Eacute;RABLE AU BUREAU PRINCIPAL DE SOCI&Eacute;T&Eacute; DE FIDUCIE COMPUTERSHARE DU CANADA &Agrave; MONTR&Eacute;AL ET &Agrave; TORONTO (CANADA) OU &Agrave; LA PRINCIPALE PLACE D'AFFAIRES DE COMPUTERSHARE TRUST
COMPANY,&nbsp;INC. &Agrave; NEW&nbsp;YORK&nbsp;(N.Y.)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=1>TRANSFERABLE AT THE PRINCIPAL OFFICE OF COMPUTERSHARE TRUST COMPANY OF CANADA IN MONTREAL AND IN TORONTO, CANADA OR AT THE PRINCIPAL OFFICE OF COMPUTERSHARE TRUST COMPANY,&nbsp;INC. IN NEW&nbsp;YORK,&nbsp;N.Y.</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="3",CHK=1018537,FOLIO='blank',FILE='DISK006:[04MTL8.04MTL1148]CA1148A.;22',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Le pr&eacute;sent certificat peut &ecirc;tre pr&eacute;sent&eacute; pour I'inscription du transfert d'actions qu'il repr&eacute;sente aux principales places d'affaires de Soci&eacute;t&eacute; de fiducie Computershare du
Canada &agrave; Montr&eacute;al et Toronto (Canada) ou &agrave; la prinicpale place d'affaires de Computershare Trust Company,&nbsp;Inc. &agrave; New&nbsp;York,&nbsp;(N.Y.).</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>This certificate may be presented for the recording of the transfer of shares represented thereby at the principal offices of Computershare Trust Company of Canada in Montreal and Toronto (Canada) or at the principal
office of Computershare Trust Company,&nbsp;Inc. in New&nbsp;York,&nbsp;N.Y.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Pour valeur re&ccedil;ue, le soussign&eacute; vend, c&egrave;de et transf&egrave;re par les pr&egrave;sentes &agrave;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>For value received, the undersigned hereby sells, assigns and transfers unto</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=1>S.V.P. &egrave;crire en lettres moul&eacute;es le nom et l'adresse du cessionnaire</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Please print or type name and address of assignee</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>Num&eacute;ro d'assurance sociale ou autre num&eacute;ro d'identification*<BR>
Social Insurance or other Identifying Number*</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=1>Code postal/Postal Code<BR></FONT>
</TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=1>Actions/Shares</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=1>S.V.P. &eacute;crire en lettres moul&eacute;es le nom et l'adresse du cessionnaire</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Please print or type name and address of assignee</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>Num&eacute;ro d'assurance sociale ou autre num&eacute;ro d'identification*<BR>
Social Insurance or other identifying number*</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=1>Code postal/Postal Code<BR></FONT>
</TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=1>Actions/Shares</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT
SIZE=1><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;actions<BR>
<BR>
de cat&eacute;gorie A &agrave; droit de vote subalterne du capital social de Gildan Activewear&nbsp;Inc. repr&eacute;sent&eacute;es par ce certificat et constitue par les pr&eacute;sentes</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT
SIZE=1><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;Class&nbsp;A
Subordinate Voting Shares of the share capital of Gildan Activewear&nbsp;Inc. represented by this certificate, and does not hereby irrevocably constitute and appoint</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>son mandataire irrevocable, avec plein droit de d&eacute;l&eacute;gation des pourvoirs conf&eacute;r&eacute;s, pour le transfert desdites actions dans les registres de la soci&eacute;t&eacute;.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>attorney to transfer the said shares on the books of the Corporation with full power of substitution in the premises.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dat&eacute; du /
Dated&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1><B>Important:</B></FONT><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Avant de signer, veuillez lire les instructions imprim&eacute;es ci-dessous et vous y conformer en tous points.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1><B>Important:</B></FONT><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Before signing, please read and comply carefully with the requirements printed below.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=1> Signature du c&eacute;dant garantie par:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=1> Signature of Transferor guaranteed by:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Instructions:&nbsp;&nbsp;&nbsp;&nbsp;La signature de l'actionnaire aux fins de cette cession doit correspondre exactement au nom inscrit au recto du cerificate sans aucun changement. La signature devra &ecirc;tre garantie
par une banque, une compagnie de fiducie ou un nembre d'une bourse dont la signature est connue au bureau des transferts.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>Instructions:&nbsp;&nbsp;&nbsp;&nbsp;The signature of the shareholder to this assignement must correspond wth the name as written upon the face of the certificate in every particular without alteration or enlargement or
any change whatsoever. The siganture should be guaranteed by a bank or by a trust company, or by a member of a stock exchange, whose signature is known to the transfer office.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=1> *&nbsp;&nbsp;INDIQUER LE NUM&Eacute;RO D'ASSURANCE SOCIALE OU AUTRE NUM&Eacute;RO D'IDENTIFICATION DU CESSIONNAIRE.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1><BR>
*&nbsp;&nbsp;PROVIDE SOCIAL INSURANCE OR OTHER INDENTIFYING NUMBER OF ASSIGNEE.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>LA CAT&Egrave;GORIE OU LA S&Egrave;RIE D'ACTIONS REPRE&Eacute;SENT&Eacute;S PAR CE CERTIFICAT EST ASSORTIE DE DROITS, PRIVIL&Eacute;GES, CONDITIONS ET RESTRICTIONS ET LA SOCI&Eacute;T&Eacute; FORNIRA &Agrave; TOUT
ACTIONNAIRE, SUR DEMANDE ET SANS FRAIS, UNE COPIE DU TEXTE INT&Eacute;GRAL DES DROITS, PRIVIL&Egrave;GES, CONDITIONS ET RESTRICTIONS ATTACH&Eacute;S &Agrave; CHAQUE CAT&Eacute;GORIE DES ACTIONS DONT L'EMISSION EST AUTORIS&Eacute;E ET DANS LA MESURE
FIX&Eacute;E PAR LES ADMINISTRATEURS, &Agrave; CHAQUE S&Eacute;RIE, ET DE L'AUTORISATION DONN&Egrave;E AUX ADMINISTRATEURS DE FIXER LES DROITS, PRIVIL&Egrave;GES, CONDITIONS ET RESTRICTIONS DES S&Egrave;RIES SUIVANTES.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>THE CLASS OR SERIES OF SHARES REPRESENTED BY THIS CERTIFICATE HAS RIGHTS, PRIVILEGES, RESTRICTIONS AND CONDITIONS ATTACHED THERETO AND THE CORPORATION WILL FURNISH TO A SHAREHOLDER, ON DEMAND, WITHOUT CHARGE, A FULL COPY
OF THE TEXT OF THE RIGHTS, PRIVILEGES, RESTRICTIONS AND CONDITIONS ATTACHED TO EACH CLASS OF SHARES AUTHORIZED TO BE ISSUED AND TO EACH SERIES INSOFAR AS THE SAME HAVE BEEN FIXED BY THE DIRECTORS AND OF THE AUTHORITY OF THE DIRECTORS TO FIX THE
RIGHTS, PRIVILEGES, RESTRICTIONS AND CONDITIONS OF SUBSEQUENT SERIES.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Until the Separation Time (as defined in the Rights Agreement referred to below), the certificate also evidences and entitles the holder hereof to certain Rights as set forth in a Shareholder Rights Plan Agreement, dated
as of August&nbsp;3, 2004 (the "Rights Agreement"), between the Corporation and Computershare Trust Company of Canada, as rights agent, as the same may be amended or supplemented from time to time in accordance with the terms thereof, the terms of
which are hereby incorporated herein by reference and a copy of which is on file at the registered office of the Corporation. Under certain circumstances, as set forth in the Rights Agreement, such Rights may be amended or redeemed, may expire, may
become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, whether currently held by or on behalf of such Person or any subsequent holder) or may be evidenced by
separate certificates and may no longer be evidenced by this certificate. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge as soon as practicable after the receipt
of a written request therefor.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>Jusqu'&agrave; l'heure de s&eacute;paration (d&eacute;finie dans la convention visant les Droits mentionn&eacute;e ci-dessous), le pr&eacute;sent certificat atteste &eacute;gal&eacute;ment que son porteur jouit de
certains Droits stipul&eacute;s dans une convention visant un r&eacute;gime de droits de souscription des actionnaires intervenue en date du 3 ao&ucirc;t 2004 ("convention visant les Droits") entre la Soci&eacute;t&eacute; et Soci&eacute;t&eacute; de
fiducie Computershare du Canada, &aacute; titre d'agent des Droits en sa version pouvant &ecirc;tre modifi&eacute;e ou compl&eacute;t&eacute;e de temps &agrave; autre conform&eacute;ment aux modalit&eacute;s des pr&eacute;sentes, convention dont les
conditions sont int&eacute;gr&eacute;es dans les pr&eacute;sentes par renvoi et dont une copie se trouve dans les dossiers tenus au si&egrave;ge social de la Soci&eacute;t&eacute;. Dans certaines circonstances stipul&eacute;es dans la convention
visant les Droits, ces Droits peuvent &ecirc;tre modifi&eacute;s ou rachet&eacute;s ou peuvent expirer ou devenir nuls (si, dans certains cas, ils sont "d&eacute;tenus a titre de v&eacute;ritable propri&eacute;taire" par une "personne faisant une
acquisition", selon la d&eacute;finition de ces termes dans la convention visant les Droits, qu'ils soient d&eacute;tenus actuellement par cette personne ou un porteur ant&eacute;rieur ou pour le compte de ceux-ci). Les Droits peuvent aussi
&ecirc;tre attest&eacute;s par des certificats distincts et peuvent ne plus &ecirc;tre attest&eacute;s par le pr&eacute;sent certificat. La Soci&eacute;t&eacute; postera ou fera poster sans frais une copie de la convention visant les Droits au
porteur du pr&eacute;sent certificat d&egrave;s que possible apr&egrave;s la r&eacute;ception d'une demande &eacute;crite &agrave; cet effet.</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="3",CHK=614093,FOLIO='blank',FILE='DISK006:[04MTL8.04MTL1148]CC1148A.;10',USER='FALVARE',CD='25-NOV-2004;10:31' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JDAY,SEQ=,EFW="2140341",CP="GILDAN ACTIVEWEAR INC.",DN="3" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
