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<SEC-DOCUMENT>0001061894-05-000003.txt : 20050112
<SEC-HEADER>0001061894-05-000003.hdr.sgml : 20050112
<ACCEPTANCE-DATETIME>20050111195053
ACCESSION NUMBER:		0001061894-05-000003
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20050111
FILED AS OF DATE:		20050112
DATE AS OF CHANGE:		20050111

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14830
		FILM NUMBER:		05524514

	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>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html>
<head>
<title>Form 6-K</title>

</head>

<body>
<p>&nbsp;</p>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B><font size="4">SECURITIES AND EXCHANGE COMMISSION<br>
  WASHINGTON, DC 20549</font></B></FONT></FONT></P>
<p><font size="4">
  <!-- MARKER FORMAT-SHEET="Center Head Bold" -->
</font></p>
<p>&nbsp; </p>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B><font size="4">FORM 6-K</font></B></FONT></FONT></P>
<p><font size="4">
  <!-- MARKER FORMAT-SHEET="Center Head Bold" -->
</font></p>
<p>&nbsp; </p>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="4"><B>REPORT OF FOREIGN PRIVATE ISSUER<br>
  </B></FONT></FONT>Pursuant to Rule 13a-16 or 15d-16 under <br>
  the Securities Exchange Act of 1934</P>
<P ALIGN="CENTER"><br>
</P>
<DIV align=center>
  <TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR>
      <TD width="50%"><FONT face="Times New Roman, Times, serif" size=3>For the month of: <STRONG>January 2005</STRONG></FONT></TD>
      <TD align=right width="50%"><FONT face="Times New Roman, Times, serif"
      size=3>Commission File Number:<STRONG> 1-14830</STRONG></FONT></TD>
    </TR>
    <TR>
      <TD width="50%"><FONT face="Times New Roman, Times, serif"
      size=3>&nbsp;</FONT></TD>
      <TD width="50%"><FONT face="Times New Roman, Times, serif"
      size=3>&nbsp;</FONT></TD>
    </TR>
    <TR vAlign=bottom align=middle>
      <TD colSpan=2><div align="center"><STRONG>GILDAN ACTIVEWEAR INC.</STRONG></div></TD>
    </TR>
    <TR vAlign=bottom align=middle>
      <TD colSpan=2><div align="center"><FONT face="Times New Roman, Times, serif"
      size=2><EM>(Translation of Registrant's name into English)</EM></FONT></div></TD>
    </TR>
    <TR vAlign=bottom align=middle>
      <TD width="50%"><FONT face="Times New Roman, Times, serif"
      size=3>&nbsp;</FONT></TD>
      <TD width="50%"><p>&nbsp;</p>
          <p>&nbsp;</p></TD>
    </TR>
    <TR vAlign=bottom align=middle>
      <TD colSpan=2><div align="center">
          <P ALIGN="CENTER"><strong><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">725 Mont&eacute;e de LiesseVille <BR>
            Saint-Laurent, Quebec <br>
          </FONT></FONT><font size="2">Canada H4T 1P5</font></strong></P>
      </div></TD>
    </TR>
    <TR vAlign=bottom align=middle>
      <TD colSpan=2><div align="center"><FONT face="Times New Roman, Times, serif"
      size=2><EM>(Address of principal executive offices)</EM></FONT></div></TD>
    </TR>
    <TR vAlign=bottom align=middle>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
  </TABLE>
</DIV>
<p>&nbsp;</p>
<p><FONT face="Times New Roman, Times, serif" size=3>Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F. </FONT></p>
<p>&nbsp; </p>
<DIV align=center>
  <TABLE cellSpacing=0 cellPadding=0 border=0>
    <TR align=middle>
      <TD vAlign=top width=200>Form 20-F <U>&nbsp;&nbsp; &nbsp;&nbsp;</U>
      <TD vAlign=top width=200>Form 40-F <U>&nbsp;&nbsp;&nbsp;<strong>X</strong>&nbsp;&nbsp;</U></TD>
    </TR>
  </TABLE>
  <p align="left">&nbsp;</p>
</DIV>
<P>
<P>
<P><FONT face="Times New Roman, Times, serif" size=3>Indicate by check mark whether the Registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. </FONT>
<P>
<P>
<DIV align=center>
  <TABLE cellSpacing=0 cellPadding=0 border=0>
    <TR align=middle>
      <TD vAlign=top width=150>Yes <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
      <TD vAlign=top width=150>No <U>&nbsp;&nbsp;<strong>X</strong>&nbsp;&nbsp;</U></TD>
    </TR>
  </TABLE>
</DIV>
<P>
<P>
<P><FONT face="Times New Roman, Times, serif" size=3>If</FONT><FONT color=#0000ff><FONT
color=#0000ff><FONT face=serif
size=2>&nbsp;</FONT></FONT></FONT><FONT face="Times New Roman, Times, serif" size=3> &#8220;Yes&#8221; is marked, indicate below the file number assigned to the Registrant in connection with Rule 12g3-2(b): 82-_<strong>N/A</strong>_.</FONT>
<P>
<HR color=gray noShade SIZE=3>
<div align="center">
  <p>&nbsp;</p>
</div>
<p style="page-break-before:always"></p>
<p><p align="left">&nbsp;</p>
<p align="left">&nbsp;</p>
<P>
<P align=center><FONT face="Times New Roman, Times, serif"
size=3><STRONG>SIGNATURE</STRONG></FONT>
<P align=left>
<P align="left"><FONT face="Times New Roman, Times, serif"
size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securitiecs Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT>
<P align="left">
<P>
<P>
<DIV align=right>
  <TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>
    <TR>
      <TD><div align="left"><STRONG><FONT face="Times New Roman, Times, serif" size=3>GILDAN ACTIVEWEAR INC. </FONT></STRONG></div></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD><div align="left">(Signed) St&eacute;phane Lemay </div>
        <HR noShade SIZE=1>    </TR>
    <TR>
      <TD><div align="left"><FONT face="Times New Roman, Times, serif" size=3>St&eacute;phane Lemay </FONT></div></TD>
    </TR>
    <TR>
      <TD><div align="left"><FONT face="Times New Roman, Times, serif" size=3>Vice-President, Public and Legal Affairs </FONT></div></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
    </TR>
  </TABLE>
</DIV>
<P align="left">
<div align="left">
  <TABLE width="50%" border=0 cellPadding=0 cellSpacing=0>
    <TR>
      <TD><strong>Date</strong> January 11, 2005</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
    </TR>
  </TABLE>
</div>
<P>
<p align="left">&nbsp;</p>
<P>
<P>
<HR color=gray noShade SIZE=3>
<div align="center">
  <p><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="3">LIST OF EXHIBITS </font></strong> <font color="#0033CC">
    <!-- MARKER FORMAT-SHEET="Left Head Bold" -->
  </font></font></p>
</div>
<P ALIGN="LEFT">&nbsp;</P>
<table width="95%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td><div align="center"><font size="2" face="Times New Roman, Times, serif"><strong>Exhibits</strong></font></div></td>
  </tr>
  <tr>
    <td><hr width="100%" color=#0066CC noshade size=2></td>
    <td><HR width="100%" color=#0066CC SIZE=2></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><FONT size="2" FACE="Times New Roman, Times, serif">2004 Annual Management Discussion and Analysis</FONT></td>
    <td><div align="center"><font size="2" face="Times New Roman, Times, serif">99.1</font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><div align="center"><font face="Times New Roman, Times, serif"><font size="2"></font></font></div></td>
  </tr>
  <tr>
    <td><FONT size="2" FACE="Times New Roman, Times, serif">2004 Annual Financial Statements</FONT></td>
    <td><div align="center"><font face="Times New Roman, Times, serif"><font size="2">99.2</font></font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><div align="center"><font face="Times New Roman, Times, serif"><font size="2"></font></font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Notice of Annual and Special Meeting of Shareholders and Management Proxy Circular</font></td>
    <td><div align="center"><font face="Times New Roman, Times, serif"><font size="2">99.3</font></font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="left"><FONT color=#0000ff></FONT></p>
<p>&nbsp; </p>
<P><br>
<br>

<P ALIGN="LEFT">&nbsp;</P>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>mda.htm
<TEXT>
<html>
<head>
<title>Untitled Document</title>

</head>

<body>
<p align="right"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="3">EXHIBIT 99.1 </font></strong></font></p>
<p style="page-break-before:always"></p>
<p>&nbsp;</p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td colspan="4" bgcolor="#0033CC"><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><strong>MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</strong></font></td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td colspan="4" bgcolor="#0033CC"><hr size="2" color="#FFFFFF"></td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" bgcolor="#0033CC">&nbsp;</td>
    <td width="15%" bgcolor="#0033CC"><div align="right">
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><strong>27</strong></font></p>
    </div></td>
    <td width="10%" bgcolor="#0033CC">&nbsp;</td>
    <td width="44%" bgcolor="#0033CC"><p>&nbsp;</p>
        <p>&nbsp;</p>
        <p><font color="#5E5EFF" size="2" face="Times New Roman, Times, serif"><strong>CORPORATE OVERVIEW</strong></font></p></td>
    <td width="5%" bgcolor="#0033CC">&nbsp;</td>
    <td width="11%" bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td colspan="4" bgcolor="#0033CC"><hr size="2" color="#0000FF"></td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><div align="right"><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><strong>27</strong></font></div></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><font color="#5E5EFF" size="2" face="Times New Roman, Times, serif"><strong>INDUSTRY OVERVIEW</strong></font></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td colspan="4" bgcolor="#0033CC"><hr size="2" color="#0000FF"></td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><div align="right"><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><strong>28</strong></font></div></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><font color="#5E5EFF" size="2" face="Times New Roman, Times, serif"><strong>FINANCIAL OBJECTIVES AND STRATEGY</strong></font></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td colspan="4" bgcolor="#0033CC"><hr size="2" color="#0000FF"></td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><div align="right"><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><strong>29</strong></font></div></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><strong><font color="#5E5EFF" size="2" face="Times New Roman, Times, serif">OPERATING RESULTS</font></strong></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td colspan="4" bgcolor="#0033CC"><hr size="2" color="#0000FF"></td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><div align="right"><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><strong>41</strong></font></div></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><strong><font color="#5E5EFF" size="2" face="Times New Roman, Times, serif">CRITICAL ACCOUNTING ESTIMATES</font></strong></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td colspan="4" bgcolor="#0033CC"><hr size="2" color="#0000FF"></td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><div align="right"><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><strong>42</strong></font></div></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><strong><font color="#5E5EFF" size="2" face="Times New Roman, Times, serif">CHANGES IN ACCOUNTING POLICIES</font></strong></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td colspan="4" bgcolor="#0033CC"><hr size="2" color="#0000FF"></td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><div align="right"><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><strong>42</strong></font></div></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><strong><font color="#5E5EFF" size="2" face="Times New Roman, Times, serif">RECENT ACCOUNTING PRONOUNCEMENTS</font></strong></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td colspan="4" bgcolor="#0033CC"><hr size="2" color="#0000FF"></td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><div align="right"><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><strong>43</strong></font></div></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><strong><font color="#5E5EFF" size="2" face="Times New Roman, Times, serif">RISKS</font></strong></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td colspan="4" bgcolor="#0033CC"><hr size="2" color="#0000FF"></td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><div align="right"><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><strong>46</strong></font></div></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><strong><font color="#5E5EFF" size="2" face="Times New Roman, Times, serif">SUBSEQUENT EVENT</font></strong></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td colspan="4" bgcolor="#0033CC"><hr size="2" color="#0000FF"></td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><div align="right"><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><strong>47</strong></font></div></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><strong><font color="#5E5EFF" size="2" face="Times New Roman, Times, serif">DISCLOSURE OF OUTSTANDING SHARE DATA</font></strong></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td colspan="4" bgcolor="#0033CC"><hr size="2" color="#0000FF"></td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><div align="right"><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><strong>47</strong></font></div></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><strong><font color="#5E5EFF" size="2" face="Times New Roman, Times, serif">RECONCILIATION OF NON-GAAP FINANCIAL MEASURES</font></strong></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td colspan="4" bgcolor="#0033CC"><hr size="2" color="#0000FF"></td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><div align="right"><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><strong>49</strong></font></div></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><strong><font color="#5E5EFF" size="2" face="Times New Roman, Times, serif">FORWARD LOOKING STATEMENTS</font></strong></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td colspan="4" bgcolor="#0033CC"><hr size="2" color="#0000FF"></td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td colspan="4" bgcolor="#0033CC"><p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p></td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
</table>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p>&nbsp;</p>
<p style="page-break-before:always"></p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%" colspan="5"><div align="left"><font size="2" face="Times New Roman, Times, serif">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&amp;A)</font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">LOOK FOR ACCURATE FINANCIAL REPORTING</font></strong></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The information below should be read in conjunction with the Consolidated Financial Statements and Auditors&rsquo; Report included in this Annual Report. All financial information contained in this MD&amp;A and the Company&rsquo;s Consolidated Financial Statements has been prepared in accordance with Canadian generally accepted accounting principles (&ldquo;GAAP&rdquo;), except for certain information discussed in the paragraph entitled Non-GAAP Financial Measures on page 30 of this MD&amp;A. The effect of significant differences between Canadian and U.S. GAAP is discussed in Note 16 to the Company&rsquo;s Consolidated Financial Statements. All amounts in this report are in U.S. dollars, unless otherwise stated. The Company&rsquo;s Audit and Finance Committee and its Board of Directors have reviewed this MD&amp;A to ensure consistency with the approved strategy of the Company. </font></div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">For additional information relating to the Company, readers may review the documentation filed by the Company with the Canadian securities regulatory authorities (including the Company&rsquo;s Annual Information Form) available at www.sedar.com and with the U.S. Securities and Exchange Commission (including the Annual Report on form 40F)available at www.sec.gov.</font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td colspan="5"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">CORPORATE OVERVIEW</font></strong></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">We are a rapidly growing, vertically-integrated manufacturer and marketer of premium quality basic activewear for sale principally into the wholesale imprinted activewear market in the Canadian, United States, European and other international apparel markets. Our sales continue to be predominately in our traditional markets in the United States and Canada. During the past four years we established a strong base for future growth in Europe, where, as of November 2004, we had set up a network of 36 distributors in 20 countries. We entered the Australian market in fiscal 2004. We manufacture and sell premium quality T-shirts, placket collar sport shirts and fleece products in a variety of weights, sizes, colours and styles. We sell our products as &ldquo;blanks&rdquo;, which are ultimately decorated with designs and logos for sale to customers. </font> </div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">To support its sales in the various markets, the Company has modern textile facilities located in Canada and Honduras. The Company is currently constructing textile facilities in both the Dominican Republic and Nicaragua, which are scheduled for start-up in fiscal 2005. All of the Company&rsquo;s sewing facilities are located in Central America, Mexico and the Caribbean basin. Due to the growing demand for its products, the Company also utilizes third party contractors to complement its vertically-integrated production. </font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company distributes its products in Canada and the U.S. out of distribution centres, and uses third party warehouses in the U.S., Europe and Australia to service its customers. The corporate head office is located in Montreal, Canada and over 7,400 full-time employees work in the Company&rsquo;s facilities worldwide.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company is dedicated to being the global low-cost manufacturer of quality basic knit apparel for North American and international markets.</font></p></td>
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    <td><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td colspan="5"><div align="left"><font size="2" face="Times New Roman, Times, serif"><strong>INDUSTRY OVERVIEW</strong></font></div></td>
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        <hr size="2" color="#000000">
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    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">We focus principally on sales of T-shirts, placket collar sport shirts and fleece products in &ldquo;blank&rdquo; form, to the wholesale imprinted activewear market. &ldquo;Imprinted&rdquo; activewear is typically decorated with a screenprint or embroidered with a logo, design or character before it reaches the customer. Imprinted activewear is either branded or private label. Branded products reach consumers carrying the manufacturer's label, whereas products sold on a private label basis reach consumers carrying the brand name of the customer.</font></div></td>
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    <td width="50%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>27</strong></font></div></td>
    <td width="50%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
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<hr width="100%" size=3 color=GRAY noshade>
<p>&nbsp;</p>
<p style="page-break-before:always"></p>
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    <td width="15%">&nbsp;</td>
    <td width="85%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">We believe that growth in the imprinted activewear market has been driven by several trends, such as the following: </font>
            <p><font size="2" face="Times New Roman, Times, serif">&bull; consumer preference for casual attire and emphasis on physical fitness;<br>
&bull; continued evolution of the entertainment/sports licensing and merchandising businesses; <br>
&bull; a greater use and acceptance of casual dress in the workplace; <br>
&bull; the growing use of activewear for uniform applications and corporate promotions; and <br>
&bull; continued increases in tourism applications of activewear products.</font></p>
            <p><font size="2" face="Times New Roman, Times, serif">Furthermore, significant improvements in activewear apparel, ranging from enhanced product characteristics, such as pre-shrunk fabrics, improved fabric weight, blends and construction, to increased product variety, including new sizes, colours and styles, have enhanced consumer appeal. We believe these trends will continue to generate demand for activewear products for the foreseeable future. <br>
                        <br>
              </font><font size="2" face="Times New Roman, Times, serif">The activewear market is characterized by low fashion risk compared to many other apparel markets, as demand for basic undecorated garment styles generally is not subject to trends and fashion changes.</font></p>
    </div></td>
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    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
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    <td><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td colspan="5"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">FINANCIAL OBJECTIVES AND STRATEGY</font></strong></div></td>
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    <td>&nbsp;</td>
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        <hr size="2" color="#000000">
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    <td colspan="5">&nbsp;</td>
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    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">We believe that our focus on low-cost manufacturing, our strong distributor relationships, and our reputation for premium quality are the reasons we have been able to rapidly increase our market presence and establish our market leadership in the imprinted sportswear market. Looking ahead, we have a comprehensive strategy to meet our objective of a minimum of 15% annual EPS growth over the next five years. The main elements of this strategy are: </font></div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">&bull; increase market share in the U.S. distributor market in all current product categories;<br>
&bull; increase market penetration in Europe, Australia and other international markets through continued development of distributor relationships;<br>
&bull; make a conservative and gradual entry into retail markets, building a solid base from which to drive significant penetration; and <br>
&bull; support unit sales growth and maintain pricing competitiveness through significant and continued investments in low-cost production capacity.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">We have announced the development of new manufacturing hubs in the Dominican Republic/Haiti and Nicaragua. Development of these new offshore facilities commenced during fiscal 2004 and are expected to significantly impact our production capacity and manufacturing cost structure in fiscal 2006. During the next five years, we expect to invest approximately $400 million in capital expenditures. These investments are also intended to support the Company&rsquo;s gradual entry into the retail market.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">All of the organic growth initiatives that the Company plans to undertake over the next five years are expected to be financed by internally generated funds and existing credit facilities.</font></p></td>
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    <td width="49%" valign="bottom"><div align="left"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
    <td width="51%" valign="bottom"><div align="left"><font size="+7" face="Times New Roman, Times, serif"><strong>28</strong></font></div></td>
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</table>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
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    <td width="15%">&nbsp;</td>
    <td width="85%" colspan="5" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">We are subject to a variety of business risks that may affect our ability to maintain our current market share and profitability, as well as our ability to achieve our long-term strategic objectives. These risks are described in the &ldquo;Risks&rdquo; section of this MD&amp;A beginning at page 43. As well, the nature of the Company&rsquo;s growth strategy involves risks related to certain assumptions underlying unit sales growth, production capacity growth and cost reductions, among others. Notably, our planned growth in market share depends to a significant extent on the successful start-up and ramp-up of new offshore facilities, and the achievement of overall cost reductions to support lower unit selling prices. We cannot assure you that we will achieve our planned market share growth, capacity increases, cost reductions, or retail market penetration.</font></div></td>
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    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
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    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
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    <td><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td colspan="5"><div align="left"><font size="2" face="Times New Roman, Times, serif"><strong>OPERATING RESULTS</strong></font></div></td>
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    <td>&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
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    <td>&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em><strong>Year ended October 3, 2004 compared with year ended October 5, 2003</strong></em></font></td>
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    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
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    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The year ended October 5, 2003 included 53 weeks of operating results instead of the normal 52 weeks. Since the Company has a floating year-end, an extra week is included in its results every sixth year. During fiscal 2003, the extra week was added to the third quarter, which in seasonal terms is the largest quarter of the year. Management estimates that the impact of adding an extra week to the full year was approximately $0.04 to diluted earnings per share for the 2003 fiscal year.</font></div></td>
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    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
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    <td>&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><strong>Selected Annual Information</strong><br>
      Fiscal years ended October 3, 2004, October 5, 2003 and September 29, 2002<br>
      <em>(in thousands of U.S. dollars, except earnings per share)</em></font></td>
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</table>
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<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
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    <TH></TH>
    <TH></TH>
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    <TH COLSPAN="2"></TH>
    <TH></TH>
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  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#0033CC" size="2" face="Times New Roman, Times, serif"><strong>2004</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2003</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2002 </font></TD>
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    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
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    <TD WIDTH="15%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="53%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Sales</font></TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533,368</font></strong></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="9%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431,195</font></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382,312</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Cost of sales</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">378,696</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">301,341</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">274,838</font></TD>
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  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
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  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Gross profit</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">154,672</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">129,854</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">107,474</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Selling, general and administrative expenses</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">62,898</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">48,403</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">40,699</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
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    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Earnings before the undernoted items</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">91,774</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">81,451</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">66,775</font></TD>
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  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Depreciation and amortization</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">22,275</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">16,088</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">11,199</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Interest</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">6,170</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">6,419</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">8,473</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
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  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Earnings before income taxes</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">63,329</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">58,944</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">47,103</font></TD>
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  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Income taxes</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">3,078</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">5,788</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,666</font></TD>
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  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
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    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Net earnings</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">60,251</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">53,156</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">42,437</font></TD>
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  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Basic EPS</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49</font></TD>
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    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Diluted EPS</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Total assets</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">489,004</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">429,663</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">315,266</font></TD>
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    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Total long-term liabilities</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">66,037</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">74,794</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">85,858</font></TD>
  </TR>
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    <TD colspan="7" ALIGN="LEFT"><hr size="3" noshade></TD>
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<p>&nbsp;</p>
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    <td width="50%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>29</strong></font></div></td>
    <td width="50%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
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<br>
<hr width="100%" size=3 color=GRAY noshade>
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    <td width="15%">&nbsp;</td>
    <td width="85%" colspan="5"><strong><font size="2" face="Times New Roman, Times, serif">Basis of Comparison</font></strong></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"> In order to better understand the Company&rsquo;s performance during the most recent fiscal year, the Company believes that the basis of comparison for fiscal 2004 should be the results before the adjustments due to the change in functional currency. Effective October 6, 2003, the Company adopted the U.S. dollar as its functional currency since a significant portion of revenues, expenses, assets and liabilities are denominated in U.S. dollars and the Company&rsquo;s sales and manufacturing operations are increasingly international in scope. Effective the same date, the U.S. dollar was adopted as the Company&rsquo;s reporting currency. When there is such a change in reporting currency, Canadian and U.S. accounting standards require that prior year comparative financial statements be presented in U.S. dollars, using a translation method that retains the Canadian dollar as the currency of measurement, as described in N
ote 1 to the Company&rsquo;s Consolidated Financial Statements. The application of this method at the beginning of fiscal 2004 involved translating all assets and liabilities using the exchange rate in effect at the end of fiscal 2003. This resulted in a translated value for opening inventories and fixed assets that was approximately $23 million higher than the amount that would have resulted from the application of exchange rates prevailing at the dates these assets were manufactured or acquired. This upward revaluation of inventories and fixed assets has been reflected directly in opening shareholders&rsquo; equity as part of the $26.2 million positive balance of cumulative translation adjustments. These increases have resulted in and will have a corresponding offsetting negative impact on earnings as these inventories were consumed and fixed assets are depreciated. During the first half of fiscal 2004, an additional $3.3 million was reflected in cost of sales as opening inventories were consumed and an ad
ditional depreciation charge of $1.8 million was expensed during fiscal 2004 as a portion of the upward revaluation of opening fixed assets was depreciated during the year. </font></div></td>
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    <td colspan="5">&nbsp;</td>
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    <td>&nbsp;</td>
    <td colspan="5"><strong><font size="2" face="Times New Roman, Times, serif">Non-GAAP Financial Measures</font></strong></td>
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    <td>&nbsp;</td>
    <td colspan="5"><p align="justify"><font size="2" face="Times New Roman, Times, serif"> The operating results of Gildan account for unusual items affecting the comparability of its results. To measure its performance from one period to the next, without the variations caused by the adjustments due to the change in functional currency described on page 30 and the special charge described on page 32, management uses certain measures that are not consistent with GAAP, such as: gross margins excluding the impact of the change in functional currency; depreciation expense excluding the impact of the change in functional currency; selling, general and administrative expenses excluding special charges; adjusted earnings and adjusted earnings per share being net earnings and earnings per share excluding the adjustments due to the change in functional currency and the special charge; and free cash flow, total indebtedness, net debt and return on equity. The Company uses and presents such Non-GAAP Financial Measure
s because it believes such measures provide meaningful information on the Company&rsquo;s performance and operating results. However, investors should know that such Non-GAAP Financial Measures have no standardized meaning as prescribed by GAAP and may not be comparable to similar measures presented by other companies. Accordingly, they should not be considered in isolation. </font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">See table on page 48 for a complete reconciliation of all Non-GAAP Financial Measures used and presented by the Company to the most directly comparable GAAP financial measures.</font></p></td>
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    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
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    <td>&nbsp;</td>
    <td colspan="5"><strong><font size="2" face="Times New Roman, Times, serif">Sales</font></strong></td>
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    <td>&nbsp;</td>
    <td colspan="5"><p align="justify"><font size="2" face="Times New Roman, Times, serif"> Sales for fiscal 2004 reached $533.4 million, up 23.7% from $431.2 million during fiscal 2003. The increase in sales was due mainly to a 19.0% increase in unit sales over the prior year, combined with a stronger product mix and an increase in average selling prices.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company obtains U.S. market and market share data for the U.S. wholesale distributor channel from the S.T.A.R.S. report produced by ACNielsen Market Decisions. During calendar 2004, three of the industry&rsquo;s main distributors decided to discontinue their participation in the S.T.A.R.S. report. As a result, the S.T.A.R.S. market share data for</font></p></td>
  </tr>
</table>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="left"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
    <td width="51%" valign="bottom"><div align="left"><font size="+7" face="Times New Roman, Times, serif"><strong>30</strong></font></div></td>
  </tr>
</table>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
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    <td width="15%">&nbsp;</td>
    <td width="85%" colspan="5"><p align="justify"><font size="2" face="Times New Roman, Times, serif"> fiscal 2004 excludes the effect of sales through these distributors and the value of the report is diminished compared to prior years. The Company will continue to monitor the value of presenting data from the S.T.A.R.S. report.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">With this caveat, unit growth in U.S. industry shipments of T-shirts from distributors to screenprinters remained relatively unchanged at 9.2%, versus 9.3% for the nine months ended September 30. The unit growth in fleece increased significantly for the first nine months of the calendar year from 4.5% to 13.4%. Industry shipments of sport shirts grew by 2.4%, for the nine months ended September 2004, compared to a decrease of 12.1% for the same period last year. The growth in unit volume in the sport shirt category this year follows three consecutive years of unit volume reductions, and we believe reflects a recovery in the corporate promotional segment of the market.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Unit sales of Gildan T-shirts by U.S. distributors grew by 28.0%, while sales of Gildan sport shirts and fleece grew 23.5% and 31.1%, respectively. This strong growth was due to increased market penetration in all three categories in which we compete. The Company maintained its strong market leadership position in the overall T-shirt category in the United States, with a market share of 30.2%, versus 28.9% a year ago. Gildan continued to achieve significant penetration in the sport shirt and fleece categories, where its market share increased to 23.5% from 19.7% and 16.1% from 13.9%, respectively, from last year.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company has added two new significant distributors to its U.S. distributor network for fiscal 2005. The addition of these new distributors is expected to result in further significant increases in the Company&rsquo;s market share in the U.S. wholesale distributor channel.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">During fiscal 2004, Gildan continued to expand its European business, with an increase of 30.5% in unit sales. The Company has maintained its leading market share position in Canada. The Company also introduced its products in Australia during fiscal 2004, with immediate success in achieving market penetration. We are currently utilizing a third party logistics company to service our wholesale distributor business in Australia, similar to our European model.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The sport shirt and fleece categories now comprise 20.3% of total sales compared to 19.4% during fiscal 2003. The introduction of 50/50 fleece products provided most of the increase in this category.</font></p></td>
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    <td>&nbsp;</td>
    <td colspan="5" valign="top"><div align="center"><img src="graph_5.jpg" width="400" height="300"></div></td>
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    <td width="50%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>31</strong></font></div></td>
    <td width="50%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
  </tr>
</table>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
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    <td width="15%">&nbsp;</td>
    <td><p><strong><font size="2" face="Times New Roman, Times, serif">Gross Margins</font></strong></p></td>
    <td width="28%" colspan="-3">&nbsp;</td>
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    <td>&nbsp;</td>
    <td colspan="2"><p align="justify"><font size="2" face="Times New Roman, Times, serif">Gross margins for fiscal 2004 were $154.7 million or 29.0% of sales, compared to $129.9 million or 30.1% of sales during fiscal 2003. A portion of the decrease in the gross margin percentages was due to the change in functional currency as described on page 30. Gross margins for fiscal 2004 excluding the adjustments due to the change in functional currency were $157.9 million or 29.6% of sales, compared to $129.9 million or 30.1% of sales in fiscal 2003. The remaining decrease in gross margin percentage was the result of higher cotton costs which on average were 39% higher in fiscal 2004 compared to fiscal 2003 and the closure of one of our Honduran sewing facilities (as noted below), which were offset by improvements in manufacturing efficiencies combined with increases in average selling prices and the sale of higher margin products.<br>
    </font></p></td>
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    <td>&nbsp;</td>
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    <td colspan="-3">&nbsp;</td>
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    <td><p align="justify"><font size="2" face="Times New Roman, Times, serif"> </font><font size="2" face="Times New Roman, Times, serif">The Company has realized significant reductions in manufacturing and transportation costs from its continuing investment in the Rio Nance textile facility. This facility represented 61% of the Company&rsquo;s textile production in fiscal 2004 compared to 40% last year. The Canadian textile facilities continued to support the growth of our fleece and sport shirt categories.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">In September of this year, the Company closed one of its Honduran sewing facilities in order to streamline its offshore operations. The production of this facility will be distributed between a planned new sewing plant in Honduras, and existing plants in Nicaragua and Haiti. Included in cost of sales were closure costs totalling $1.4 million, mainly related to severance costs.</font></p></td>
    <td colspan="-3" rowspan="5"><div align="center"><img src="graph_6.jpg" width="200" height="400"></div></td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td><strong><font size="2" face="Times New Roman, Times, serif">Selling, General and Administrative Expenses</font></strong></td>
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    <td>&nbsp;</td>
    <td><div align="justify"><font size="2" face="Times New Roman, Times, serif">Selling, general and administrative expenses were $62.9 million or 11.8% of sales during fiscal 2004, compared to $48.4 million or 11.2% of sales during fiscal 2003. In August 2004, the Company announced that H. Greg Chamandy had stepped down from his role as co-Chief Executive Officer, Chairman of the Board and Chairman of the Executive Committee of the Company in order to pursue other business interests. The Company incurred a special charge of $4.6 million ($3.2 million net of taxes - $0.11 per diluted share) to satisfy its contractual commitments to H. Greg Chamandy. Selling, general and administrative expenses excluding this special charge were $58.3 million or 10.9% of sales during fiscal 2004, compared to $48.4 million or 11.2% of sales during fiscal 2003. The dollar increase in fiscal 2004 was mainly due to higher volume-related distribution costs combined with an increase in director and officer insurance premiums. The 
Company also incurred a $2.0 million loss for asset dispositions and write-downs arising from the sale of surplus equipment in the Canadian textile operations and closure of a Honduran sewing facility. The Company expects that for fiscal 2005, selling, general and administrative expenses will be at a similar level as a percentage of sales as those incurred in fiscal 2004 as the Company continues to expand globally.<br>
    </font></div></td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td><em><font size="1" face="Times New Roman, Times, serif">* Before the impact of the change in functional currency. See Non-GAAP Financial Measures on page 30.<br>
      **Before special charge for H. Greg Chamandy. See Non-GAAP Financial Measures on page 30.</font></em></td>
    <td colspan="-3">&nbsp;</td>
  </tr>
</table>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="left"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
    <td width="51%" valign="bottom"><div align="left"><font size="+7" face="Times New Roman, Times, serif"><strong>32</strong></font></div></td>
  </tr>
</table>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
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    <td width="15%">&nbsp;</td>
    <td><p><font size="2" face="Times New Roman, Times, serif"><strong>Depreciation and Interest Expenses</strong></font></p></td>
    <td width="28%" colspan="-3">&nbsp;</td>
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    <td>&nbsp;</td>
    <td colspan="2"><p align="justify"><font size="2" face="Times New Roman, Times, serif">Depreciation and amortization expense was $22.3 million in fiscal 2004, compared to $16.1 million in fiscal 2003. Approximately $1.8 million of the increase was the result of the change in functional currency described on page 30, as a portion of the upward revaluation of opening fixed assets was depreciated during the year. Depreciation and amortization expense excluding the adjustment due to the change in functional currency was $20.5 million in fiscal 2004, compared to $16.1 million in fiscal 2003. The increase in depreciation expense in fiscal 2004 was the result of the Company&rsquo;s continued investment in capital expenditures to support its planned sales growth.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Interest expense was $6.2 million during fiscal 2004, down slightly from $6.4 million in fiscal 2003. The decrease in interest expense was the result of the reduction in overall debt following the first repayment made in June 2004 on the Company&rsquo;s Senior Notes, offset slightly by interest expense on the Company&rsquo;s share of long-term debt undertaken by the Company&rsquo;s joint venture in the first quarter of fiscal 2004.</font></p></td>
  </tr>
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    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
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    <td colspan="2"><strong><font size="2" face="Times New Roman, Times, serif">Income Taxes</font></strong></td>
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    <td>&nbsp;</td>
    <td colspan="2"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The Company&rsquo;s international sales structure implemented in fiscal 1999 results in the income from international sales being subject to tax at relatively low levels. The Company&rsquo;s effective tax rate in fiscal 2004 was 4.9% compared to 9.8% in fiscal 2003. The decline in the effective tax rate is the result of a higher proportion of international sales compared to prior years, which are taxed at relatively low rates, combined with a shift of manufacturing activities to our offshore hubs that operate in tax-free zones. In addition, the special charge, included as part of selling, general and administrative expenses as described on page 32 is deductible in the calculation of taxable income in the Canadian operations which resulted in a 1.8% reduction in the effective tax rate for fiscal 2004. The Company expects that the effective tax rate will range between 5%-6% in fiscal 2005 as sales continue to grow in i
ts international operations and are increasingly sourced from its offshore textile facilities.</font></div></td>
  </tr>
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    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
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    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif"><strong>Net Earnings</strong></font></td>
  </tr>
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    <td>&nbsp;</td>
    <td colspan="2"><div align="justify"><font size="2" face="Times New Roman, Times, serif">Net earnings for fiscal 2004 were $60.3 million or $2.02 per diluted share, compared to $53.2 million, or $1.79 per diluted share in fiscal 2003, up respectively 13.3% and 12.8%. The results of fiscal 2004 included a charge of $0.11 per diluted share to meet the cost of the Company&rsquo;s contractual obligations to H. Greg Chamandy.</font></div></td>
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</table>
<p align="right"><br>
    <img src="graph_7.jpg" width="800" height="250"> </p>
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    <td width="15%">&nbsp;</td>
    <td width="85%" colspan="2"><div align="justify">
        <p align="left"><font size="1" face="Times New Roman, Times, serif"><em>* Before special charge for H. Greg Chamandy and the impact of the change in functional currency. See Non-GAAP Financial Measures on page 30.</em></font></p>
    </div></td>
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<br>
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    <td width="50%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>33</strong></font></div></td>
    <td width="50%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
  </tr>
</table>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
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    <td width="15%">&nbsp;</td>
    <td width="85%" colspan="2">&nbsp;</td>
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    <td>&nbsp;</td>
    <td colspan="2"><div align="justify"><font size="2" face="Times New Roman, Times, serif">Excluding this charge and the impact of the change to U.S. dollar functional currency described on page 30, net earnings were $68.5 million or $2.30 per share on a diluted basis, an increase of 28.8% or 28.5% over earnings and diluted earnings per share in fiscal 2003. The increase in net earnings was primarily due to the 23.7% increase in sales revenue, partially offset by higher selling, general, administrative and depreciation expenses.</font> </div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Return on equity in fiscal 2004 was 21.0%, including the impact of the special charge as well as the impact of the functional currency adjustments on both net earnings and shareholders&rsquo; equity. Before these items, return on equity was 25.5%, compared with 25.3% obtained in fiscal 2003.</font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
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    <td>&nbsp;</td>
    <td colspan="2"><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">Fourth Quarter Results</font></strong></div></td>
  </tr>
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    <td>&nbsp;</td>
    <td colspan="2"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The Company reported record net earnings of $16.8 million or $0.56 per diluted share for the fourth quarter, up 18.3% and 16.7% from $14.2 million or $0.48 per diluted share a year ago. </font> </div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The results for the fourth quarter of fiscal 2004 included the special charge of $0.11 per diluted share for the cost of contractual commitments to H. Greg Chamandy. Excluding this special charge as well as the impact of adjustments relating to the change to U.S. functional currency, which continue to impact depreciation expense, diluted EPS for the fourth quarter amounted to $0.69, up 43.8% from last year.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Compared to last year, the higher fourth quarter net earnings reflected higher unit sales, further manufacturing efficiencies and more favourable pricing. These factors were partially offset by increased cotton costs, higher SG&amp;A and depreciation expense, and a charge of approximately $0.07 per diluted share arising from the closure in September of one of the Company&rsquo;s Honduran sewing facilities.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Sales in the quarter were $145.6 million, up 33.3% from $109.2 million in the fourth quarter of fiscal 2003. The higher sales were due to a 20.4% increase in unit shipments combined with higher selling prices. The higher unit sales reflected continuing strong overall industry demand growth in the U.S. wholesale distributor channel, together with continuing market share penetration in all target market segments.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Gross margins in the fourth quarter were 30.9%, compared with 30.4% in the fourth quarter of fiscal 2003. The impact of higher selling prices and more favourable product mix, together with continuing manufacturing efficiencies, more than offset the effect of higher cotton costs and the impact of the Honduran sewing facility closure. Excluding the impact of the costs related to the Honduran sewing facility closure, gross margins in the fourth quarter of fiscal 2004 were 31.9%.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The income tax recovery recorded in the fourth quarter was due to the special charge for the contractual obligations to H. Greg Chamandy, which resulted in a recovery of income taxes from prior quarters incurred by the Company&rsquo;s Canadian operations. Excluding this charge, the effective tax rate for the fourth quarter would have been 5.5% compared to 7.6% in the fourth quarter of fiscal 2003.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">In the fourth quarter, the Company generated $22.9 million of free cash flow, defined as cash flow from operating activities less cash used in investing activities. Cash generated from operating activities during the fourth quarter significantly exceeded cash requirements for capital expenditures.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">During the fourth quarter, the Company also purchased property in Nicaragua for $4.4 million, and intends to begin construction of a major textile facility for the production of fleece, in order to support the Company&rsquo;s anticipated growth in this product-line in both the wholesale and retail channels. The total capital cost of the project is estimated at approximately $60 million.</font></p></td>
  </tr>
</table>
<br>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="left"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
    <td width="51%" valign="bottom"><div align="left"><font size="+7" face="Times New Roman, Times, serif"><strong>34</strong></font></div></td>
  </tr>
</table>
<br>
<hr width="100%" size=3 color=GRAY noshade>
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    <td width="15%">&nbsp;</td>
    <td width="85%" colspan="2">&nbsp;</td>
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    <td>&nbsp;</td>
    <td colspan="2"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>Summary of Quarterly Results</strong></font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The following table sets forth certain summarized unaudited quarterly financial and other data for the periods presented. The financial data have been derived from the Company&rsquo;s unaudited financial statements that in the opinion of management reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of such quarterly data. The operating results for any quarter are not necessarily indicative of the results to be expected for any future period.</font></div></td>
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    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
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    <TD colspan="4" ALIGN="RIGHT"><div align="center"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004</font></strong></div></TD>
    <TD colspan="4" ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">2003</font></div></TD>
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    <TD ALIGN="LEFT"><em><font size="2" face="Times New Roman, Times, serif">(in millions, except per share data)</font></em></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">Q4</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">Q3</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">Q2</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">Q1</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">Q4</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">Q3</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">Q2</font></TD>
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    <TD WIDTH="33%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Unit sales (Dozen)</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">6</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.9</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">8</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.4</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">7</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.6</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">4</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.0</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">5</font><font size="2" face="Times New Roman, Times, serif">.8</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">7</font><font size="2" face="Times New Roman, Times, serif">.4</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">6</font><font size="2" face="Times New Roman, Times, serif">.1</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3</font><font size="2" face="Times New Roman, Times, serif">.3</font></TD>
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    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Sales</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$145</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.6</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$168</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.4</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$141</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.4</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$78</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.0</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$109</font><font size="2" face="Times New Roman, Times, serif">.2</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$143</font><font size="2" face="Times New Roman, Times, serif">.4</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$113</font><font size="2" face="Times New Roman, Times, serif">.6</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$65</font><font size="2" face="Times New Roman, Times, serif">.0</font></TD>
  </TR>
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    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Net earnings</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">16</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.8</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">26</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.2</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">14</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.3</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.9</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">14</font><font size="2" face="Times New Roman, Times, serif">.2</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">21</font><font size="2" face="Times New Roman, Times, serif">.8</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">13</font><font size="2" face="Times New Roman, Times, serif">.4</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3</font><font size="2" face="Times New Roman, Times, serif">.7</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Net earnings adjusted <SUP>(1)</SUP> </font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">20</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.5</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">26</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.7</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">15</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.9</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">5</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.4</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">14</font><font size="2" face="Times New Roman, Times, serif">.2</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">21</font><font size="2" face="Times New Roman, Times, serif">.8</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">13</font><font size="2" face="Times New Roman, Times, serif">.4</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3</font><font size="2" face="Times New Roman, Times, serif">.7</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Basic EPS</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">0</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.57</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">0</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.89</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">0</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.48</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">0</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.10</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">0</font><font size="2" face="Times New Roman, Times, serif">.48</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">0</font><font size="2" face="Times New Roman, Times, serif">.74</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">0</font><font size="2" face="Times New Roman, Times, serif">.46</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">0</font><font size="2" face="Times New Roman, Times, serif">.13</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Basic EPS adjusted <SUP>(1)</SUP> </font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">0</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.69</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">0</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.90</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">0</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.54</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">0</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.19</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">0</font><font size="2" face="Times New Roman, Times, serif">.48</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">0</font><font size="2" face="Times New Roman, Times, serif">.74</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">0</font><font size="2" face="Times New Roman, Times, serif">.46</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">0</font><font size="2" face="Times New Roman, Times, serif">.13</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Diluted EPS</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">0</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.56</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">0</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.88</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">0</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.48</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">0</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.10</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">0</font><font size="2" face="Times New Roman, Times, serif">.48</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">0</font><font size="2" face="Times New Roman, Times, serif">.73</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">0</font><font size="2" face="Times New Roman, Times, serif">.45</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">0</font><font size="2" face="Times New Roman, Times, serif">.13</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Diluted EPS adjusted <SUP>(1)</SUP> </font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">0</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.69</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">0</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.90</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">0</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.53</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">0</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">.18</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">0</font><font size="2" face="Times New Roman, Times, serif">.48</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">0</font><font size="2" face="Times New Roman, Times, serif">.73</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">0</font><font size="2" face="Times New Roman, Times, serif">.45</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">0</font><font size="2" face="Times New Roman, Times, serif">.13</font></TD>
  </TR>
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    <TD colspan="10" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%" colspan="2"><div align="justify"><em><font size="1" face="Times New Roman, Times, serif">(1) Excluding the adjustments due to the change in functional currency described on page 30 and the special charge described on page 32. See note re: Non-GAAP Financial Measures on page 30 and reconciliation on page 47.</font></em></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The activewear business is seasonal and the Company has historically experienced significant quarterly fluctuations in operating results. Typically, demand for our products is highest in the third quarter of each fiscal year and lowest in the first quarter of each fiscal year. Weather conditions also affect the demand for our products particularly for fleece products. The seasonality of specific product lines is consistent with the results of other companies in the activewear industry and management anticipates that this will continue in the future. </font></div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">We produce and store finished goods inventory in the first half of the fiscal year in order to meet the expected demand for delivery in the second half of the fiscal year. However, if after producing and storing inventory in anticipation of third and fourth quarter deliveries, demand is significantly less than expected, a risk inherent in our business is that we may be required to hold inventory for an extended period of time at our expense, or sell the excess inventory at reduced prices, thereby reducing profits. This risk is mitigated by the low risk of obsolescence inherent in undecorated apparel.</font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><strong><font size="2" face="Times New Roman, Times, serif">Recap of Fiscal 2004 Guidance</font></strong></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The Company&rsquo;s diluted EPS for fiscal 2004 was $2.02, or $2.30 excluding the impact of the change in functional currency described on page 30 and the special charge described on page 32. The Company&rsquo;s original diluted EPS guidance for the full 2004 fiscal year excluding the adjustments due to the changes in functional currency described on page 30 was in the range of $2.25&ndash; $2.30, up 25.7%&ndash; 28.5% from fiscal 2003. This guidance was based on 15% projected growth in unit sales volumes and modest selling price increases to partially offset the higher cost of cotton. After the second quarter, the Company revised its diluted EPS guidance to $2.05 &ndash;$2.15 due to anticipated short-term capacity constraints and aggressive industry pricing. As a result of the stronger than projected third quarter results, and its outlook for the fourth quarter, the Company then increased its projected diluted EPS f
or the full 2004 fiscal year to approximately $2.20, excluding the adjustments due to the changes in functional currency described on page 30 and the special charges described on page 32, up approximately 23% from fiscal 2003.</font></div></td>
  </tr>
</table>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>35</strong></font></div></td>
    <td width="50%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
  </tr>
</table>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%" colspan="2"><font size="1" face="Times New Roman, Times, serif"><strong>Balance Sheets</strong></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><div align="justify"><font size="2" face="Times New Roman, Times, serif">On October 3, 2004 the Company&rsquo;s accounts receivable were $85.3 million compared to $64.3 million at the end of fiscal 2003. The increase was due to a 33.3% increase in sales in the fourth quarter over the prior year combined with an increase in number of days sales outstanding on net trade receivables from 44 days to 47 days. Inventory levels increased by $13.1 million to $116.6 million on October 3, 2004, from $103.5 million at the end of fiscal 2003. The increase was primarily the result of a 7.5% increase in finished goods on hand combined with an increase in raw materials and work in progress. </font>
            <p><font size="2" face="Times New Roman, Times, serif">Net capital expenditures for fiscal 2004 were $53.7 million, net of approximately $3.0 million of proceeds received on the disposition of surplus Canadian textile assets and Honduran sewing assets. The major capital investment projects include the new textile facility in the Dominican Republic, the expansion of the Rio Nance textile facility, the addition of new sewing and textile facilities in Nicaragua and the investment in a 50%/50% joint venture with Frontier Spinning Mills, Inc. Net capital expenditures were lower than previously indicated due to timing and slight delays in the Dominican Republic project.</font></p>
            <p><font size="2" face="Times New Roman, Times, serif">Total assets were $489.0 million on October 3, 2004, compared to $429.7 million at the end of the previous year. Working capital was $178.8 million compared to $155.0 million on October 5, 2003. The current ratio at October 3, 2004 was 2.9:1 compared to 2.7:1 at the end of fiscal 2003.</font></p>
    </div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><div align="center"><img src="graph_8.jpg" width="700" height="250"></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif"><strong>Liquidity and Capital Resources</strong></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The Company has in recent years funded its operations and capital requirements with cash generated from operations. A revolving credit facility has been periodically utilized to finance seasonal peak working capital requirements. The Company&rsquo;s primary capital needs on an ongoing basis are related to capital expenditures for new manufacturing facilities, inventory financing, accounts receivable funding, servicing the interest payments on our Senior Notes as well as scheduled annual repayments of principal over the next three years.</font></div></td>
  </tr>
</table>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="left"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
    <td width="51%" valign="bottom"><div align="left"><font size="+7" face="Times New Roman, Times, serif"><strong>36</strong></font></div></td>
  </tr>
</table>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="15%">&nbsp;</td>
    <td colspan="2"><div align="justify"><font size="2" face="Times New Roman, Times, serif">As a result of the seasonal nature of the apparel business, working capital requirements are variable throughout the year. The Company&rsquo;s need for working capital typically grows throughout the first two quarters as inventories are built up for the peak selling period in the third quarter. </font></div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Cash flow from operating activities for the year ended October 3, 2004 was $58.9 million, compared to $63.7 million during the previous year. Free cash flow(1) amounted to $5.1 million in fiscal 2004, compared to $24.3 million in fiscal 2003. The decline in free cash flow is the result of a $14.4 million increase in investing activities. The increase in investing activities during the most recently completed fiscal year was for the continued expansion of our offshore manufacturing facilities to meet our growing capacity requirements.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company ended fiscal 2004 with cash and cash equivalents of $60.7 million, compared to $69.3 million at the end of fiscal 2003. At the end of both fiscal 2003 and fiscal 2004, none of the Company&rsquo;s CAD$150.0 million revolving bank facility was utilized. The ratio of net debt(2) to total capitalization was less than zero at the end of fiscal 2004, compared to 0.02:1.00 at the end of fiscal 2003. Total indebtedness(3) at October 3, 2004 amounted to $56.6 million, compared to $73.6 million at October 5, 2003. The decline in total indebtedness is mainly due to the Company making its first scheduled principal repayment of $17.5 million on its Senior Notes on June 10, 2004.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Anticipated sales growth in 2005 will result in increased working capital requirements mainly to finance trade accounts receivable. For fiscal 2005, the Company expects to incur $85 million to $90 million in capital expenditures. The Company expects to continue to have sufficient liquidity and capital resources in fiscal 2005 to fund its working capital requirements, capital expenditures and the June 2005 principal repayment on its Senior Notes.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">In the past, the Company has not paid a dividend in order to conserve cash to finance its ongoing growth and expansion. The Board of Directors has determined that the Company will continue to conserve its cash in fiscal 2005 but will re-evaluate the merits of introducing a dividend at some future date.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company has obtained approval from the Toronto Stock Exchange to renew its normal course issuer bid in order to repurchase a maximum of 500,000 Class A Subordinate voting shares (as compared to the previous normal course issuer bid which was for a maximum of 200,000 shares) in the open market commencing December 22, 2004 and ending December 21, 2005. This represents less than 2% of the total Class A Subordinate voting shares issued and outstanding. No shares were repurchased under the previous bid.<br>
      </font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif"><strong>Off-Balance Sheet Arrangements</strong></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><u><font size="2" face="Times New Roman, Times, serif">Operating leases and commitments</font></u></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><div align="justify"><font size="2" face="Times New Roman, Times, serif">We have no commitments that are not reflected in our balance sheets except for operating leases and other purchase obligations, which are included in the table of contractual obligations on page 39 of this MD&amp;A. As disclosed in Note 10 to our Consolidated Financial Statements, we have issued standby letters of credit and corporate guarantees primarily from various servicing agreements amounting to $15.9 million at October 3, 2004.</font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
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    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="3%"><em><font size="1" face="Times New Roman, Times, serif">(1) </font></em></td>
    <td width="82%"><em><font size="1" face="Times New Roman, Times, serif">Cash flow from operating activities less cash used in investing activities. See Non-GAAP Financial Measures on page 30.</font></em></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><em><font size="1" face="Times New Roman, Times, serif">(2)</font></em></td>
    <td><em><font size="1" face="Times New Roman, Times, serif">Total long-term debt less cash and cash equivalents. See Non-GAAP Financial Measures on page 30.</font></em></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><em><font size="1" face="Times New Roman, Times, serif">(3)</font></em></td>
    <td><em><font size="1" face="Times New Roman, Times, serif">Total long-term debt. See Non-GAAP Financial Measures on page 30.</font></em></td>
  </tr>
</table>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>37</strong></font></div></td>
    <td width="50%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
  </tr>
</table>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%" colspan="2"><u><font size="2" face="Times New Roman, Times, serif">Derivative Financial Instruments</font></u></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><div align="justify"><font size="2" face="Times New Roman, Times, serif">From time to time, the Company uses forward foreign exchange contracts, primarily in Canadian dollars and Euros, to hedge cash flows related to accounts receivable and accounts payable in foreign currencies (non-U.S. dollar) denominated goods and services. A forward foreign exchange contract represents an obligation to exchange a foreign currency with a counterparty at a predetermined rate. Credit risk exists in the event of failure by a counterparty to meet its obligations. The Company reduces this risk by dealing only with highly rated counterparties, normally major North American financial institutions. The Company&rsquo;s exposure to foreign currency fluctuations is described in more detail in the &ldquo;Risks&rdquo; section of this MD&amp;A. </font></div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Prior to 2004, the Company used an interest rate swap to hedge the interest due on its Senior Notes. As a result of the change in functional currency, the swap was no longer required.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company does not use derivative financial instruments for speculative purposes. Forward foreign exchange contracts are entered into with maturities not exceeding twenty-four months.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Gains and losses on forward foreign exchange contracts are recognized through income in the same period as the transactions that are hedged. Gains and losses on swap arrangements were recognized and charged to income on a basis that corresponded with changes in the related underlying item. For the years ended October 3, 2004 and October 5, 2003, net earnings included recognized gains relating to derivative financial instruments of $0.1 million and $2.4 million, respectively.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The following table summarizes the Company's commitments to buy and sell foreign currencies as at October 3, 2004 and October 5, 2003:</font></p></td>
  </tr>
</table>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td width="17%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Notional amount</font></div></td>
    <td width="17%" valign="bottom"><div align="center"><font size="2" face="Times New Roman, Times, serif">Exchange rate</font></div></td>
    <td width="19%" valign="bottom"><div align="center"><font size="2" face="Times New Roman, Times, serif">Maturity</font></div></td>
    <td width="17%"><div align="right"><font size="2" face="Times New Roman, Times, serif">Notional U.S. dollar<br>
        equivalent<br>
    </font></div></td>
  </tr>
  <tr>
    <td colspan="6">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="6"><hr size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004:</font></strong></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Sell contracts:</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="27%"><font size="2" face="Times New Roman, Times, serif">Foreign exchange contracts:</font></td>
    <td><div align="right"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&#8364;1.4 million</font></strong></div></td>
    <td><div align="center"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2703 to 1.2717</font></strong></div></td>
    <td><div align="center"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">Oct. &#8212; Dec. 2004</font></strong></div></td>
    <td><div align="right"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$1.8 million</font></strong></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td><div align="right"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&pound;1.0 million</font></strong></div></td>
    <td><div align="center"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">1.7970 to 1.8490</font></strong></div></td>
    <td><div align="center"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">Oct. &#8212; Dec. 2004</font></strong></div></td>
    <td><div align="right"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$1.8 million</font></strong></div></td>
  </tr>
  <tr>
    <td colspan="6"><hr size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Buy contracts:</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">Foreign exchange contracts:</font></td>
    <td><div align="right"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">CAD $39.0 million</font></strong></div></td>
    <td><div align="center"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">0.7251 to 0.7401</font></strong></div></td>
    <td><div align="center"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">Oct. 2004 &#8212; May 2005</font></strong></div></td>
    <td><div align="right"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$28.7 million</font></strong></div></td>
  </tr>
  <tr>
    <td colspan="6"><hr size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><strong><font size="2" face="Times New Roman, Times, serif">2003:</font></strong></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Sell contracts:</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">Foreign exchange contracts:</font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif">&#8364;1.6 million</font></div></td>
    <td><div align="center"><font size="2" face="Times New Roman, Times, serif">1.0720 to 1.0728</font></div></td>
    <td><div align="center"><font size="2" face="Times New Roman, Times, serif">Oct. <strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&#8212;</font></strong> Nov. 2003</font></div></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif">$1.7 million</font></div></td>
  </tr>
  <tr>
    <td colspan="6"><hr size="3" noshade></td>
  </tr>
</table>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="97%" colspan="2"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The fair value of the forward foreign exchange contracts, based on quoted market values, is $2.1 million as at October 3, 2004. The carrying values of the outstanding forward foreign exchange contracts as at October 5, 2003 were not significantly different from their fair values.</font></div></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="left"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
    <td width="51%" valign="bottom"><div align="left"><font size="+7" face="Times New Roman, Times, serif"><strong>38</strong></font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%" colspan="2"><strong><font size="2" face="Times New Roman, Times, serif">Contractual Obligations</font></strong></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><div align="justify"><font size="2" face="Times New Roman, Times, serif">In the normal course of business, the Company enters into contractual obligations that will require it to disburse cash over future periods. The following table sets forth the Company&rsquo;s contractual obligations for the following items as at October 3, 2004:</font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
</table>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH></TH>
    <TH></TH>
    <TH></TH>
    <TH></TH>
    <TH></TH>
    <TH></TH>
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  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="5" ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">Payments Due by Period</font></div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="6" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><em>(in millions) </em></font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">Total</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">Less than<br>
      1 year</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1 &#8212; 3<br>
      years</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4 &#8212; 5<br>
      years</font></TD>
    <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">After<br>
        5 years</font></div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="6" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="43%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Long term debt</font></TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.2</font></TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4</font></TD>
    <TD WIDTH="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;36.9</font></TD>
    <TD WIDTH="8%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;0.9</font></TD>
    <TD WIDTH="11%" ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">&#8212;</font></div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Capital lease obligations</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">0.4</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">0.2</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">0.2</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&#8212;</font></TD>
    <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">&#8212;</font></div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Operating leases</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">9.0</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2.7</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3.3</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.8</font></TD>
    <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">1.2</font></div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Purchase obligations</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">132.6</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">126.4</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">6.2</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&#8212;</font></TD>
    <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">&#8212;</font></div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Other long term obligations</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">32.4</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">32.4</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&#8212;</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&#8212;</font></TD>
    <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">&#8212;</font></div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="6" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Total contractual obligations</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;230.6</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;180.1</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;46.6</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;2.7</font></TD>
    <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">$ 1.2</font></div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="6" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%" colspan="2"><div align="justify"><font size="2" face="Times New Roman, Times, serif">Management expects that cash flow from its operating earnings, together with its year-end cash balances and unutilized bank<br>
        facilities, will be sufficient to meet foreseeable cash needs for fiscal 2005.</font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">Outlook</font></strong></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The Company expects to achieve diluted EPS of approximately $2.60 in fiscal 2005, based on sales of approximately $620 million or 32 million dozens. This represents EPS growth of 29% over fiscal 2004 reported EPS, and 16% growth over fiscal 2004 adjusted earnings of $2.24 per diluted share. Adjusted earnings for fiscal 2004 are earnings prior to the special charge for H. Greg Chamandy and the impact of the change in functional currency included in cost of sales. The impact of the change in functional currency on depreciation expense for fiscal 2004 is not reflected in adjusted earnings as it will be a continuing item. </font></div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company&rsquo;s projection for fiscal 2005 assumes the continued market share penetration in all the categories the Company competes in and that the impact of the two new distributors announced earlier this year should account for the majority of the projected sales growth.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The unit sales growth will be supported by our current Canadian and Honduran textile operations, while the Dominican Republic and Nicaragua textile operations will only provide additional capacity to support the last quarter of fiscal 2005. Further upside in unit sales growth in fiscal 2005 will be limited by capacity constraints. However, the ramp-up of the new textile facilities in the Dominican Republic and Nicaragua is expected to significantly increase our production capacity in fiscal 2006.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">As noted, the Company estimates that capital expenditures for fiscal 2005 will be in the range of $85 million to $90 million. The major projects are the completion of our textile facilities in the Dominican Republic and Nicaragua. The Company expects that cash flows from operations for fiscal 2005 will be in the same range as capital expenditures. The Company intends to use a portion of its surplus cash reserves in June 2005 to meet the second scheduled principal repayment on its Senior Notes.</font></p></td>
  </tr>
</table>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>39</strong></font></div></td>
    <td width="50%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
  </tr>
</table>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%" colspan="2"><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">Year ended October 5, 2003 compared with year ended September 29, 2002</font></strong></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The year ended October 5, 2003 included 53 weeks of operating results instead of the normal 52 weeks. Since the Company has a floating year-end, an extra week is included in its results every sixth year. During fiscal 2003, the extra week was added to the third quarter, which in seasonal terms was the largest quarter of the year. Management estimates that the impact of adding an extra week to the full year was approximately $0.04 to diluted earnings per share for the 2003 fiscal year. </font></div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Sales for fiscal 2003 increased by 12.8%, to $431.2 million, compared with $382.3 million in fiscal 2002, due to an increase of 16.5% in unit sales in fiscal 2003 from 19.4 to 22.6 million dozens. The increase in unit sales was partially offset by lower average selling prices. During fiscal 2003, the Company continued to maintain its No. 1 market share position in the 100% cotton T-shirt segment in the United States, which was first established in the second quarter of fiscal 2002. During fiscal 2003, Gildan continued to expand its European business, with total dollar sales increasing 14.8%, with a corresponding increase of 12.1% in unit sales. The Company also maintained its leading market share position in Canada.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Gross margins increased slightly during fiscal 2003 to 30.1% of sales, compared to 28.1% in fiscal 2002, mostly due to the impact of manufacturing efficiencies generated through recent offshore capital investments, together with lower raw material costs and a more favourable product mix.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Selling, general and administrative expenses increased as a percentage of sales in fiscal 2003, coming in at 11.2% compared to 10.6% in fiscal 2002. The most significant increases were director and officer insurance premiums and increases in bad debt reserves. Consulting fees also increased in the area of computer system implementation and assistance received in analyzing and implementing new regulatory requirements, in particular in the United States. The Company also incurred additional travel expenses due to the growth of our offshore operations.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Depreciation and amortization expense was $16.1 million in fiscal 2003, compared to $11.2 million in fiscal 2002. The increase in depreciation expense in fiscal 2003 was the result of Rio Nance textile facility and yarn spinning facilities operating during all of fiscal 2003 as compared to only a portion of fiscal 2002.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Interest expense was $6.4 million during fiscal 2003, down significantly from the $8.5 million that was incurred during fiscal 2002. The decrease was the result of overall lower borrowing levels as the Company had generated significant cash flow in the second half of fiscal 2002.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Net earnings in fiscal 2003 were $53.2 million, or $1.79 per diluted share, compared to $42.4 million or $1.45 per diluted share in fiscal 2002. The increase in net earnings was due to increased unit sales and higher gross margins, reduced interest expense and the inclusion of one extra week into the Company&rsquo;s results for fiscal 2003. Lower selling prices, and higher depreciation expense subsequent to the Company&rsquo;s major capital investment projects partially offset the positive impact of these factors.</font></p></td>
  </tr>
</table>
<p><br>
</p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="left"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
    <td width="51%" valign="bottom"><div align="left"><font size="+7" face="Times New Roman, Times, serif"><strong>40</strong></font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="15%"><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td width="85%" colspan="5"><div align="left"><font size="2" face="Times New Roman, Times, serif"><strong>CRITICAL ACCOUNTING ESTIMATES</strong></font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The Company&rsquo;s significant accounting policies are described in Note 2 to the Company&rsquo;s Consolidated Financial Statements. The preparation of financial statements in conformity with Canadian GAAP requires estimates and assumptions that affect our results of operations and financial position. By their nature, these judgments are subject to an inherent degree of uncertainty and are based upon historical experience, trends in the industry and information available from outside sources. On an ongoing basis, management reviews its estimates and actual results could differ from those estimates. </font> </div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Management believes that the following accounting estimates are most significant to assist in understanding and evaluating the Company&rsquo;s financial results.</font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><strong><font size="2" face="Times New Roman, Times, serif">Sales promotion programs</font></strong></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">At the time of sale, estimates are made based upon existing programs for customer price discounts and rebates. Accruals required for new programs, which relate to prior sales, are recorded at the time the new program is introduced. Sales are recorded net of these program costs. </font></div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">If actual price discounts and rebates differ from estimates, net sales could either be understated or overstated.</font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><strong>Trade accounts receivable</strong></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">Trade accounts receivable consist of amounts due from our normal business activities. We maintain an allowance for doubtful accounts to reflect expected credit losses. The Company&rsquo;s extension of credit involves considerable judgment and is based on an evaluation of each customer&rsquo;s financial condition and payment history. The Company regularly monitors its credit risk exposure to its customers and takes steps to mitigate the risk of loss, including obtaining credit insurance. </font></div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">If the financial condition of our customers were to deteriorate causing an impairment of their ability to make payments, additional provisions for bad debts may be required in future periods. On the other hand, if our ultimate recovery on the accounts we have reserved or written off exceeds our estimates, we may need to decrease our reserves in the future.</font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><strong>Fixed assets</strong></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">Our fixed assets are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. </font> </div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">On a regular basis, we review the estimated useful lives of our fixed assets. Assessing the reasonableness of the estimated useful lives of fixed assets requires judgment and is based on currently available information. Changes in circumstances, such as technological advances and changes to our business strategy, can result in actual useful lives differing from our estimates. Revisions to the estimated useful lives of fixed assets constitute a change in accounting estimates and are applied prospectively.</font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><strong>Cotton procurements</strong></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The Company contracts to buy cotton with future delivery dates at fixed prices in order to reduce the effects of fluctuations in the prices of cotton used in the manufacture of its products. These contracts permit settlement by delivery and are not used for trading purposes. The Company commits to fixed prices on a percentage of its cotton requirements up to eighteen months in the future. If market prices for cotton fall below the committed future purchase prices on outstanding cotton contracts, the Company estimates the costs of cotton that are not recoverable in future sales of finished goods, and the differential is charged to income at that time.</font></div></td>
  </tr>
</table>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>41</strong></font></div></td>
    <td width="50%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
  </tr>
</table>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>Future income taxes</strong></font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The Company utilizes the asset and liability method for accounting for income taxes which requires the establishment of future tax assets and liabilities, measured at substantively enacted tax rates, for all temporary differences caused when the tax bases of assets and liabilities differ from those reported in our Consolidated Financial Statements. </font></div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif"> The Company&rsquo;s future income tax assets are recognized only to the extent that, in the Company&rsquo;s opinion, it is more likely than not that the future income tax assets will be realized. If the realization is not considered to be more likely than not, a valuation allowance is provided. This opinion is based on certain estimates or assumptions. If these estimates or assumptions change in the future, the Company could be required to reduce or increase the value of the future income tax assets and liabilities resulting in income tax expenses or recovery. The Company evaluates its future income tax assets and liabilities on a quarterly basis.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif"> Changes in estimates or assumptions could affect the amount of income tax expense in the Consolidated Statements of Earnings and the amount of future income taxes on the Consolidated Balance Sheets of the Company&rsquo;s Consolidated Financial Statements.</font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td colspan="5"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">CHANGES IN ACCOUNTING POLICIES</font></strong></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><strong>Stock-based compensation and other stock-based payments</strong></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">In November 2003, the Canadian Institute of Chartered Accountants (&ldquo;CICA&rdquo;) revised Handbook Section 3870, with respect to the accounting for stock-based compensation and other stock-based payments. The revised recommendations require that beginning January 1, 2004, the fair value-based method be used to account for all transactions whereby goods and services are received in exchange for stock-based compensation and other stock-based payments. Under the fair value-based method, compensation cost is measured at fair value at the date of grant and is expensed over the award&rsquo;s vesting periods. </font></div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif"> During fiscal 2004, $460,305 (2003 &ndash; nil) was expensed as compensation expense, with an offset to contributed surplus, due to the issuance of 112,000 Restricted Share Units (RSUs) and a modification to the vesting period of certain options.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif"> In accordance with the transitional options permitted under Section 3870, the Company early adopted the new recommendations effective the commencement of our 2004 fiscal year and prospectively applied the standard for employee stock awards granted after October 6, 2003. There were no options granted during fiscal 2004. Previously, the Company applied the settlement method of accounting to employee stock options under which no compensation expense was recognized on stock-based compensation granted to employees.</font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td colspan="5"><div align="left"><font size="2" face="Times New Roman, Times, serif"><strong>RECENT ACCOUNTING PRONOUNCEMENTS</strong></font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><strong>Variable interest entities (AcG-15)</strong></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The CICA has issued a guideline on accounting for variable interest entities (VIEs) titled Accounting Guideline 15 &ndash; Consolidation of Variable Interest Entities (AcG-15), which proposes amendments to the guideline to harmonize with corresponding guidance in the United States. A VIE is any type of legal structure not controlled by voting equity but rather by/or through contractual or other financial arrangements. This guideline requires the Company to identify VIEs in which it has an interest, determine whether it is the primary beneficiary of</font></div></td>
  </tr>
</table>
<p>&nbsp; </p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="left"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
    <td width="51%" valign="bottom"><div align="left"><font size="+7" face="Times New Roman, Times, serif"><strong>42</strong></font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">such entities and, if so, to consolidate the VIE. A primary beneficiary is an enterprise that will absorb a majority of the VIE&rsquo;s expected losses, receive a majority of its expected residual return, or both. </font></div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">AcG-15 is effective for all fiscal periods beginning on or after November 1, 2004 and early adoption is encouraged. The Company will be early adopting this standard in fiscal 2005 in order to minimize any potential difference between Canadian and U.S. GAAP.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company has performed a review of all of its ownership and contractual interests in entities. We have determined that the Company&rsquo;s joint venture with Frontier Spinning Mills, Inc. (Cedartown Manufacturing LLC) meets the criteria for being a VIE and that the Company is the primary beneficiary of the entity, and the implementation of AcG-15 will result in the consolidation of the Company&rsquo;s interest in Cedartown Manufacturing LLC in fiscal 2005.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Management believes that consolidation would not result in any material change in the underlying tax, legal or credit risks facing the Company.</font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td colspan="5"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">RISKS</font></strong></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif">The Company is subject to a variety of business and capital investment risks. These include global competition, changes in international trade and tax legislation, changes in raw material prices, shifts in consumer demand, exposure to credit losses and currency fluctuations. The most significant of these risks are described below.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><strong>Our industry is competitive</strong></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The wholesale imprinted activewear segment of the North American apparel market includes a number of significant competitors. Our primary competitors are the major U.S.-based manufacturers of basic branded activewear for the wholesale and retail channels. These manufacturers include Fruit of the Loom, Inc., the Hanes and Outer Banks divisions of Sara Lee Corporation, the Jerzees division of Russell Corporation and Anvil Knitwear, Inc. </font></div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The competitive landscape in Europe is very similar to that in North America. We compete directly with European divisions of Fruit of the Loom, Hanes, and Jerzees. In addition to these North American companies, we also compete directly against a Belgian-based company, The Cotton Group.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Our ability to remain competitive in the areas of quality, price, marketing, product development, manufacturing, distribution and order processing will, in large part, determine our future success. We cannot assure you that we will be able to continue to compete successfully.</font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><strong>Our industry is subject to pricing pressures</strong></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">Prices in our industry have been declining over the past several years primarily as a result of passing cost reductions through into lower selling prices. Such cost reductions result from factors which include the relocation of manufacturing operations to lower-cost labour environments offshore and the addition of new capacity using state-of-the-art manufacturing technology. </font></div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">In the future, our financial performance may be negatively affected if the following scenarios occur: <br>
&bull; if we are forced to reduce our prices and we cannot reduce our production costs; or <br>
&bull; if our production costs increase and we cannot increase our prices.</font></p></td>
  </tr>
</table>
<p><br>
</p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>43</strong></font></div></td>
    <td width="50%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
  </tr>
</table>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%" colspan="5"><strong><font size="2" face="Times New Roman, Times, serif">We rely on a relatively small number of significant customers</font></strong></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">We sell our products to approximately 150 customers. In fiscal 2004, our two largest customers accounted for 25.0% and 6.2% of sales and our top ten customers accounted for 60.7% of total sales. In August 2004 and December 2004, the Company announced the addition of two major new U.S. distributors to its U.S. distributor network. If any of our significant customers substantially reduce their purchases or cease to buy from us and we cannot replace that business with sales to other customers on similar terms, our business would be materially adversely affected. </font></div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">We do not have formal contracts with our wholesale distributor customers whereby they must purchase a minimum quantity of our products. Although we have maintained long term relationships with many of our wholesale distributor customers, we cannot assure you that historic levels of business from any of our customers will continue or increase in the future.</font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><strong><font size="2" face="Times New Roman, Times, serif">We are subject to international trade legislation that is becoming increasingly liberalized</font></strong></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The textile and apparel industries in both Canada and the United States have historically received a relatively higher degree of international trade protection than some other industries. </font> </div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">In 1995, the Agreement on Textiles and Clothing came into effect requiring importing countries including Canada, the United States and Western Europe to eliminate quotas on imports of textiles and apparel by 2005. This could result in increased competition from countries which historically have low labour costs. This agreement only benefits exporting countries that are members of the World Trade Organization.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">There is no assurance that our future results will not be impacted by increased global competition. However, the Company does not expect the elimination of quotas in January 2005 on textile and apparel imports to have a material impact on its results of operations in future years. The main reason is that we believe that we are a low-cost producer and that imports from certain low-cost exporting countries will continue to be subject to import tariffs. Also, we believe that fast response times and delivery cycles are an important success factor to service the North American distributor channel.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Gildan&rsquo;s capacity expansion plans are designed to position Gildan to take advantage of international trade liberalization, and to enable us to the maximum extent possible to compete in our largest geographical markets without being subject to quotas or duties.</font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><strong><font size="2" face="Times New Roman, Times, serif">We currently pay income tax at a comparatively low effective rate, which could change in the future</font></strong></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The Company&rsquo;s sales structure results in the income generated from its international sales being subject to relatively low income tax rates. The structure is supported by current domestic laws in the countries in which the Company operates as well as through the application of income tax treaties between various countries in which the Company operates. The Company conducts annual transfer pricing studies to substantiate the transactions between the various related parties within the Company. </font></div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">It should be noted that any unanticipated changes to either current domestic laws in the countries in which the Company operates, or any changes to the income tax treaties the Company currently relies on, could impact the effective tax rate of the Company.</font></p></td>
  </tr>
</table>
<p>&nbsp; </p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="left"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
    <td width="51%" valign="bottom"><div align="left"><font size="+7" face="Times New Roman, Times, serif"><strong>44</strong></font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="15%">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><strong>The price of the raw materials we buy is prone to significant fluctuations and volatility</strong></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The price of raw materials, especially for a commodity product such as cotton, fluctuates substantially. Because we enter into future contracts for our cotton requirements, we may not be able to benefit from price decreases but the Company will be protected against price increases which might occur during any given fiscal year. Additionally, in the event that we have not provided for sufficient future contracts, we will not be protected against price increases, but will be in a position to benefit from any price decreases. </font></div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Excluding the impact of futures contracts, a change of U.S. $0.01 per pound in cotton prices would affect the Company&rsquo;s annual raw material costs by approximately U.S. $2.5 million, at current levels of production. The ultimate effect of this change on the Company&rsquo;s earnings cannot be quantified, as the effect of movements in cotton prices on industry selling prices are uncertain.</font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><strong><font size="2" face="Times New Roman, Times, serif">Our operations are subject to political, social and economic risks</font></strong></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The majority of our products are now manufactured and sewn in Central America and Mexico. The Company is currently adding significant new capacity and making further capital investments in Central America and the Caribbean Basin. Some of the countries where we manufacture our products, and where we are adding new capacity, have experienced political, social and economic instability in the past. We cannot predict the future political, social or economic stability of these countries or the impact on our business of changes, if any, in the political, social or economic conditions in these countries.</font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><strong><font size="2" face="Times New Roman, Times, serif">Our industry is subject to fluctuations in sales demand</font></strong></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">Demand for our products may vary from year to year. Based on discussions with our customers at the beginning of each fiscal year, we produce and store finished goods inventory to meet the expected demand for delivery. If, after producing and storing inventory in anticipation of deliveries, demand is significantly less than expected, we may have to hold inventory for extended periods of time, or sell excess inventory at reduced prices. In either case, our profits would be reduced. Excess inventory could also result in slower production, lower plant and equipment utilization and lower fixed operating cost absorption, all of which would have a negative impact on our business. The risk of experiencing lower than anticipated demand is mitigated by the fact that our products are not subject to fashion risk.</font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><strong>Our operations are subject to environmental regulation</strong></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">We are subject to various environmental and occupational health and safety laws and regulations in our operations in Canada, the United States and offshore. Future events, such as:</font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4" align="left">
      <div align="left">
        <p><font color="#0000FF">&#8226;</font></p>
    </div></td>
    <td width="79%"><div align="justify"><font size="2" face="Times New Roman, Times, serif">a change in existing laws and regulations;</font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4" align="left">
      <div align="left">
        <p><font color="#0000FF">&#8226;</font></p>
    </div></td>
    <td><div align="justify"><font size="2" face="Times New Roman, Times, serif">the enactment of new laws and regulations; </font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4" align="left">
      <div align="left">
        <p><font color="#0000FF">&#8226;</font></p>
    </div></td>
    <td><div align="justify"><font size="2" face="Times New Roman, Times, serif">a release of hazardous substances on or from our properties or any associated offsite disposal location; or </font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4" align="left">
      <div align="left">
        <p><font color="#0000FF">&#8226;</font></p>
    </div></td>
    <td><div align="justify"><font size="2" face="Times New Roman, Times, serif">the discovery of contamination from prior activities at any of our properties; </font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif">may give rise to compliance costs that could have a material adverse effect on our business.</font></td>
  </tr>
</table>
<br>
<p>&nbsp; </p>
<br>
<p></p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>45</strong></font></div></td>
    <td width="50%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
  </tr>
</table>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%" colspan="5"><font size="2" face="Times New Roman, Times, serif"><strong>We are exposed to concentrations of credit risk</strong></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The Company's financial instruments that are exposed to concentrations of credit risk consist primarily of cash equivalents and trade receivables. </font></div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company's extension of credit involves considerable judgment and is based on an evaluation of each customer's financial condition and payment history. The Company regularly monitors its credit risk exposure to its customers and takes steps to mitigate the risk of loss, including obtaining partial credit insurance. As at October 3, 2004, the Company&rsquo;s top 10 customers accounted for approximately 52% (2003 - 52%) of the trade receivable balance of which one customer represented 19.5% (2003 - 25.0%). The remaining trade receivable balances are dispersed amongst a large number of customers across many geographic areas within Canada, the United States, the United Kingdom and Europe. An allowance for doubtful accounts is maintained for potential credit losses consistent with the credit risk, historical trends, general economic conditions and other available information.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company invests available cash in short-term deposits with major North American financial institutions.</font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><strong>Foreign currency fluctuations risk</strong></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">Effective fiscal 2004, the functional and reporting currency of the Company was changed from the Canadian dollar to the U.S. dollar. This change was made as the majority of the Company&rsquo;s sales revenues are denominated in U.S. dollars, while its manufacturing operations are increasingly diversified outside Canada. However, as the Company operates as an international business, its financial results continue to be exposed to the effects of changes in foreign currency (non-U.S. dollar) exchange rates. The Company&rsquo;s exposure relates primarily to changes in the U.S./Canadian dollar and U.S./Euro exchange rates. The Company views its foreign currency revenue streams as a partial natural hedge against its foreign currency expenses, and believes that its overall exposure to foreign currency fluctuations is limited and is unlikely to materially impact its future results.</font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td colspan="5"><div align="left"><font size="2" face="Times New Roman, Times, serif"><strong>SUBSEQUENT EVENT</strong></font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><strong><font size="2" face="Times New Roman, Times, serif">Shareholder rights plan</font></strong></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The Board of Directors of the Company has approved a shareholder rights plan, which took effect on December 1, 2004. The objectives of the plan are to provide the Board and shareholders with adequate time to assess any unsolicited take-over bid for the Company, and where appropriate, give the Board sufficient time to pursue other alternatives for maximizing shareholder value. </font></div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Pursuant to the plan, those bids which meet certain requirements will not trigger the rights issued under the plan, and will be considered &ldquo;permitted bids&rdquo;. In order to qualify as a &ldquo;permitted bid&rdquo;, a bid must be made by way of a formal take-over bid circular delivered to all shareholders. Also, it must remain open for a minimum of 60 days, and must meet various other conditions set out in the plan.</font></p></td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp; </p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="left"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
    <td width="51%" valign="bottom"><div align="left"><font size="+7" face="Times New Roman, Times, serif"><strong>46</strong></font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="15%">&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">One right has been issued with respect to each outstanding Class A Subordinate Voting share of Gildan (the only class of voting shares outstanding) at the close of business December 1, 2004. The rights will become exercisable only on the eighth trading day after a person or entity, including any related party, acquires or announces its intention to acquire shares for a total ownership of 20% or more of Gildan&rsquo;s outstanding shares, without complying with the &ldquo;permitted bid&rdquo; provisions of the plan or without approval of Gildan&rsquo;s Board of Directors. Should such a scenario occur, each right would, upon exercise, entitle a holder, other than the acquiring person or entity and any related party, to purchase treasury shares of Gildan at a 50% discount to the market price of such shares at the time when the rights become exercisable. </font></div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The plan has been conditionally approved by the Toronto Stock Exchange. It will be submitted for ratification by shareholders at Gildan&rsquo;s Annual and Special Meeting of Shareholders on February 2, 2005. The plan will be in effect for three years, with one renewal option, subject to shareholder approval. The Board of Directors may under certain conditions redeem all rights under the plan, or waive its application to specific acquisition offers, where the Board of Directors concludes that the plan has served its purpose.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The plan has not been adopted in response to any specific proposal to acquire control of Gildan, nor is Gildan aware of any such intention. Gildan has been advised that its plan, which is a new generation plan similar to shareholder rights plans adopted by other Canadian companies, is consistent with Canadian corporate practices and addresses institutional investor guidelines.</font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td colspan="5"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">DISCLOSURE OF OUTSTANDING SHARE DATA</font></strong></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">Our shares are listed on the New York Stock Exchange (GIL) and the Toronto Stock Exchange (GIL.A). </font></div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">As of December 17, 2004 there were 29,716,530 Class A Subordinate voting shares issued and outstanding along with 554,696 options outstanding.</font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td colspan="5"><div align="left"><font size="2" face="Times New Roman, Times, serif"><strong>RECONCILIATION OF NON-GAAP MEASURES</strong></font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The following four measures included in this report do not have standardized meaning under Canadian GAAP and, therefore, are unlikely to be comparable to similar measures presented by other companies:</font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4"><div align="justify"><font size="2" face="Times New Roman, Times, serif">1.</font></div></td>
    <td width="79%"><div align="justify"><font size="2" face="Times New Roman, Times, serif">free cash flow; </font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4"><div align="justify"><font size="2" face="Times New Roman, Times, serif">2.</font></div></td>
    <td><div align="justify"><font size="2" face="Times New Roman, Times, serif">net debt;</font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4"><div align="justify"><font size="2" face="Times New Roman, Times, serif">3.</font></div></td>
    <td><div align="justify"><font size="2" face="Times New Roman, Times, serif">total indebtedness; and</font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4"><div align="justify"><font size="2" face="Times New Roman, Times, serif">4.</font></div></td>
    <td><div align="justify"><font size="2" face="Times New Roman, Times, serif">all reference made to adjusted gross margins, adjusted selling, general and administrative expenses, adjusted net earnings and adjusted diluted earnings per share.</font></div></td>
  </tr>
</table>
<p><br>
    <br>
<p>&nbsp; </p>
<br>
<p></p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>47</strong></font></div></td>
    <td width="50%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
  </tr>
</table>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%" colspan="5"><font size="2" face="Times New Roman, Times, serif">The following table reconciles all Non-GAAP Financial Measures mentioned in this MD&amp;A to the directly comparable GAAP measures;<br>
    </font></td>
  </tr>
</table>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><em><font size="2" face="Times New Roman, Times, serif">(in thousands of U.S. dollars, except earnings per share) </font></em></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2003</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2002</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="52%" ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Free Cash Flow</font></strong></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="11%" ALIGN="RIGHT"></TD>
    <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="11%" ALIGN="RIGHT"></TD>
    <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="11%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Cash flows from operating activities</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;58,920</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;63,721</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;114,245</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Cash flows used in investing activities</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(53,820</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(39,458</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(43,492</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Free cash flow</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;5,100</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;24,263</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;70,753</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Total Indebtedness/Net Debt</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Current portion of long-term debt</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$(18,610</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$(19,481</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;(3,967</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Long-term debt</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(37,979</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(54,078</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(72,917</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Total indebtedness</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(56,589</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(73,559</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(76,884</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Cash and cash equivalents</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">60,671</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">69,340</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">45,011</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Cash in excess of debt (net debt)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;4,082</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$(4,219</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$(31,873</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif"> Adjusted Consolidated Statement of Earnings </font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
</TABLE>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="6" ALIGN="RIGHT"><div align="center"><font color="#0033CC" size="2" face="Times New Roman, Times, serif"><strong>2004</strong></font></div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="6" ALIGN="RIGHT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">Audited</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><font color="#0033CC">&nbsp;</font></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">Adjusted</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><div align="left">
        <hr size="1" noshade>
    </div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="57%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Sales</font></TD>
    <TD WIDTH="9%" ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$533,368</font></strong></TD>
    <TD WIDTH="5%" ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
    <TD WIDTH="11%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="5%" ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$533,368</font></strong></TD>
    <TD WIDTH="2%" ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Cost of sales<SUP>(1)</SUP></font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">378,696</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(3,251</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">375,445</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Gross profit</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">154,672</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">157,923</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Selling, general and administrative expenses<SUP>(2)</SUP></font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">62,898</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(4,614</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">58,284</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">EBITDA.<SUP>(3)</SUP></font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">91,774</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">99,639</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Depreciation and amortization<SUP>(1)</SUP></font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">22,275</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(1,800</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">20,475</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Interest expense</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">6,170</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">6,170</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Earnings before income taxes</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">63,329</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">72,994</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Income taxes expense<SUP>(2)</SUP></font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">3,078</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">1,430</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">4,508</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Net earnings</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;60,251</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;8,235</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;68,486</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Basic EPS</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Diluted EPS</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30</font></strong></TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Return on equity<SUP>(4)</SUP></font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">21.0</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">%</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font color="#0033CC">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">25.5</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">%</font></strong></TD>
  </TR>
</TABLE>
<br>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="87%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Adjusted net earnings (as per above)</font></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="8%" ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;68,486</font></strong></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Impact of the change in functional currency included in depreciation expense</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(1,800</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Adjusted net earnings <strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&#8212;</font></strong> before special charge for H. Greg Chamandy</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>and the impact of the change in functional currency included in cost of sales</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;66,686</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Adjusted Diluted EPS <strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&#8212;</font></strong> before special charge for H. Greg Chamandy</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>and the impact of the change in functional currency included in cost of sales</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="2%">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4"><div align="justify"><font size="1" face="Times New Roman, Times, serif"><em>(1)</em></font></div></td>
    <td width="92%"><div align="justify">
        <p><font size="1" face="Times New Roman, Times, serif"><em> Adjustments due to the change in functional currency. See page 30.</em></font></p>
    </div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4"><em><font size="1" face="Times New Roman, Times, serif">(2)</font></em></td>
    <td><em><font size="1" face="Times New Roman, Times, serif">Adjustments due to special charge to satisfy the Company's contractual commitments to H. Greg Chamandy. See page 32.</font></em></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4"><em><font size="1" face="Times New Roman, Times, serif">(3)</font></em></td>
    <td><em><font size="1" face="Times New Roman, Times, serif">Earnings before interest, income taxes, depreciation and amortization.</font></em></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4"><em><font size="1" face="Times New Roman, Times, serif">(4)</font></em></td>
    <td><em><font size="1" face="Times New Roman, Times, serif">Net earnings and adjusted net earnings divided by average equity for the last 13 months. </font></em></td>
  </tr>
</table>
<p><font size="2" face="Times New Roman, Times, serif"><br>
  </font><font size="2" face="Times New Roman, Times, serif"><br>
  <br>
</font></p>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="left"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
    <td width="51%" valign="bottom"><div align="left"><font size="+7" face="Times New Roman, Times, serif"><strong>48</strong></font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="15%"><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td width="85%" colspan="5"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">FORWARD LOOKING STATEMENTS</font></strong></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">Certain statements included in this MD&amp;A may constitute &ldquo;forward looking statements&rdquo; within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements generally can be identified by the use of forward looking terminology such as &ldquo;may&rdquo;, &ldquo;will&rdquo;, &ldquo;expect&rdquo;, &ldquo;intend&rdquo;, &ldquo;estimate&rdquo;, &ldquo;anticipate&rdquo;, &ldquo;plan&rdquo;, &ldquo;foresee&rdquo;, &ldquo;believe&rdquo; or &ldquo;continue&rdquo; or the negatives of these terms or variations of them or similar terminology. We refer you to the Company&rsquo;s filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission for a discussion of the various factors that may affect the Company&rsquo;s future results. </font>
            <p><font size="2" face="Times New Roman, Times, serif">Readers are cautioned however not to place undue reliance on forward looking statements as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward looking statements will not occur. This may cause the Company&rsquo;s actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward looking statements.</font></p>
            <p><font size="2" face="Times New Roman, Times, serif">We believe that the expectations represented by such forward looking statements are reasonable, yet there can be no assurance that such expectations will prove to be correct. Furthermore, the forward looking statements contained in this report are made as of the date of this report, and we do not undertake any obligation to update publicly or to revise any of the included forward looking statements, whether as a result of new information, future events or otherwise. The forward looking statements contained in this report are expressly qualified by this cautionary statement.<br>
            </font></p>
            <p>&nbsp;</p>
            <p>&nbsp;</p>
            <p><font size="2" face="Times New Roman, Times, serif">December 17, 2004</font></p>
    </div></td>
  </tr>
</table>
<p><br>
    <br>
</p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>49</strong></font></div></td>
    <td width="51%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
  </tr>
</table>
<p><br>

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end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>8
<FILENAME>financial_statements.htm
<TEXT>
<html>
<head>
<title>Annual Financial Statements</title>

</head>

<body>
<p align="right" style="page-break-before:always"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="3">EXHIBIT 99.2 </font></strong></font></p>
<p><br>
</p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td colspan="4" bgcolor="#0033CC"><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><strong>CONSOLIDATED FINANCIAL STATEMENTS</strong></font></td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td colspan="4" bgcolor="#0033CC"><hr size="2" color="#FFFFFF"></td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" bgcolor="#0033CC"><p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p></td>
    <td width="15%" bgcolor="#0033CC"><div align="right">
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><strong>51</strong></font></p>
    </div></td>
    <td width="10%" bgcolor="#0033CC">&nbsp;</td>
    <td width="44%" bgcolor="#0033CC"><p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p><font color="#5E5EFF" size="2" face="Times New Roman, Times, serif"><strong>MANAGEMENT&rsquo;S RESPONSIBILITY FOR FINANCIAL REPORTING</strong></font></p></td>
    <td width="5%" bgcolor="#0033CC">&nbsp;</td>
    <td width="11%" bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td colspan="4" bgcolor="#0033CC"><hr size="2" color="#0000FF"></td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><div align="right"><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><strong>52</strong></font></div></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><strong><font color="#5E5EFF" size="2" face="Times New Roman, Times, serif">AUDITORS&rsquo; REPORT TO THE SHAREHOLDERS</font></strong></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td colspan="4" bgcolor="#0033CC"><hr size="2" color="#0000FF"></td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><div align="right"><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><strong>53</strong></font></div></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><strong><font color="#5E5EFF" size="2" face="Times New Roman, Times, serif">CONSOLIDATED BALANCE SHEETS</font></strong></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td colspan="4" bgcolor="#0033CC"><hr size="2" color="#0000FF"></td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><div align="right"><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><strong>54</strong></font></div></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><font color="#5E5EFF" size="2" face="Times New Roman, Times, serif"><strong>CONSOLIDATED STATEMENTS OF EARNINGS</strong></font></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td colspan="4" bgcolor="#0033CC"><hr size="2" color="#0000FF"></td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><div align="right"><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><strong>54</strong></font></div></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><strong><font color="#5E5EFF" size="2" face="Times New Roman, Times, serif">CONSOLIDATED STATEMENTS OF RETAINED EARNINGS</font></strong></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td colspan="4" bgcolor="#0033CC"><hr size="2" color="#0000FF"></td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><div align="right"><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><strong>55</strong></font></div></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><strong><font color="#5E5EFF" size="2" face="Times New Roman, Times, serif">CONSOLIDATED STATEMENTS OF CASH FLOWS</font></strong></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td colspan="4" bgcolor="#0033CC"><hr size="2" color="#0000FF"></td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><div align="right"><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><strong>56</strong></font></div></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC"><font color="#5E5EFF" size="2" face="Times New Roman, Times, serif"><strong>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</strong></font></td>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#0033CC">&nbsp;</td>
    <td colspan="4" bgcolor="#0033CC"><p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p></td>
    <td bgcolor="#0033CC">&nbsp;</td>
  </tr>
</table>
<p>&nbsp; </p>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="15%">&nbsp;</td>
    <td colspan="5"><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">MANAGEMENT&rsquo;S RESPONSIBILITY FOR FINANCIAL REPORTING </font></strong></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><p align="justify"><font size="2" face="Times New Roman, Times, serif">The accompanying consolidated financial statements have been prepared by management and approved by the Board of Directors of the Company. The consolidated financial statements were prepared in accordance with accounting principles generally accepted in Canada and, where ppropriate, reflect management&rsquo;s best estimates and judgements. Management is responsible for the accuracy, integrity and objectivity of the consolidated financial statements within reasonable limits of materiality, and for the consistency of financial data included in the text of the Annual Report with that contained in the consolidated financial statements.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">To assist management in the discharge of these responsibilities, the Company maintains a system of internal controls designed to provide reasonable assurance that its assets are safeguarded, that only valid and authorized transactions are executed and that accurate, timely and comprehensive financial information is prepared.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company&rsquo;s Audit and Finance Committee is appointed by the Board of Directors annually and is comprised exclusively of outside, independent directors. The Audit and Finance Committee meets with management as well as with the independent auditors to satisfy itself that management is properly discharging its financial reporting responsibilities and to review the consolidated financial statements and the independent auditors&rsquo; report. The Audit and Finance Committee reports its findings to the Board of Directors for consideration in approving the consolidated financial statements for presentation to the shareholders. The independent auditors have direct access to the Audit and Finance Committee of the Board of Directors.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The consolidated financial statements have been independently audited by KPMG LLP, Chartered Accountants, on behalf of the shareholders, in accordance with Canadian generally accepted auditing standards. Their report outlines the nature of their audit and expresses their opinion on the consolidated financial statements of the Company.</font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4"><img src="signature_gjc.jpg" width="185" height="40"></td>
    <td width="43%"><img src="signature_lgs.jpg" width="154" height="25"></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4"><font size="2" face="Times New Roman, Times, serif">Glenn J. Chamandy</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Laurence G. Sellyn</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4"><font size="2" face="Times New Roman, Times, serif">President and Chief Executive Officer</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Executive Vice-President,<br>
      Finance and Chief Financial Officer</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4"><font size="2" face="Times New Roman, Times, serif">November 26, 2004 </font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp; </p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>51</strong></font></div></td>
    <td width="51%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<p><br>
</p>
<p style="page-break-before:always"></p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="15%">&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>AUDITORS&rsquo; REPORT TO THE SHAREHOLDERS</strong></font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><p align="justify"><font size="2" face="Times New Roman, Times, serif">We have audited the consolidated balance sheets of Gildan Activewear Inc. as at October 3, 2004 and October 5, 2003 and the consolidated statements of earnings, retained earnings and cash flows for the years ended October 3, 2004, October 5, 2003 and September 29, 2002. These financial statements are the responsibility of the Company&rsquo;s management. Our responsibility is to express an opinion on these financial statements based on our audits.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Company as at October 3, 2004 and October 5, 2003 and the results of its operations and its cash flows for the years ended October 3, 2004, October 5, 2003 and September 29, 2002 in accordance with Canadian generally accepted accounting principles.<br>
      </font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4"><img src="signature_kpmg.jpg" width="203" height="32"></td>
    <td width="43%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4"><font size="2" face="Times New Roman, Times, serif">Chartered Accountants</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4"><font size="2" face="Times New Roman, Times, serif">Montreal, Canada</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4"><font size="2" face="Times New Roman, Times, serif">November 26, 2004 </font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><font size="2" face="Times New Roman, Times, serif"> </font></p>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="left"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
    <td width="51%" valign="bottom"><div align="left"><font size="+7" face="Times New Roman, Times, serif"><strong>52</strong></font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="12%">&nbsp;</td>
    <td width="88%" colspan="5"><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">CONSOLIDATED BALANCE SHEETS</font></strong></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">October 3, 2004 and October 5, 2003 </font></em></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
</table>
<br>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2003</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="5" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="62%" ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">ASSETS</font></strong></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="15%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="15%" ALIGN="RIGHT"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Current assets:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Cash and cash equivalents</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;60,670,810</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;69,339,953</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Accounts receivable</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">85,317,148</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">64,259,826</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Inventories</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">116,614,770</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">103,502,919</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Prepaid expenses and deposits</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">3,432,435</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,849,180</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Future income taxes (note 11)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">8,148,893</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,681,900</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="5" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">274,184,056</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">245,633,778</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Fixed assets (note 3)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">211,692,899</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">180,349,393</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Other assets (note 4)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">3,127,503</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,680,196</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="5" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$489,004,458</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$429,663,367</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">LIABILITIES AND SHAREHOLDERS' EQUITY</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Current liabilities:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Accounts payable and accrued liabilities</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;74,795,857</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;67,276,566</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Income taxes payable</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">1,966,461</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,908,826</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Current portion of long-term debt (note 5)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">18,610,443</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">19,481,373</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="5" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">95,372,761</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">90,666,765</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Long-term debt (note 5)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">37,978,562</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">54,077,749</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Future income taxes (note 11)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">28,058,293</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">20,716,100</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Shareholders' equity:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Share capital (note 6)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">78,170,474</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">75,489,938</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Contributed surplus</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">680,511</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">220,206</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Cumulative translation adjustment</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">26,248,267</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">26,248,267</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Retained earnings</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">222,495,590</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">162,244,342</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="5" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">327,594,842</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">264,202,753</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Commitments and contingent liabilities (note 9)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="5" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$489,004,458</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$429,663,367</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="5" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<p>&nbsp;</p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><em><font size="2" face="Times New Roman, Times, serif">See accompanying notes to consolidated financial statements. </font></em></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="45%">&nbsp;</td>
    <td colspan="-2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">On behalf of the Board:</font></td>
    <td colspan="-2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="-2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="-2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><img src="signature_gjc.jpg" width="157" height="40"></td>
    <td colspan="-2"><img src="signature_pr.jpg" width="108" height="41"></td>
  </tr>
  <tr>
    <td width="12%">&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">Glenn J. Chamandy</font></td>
    <td width="43%" colspan="-2"><font size="2" face="Times New Roman, Times, serif">Pierre Robitaille</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">Director</font></td>
    <td width="43%" colspan="-2"><font size="2" face="Times New Roman, Times, serif">Director</font></td>
  </tr>
</table>
<p><br>
&nbsp; </p>
<p></p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>53</strong></font></div></td>
    <td width="51%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
  </tr>
</table>
<p>&nbsp; </p>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="15%">&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>CONSOLIDATED STATEMENTS OF EARNINGS</strong></font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em>Years ended October 3, 2004, October 5, 2003 and September 29, 2002</em></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
</table>
<p>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2003</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2002</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="46%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Sales</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533,367,537</font></strong></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431,194,602</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382,312,228</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Cost of sales</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">378,695,819</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">301,340,580</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">274,838,307</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Gross profit</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">154,671,718</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">129,854,022</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">107,473,921</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Selling, general and administrative expenses</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">62,897,875</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">48,403,267</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">40,698,461</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Earnings before the undernoted items</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">91,773,843</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">81,450,755</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">66,775,460</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Depreciation and amortization</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">22,274,524</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">16,088,028</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">11,199,462</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Interest</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">6,170,071</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">6,418,683</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">8,473,366</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">28,444,595</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">22,506,711</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">19,672,828</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Earnings before income taxes</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">63,329,248</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">58,944,044</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">47,102,632</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Income taxes (note 11)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">3,078,000</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">5,788,346</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,666,046</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong>Net earnings</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,251,248</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,155,698</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42,436,586</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Earnings per share (note 12):</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2.02</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.79</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.45</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
</TABLE>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="96%" colspan="2"><em><font size="2" face="Times New Roman, Times, serif">See accompanying notes to consolidated financial statements. </font></em></td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="15%">&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>CONSOLIDATED STATEMENTS OF RETAINED EARNINGS</strong></font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em>Years ended October 3, 2004, October 5, 2003 and September 29, 2002</em></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
</table>
<p>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2003</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2002</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="47%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Retained earnings, beginning of year</font></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="14%" ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162,244,342</font></strong></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="14%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$<strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>109,088,644</font></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="14%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$<strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;</font><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;</font><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;</font><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>66,652,058</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Net earnings</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">60,251,248</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">53,155,698</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">42,436,586</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Retained earnings, end of year</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222,495,590</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$<strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>162,244,342</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$<strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>109,088,644</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="97%" colspan="2"><em><font size="2" face="Times New Roman, Times, serif">See accompanying notes to consolidated financial statements. </font></em></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="left"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
    <td width="51%" valign="bottom"><div align="left"><font size="+7" face="Times New Roman, Times, serif"><strong>54</strong></font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<p></p>
<p>&nbsp; </p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="15%">&nbsp;</td>
    <td colspan="5"><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">CONSOLIDATED STATEMENTS OF CASH FLOWS</font></strong></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em>Years ended October 3, 2004, October 5, 2003 and September 29, 2002</em></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
</table>
<p>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2003</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2002</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="54%" ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">CASH FLOWS FROM OPERATING ACTIVITIES:</font></strong></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="12%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="12%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="12%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Net earnings</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,251,248</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$<strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>53,155,698</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$<strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>42,436,586</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Adjustments for:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Depreciation and amortization</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">22,274,524</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">16,088,028</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">11,199,462</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Stock-based compensation charges</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">476,586</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Future income taxes</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2,946,671</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,196,389</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,214,691</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Loss on disposal of fixed assets</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">1,949,648</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">243,954</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">611,607</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Unrealized foreign exchange loss (gain)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">585,946</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(33,654</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2,218,771</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Changes in non-cash working capital balances:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Accounts receivable</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(20,236,219</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(7,319,605</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">24,460,403</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Inventories</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(13,111,851</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(16,130,657</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">42,015,362</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Prepaid expenses and deposits</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">419,745</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(996,062</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">409,216</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Accounts payable and accrued liabilities</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">5,436,007</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">12,818,249</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(13,242,389</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Income taxes payable</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(2,072,617</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,698,540</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">921,720</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">58,919,688</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">63,720,880</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">114,245,429</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Decrease in revolving bank loan</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC">&#8212;</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(22,547,174</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Repayment of capital leases</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(1,158,104</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(3,396,113</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(3,267,966</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Increase in other long-term debt</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">4,125,000</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">267,872</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,906,708</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Repayment of other long-term debt</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(19,980,860</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(947,876</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(4,147,488</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Proceeds from the issuance of shares</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2,664,255</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,487,267</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2,902,448</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(14,349,709</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">411,150</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(25,153,472</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">CASH FLOWS USED IN INVESTING ACTIVITIES:</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Purchase of fixed assets, net of disposals</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(53,683,958</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(39,414,739</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(41,894,774</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Increase in other assets</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(135,697</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(43,596</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(1,597,157</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(53,819,655</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(39,458,335</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(43,491,931</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Effect of exchange rate changes on cash and</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif"><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>cash equivalents denominated in foreign currencies</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">580,533</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(344,216</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(589,552</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Net (decrease) increase in cash and cash equivalents</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif"><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>during the year</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(8,669,143</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">24,329,479</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">45,010,474</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Cash and cash equivalents, beginning of year</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">69,339,953</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">45,010,474</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Cash and cash equivalents, end of year</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,670,810</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$<strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>69,339,953</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$<strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>45,010,474</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><em><font size="2" face="Times New Roman, Times, serif">Supplemental disclosure of cash flow information (note 13 (e))</font></em></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="95%" colspan="2"><em><font size="2" face="Times New Roman, Times, serif">See accompanying notes to consolidated financial statements. </font></em></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>55</strong></font></div></td>
    <td width="51%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<p></p>
<p></p>
<p>&nbsp; </p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em>Years ended October 3, 2004, October 5, 2003 and September 29, 2002</em></font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" align="right" valign="top">&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">Gildan Activewear Inc. (the &ldquo;Company&rdquo;) is incorporated under the Canada Business Corporations Act. Its principal business activity is the manufacture and sale of activewear apparel. The Company&rsquo;s fiscal year ends on the first Sunday following September 28. All references to 2004, 2003 and 2002 represent the fiscal years ended October 3, 2004, October 5, 2003 and September 29, 2002, respectively. Fiscal 2003 includes 53 weeks instead of the normal 52 weeks. The inclusion of an extra week occurs in every sixth fiscal year due to the Company&rsquo;s floating year-end date.</font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td colspan="5"><div align="left"><font size="2" face="Times New Roman, Times, serif"><strong>CHANGE IN FUNCTIONAL AND REPORTING CURRENCY</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td width="11%" align="right" valign="top"><font size="5" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="5%" align="left" valign="top"><font size="5" face="Times New Roman, Times, serif"><strong>1</strong></font></td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">As a result of a significant portion of its revenues, expenses, assets and liabilities being denominated in US dollars and the increasing international scope of its marketing and manufacturing operations, the Company adopted the US dollar as its functional and reporting currency effective October 6, 2003, the commencement of fiscal 2004. All opening assets and liabilities were translated into US dollars using the exchange rate in effect on October 6, 2003. For comparative purposes, historical financial statements and notes thereto up to and including October 5, 2003 have been restated into US dollars as if the Company had adopted the US dollar as its reporting currency for those periods. </font></div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The change in the functional currency for the prior periods resulted in a currency translation adjustment of $26.2 million as at October 5, 2003, which is reflected in the cumulative translation adjustment, a separate component of shareholders&rsquo; equity.</font></p></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td colspan="5"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">SIGNIFICANT ACCOUNTING POLICIES</font></strong></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><font size="5" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="left" valign="top"><font size="5" face="Times New Roman, Times, serif"><strong>2</strong></font></td>
    <td colspan="5" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The consolidated financial statements are expressed in US dollars and have been prepared in accordance with accounting principles generally accepted in Canada. These principles conform, in all material respects, with accounting principles generally accepted in the United States, except as described in note 16. The principal accounting policies of the Company are summarized as follows:</font></div></td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td width="4%"><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">(a)</font></strong></div></td>
    <td width="29%"><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">Basis of presentation:</font></strong></div></td>
    <td width="17%">&nbsp;</td>
    <td width="17%">&nbsp;</td>
    <td width="17%">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="4"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries and a joint venture of the Company, which is accounted for using the proportionate consolidation method. All significant intercompany balances and transactions have been eliminated on consolidation.</font></div></td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">(b)</font></strong></div></td>
    <td><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">Cash and cash equivalents:</font></strong></div></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="4"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The Company considers all liquid investments with maturities of three months or less when acquired to be cash equivalents.</font></div></td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">(c)</font></strong></div></td>
    <td><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">Inventories:</font></strong></div></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="4"><div align="justify"><font size="2" face="Times New Roman, Times, serif">Inventories are stated at the lower of cost and market value. Cost is established based on the first-in, first-out method. Market value is defined as replacement cost for raw materials and net realizable value for work in process and finished goods.</font></div></td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">(d)</font></strong></div></td>
    <td><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">Fixed assets:</font></strong></div></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="4"><div align="justify"><font size="2" face="Times New Roman, Times, serif">Fixed assets are recorded at cost. Depreciation and amortization are calculated on a straight-line basis at the following annual rates:</font></div></td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="4">&nbsp;</td>
  </tr>
</table>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH></TH>
    <TH></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Asset</font></TD>
    <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">Rate</font></div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="2" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="64%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Buildings and improvements</font></TD>
    <TD WIDTH="28%" ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">2 1/2% to 20%</font></div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Equipment</font></TD>
    <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">6 2/3% to 25%</font></div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Equipment under capital leases</font></TD>
    <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">6 2/3% to 25%</font></div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="2" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<p></p>
<p></p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="left"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
    <td width="51%" valign="bottom"><div align="left"><font size="+7" face="Times New Roman, Times, serif"><strong>56</strong></font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<p><br>
</p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont&rsquo;d)</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em>Years ended October 3, 2004, October 5, 2003 and September 29, 2002</em></font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">SIGNIFICANT ACCOUNTING POLICIES (cont&rsquo;d)</font></strong></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td width="11%" align="right" valign="top">&nbsp;</td>
    <td width="5%" align="left" valign="top">&nbsp;</td>
    <td width="4%"><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">(e)</font></strong></div></td>
    <td width="29%"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>Deferred charges:</strong></font></div></td>
    <td width="17%">&nbsp;</td>
    <td width="17%">&nbsp;</td>
    <td width="17%">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="4"><div align="justify"><font size="2" face="Times New Roman, Times, serif"> The costs of obtaining long-term financing are deferred and amortized using the interest method over the term of the related debt. Plant start-up costs are deferred and amortized over two years. The amortization of these charges is included in depreciation and amortization.</font></div></td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">(f)</font></strong></div></td>
    <td><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>Investment in joint venture:</strong></font></div></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="4"><div align="justify"><font size="2" face="Times New Roman, Times, serif"> During fiscal 2004, the Company invested in a 50%/50% owned joint venture with Frontier Spinning Mills, Inc. The new joint venture company acquired the equipment and real estate of an existing yarn-spinning facility in Cedartown, Georgia. The total cost of the acquisition, including Frontier&rsquo;s 50% share in the investment, amounted to $12.5 million. The joint venture is accounted for using the proportionate consolidated method whereby the Company&rsquo;s proportionate share of revenues, expenses, assets and liabilities is included in these financial statements. The Company&rsquo;s 50% proportionate interest in its joint venture did not have a material impact on the consolidated balance sheet, statements of earnings and cash flows.</font></div></td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">(g)</font></strong></div></td>
    <td><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>Use of estimates:</strong></font></div></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="4"><div align="justify"><font size="2" face="Times New Roman, Times, serif"> The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Financial results as determined by actual events could differ from those estimates. </font>
            <p><font size="2" face="Times New Roman, Times, serif"> Significant estimates and assumptions affect many items in the financial statements including the key economic assumptions used in determining the allowance for doubtful accounts, the recoverability of future income tax assets and the useful life and recoverability of fixed assets.</font></p>
    </div></td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">(h)</font></strong></div></td>
    <td><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>Foreign exchange:</strong></font></div></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="4"><div align="justify"><font size="2" face="Times New Roman, Times, serif"> Monetary assets and liabilities of the Canadian and foreign operations denominated in currencies other than the US dollar are translated at the rates of exchange at the balance sheet date. Other balance sheet items, denominated in currencies other than US dollars, are translated at the rates prevailing at the respective transaction dates. Income and expenses, denominated in currencies other than US dollars, are translated at average rates prevailing during the year. Gains or losses on foreign exchange are recorded in the consolidated statements of earnings. </font>
            <p><font size="2" face="Times New Roman, Times, serif"> The foreign subsidiaries are considered to be integrated foreign operations, and their accounts have been translated using the temporal method with translation gains and losses included in the consolidated statements of earnings.</font></p>
    </div></td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">(i)</font></strong></div></td>
    <td><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>Revenue recognition:</strong></font></div></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="4"><div align="justify"><font size="2" face="Times New Roman, Times, serif"> Sales are recognized upon shipment of products to customers, since title passes upon shipment. At the time of sale, estimates are made based upon existing programs for customer price discounts and rebates. Accruals required for new programs, which relate to prior sales, are recorded at the time the new program is introduced. Sales are recorded net of these program costs.</font></div></td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="4">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">(j)</font></strong></div></td>
    <td><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>Cotton procurements:</strong></font></div></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="4"><div align="justify"><font size="2" face="Times New Roman, Times, serif"> The Company contracts to buy cotton with future delivery dates at fixed prices in order to reduce the effects of fluctuations in the prices of cotton used in the manufacture of its products. These contracts permit settlement by delivery and are not used for trading purposes. The Company commits to fixed prices on a percentage of its cotton requirements up to eighteen months in the future. If market prices for cotton fall below the committed future purchase prices on outstanding cotton contracts, the Company estimates the costs of cotton that are not recoverable in future sales of finished goods, and the differential is charged to income at that time.</font></div></td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="4">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="4">&nbsp;</td>
  </tr>
</table>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>57</strong></font></div></td>
    <td width="51%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<p><br>
</p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont&rsquo;d)</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em>Years ended October 3, 2004, October 5, 2003 and September 29, 2002</em></font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">SIGNIFICANT ACCOUNTING POLICIES (cont&rsquo;d)</font></strong></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td width="11%" align="right" valign="top">&nbsp;</td>
    <td width="5%" align="left" valign="top">&nbsp;</td>
    <td width="4%"><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">(k)</font></strong></div></td>
    <td colspan="2"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>Financial instruments and hedging relationships:</strong></font></div></td>
    <td width="17%">&nbsp;</td>
    <td width="17%">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="4"><div align="justify"><font size="2" face="Times New Roman, Times, serif"> The Company may periodically use derivative financial instruments, such as forward foreign exchange contracts and cross-currency interest rate swaps to manage risks related to fluctuations in exchange rates and interest rates. Derivative financial instruments are not used for trading purposes. Forward foreign exchange contracts are entered into with maturities not exceeding twenty-four months.</font>
            <p><font size="2" face="Times New Roman, Times, serif">In 2003, the Canadian Institute of Chartered Accountants (CICA) modified the Accounting Guideline 13, Hedging Relationships, applicable to hedging relationships outstanding for fiscal years beginning on or after July 1, 2003. In complying with this guideline, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives to specific assets and liabilities on the balance sheet or to specific firm commitments or anticipated transactions. The Company also formally assesses, both at the hedge&rsquo;s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting cash flows of hedged items. When hedging instruments become ineffective before their maturity or the hedging relationship is terminated, deferred 
gains or losses on such instruments continue to be deferred and charged to income in the same period as for the corresponding gains or losses for the hedged items; gains and losses realized subsequently as a result of marking-to-market are charged directly to income. If the hedged item ceases to exist due to its maturity, expiry, cancellation or exercise before the hedging instrument expires, deferred gains or losses are charged to income. Any derivative instrument that does not qualify for hedge accounting is marked-to-market at each reporting date and the gains or losses are included into income.</font></p>
            <p><font size="2" face="Times New Roman, Times, serif">Gains and losses on forward foreign exchange contracts are recognized through income in the same period as the transactions that are hedged, and offset transaction losses or gains on the foreign currency cash flows, which they are intended to hedge. Gains and losses on swap arrangements are recognized and charged to income on a basis that corresponds with changes in the related underlying item.</font></p>
    </div></td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">(l)</font></strong></div></td>
    <td width="29%"><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">Income taxes:</font></strong></div></td>
    <td width="17%">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="4"><div align="justify"><font size="2" face="Times New Roman, Times, serif"> The Company utilizes the asset and liability method for accounting for income taxes which requires the establishment of future tax assets and liabilities, measured at substantively enacted tax rates, for all temporary differences caused when the tax bases of assets and liabilities differ from those reported in the financial statements. Future income tax assets are evaluated and if realization is not considered to be more likely than not, a valuation allowance is provided.</font></div></td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">(m)</font></strong></div></td>
    <td colspan="2"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">Stock-based compensation and other stock-based payments:</font></strong></div></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="4"><div align="justify"><font size="2" face="Times New Roman, Times, serif"> In November 2003, the CICA revised Handbook Section 3870 with respect to the accounting for stock-based compensation and other stock-based payments. The revised recommendations require that beginning January 1, 2004, the fair value-based method be used to account for all transactions whereby goods and services are received in exchange for stock-based compensation and other stock-based payments. The revised standard no longer permits the use of the settlement method for stock-based employee compensation awards. Under the settlement method, any consideration paid by employees on the exercise of stock options was credited to share capital and no compensation expense was recognized. Under the fair value-based method, compensation cost is measured at the fair value at the date of grant and is expensed over the award&rsquo;s vesting periods.</font>
            <p><font size="2" face="Times New Roman, Times, serif">For employee share purchase plans, the Company&rsquo;s contribution, on the employee&rsquo;s behalf, is recognized as a compensation expense with an offset to share capital, and consideration paid by employees on purchase of stock is also recorded as an increase to share capital.</font></p>
    </div></td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p><br>
</p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="left"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
    <td width="51%" valign="bottom"><div align="left"><font size="+7" face="Times New Roman, Times, serif"><strong>58</strong></font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont&rsquo;d)</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em>Years ended October 3, 2004, October 5, 2003 and September 29, 2002</em></font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">SIGNIFICANT ACCOUNTING POLICIES (cont&rsquo;d)</font></strong></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" align="right" valign="top">&nbsp;</td>
    <td width="8%" align="left" valign="top">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td width="4%"><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">(m)</font></strong></div></td>
    <td colspan="2"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">Stock-based compensation and other stock-based payments (cont&rsquo;d):</font></strong></div></td>
    <td width="10%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">In accordance with the transitional options permitted under Section 3870, the Company has elected to early adopt the new recommendations effective with the commencement of its 2004 fiscal year and prospectively apply the standard for employee stock awards granted after October 6, 2003. Previously, the Company applied the settlement method of accounting to employee stock options. There were no options granted during fiscal 2004. As required under the standard, the following disclosure is required to report the pro forma net earnings and earnings per share as if the fair value-based method had been used to account for employee stock options granted during fiscal 2003.</font></div></td>
  </tr>
</table>
<br>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif"> 2004</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 2003</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="6" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="68%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Net earnings, as reported</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="13%" ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,251,248</font></strong></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="13%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,155,698</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Deduct:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Total stock-based employee compensation recovery (expense) determined</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>under fair value-based method for awards granted in fiscal 2003</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">101,118</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(240,274</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="6" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Pro forma net earnings</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,352,366</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,915,424</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="6" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Earnings per share:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Basic:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>As reported</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Pro forma</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2.04</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.81</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Diluted:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>As reported</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2.02</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.79</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>Pro forma</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2.02</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.77</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="6" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td width="92%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif">During fiscal 2004, 86,877 options granted in fiscal 2003 were cancelled which reduced the amount of stock-based compensation for the year, presented above, by $195,715, since the Company only accounts for forfeitures as they occur. </font>
            <p><font size="2" face="Times New Roman, Times, serif">The weighted average grant-date fair value per share of the remaining 34,329 options granted in fiscal 2003 is CAD$10.86 per share, which is recognized as compensation cost over the vesting period for purposes of calculating pro forma net earnings. </font></p>
            <p><font size="2" face="Times New Roman, Times, serif">The weighted average fair value of each option granted in fiscal 2003 is estimated on the date of grant using the Black-Scholes pricing model with the following weighted average assumptions:</font></p>
    </div></td>
  </tr>
</table>
<br>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="3" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="73%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Risk free interest rate</font></TD>
    <TD WIDTH="9%" ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3</font><font size="2" face="Times New Roman, Times, serif">.63 %</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Expected volatility</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">34</font><font size="2" face="Times New Roman, Times, serif">.94 %</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Expected life</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3 yea</font><font size="2" face="Times New Roman, Times, serif">rs</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Expected dividend yield</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">nil</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="3" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>59</strong></font></div></td>
    <td width="51%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<p><br>
</p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td width="85%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont&rsquo;d)</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em>Years ended October 3, 2004, October 5, 2003 and September 29, 2002</em></font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
</table>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="4">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="4"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">SIGNIFICANT ACCOUNTING POLICIES (cont&rsquo;d)</font></strong></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="4"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="4">&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" align="right" valign="top">&nbsp;</td>
    <td width="7%" align="left" valign="top">&nbsp;</td>
    <td colspan="4">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td width="5%"><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">(n)</font></strong></div></td>
    <td><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">Employee future benefits: </font></strong></div></td>
    <td width="10%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The Company offers group defined contribution plans to eligible employees whereby the Company matches employees&rsquo; contributions up to a fixed percentage of the employee&rsquo;s salary. Contributions by the Company to trustee-managed investment portfolios or employee associations are expensed as incurred. The Company does not provide its employees with post-retirement defined benefit pensions, health, insurance and other benefits.</font></div></td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">(o)</font></strong></div></td>
    <td><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">Earnings per share:</font></strong></div></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3"><p align="justify"><font size="2" face="Times New Roman, Times, serif">Basic earnings per share are computed by dividing net earnings by the weighted average number of common shares outstanding for the year. Diluted earnings per share are computed in the same manner, except the weighted average number of common shares outstanding for the period is increased to include additional shares from the assumed exercise of options, if dilutive.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif"> The number of additional shares is calculated by assuming that outstanding options are exercised, and that the proceeds from such exercises are used to repurchase common shares at the average share price for the period.</font></p></td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>(p)</strong></font></div></td>
    <td><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>Research and development investment tax credits and government grants:</strong></font></div></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3"><div align="justify"><font size="2" face="Times New Roman, Times, serif"> Research and development investment tax credits and government grants are recorded as a reduction of the related expense or the cost of the assets acquired. Tax credits are recorded in the accounts when reasonable assurance exists that they will be realized.</font></div></td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">(q)</font></strong></div></td>
    <td><div align="justify"><strong><font size="2" face="Times New Roman, Times, serif">Environmental expenditures:</font></strong></div></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3">
      <div align="justify"><font size="2" face="Times New Roman, Times, serif">Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and which are not expected to contribute to current or future operations are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are likely, and when the costs, based on a specific plan of action in terms of the technology to be used and the extent of the corrective action required, can be reasonably estimated.</font></div></td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>(r)</strong></font></div></td>
    <td><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>Guarantees:</strong></font></div></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3"><div align="justify"><font size="2" face="Times New Roman, Times, serif"> In the normal course of business, the Company enters into various agreements that may contain features that meet the definition of a guarantee. A guarantee is defined to be a contract (including an indemnity) that contingently requires the Company to make payments to a third party based on (i) changes in an underlying interest rate, foreign exchange rate, equity or commodity instrument, index or other variable that is related to an asset, a liability or an equity security of the guaranteed party, (ii) failure of another party to perform under an obligating agreement, or (iii) failure of another party to pay its indebtedness when due. </font> </div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif"> A liability is recorded when the Company considers probable that a payment relating to a guarantee has to be made to the other party of the contract or agreement.</font></p></td>
  </tr>
  <tr>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
</table>
<p>&nbsp; </p>
<p><br>
</p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="left"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
    <td width="51%" valign="bottom"><div align="left"><font size="+7" face="Times New Roman, Times, serif"><strong>60</strong></font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td width="85%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont&rsquo;d)</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em>Years ended October 3, 2004, October 5, 2003 and September 29, 2002</em></font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
</table>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top"><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td width="85%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>FIXED ASSETS </strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2"><div align="right"><font size="7" face="Times New Roman, Times, serif"><strong>3</strong></font></div></td>
    <td colspan="5" valign="top"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
</table>
<p>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004</font></strong></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">Cost</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">Accumulated<br>
      depreciation and <br>
      amortization </font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">Net book <br>
      value</font></strong></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="46%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Land</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,524,019</font></strong></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8212;</font></strong></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,524,019</font></strong></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Buildings and improvements</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">61,667,119</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">8,121,029</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">53,546,090</font></strong></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Equipment</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">182,036,376</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">57,242,088</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">124,794,288</font></strong></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Equipment under capital leases</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">1,927,809</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">1,308,733</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">619,076</font></strong></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Construction in progress</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">18,209,426</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&#8212;</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">18,209,426</font></strong></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278,364,749</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66,671,850</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211,692,899</font></strong></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<br>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="59%" ALIGN="RIGHT">&nbsp;</TD>
    <TD width="4%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="13%" ALIGN="RIGHT">&nbsp;</TD>
    <TD width="4%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="13%" ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">2003</font></strong></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">Cost</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">Accumulated<br>
      depreciation and <br>
      amortization </font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">Net book <br>
      value</font></strong></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
</TABLE>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="46%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Land</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,856,245</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8212;</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,856,245</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Buildings and improvements</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">53,845,192</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">6,101,583</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">47,743,609</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Equipment</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">149,270,693</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">36,955,523</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">112,315,170</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Equipment under capital leases</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">16,787,119</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">7,352,750</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">9,434,369</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230,759,249</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,409,856</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180,349,393</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">During fiscal 2004, fixed assets were acquired at an aggregate cost of $57,930,880 (2003 $42,179,925; 2002 $47,309,695), none of which were acquired by means of capital leases (2003 nil; 2002 $650,357). </font></TD>
  </TR>
</TABLE>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top"><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td width="85%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>OTHER ASSETS </strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2"><div align="right"><font size="7" face="Times New Roman, Times, serif"><strong>4</strong></font></div></td>
    <td colspan="5" valign="top"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
</table>
<br>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="2"></TH>
    <TH></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="2" ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 2003 </font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="6" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="2" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Loan to director and officer (CAD$300,000 &#8212; 2003 CAD$750,000) (a)</font></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="10%" ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237,906</font></strong></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560,036</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="2" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Deferred charges, net of accumulated amortization</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="2" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of $4,900,552 (2003 &#8212; $4,136,954)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">1,459,385</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,564,697</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="2" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Prepaid equipment rental</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">555,837</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">591,070</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="2" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Deposits</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">583,660</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">755,219</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="2" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Other</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">290,715</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">209,174</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="6" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="2" ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,127,503</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,680,196</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="6" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="6" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="5%" ALIGN="center" valign="top"><div align="center"><font size="2" face="Times New Roman, Times, serif">(a) </font></div></TD>
    <TD colspan="5" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">The loan to director and officer is non-interest bearing and the balance is repayable in annual installments of CAD$75,000 (US$59,477). During fiscal 2004, the balance of a loan due from a former director and officer in the amount of CAD$375,000 was repaid. </font></TD>
  </TR>
</TABLE>
<p><br>
</p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>61</strong></font></div></td>
    <td width="51%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
  </tr>
</table>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td width="85%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont&rsquo;d)</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em>Years ended October 3, 2004, October 5, 2003 and September 29, 2002</em></font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
</table>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top"><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td width="85%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>LONG&#8211;TERM DEBT </strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2"><div align="right"><font size="7" face="Times New Roman, Times, serif"><strong>5</strong></font></div></td>
    <td colspan="5" valign="top"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
</table>
<br>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH></TH>
    <TH COLSPAN="2"></TH>
    <TH></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004 </font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2003</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="74%" ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Secured:</font></strong></TD>
    <TD WIDTH="10%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="10%" ALIGN="RIGHT"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Senior notes</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,500,000</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70,000,000</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Obligations under capital leases, bearing interest at rates varying from</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to 16.08%, maturing at various dates through 2005 which include an amount</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in Canadian dollars of $250,208 (2003 &#8212; CAD$1,750,955)</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">342,787</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,471,730</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Term loan, repayable in monthly installments, bearing interest at 30-day LIBOR</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;plus 3%, maturing in October 2006</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">3,368,750</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&#8212;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Term loan, bearing interest at 7.58%, maturing in 2004</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&#8212;</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">25,774</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">56,211,537</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">71,497,504</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Current portion of secured debt</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">18,494,650</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">18,947,920</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,716,887</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,549,584</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Unsecured:</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Term loans, bearing interest at rates up to 6% per annum, maturing</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at various dates through 2008 which include an amount</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in Canadian dollars of CAD$2,094,333 in 2003</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377,468</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,061,618</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Current portion of unsecured debt</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">115,793</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">533,453</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">261,675</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,528,165</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Total unsecured and secured long-term debt</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,978,562</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,077,749</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="12%">&nbsp;</td>
    <td width="88%"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The senior notes are repayable in four equal annual installments commencing in June 2004, bear interest at 9.51% on $41,250,000 and 9.88% on $11,250,000, and are secured by tangible and intangible property of the Company. The combined effective interest rate on the senior notes for fiscal 2004 was 9.59% (2003 &#8212; 9.59%). </font> </div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company has a revolving term credit facility for a maximum of CAD$150,000,000 which matures in May 2007. The facility is secured by a first ranking moveable hypothec and security interest on the majority of the Company&rsquo;s accounts receivable, inventories, intangible assets, equipment and tangible moveable assets. There was no balance outstanding under this facility at October 3, 2004 and October 5, 2003.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Under various financing arrangements with its bankers and other long-term lenders, the Company is required to meet certain covenants. The Company was in compliance with all of these covenants as at October 3, 2004 and October 5, 2003.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">During fiscal 2004, as a result of the change in functional currency, the Company cancelled a $15 million cross-currency interest rate swap arrangement. The cancellation did not impact the net earnings for the year.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Principal payments due on long-term debt, other than obligations under capital leases, are as follows:<br>
      </font></p></td>
  </tr>
</table>
<br>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Fiscal year</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="3" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="12%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2005</font></TD>
    <TD WIDTH="10%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="33%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,437,432</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2006</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">18,446,547</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2007</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">18,436,196</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2008</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">857,293</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2009</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">68,750</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="3" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,246,218</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="3" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<br>
<p>&nbsp;</p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="left"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
    <td width="51%" valign="bottom"><div align="left"><font size="+7" face="Times New Roman, Times, serif"><strong>62</strong></font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td width="85%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont&rsquo;d)</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em>Years ended October 3, 2004, October 5, 2003 and September 29, 2002</em></font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
</table>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td width="85%" colspan="5"><div align="justify"><font size="2"><strong><font face="Times New Roman, Times, serif">LONG&#8211;TERM DEBT </font><font size="2" face="Times New Roman, Times, serif">(cont&rsquo;d)</font></strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5" valign="top"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5" valign="top"><font size="2" face="Times New Roman, Times, serif">Future minimum lease payments under capital leases are as follows:<br>
    </font></td>
  </tr>
</table>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Fiscal year </font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="70%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2005</font></TD>
    <TD WIDTH="7%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="21%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179,662</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2006</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">151,978</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2007</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">25,330</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Total minimum lease payments</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">356,970</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Less imputed interest</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(14,183</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342,787</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top"><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td width="85%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>SHARE CAPITAL</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2"><div align="right"><font size="7" face="Times New Roman, Times, serif"><strong>6</strong></font></div></td>
    <td colspan="5" valign="top"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
</table>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2003</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">Shares</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">Book<br>
      value </font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">Shares</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">Book<br>
      value </font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Authorized without limit as to number <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and without par value: <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First preferred shares, issuable <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in series, non-voting <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second preferred shares, issuable <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in series, non-voting<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A subordinate voting shares, <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;participating, one vote per share<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B multiple voting shares, <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;participating, eight votes per share </font></TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="36%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Issued and outstanding:</font></TD>
    <TD WIDTH="11%" ALIGN="RIGHT"></TD>
    <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="11%" ALIGN="RIGHT"></TD>
    <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="11%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="11%" ALIGN="RIGHT"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A subordinate voting shares:</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total outstanding, beginning of year</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">23,425,966</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif"> 72,022,820</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">22,826,964</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 67,535,553</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion of Class B shares into</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A shares (c)</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">6,094,000</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">3,467,118</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued under employee</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share purchase plan</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">5,587</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">163,411</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">5,361</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">117,389</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued pursuant to exercise</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of stock options</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">173,153</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2,517,125</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">593,641</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,369,878</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total outstanding, end of year</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">29,698,706</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">78,170,474</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">23,425,966</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">72,022,820</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B multiple voting shares:</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total outstanding, beginning of year</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">6,094,000</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">3,467,118</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">6,094,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,467,118</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion of Class B shares</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;into Class A shares (c)</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(6,094,000</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(3,467,118</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total outstanding, end of year</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC">&#8212;</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC">&#8212;</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">6,094,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,467,118</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">29,698,706</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif"> 78,170,474</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">29,519,966</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 75,489,938</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>63</strong></font></div></td>
    <td width="51%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
  </tr>
  <p><br>
  <p>&nbsp;</p>
</table>
<p>&nbsp;</p>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<p>&nbsp;</p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td width="85%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont&rsquo;d)</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em>Years ended October 3, 2004, October 5, 2003 and September 29, 2002</em></font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
</table>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="2"><div align="justify"><font size="2"><strong><font face="Times New Roman, Times, serif">SHARE CAPITAL </font><font size="2" face="Times New Roman, Times, serif">(cont&rsquo;d)</font></strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="2" valign="top"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td width="4%" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">(a)</font></div></td>
    <td width="81%" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The Company has employee share purchase plans which allow eligible employees to authorize payroll deductions of up to 10% of their salary to purchase, from treasury, Class A subordinate voting shares of the Company at a price of 90% of the then current stock price as defined in the plans. Employees purchasing shares under the plans must hold the shares for a minimum of one year. The Company has reserved 700,000 Class A subordinate voting shares for issuance under the plans. As at October 3, 2004, a total of 21,420 (2003 &ndash; 15,833) shares were issued under these plans.</font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">(b)</font></td>
    <td valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">On December 4, 2003, the Board of Directors approved the renewal of the stock repurchase program authorizing the Company to purchase up to a maximum of 200,000 of the Company&rsquo;s Class A subordinate voting shares in the open market commencing December 22, 2003 and ending December 21, 2004. As at October 3, 2004, no shares had been repurchased under this plan.</font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">(c)</font></div></td>
    <td valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">On March 1, 2004, the holders of the Class B multiple voting shares converted all the issued and outstanding shares into Class A subordinate voting shares on a one-for-one basis for no consideration.</font></div></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top"><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td width="85%" colspan="5"><div align="justify"><font size="2"><strong>LONG-TERM INCENTIVE PLAN</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2"><div align="right"><font size="7" face="Times New Roman, Times, serif"><strong>7</strong></font></div></td>
    <td colspan="5" valign="top"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">Under the Company&rsquo;s Long-Term Incentive Plan (LTIP), the Company may grant options to purchase Class A subordinate voting shares at the current market price on the date of grant to officers, other key employees and directors of the Company. Stock options vest ratably over a two to four-year period from the date of grant, and expire no more than ten years after the date of grant. The LTIP provides that the number of Class A subordinate voting shares reserved for issuance upon the exercise of options granted thereunder shall not exceed 2,768,888 shares. As at October 3, 2004, all stock options had been granted pursuant to the LTIP. </font></div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Changes in outstanding stock options were as follows:</font></p>
        <p align="justify"></p></td>
  </tr>
</table>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH></TH>
    <TH COLSPAN="2"></TH>
    <TH></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">Number </font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">Weighted <br>
      average<br>
      exercise price </font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="57%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Options outstanding, September 29, 2002</font></TD>
    <TD WIDTH="14%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,428,954</font></TD>
    <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">CAD&nbsp;&nbsp;&nbsp;&nbsp;$18</font><font size="2" face="Times New Roman, Times, serif">.07</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Granted</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">121,206</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">37</font><font size="2" face="Times New Roman, Times, serif">.05</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Exercised</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(593,641</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">10</font><font size="2" face="Times New Roman, Times, serif">.89</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Cancelled</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(116,333</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">21</font><font size="2" face="Times New Roman, Times, serif">.01</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Options outstanding, October 5, 2003</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">840,186</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">25</font><font size="2" face="Times New Roman, Times, serif">.47</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Exercised</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(173,153</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">19</font><font size="2" face="Times New Roman, Times, serif">.18</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Cancelled</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(95,710</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">35</font><font size="2" face="Times New Roman, Times, serif">.20</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Options outstanding, October 3, 2004</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">571,323</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">CAD&nbsp;&nbsp;&nbsp;&nbsp;$25</font><font size="2" face="Times New Roman, Times, serif">.75</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<p><br>
</p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="left"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
    <td width="51%" valign="bottom"><div align="left"><font size="+7" face="Times New Roman, Times, serif"><strong>64</strong></font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td width="85%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont&rsquo;d)</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em>Years ended October 3, 2004, October 5, 2003 and September 29, 2002</em></font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
</table>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td width="85%" colspan="2"><div align="justify"><font size="2"><strong>LONG-TERM INCENTIVE PLAN<font face="Times New Roman, Times, serif"> (cont&rsquo;d)</font></strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="2" valign="top"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="2" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The following table summarizes information about stock options outstanding and exercisable at October 3, 2004: </font></div></td>
  </tr>
</table>
<br>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH colspan="2"></TH>
    <TH width="12%"></TH>
    <TH width="15%"></TH>
    <TH width="8%"></TH>
    <TH width="12%"></TH>
    <TH width="15%"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="2" ALIGN="LEFT" valign="bottom">&nbsp;</TD>
    <TD colspan="3" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">Options outstanding</font></TD>
    <TD colspan="2" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">Options exercisable </font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT" valign="bottom"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="2" ALIGN="LEFT" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Range of</font><br>
        <font size="2" face="Times New Roman, Times, serif">exercise</font> <br>
        <font size="2" face="Times New Roman, Times, serif">prices</font> <br></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">Number</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">Weighted <br>
      average<br>
      exercise<br>
      price <br>
    </font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">Weighted average remaining<br>
      contractual <br>
      life (yrs) </font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">Number</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">Weighted <br>
      average <br>
      exercise <br>
      price </font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" valign="top"><font size="2" face="Times New Roman, Times, serif">CAD $</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"> &nbsp;&nbsp;&nbsp;&nbsp;5.15 &#8212; &nbsp;&nbsp;9.75<br>
      $14.38 &#8212; 19.70<br>
      $20.00 &#8212; 25.68<br>
      $27.50 &#8212; 34.58<br>
      $34.80 &#8212; 40.89</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">60,194</font><font size="2" face="Times New Roman, Times, serif"><br>
      22,300<br>
&nbsp;</font><font size="2" face="Times New Roman, Times, serif">263,167<br>
      </font><font size="2" face="Times New Roman, Times, serif">191,662</font><font size="2" face="Times New Roman, Times, serif"><br>
      34,000</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">CAD$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.59<br>
      15.04</font><font size="2" face="Times New Roman, Times, serif"><br>
      24.51<br>
      </font><font size="2" face="Times New Roman, Times, serif">32.06</font><font size="2" face="Times New Roman, Times, serif"><br>
      38.98</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4.25<br>
      5.45<br>
      6.24<br>
      6.44<br>
      8.44</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">60,194<br>
      19,500<br>
      152,126<br>
      112,333<br>
      1,267</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">CAD$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.59<br>
      14.38<br>
      24.70<br>
      32.60<br>
      34.95</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="7%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="19%" ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">571,323</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">CAD$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.75</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">6.20</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">345,420&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">CAD$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.74&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td width="84%" colspan="2"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>RESTRICTED SHARE UNITS</strong></font> </div></td>
  </tr>
  <tr>
    <td colspan="2"><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td colspan="2" valign="top"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top"><div align="right"><font size="7" face="Times New Roman, Times, serif"><strong>8</strong></font></div></td>
    <td colspan="2" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">Effective February 2004, shareholders approved an amendment to the Company&rsquo;s stock option plan to change the name to Long-Term Incentive Plan and to allow the Board of Directors to grant restricted share units (RSU) under the LTIP. An RSU is the right of an individual to whom a grant of such unit is made to receive one Class A subordinate voting share at the end of the vesting periods of up to a maximum of ten years, if certain conditions have been achieved, which include the employee&rsquo;s continued employment during that period and achievement of specified performance objectives, if any. Grant levels of RSUs are determined by the Board of Directors on the basis of merit and relative contribution of the participant to the Company. The RSUs may be subject to the attainment of performance objectives established by the Board of Directors at the time of grant. At the end of the vesting period, the C
 lass A subordinate voting shares to which a holder of RSUs is entitled will be issued from treasury under the share limit provided in the LTIP. The fair value of each RSU is calculated at the date of the grant. Compensation expense relating to the RSU plan is recognized in the financial statements over the vesting period. As of October 3, 2004, there were 112,000 RSUs awarded and outstanding of which none were vested. The compensation expense recorded for fiscal 2004, in respect to the LTIP, was $331,305. The counterpart has been recorded as contributed surplus. When the shares are issued to the employees, the amounts previously credited to contributed surplus as the compensation costs are being charged to income, are credited to share capital. </font></div>
        <p align="justify"></p></td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp; </p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>65</strong></font></div></td>
    <td width="51%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td width="85%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont&rsquo;d)</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em>Years ended October 3, 2004, October 5, 2003 and September 29, 2002</em></font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
</table>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td width="85%" colspan="2"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">COMMITMENTS AND CONTINGENT LIABILITIES </font></strong></div></td>
  </tr>
  <tr>
    <td colspan="2"><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td colspan="2" valign="top"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top"><div align="right"><font size="7" face="Times New Roman, Times, serif"><strong>9</strong></font></div></td>
    <td colspan="2" valign="bottom"><p align="justify"><font size="2" face="Times New Roman, Times, serif">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The minimum annual lease payments under operating leases are approximately as follows:</font></p></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="2" valign="bottom">&nbsp;</td>
  </tr>
</table>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH></TH>
    <TH></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Fiscal year</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="2" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="26%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2005</font></TD>
    <TD WIDTH="42%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,729,000</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2006</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,830,000</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2007</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,474,000</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2008</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,015,000</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2009</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">833,000</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Thereafter</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,150,000</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="2" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,031,000</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="2" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td width="4%" valign="top"><font size="2" face="Times New Roman, Times, serif">(b)</font></td>
    <td width="81%" valign="bottom"><font size="2" face="Times New Roman, Times, serif">As at October 3, 2004, there were contractual obligations outstanding of approximately $27,560,000 for the acquisition of fixed assets (2003 &nbsp;&ndash; $2,335,000).</font></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td valign="bottom"><font size="2" face="Times New Roman, Times, serif">(c)</font></td>
    <td valign="bottom"><font size="2" face="Times New Roman, Times, serif">The Company is a party to claims and litigation arising in the normal course of operations. The Company does not expect the resolution of these matters to have a materially adverse effect on the financial position or results of operations of the Company.</font></td>
  </tr>
</table>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td width="85%" colspan="2"><div align="left"><font size="2" face="Times New Roman, Times, serif"><strong>GUARANTEES</strong> </font></div></td>
  </tr>
  <tr>
    <td colspan="2"><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td colspan="2" valign="top"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top"><div align="right"><font size="7" face="Times New Roman, Times, serif"><strong>10</strong></font></div></td>
    <td colspan="2" valign="top"><p align="justify"><font size="2" face="Times New Roman, Times, serif">As at October 3, 2004, significant guarantees that have been provided to third parties are the following:</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company, and some of its subsidiaries, have granted irrevocable standby letters of credit and surety bonds, issued by highly rated financial institutions, to third parties to indemnify them in the event the Company does not perform its contractual obligations. As at October 3, 2004, the maximum potential liability under these guarantees was $26.8 million, of which $10.9 million was surety bonds and $15.9 million was for standby letters of credit and corporate guarantees. The standby letters of credit mature at various dates during fiscal 2005, the surety bonds are automatically renewed on an annual basis and the corporate guarantees mature upon 30 days notice.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">As at October 3, 2004, the Company has not recorded a liability with respect to these guarantees, as the Company does not expect to make any payments for the aforementioned items. </font></p>
        <p align="justify"></p></td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp; </p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="left"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
    <td width="51%" valign="bottom"><div align="left"><font size="+7" face="Times New Roman, Times, serif"><strong>66</strong></font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td width="85%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont&rsquo;d)</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em>Years ended October 3, 2004, October 5, 2003 and September 29, 2002</em></font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
</table>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td width="85%" colspan="2"><div align="left"><font size="2" face="Times New Roman, Times, serif"><strong>INCOME TAXES</strong> </font></div></td>
  </tr>
  <tr>
    <td colspan="2"><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td colspan="2" valign="top"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top"><div align="right"><font size="7" face="Times New Roman, Times, serif"><strong>11</strong></font></div></td>
    <td colspan="2" valign="bottom"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The income tax provision differs from the amount computed by applying the combined Canadian federal and provincial tax rates to earnings before income taxes. The reasons for the difference and the related tax effects are as follows: </font></div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="2" valign="bottom">&nbsp;</td>
  </tr>
</table>
<br>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 2003</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 2002 </font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="51%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Combined basic Canadian federal and</font></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="12%" ALIGN="RIGHT"></TD>
    <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="12%" ALIGN="RIGHT"></TD>
    <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="12%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provincial income taxes</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,012,067</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,602,669</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;16,578,002</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Increase (decrease) in income taxes resulting from:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of different tax rates on earnings of foreign subsidiaries</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(19,934,907</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(15,430,272</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(14,446,605</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of non-deductible expenses and other</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">3,000,840</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,615,949</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2,534,649</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,078,000</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,788,346</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;4,666,046</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">The components of income tax expense are as follows:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
</TABLE>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 2003</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 2002 </font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="35%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Current income taxes</font></TD>
    <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="26%" ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131,329</font></strong></TD>
    <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="12%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,591,957</font></TD>
    <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="12%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,451,355</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Future income taxes</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2,946,671</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,196,389</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,214,691</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,078,000</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,788,346</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,666,046</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr align="JUSTIFY" size="3" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The Company has not recognized a future income tax liability for the undistributed earnings of its subsidiaries in the current or prior years, because the Company currently does not expect to sell those investments, and for those undistributed earnings that would become taxable, there is no intention to repatriate the earnings. </font> </div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Future income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company&rsquo;s future tax position are as follows:</font></p></TD>
  </TR>
</TABLE>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH></TH>
    <TH></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2003</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="41%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Future income tax assets:</font></TD>
    <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="15%" ALIGN="RIGHT"></TD>
    <TD WIDTH="15%" ALIGN="RIGHT"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-capital losses</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,098,638</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,586,768</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">1,346,703</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,571,835</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserves and accruals</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">1,453,276</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">922,939</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share issue costs and other</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">1,250,276</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">600,358</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">8,148,893</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,681,900</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Future income tax liabilities:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed assets and other</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">28,058,293</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">20,716,100</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Net future income tax liability</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,909,400</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,034,200</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Management believes that all future income tax assets will more likely be realized than not and, accordingly, no valuation allowance has been provided. </font></TD>
  </TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>67</strong></font></div></td>
    <td width="51%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<p style="page-break-before:always"></p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td width="85%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont&rsquo;d)</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em>Years ended October 3, 2004, October 5, 2003 and September 29, 2002</em></font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
</table>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td width="85%" colspan="2"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">EARNINGS PER SHARE </font></strong></div></td>
  </tr>
  <tr>
    <td colspan="2"><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td colspan="2" valign="top"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top"><div align="right"><font size="7" face="Times New Roman, Times, serif"><strong>12</strong></font></div></td>
    <td colspan="2" valign="bottom"><div align="justify"><font size="2" face="Times New Roman, Times, serif">A reconciliation between basic and diluted earnings per share is as follows: </font></div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="2" valign="bottom">&nbsp;</td>
  </tr>
</table>
<br>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 2003</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 2002 </font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="59%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Basic earnings per share:</font></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="10%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="10%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="10%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic weighted average number</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of common shares outstanding</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">29,590,805</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">29,241,646</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">28,491,495</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per share</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$<strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>1.82</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$<strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>1.49</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Diluted earnings per share:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic weighted average number of</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common shares outstanding</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">29,590,805</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">29,241,646</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">28,491,495</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus impact of stock options and restricted share units</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">244,784</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">484,043</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">870,060</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted weighted average number of common</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares outstanding</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">29,835,589</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">29,725,689</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">29,361,555</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Diluted earnings per share</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$<strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>1.79</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$<strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>1.45</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">Excluded from the above calculation are 32,000 (2002 &ndash; 144,800) stock options ranging in prices from CAD$36.50 to CAD$40.89 (2002 &ndash; CAD$34.58 to CAD$35.12) which were deemed to be antidilutive because the exercise prices were greater than the average market price of the common shares. All stock options outstanding for fiscal 2003 were dilutive. In addition, there are 56,000 restricted share units that have certain performance vesting triggers tied to the market price of the Company&rsquo;s shares, and the attainment of future earnings that were excluded from the above calculation of diluted earnings per share for fiscal 2004. </font></div></TD>
  </TR>
</TABLE>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td width="85%" colspan="2"><div align="left"><font size="2" face="Times New Roman, Times, serif"><strong>OTHER INFORMATION</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2"><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td colspan="2" valign="top"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top"><div align="right"><font size="7" face="Times New Roman, Times, serif"><strong>13</strong></font></div></td>
    <td colspan="2" valign="bottom"><div align="justify"><font size="2" face="Times New Roman, Times, serif">(a) <strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong>The following items were included in the determination of the Company&rsquo;s net earnings: </font></div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="2" valign="bottom">&nbsp;</td>
  </tr>
</table>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 2003</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 2002 </font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="56%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Depreciation expense of fixed assets</font></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$21,510,926</font></strong></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$15,406,529</font></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;9,734,990</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Interest expense on long-term debt</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">6,226,283</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">6,750,569</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">7,421,820</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Foreign exchange gain (loss)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">47,310</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,206,025</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(637,278</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Defined contribution plan expense</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">441,924</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">375,803</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">234,725</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Amortization expense of deferred start-up costs</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">376,698</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">297,140</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">513,261</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Amortization of deferred financing costs and other</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">386,900</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">384,359</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">951,211</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Investment income</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">248,253</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">370,908</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">61,993</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top"><div align="right"><font size="2" face="Times New Roman, Times, serif">b)<strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong></font></div></td>
    <td width="92%" colspan="2" valign="bottom"><div align="justify"><font size="2" face="Times New Roman, Times, serif">An amount of approximately $0.5 million is included as compensation costs in &ldquo;Selling, general and administration&rdquo; expenses in the consolidated statements of earnings for fiscal 2004 in respect to the employee share purchase plans, restricted share units granted in the year, and a modification to the vesting period of certain options. </font>
            <p></p>
    </div></td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="left"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
    <td width="51%" valign="bottom"><div align="left"><font size="+7" face="Times New Roman, Times, serif"><strong>68</strong></font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<p style="page-break-before:always"></p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td width="85%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont&rsquo;d)</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em>Years ended October 3, 2004, October 5, 2003 and September 29, 2002</em></font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
</table>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="3"><div align="left"><font size="2" face="Times New Roman, Times, serif"><strong>OTHER INFORMATION (cont&rsquo;d)</strong> </font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="3" valign="top"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="3" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td width="5%" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">(c)</font></div></td>
    <td colspan="2" valign="bottom"><div align="justify"><font size="2" face="Times New Roman, Times, serif">Also included in &ldquo;Selling, general and administration&rdquo; expenses, is an amount of $4.6 million representing the cost of financial obligations pursuant to an employment contract with the former Chairman and Co-Chief Executive Officer of the Company. As at October 3, 2004, an accrual of $2.2 million relating to future obligations under this contract is included in &ldquo;Accounts payable and accrued liabilities&rdquo; in the consolidated balance sheets.</font></div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td width="51%" valign="bottom">&nbsp;</td>
    <td width="28%" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">(d)</font></div></td>
    <td colspan="2" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">During fiscal 2004, the Company closed one of its Honduran sewing facilities. The total costs of closure amounted to $2.2 million, of which $1.4 million related mainly to severance payments that were recorded in &ldquo;Cost of sales&ldquo; and $0.8 million representing the write-down of fixed assets that was recorded in &ldquo;Selling, general and administrative&ldquo; expensesin the consolidated statements of earnings. As at October 3, 2004, all payments relating to the closure have been made.</font></div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td valign="bottom"><font size="2" face="Times New Roman, Times, serif">(e)</font></td>
    <td valign="bottom"><font size="2" face="Times New Roman, Times, serif">Supplemental cash flow disclosure:</font></td>
    <td valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="3" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="3" valign="bottom">&nbsp;</td>
  </tr>
</table>
<br>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 2003</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 2002 </font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="53%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Cash paid during the year for:</font></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="12%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="12%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="12%" ALIGN="RIGHT"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,404,429</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,443,566</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,628,662</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">1,811,941</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,074,733</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">507,403</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Non-cash transactions:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions to fixed assets included</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in accounts payable and accrued liabilities</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,473,007</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,348,520</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,107,545</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Cash and cash equivalents consist of:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash balances with banks</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,570,810</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,672,090</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,010,474</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments, bearing</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interest at 1.72% (2003 &#8212; 1.65%; 2002 &#8212; 2.75%)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">27,100,000</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">18,667,863</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">16,000,000</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,670,810</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69,339,953</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,010,474</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="2"><div align="left"><font size="2" face="Times New Roman, Times, serif"><strong>FINANCIAL INSTRUMENTS</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2"><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td colspan="2" valign="top"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top"><div align="right"><font size="7" face="Times New Roman, Times, serif"><strong>14</strong></font></div></td>
    <td width="6%" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">(a)</font></div></td>
    <td width="78%" valign="bottom"><div align="justify"><font size="2" face="Times New Roman, Times, serif"> Foreign currency risk management:<br>
        A portion of the Company&rsquo;s sales are denominated in currencies other than US dollars. The Company uses the revenue stream in these non-US dollar currencies as a natural hedge against purchases of fixed assets and expenses denominated in these non-US dollar currencies. From time to time, the Company also uses forward foreign exchange contracts to hedge its foreign exchange exposure on cash flows related to payables and accounts receivable. </font> </div>
        <p align="justify"></p></td>
  </tr>
</table>
<br>
<p>&nbsp;</p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>69</strong></font></div></td>
    <td width="51%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<p></p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td width="85%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont&rsquo;d)</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em>Years ended October 3, 2004, October 5, 2003 and September 29, 2002</em></font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
</table>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="2"><div align="left"><font size="2" face="Times New Roman, Times, serif"><strong>FINANCIAL INSTRUMENTS</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="2"><hr size="2" color="#000000"></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td width="4%" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">(a)</font></div></td>
    <td width="81%">
      <div align="justify"><font size="2" face="Times New Roman, Times, serif">Foreign currency risk management (cont&rsquo;d):<br>
        The following table summarizes the Company&rsquo;s commitments to buy and sell foreign currencies as at October 3, 2004 and October 5, 2003: </font></div></td>
  </tr>
</table>
<br>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">Notional</font><br>
            <font size="2" face="Times New Roman, Times, serif">amount</font> <br>
    </div></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">Exchange rate</font></div></TD>
    <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">Maturity</font></div></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">Notional <br>
      US dollar <br>
      equivalent</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="29%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"><strong>2004:</strong></font></TD>
    <TD WIDTH="13%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="7%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="17%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="16%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="15%" ALIGN="RIGHT"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Sell contracts:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Foreign exchange contracts:</font></TD>
    <TD ALIGN="LEFT"><div align="right"><strong><font color="#0033CC">&#8364;</font></strong></div></TD>
    <TD ALIGN="LEFT"><div align="right"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">1,409,000</font></strong></div></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><div align="center"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">1.2703 to 1.2717</font></strong></div></TD>
    <TD ALIGN="LEFT"><div align="right"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">Oct. &#8212; Dec. 2004</font></strong></div></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,790,823</font></strong></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><div align="right"><strong><font color="#0033CC">&pound;</font></strong></div></TD>
    <TD ALIGN="LEFT"><div align="right"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">1,002,000</font></strong></div></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><div align="center"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">1.7970 to 1.8490</font></strong></div></TD>
    <TD ALIGN="LEFT"><div align="right"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">Oct. &#8212; Dec. 2004</font></strong></div></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,836,064</font></strong></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Buy contracts:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Foreign exchange contracts:</font></TD>
    <TD ALIGN="LEFT"><div align="right"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">CAD$</font></strong></div></TD>
    <TD ALIGN="LEFT"><div align="right"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif"> 38,990,000</font></strong></div></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><div align="center"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">0.7251 to 0.7401</font></strong></div></TD>
    <TD ALIGN="LEFT"><div align="right"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">Oct. 2004 &#8212; May 2005</font></strong></div></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,725,563</font></strong></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
</TABLE>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH width="15%"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">2003:</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="29%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Sell contracts:</font></TD>
    <TD WIDTH="13%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="7%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="17%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="16%" ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Foreign exchange contracts:</font></TD>
    <TD ALIGN="LEFT"><div align="right">&#8364;</div></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,570,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">1.0720 to 1.0728</font></div></TD>
    <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">Oct. <strong><font size="2" face="Times New Roman, Times, serif">&#8212;</font></strong> Nov. 2003</font></div></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,683,467</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<p>&nbsp;</p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td width="4%" valign="top">&nbsp;</td>
    <td width="86%">
      <div align="justify"><font size="2" face="Times New Roman, Times, serif">A forward foreign exchange contract represents an obligation to buy or sell a foreign currency with a counterparty. Credit risk exists in the event of failure by a counterparty to meet its obligations. The Company reduces this risk by dealing only with highly rated counterparties, normally major European and North American financial institutions. </font></div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">(b)</font></td>
    <td><p align="justify"><font size="2" face="Times New Roman, Times, serif">Credit risk:<br>
        The Company&rsquo;s financial instruments that are exposed to concentrations of credit risk consist primarily of cash equivalents and trade receivables.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company invests available cash in short-term deposits with North American financial institutions.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company&rsquo;s extension of credit involves considerable judgment and is based on an evaluation of each customer&rsquo;s financial condition and payment history. The Company regularly monitors its credit risk exposure to its customers and takes steps to mitigate the risk of loss, including obtaining credit insurance. As at October 3, 2004, the Company&rsquo;s top ten customers accounted for approximately 52% (2003 &ndash; 52%) of the trade receivable balance of which one customer represented 19.5% (2003 &ndash; 25%). The remaining trade receivable balances are dispersed amongst a large number of customers across many geographic areas within Canada, the United States, the United Kingdom and Europe.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">An allowance for doubtful accounts is maintained for potential credit losses consistent with the credit risk, historical trends, general economic conditions and other information.</font></p></td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="left"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
    <td width="51%" valign="bottom"><div align="left"><font size="+7" face="Times New Roman, Times, serif"><strong>70</strong></font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<p></p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td width="85%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont&rsquo;d)</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em>Years ended October 3, 2004, October 5, 2003 and September 29, 2002</em></font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
</table>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="2"><div align="left"><font size="2" face="Times New Roman, Times, serif"><strong>FINANCIAL INSTRUMENTS </strong></font><font size="2" face="Times New Roman, Times, serif"><strong>(cont&rsquo;d)</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="2"><hr size="2" color="#000000"></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td width="4%" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">(c)</font></div></td>
    <td width="81%">
      <div align="justify"><font size="2" face="Times New Roman, Times, serif">Fair value disclosure:<br>
        Fair value estimates are made as of a specific point in time, using available information about the financial instrument. These estimates are subjective in nature and often cannot be determined with precision. </font>
          <p><font size="2" face="Times New Roman, Times, serif">The Company has determined that the carrying value of its short-term financial assets and liabilities approximates fair values as at the balance sheet dates because of the short-term maturity of those instruments. </font></p>
          <p><font size="2" face="Times New Roman, Times, serif">The fair value of long-term debt is $61,251,587 (2003 &ndash; $83,580,642) compared to a carrying value of $56,589,005 (2003 &ndash; $73,559,122) as at October 3, 2004. The fair value of the loan to director and officer is not significantly different from its carrying value. The fair value of the forward foreign exchange contracts is $2,112,009 as at October 3, 2004. The carrying values of the outstanding forward foreign exchange contracts as at October 5, 2003 were not significantly different from their fair values. The method of calculating fair values for the financial instruments is described below.</font></p>
          <p><font size="2" face="Times New Roman, Times, serif">The fair value of the Company&rsquo;s long-term debt bearing interest at fixed rates was calculated using the present value of future payments of principal and interest discounted at the current market rates of interest available to the Company for the same or similar debt instruments with the same remaining maturities. For long-term debt bearing interest at variable rates, the fair value is considered to approximate the carrying value. The fair value of the forward foreign exchange contracts was determined using quoted market values.</font></p>
    </div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">(d)</font></td>
    <td valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif"> Interest rate risk:<br>
        The Company&rsquo;s exposure to interest rate fluctuations is with respect to the use of its bank facility which bears interest at floating rates. </font> </div></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="3"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">SEGMENTED INFORMATION</font> </strong></div></td>
  </tr>
  <tr>
    <td colspan="2"><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td colspan="3" valign="top"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top"><div align="right"><font size="7" face="Times New Roman, Times, serif"><strong>15</strong></font></div></td>
    <td colspan="3" valign="bottom"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The Company manufactures and sells activewear apparel. The Company operates in one business segment. </font></div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td width="6%" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">(a)</font></div></td>
    <td colspan="2" valign="bottom"><div align="justify"><font size="2" face="Times New Roman, Times, serif"> Major customers and revenues by geographic areas: </font></div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td width="5%" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(i)</font></td>
    <td width="73%" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Percentages related to individual customers accounting for greater than 10% of total sales are as follows: </font></td>
  </tr>
</table>
<br>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH></TH>
    <TH></TH>
    <TH></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><div align="center"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004</font></strong></div></TD>
    <TD ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif"> 2003</font></div></TD>
    <TD ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif"> 2002 </font></div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="5" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="28%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Company A</font></TD>
    <TD WIDTH="9%" ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><div align="center"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">25.0%</font></strong></div></TD>
    <TD ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">13</font><font size="2" face="Times New Roman, Times, serif">.9%</font></div></TD>
    <TD ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">14</font><font size="2" face="Times New Roman, Times, serif">.8%</font></div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Company B</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><div align="center"><strong><font color="#0033CC">&#8212;</font></strong></div></TD>
    <TD ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">13</font><font size="2" face="Times New Roman, Times, serif">.6%</font></div></TD>
    <TD ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">10</font><font size="2" face="Times New Roman, Times, serif">.7%</font></div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="5" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td width="6%" valign="top">&nbsp;</td>
    <td colspan="2" valign="bottom"><div align="justify"><font size="2" face="Times New Roman, Times, serif"> During September 2003, Company A acquired Company B.</font>
            <p></p>
    </div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td width="5%" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(ii)</font></td>
    <td width="73%" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Sales were derived from customers located in the following geographic areas:</font></td>
  </tr>
</table>
<br>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH></TH>
    <TH></TH>
    <TH></TH>
    <TH></TH>
    <TH></TH>
    <TH></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 2003</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 2002</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="16%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">United States</font></TD>
    <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="30%" ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$</font><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font color="#0033CC" size="2" face="Times New Roman, Times, serif">452,060,382</font></strong></TD>
    <TD WIDTH="10%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="12%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362,231,222</font></TD>
    <TD WIDTH="7%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="12%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318,809,905</font></TD>
    <TD WIDTH="8%" ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Canada</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">44,826,642</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">40,310,429</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">40,168,745</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Europe and other</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">36,480,513</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">28,652,951</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">23,333,578</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$</font><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font color="#0033CC" size="2" face="Times New Roman, Times, serif">533,367,537</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431,194,602</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382,312,228</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>71</strong></font></div></td>
    <td width="51%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td width="85%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont&rsquo;d)</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em>Years ended October 3, 2004, October 5, 2003 and September 29, 2002</em></font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
</table>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td width="85%" colspan="3"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">SEGMENTED INFORMATION</font> <font size="2" face="Times New Roman, Times, serif"> (cont&rsquo;d)</font></strong></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="3" valign="top"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="3" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="3" valign="top">&nbsp;</td>
  </tr>
</table>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td width="6%" valign="top"><font size="2" face="Times New Roman, Times, serif">(b)</font></td>
    <td width="79%" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif"> Fixed assets by geographic areas are as follows:</font> </div></td>
  </tr>
</table>
<br>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH></TH>
    <TH></TH>
    <TH></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 2003</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="3" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="55%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Canada</font></TD>
    <TD WIDTH="22%" ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82,033,982</font></strong></TD>
    <TD WIDTH="18%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93,246,643</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Caribbean basin and Central America</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">96,099,258</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">62,501,910</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">United States</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">28,006,261</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">18,532,618</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Mexico</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">5,553,398</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">6,068,222</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="3" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211,692,899</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180,349,393</font></TD>
  </TR>
</TABLE>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="3"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">CANADIAN AND UNITED STATES ACCOUNTING DIFFERENCES </font></strong></div></td>
  </tr>
  <tr>
    <td colspan="2"><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td colspan="3" valign="top"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top"><div align="right"><font size="7" face="Times New Roman, Times, serif"><strong>16</strong></font></div></td>
    <td colspan="3" valign="bottom"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The consolidated financial statements of the Company are expressed in US dollars and are prepared in accordance with Canadian generally accepted accounting principles (&quot;GAAP&quot;), which conform, in all material respects, with those generally accepted in the United States except as described below: </font></div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td width="6%" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(a) </font></td>
    <td width="40%" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Consolidated statements of earnings:</font></td>
    <td width="40%" valign="bottom">&nbsp;</td>
  </tr>
</table>
<br>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 2003</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 2002</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="51%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Net earnings in accordance with Canadian GAAP</font></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="12%" ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,251,248</font></strong></TD>
    <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,155,698</font></TD>
    <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="14%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42,436,586</font></TD>
    <TD WIDTH="0%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Swap (expense) revenue (i)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(586,109</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(1,090,950</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">264,077</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Start-up costs (ii)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(347,456</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">137,209</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">140,451</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Stock-based compensation (iii)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">106,363</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(561,530</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Tax effect of above adjustments</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">31,664</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">273,297</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(166,318</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Net earnings in accordance with United States GAAP</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">59,455,710</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">51,913,724</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">42,674,796</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Other comprehensive income:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark-to-market adjustments on foreign exchange</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;contracts, net of tax of $655,000 (note 16 (d))</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">1,457,009</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Comprehensive income</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,912,719</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,913,724</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42,674,796</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Earnings per share under United States GAAP:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">1.99</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.75</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.45</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Weighted average number of common shares</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;outstanding under United States GAAP:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">29,590,805</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">29,241,646</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">28,491,495</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">29,835,589</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">29,725,689</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">29,361,555</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<p>&nbsp;</p>
<p><br>
</p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="left"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
    <td width="51%" valign="bottom"><div align="left"><font size="+7" face="Times New Roman, Times, serif"><strong>72</strong></font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td width="85%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont&rsquo;d)</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em>Years ended October 3, 2004, October 5, 2003 and September 29, 2002</em></font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
</table>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="3"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">CANADIAN AND UNITED STATES ACCOUNTING DIFFERENCES </font><font size="2" face="Times New Roman, Times, serif">(cont&rsquo;d)</font></strong></div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="3"><hr size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td width="52%">&nbsp;</td>
    <td width="28%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">(i)</font></td>
    <td colspan="2"><div align="justify">
        <p><font size="2" face="Times New Roman, Times, serif">Swap revenue:<br>
          Under United States GAAP, SFAS 133 &ldquo;Accounting for Derivative Instruments and Hedging Activities&rdquo; requires that all derivative instruments be recognized as assets or liabilities and be measured at fair value. Under Canadian GAAP, there is no requirement to record derivative instruments used for hedging purposes at fair values. Consequently, on an ongoing basis, differences arise between amounts recognized for Canadian GAAP and United States GAAP. Upon cancellation of the derivative instruments, the gain or loss recognized under Canadian GAAP is different than the amount under United States GAAP.</font></p>
        <p><font size="2" face="Times New Roman, Times, serif"> Under Canadian GAAP, the Company was using hedge accounting for certain derivative instruments. The gain realized on cancellation of the cross-currency interest rate swap arrangement was deferred, and is being amortized over the term of the related debt. Under United States GAAP, the Company had not designated the derivative instrument in a hedging relationship and, consequently, upon cancellation of the instrument, the Company recognized the gain immediately into income.</font></p>
    </div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">(ii)</font></div></td>
    <td colspan="2"><div align="justify"><font size="2" face="Times New Roman, Times, serif">Start-up costs:<br>
        Costs incurred during the start-up period for new manufacturing and distribution facilities are deferred and amortized on a straight-line basis over two years. United States GAAP requires such costs to be expensed as incurred. The adjustment to net earnings in accordance with United States GAAP includes the write-off of current year&rsquo;s start-up costs, and the reversal of the current year amortization of start-up costs deferred under Canadian GAAP.</font></div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">(iii)</font></td>
    <td colspan="2"><div align="justify"><font size="2" face="Times New Roman, Times, serif"> Stock-based compensation:<br>
        Effective October 6, 2003, the Company adopted the fair value recognition provisions of FASB Statement 123, Accounting for Stock-based Compensation, prospectively to all employee awards granted, modified or settled after that date. Consequently, for periods after October 5, 2003, there are no differences between Canadian GAAP and United States GAAP. In prior years, as permitted by the provisions of SFAS No. 123, the Company measured compensation cost using the intrinsic value method being the excess of the quoted market price of the Company&rsquo;s stock at the grant date over the amount the employee must pay for the stock. Accordingly, as no excess existed at the grant date, no compensation expense was recognized for stock option awards. However, in fiscal 2003, certain of the Company&rsquo;s stock options were considered variable under United States GAAP because a modification was made to accelerate the vesting period. As a result, compensation cost was measured on these variable options commencing
 on the effective date of the modification. </font> </div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif"> Under Canadian GAAP, for options granted in prior years, the Company used the settlement date method of accounting for options, and compensation expense was not recognized.</font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif"> Under the transition provisions of SFAS No. 123 adopted by the Company, compensation cost continues to be recognized on these available options until the date the options are exercised.</font></p></td>
  </tr>
</table>
<p><br>
</p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>73</strong></font></div></td>
    <td width="51%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td width="85%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont&rsquo;d)</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em>Years ended October 3, 2004, October 5, 2003 and September 29, 2002</em></font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
</table>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="3"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">CANADIAN AND UNITED STATES ACCOUNTING DIFFERENCES </font><font size="2" face="Times New Roman, Times, serif">(cont&rsquo;d)</font></strong></div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="3"><hr size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td width="5%" valign="top"><font size="2" face="Times New Roman, Times, serif">(b)</font></td>
    <td width="52%"><font size="2" face="Times New Roman, Times, serif"> Consolidated statements of cash flows: </font></td>
    <td width="28%">&nbsp;</td>
  </tr>
</table>
<br>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 2003</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 2002</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="49%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Cash and cash equivalents, United States GAAP,</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="12%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="16%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="15%" ALIGN="RIGHT"></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;beginning of year</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69,339,953</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,010,474</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8212;</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Changes due to United States GAAP:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating activities on a Canadian basis</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">58,919,688</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">63,720,880</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">114,245,429</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Start-up costs</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(347,456</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">137,209</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">140,451</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating activities cash flow, United States GAAP</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">58,572,232</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">63,858,089</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">114,385,880</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investing activities on a Canadian basis</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(53,819,655</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(39,458,335</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(43,491,931</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Start-up costs</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">347,456</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(137,209</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(140,451</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investing activities cash flow, United States GAAP</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(53,472,199</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(39,595,544</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(43,632,382</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing activities on a Canadian basis</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and under United States GAAP</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(14,349,709</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">411,150</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(25,153,472</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Effect of exchange rate changes on</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cash and cash equivalents</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">580,533</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(344,216</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(589,552</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Cash and cash equivalents, United States GAAP, end of year</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,670,810</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69,339,953</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,010,474</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="8" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td width="5%" valign="top"><font size="2" face="Times New Roman, Times, serif">(c)</font></td>
    <td width="83%"><font size="2" face="Times New Roman, Times, serif"> Consolidated balance sheets:<br>
      A reconciliation of shareholders&rsquo; equity under Canadian GAAP to United States GAAP is as follows:</font> </td>
  </tr>
</table>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 2003 </font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="6" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="58%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Shareholders' equity under Canadian GAAP</font></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="22%" ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;327,594,842</font></strong></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="15%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;264,202,753</font></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">United States GAAP adjustments:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Start-up costs</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(760,344</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(412,888</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2,112,009</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cross&#8211;currency swap</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">298,000</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,047,640</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax effect on above terms</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">(747,000</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(287,485</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="6" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">902,665</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">347,267</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="6" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Shareholders' equity under United States GAAP</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;328,497,507</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;264,550,020</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="6" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<p><br>
</p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="left"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
    <td width="51%" valign="bottom"><div align="left"><font size="+7" face="Times New Roman, Times, serif"><strong>74</strong></font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td width="85%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont&rsquo;d)</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em>Years ended October 3, 2004, October 5, 2003 and September 29, 2002</em></font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
</table>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="3"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">CANADIAN AND UNITED STATES ACCOUNTING DIFFERENCES </font><font size="2" face="Times New Roman, Times, serif">(cont&rsquo;d)</font></strong></div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="3"><hr size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td width="5%" valign="top"><font size="2" face="Times New Roman, Times, serif">(b)</font></td>
    <td width="52%"><font size="2" face="Times New Roman, Times, serif"> Consolidated statements of cash flows (cont&rsquo;d): </font></td>
    <td width="28%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2"><div align="justify"><font size="2" face="Times New Roman, Times, serif">In January 2003, the FASB issued Financial Interpretation No. 46, Consolidation of Variable Interest Entities, (&ldquo;FIN 46&rdquo;). In December 2003, the FASB issued a revised interpretation of FIN 46 (&ldquo;FIN 46-R&rdquo;), which supersedes FIN 46 and clarifies certain aspects of FIN 46. FIN 46-R addresses whether business enterprises must consolidate the financial statements of entities known as &ldquo;variable interest entities&rdquo;. A variable interest entity is defined by FIN 46-R to be a business entity which has one or both of the following characteristics: (1) the equity investment at risk is not sufficient to permit the entity to finance its activities without additional support from other parties, which is provided through other interests that will absorb some or all of the expected losses of the entity; and (2) the equity investors lack one or more of the following essential characteristics of a con
 trolling financial interest: (a) direct or indirect ability to make decisions about the entity&rsquo;s activities through voting rights or similar rights, (b) the obligation to absorb the expected losses of the entity if they occur, which makes it possible for the entity to finance its activities, or (c) the right to receive the expected residual returns of the entity if they occur, which is the compensation for risk of absorbing expected losses. Under FIN 46-R, the party with an ownership, contractual or other financial interest that absorbs the majority of the variable interest entity&rsquo;s expected losses, or is entitled to receive a majority of the residual returns, or both, is deemed to be the primary beneficiary, and is required to consolidate the variable interest entity&rsquo;s assets, liabilities and non-controlling interests. </font></div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company has determined that the joint venture with Frontier Spinning Mills Inc. meets the criteria for being a variable interest entity, as the Company is the primary beneficiary of the entity. The consolidation of the results of the joint venture had no impact on net earnings determined under Canadian GAAP or US GAAP, as the Company has accounted for the interest in the joint venture on a proportionate consolidated basis. As at October 3, 2004, the consolidation of the joint venture increased total assets by $7.9 million, total liabilities by $5.1 million and non-controlling interests by $2.8 million.</font></p></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2"><div align="justify"><font size="2" face="Times New Roman, Times, serif">(d) Comprehensive income:<br>
        Under United States GAAP, SFAS No. 130, &ldquo;Reporting Comprehensive Income&rdquo; establishes standards for reporting and presentation of comprehensive income and its components in a full set of financial statements. Comprehensive income consists of net income and all other changes in shareholders&rsquo; equity that do not result from transactions with shareholders. Such changes include cumulative foreign currency translation adjustments and the changes in the market value of the forward foreign exchange contracts considered as hedges against cash flow items. The Statement requires only additional disclosures in the consolidated financial statements; it does not affect the Company&rsquo;s financial position or results of operations. </font> </div>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">Accumulated other comprehensive income, which resulted from (a) the change in functional currency and (b) the market value of the forward foreign exchange contracts considered as hedges against cash flow items, is as follows:</font></p></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
</table>
<br>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH></TH>
    <TH width="28%"></TH>
    <TH width="20%"></TH>
    <TH></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004</font></strong></TD>
    <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif"> 2003</font></div></TD>
    <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif"> 2002 </font></div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="34%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Opening balance</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,248,267</font></strong></TD>
    <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8212;</font></div></TD>
    <TD WIDTH="18%" ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8212;</font></div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Change during the year</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">1,457,009</font></strong></TD>
    <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8212;</font></div></TD>
    <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">&#8212;</font></div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Cumulative translation adjustment</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC">&#8212;</font></strong></TD>
    <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">26,248,267</font></div></TD>
    <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">&#8212;</font></div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,705,276</font></strong></TD>
    <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26,248,267</font></div></TD>
    <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8212;</font></div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="4" ALIGN="LEFT"><hr size="3" noshade></TD>
  </TR>
</TABLE>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td width="85%" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">Under Canadian generally accepted accounting principles, the cumulative translation adjustments account is disclosed as a separate component of shareholders&rsquo; equity. </font></div></td>
  </tr>
</table>
<p><br>
</p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="right"><font size="+7" face="Times New Roman, Times, serif"><strong>75</strong></font></div></td>
    <td width="51%" valign="bottom"><div align="right"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<p>&nbsp;</p>
<p><br>
</p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td width="85%" colspan="5"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont&rsquo;d)</strong></font></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><em>Years ended October 3, 2004, October 5, 2003 and September 29, 2002</em></font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5"><em><font size="2" face="Times New Roman, Times, serif">(In US dollars)</font></em></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="5">&nbsp;</td>
  </tr>
</table>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="3"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">CANADIAN AND UNITED STATES ACCOUNTING DIFFERENCES </font><font size="2" face="Times New Roman, Times, serif">(cont&rsquo;d)</font></strong></div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="3"><hr size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td width="5%" valign="top"><font size="2" face="Times New Roman, Times, serif">(e)</font></td>
    <td width="52%"><div align="justify"><font size="2" face="Times New Roman, Times, serif"> Supplementary information:</font></div></td>
    <td width="28%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Under United States GAAP and SEC rules, separate disclosure is required for the following statement of earnings and balance sheet items. There is no similar requirement under Canadian GAAP.</font> </td>
  </tr>
</table>
<br>
<TABLE WIDTH="95%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">2004</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 2003</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 2002 </font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="62%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Statements of earnings:</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="10%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="10%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="10%" ALIGN="RIGHT"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental expenses</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,825,598</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$<strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></strong>&nbsp;&nbsp;2,280,753</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$<strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></strong>&nbsp;&nbsp;1,547,577</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising expenses</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">5,147,523</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">5,049,618</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">5,213,511</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Balance sheets:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;40,040,047</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$<strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></strong>35,394,536</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$<strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></strong><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></strong>26,168,877</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">34,457,810</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">30,835,592</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">25,345,120</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for doubtful accounts, price discounts and rebates</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#0033CC" size="2" face="Times New Roman, Times, serif">23,460,095</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">21,614,398</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">17,111,661</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="7" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
</TABLE>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top">&nbsp;</td>
    <td colspan="3"><div align="left"><font size="2" face="Times New Roman, Times, serif"><strong>COMPARATIVE FIGURES</strong> </font></div></td>
  </tr>
  <tr>
    <td colspan="2"><div align="right"><img src="arrow.jpg" width="47" height="25"></div></td>
    <td colspan="3" valign="top"><div align="left">
        <hr size="2" color="#000000">
    </div></td>
  </tr>
  <tr>
    <td colspan="2" valign="top"><div align="right"><font size="7" face="Times New Roman, Times, serif"><strong>17</strong></font></div></td>
    <td colspan="3" valign="bottom"><div align="justify"><font size="2" face="Times New Roman, Times, serif">Certain comparative figures have been reclassified in order to conform with the current year&rsquo;s presentation. </font></div></td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><br>
</p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%" valign="bottom"><div align="left"><font size="2" face="Times New Roman, Times, serif">Gildan 2004 Annual Report</font></div></td>
    <td width="51%" valign="bottom"><div align="left"><font size="+7" face="Times New Roman, Times, serif"><strong>76</strong></font></div></td>
  </tr>
</table>
<p><br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0" bgcolor="#0033CC">
  <tr>
    <td width="12%">&nbsp;</td>
    <td width="88%"><p>&nbsp;</p>
        <p><font size="2" face="Times New Roman, Times, serif"><strong><font color="#FFFFFF">Head Office</font></strong><font color="#FFFFFF"><br>
                <em>Gildan Activewear Inc.<br>
        725 Mont&eacute;e de Liesse <br>
        Montreal, Quebec <br>
        Canada H4T 1P5 <br>
        Tel.: (514) 735-2023 <br>
        www.gildan.com</em></font></font></p>
        <p>&nbsp;</p>
        <p><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><strong>Stock Transfer Agent and Registrar</strong><br>
              <em>Computershare Trust Company of Canada <br>
        Computershare Trust Company, Inc. <br>
        United States</em></font></p>
        <p>&nbsp;</p>
        <p><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><strong>Auditors</strong><br>
        KPMG <em>LLP</em></font></p>
        <p>&nbsp;</p>
        <p><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><strong>Investor Information</strong><em><br>
        Tel.: (514) 340-8791</em></font></p>
        <p><strong><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif">Annual and Special Meeting of Shareholders</font></strong><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif"><br>
              <em>Wednesday, February 2, 2005 <br>
        At 11:00 a.m.<br>
        Hotel Omni Mont-Royal <br>
        Salon des Saisons A <br>
        1050 Sherbrooke Street West <br>
        Montreal, Quebec</em></font></p>
        <p></p>
        <p></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr size="1" color="#FFFFFF"></td>
  </tr>
  <tr>
    <td align="center"><img src="cg3.jpg" width="52" height="138"></td>
    <td><div align="justify"><font color="#FFFFFF" size="2" face="Times New Roman, Times, serif">We are committed to adopting and adhering to corporate governance practices that either meet or exceed Canadian and U.S. corporate governance standards. As Gildan is a &ldquo;foreign private issuer&rdquo; in the U.S., its chief executive officer is not required to certify the compliance of the Company with all of the New York Stock Exchange Corporate Governance Listing Standards (the NYSE Standards). In addition, certain equity compensation plans, such as the Company&rsquo;s Restricted Share Unit Plan (more fully described in the Company&rsquo;s management proxy circular dated December 17, 2004) do not need to be approved by the Company&rsquo;s shareholders. Otherwise, we believe that our corporate governance practices are substantially on par with or exceed those followed by U.S. domestic companies under the NYSE Standards. </font></div></td>
  </tr>
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    <td>&nbsp;</td>
    <td><hr size="1" color="#FFFFFF"></td>
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    <td>&nbsp;</td>
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<p><br>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>15
<FILENAME>proxy_circular.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>2005 Proxy Circular</TITLE>
</HEAD>
<BODY>
<div align="center">
  <p align="right"><font size="2" face="Times New Roman, Times, serif"><strong><font color="#0033CC" size="3">EXHIBIT 99.3 </font></strong></font></p>
</div>
<p align="left">&nbsp;</p>
<p align="center"><img src="logo_circular.jpg" width="378" height="170"></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">NOTICE OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS

</font></p>
<p><font size="2" face="Times New Roman, Times, serif">  To the shareholders of Gildan Activewear Inc. (the "Corporation"): </font>
</p>
<P ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICE IS HEREBY GIVEN that the Annual and Special Meeting of shareholders (the &#147;<B>Meeting</B>&#148;) of the Corporation will be held at the Salon Saisons A, Hotel Omni Mont-Royal, 1050 Sherbrooke Street West, Montreal, Qu&eacute;bec, Canada, on Wednesday, February&nbsp;2, 2005 at 11:00&nbsp;a.m., local time, for the purposes of:</font> </P>

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<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="9%"><FONT size="2" FACE="Times New Roman, Times, serif">(a)</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="88%"><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif"> receiving the consolidated financial statements of the Corporation for the financial year ended October&nbsp;3, 2004, together with the auditors&#146; report thereon;</FONT> </P></TD>
</TR>
</TABLE>
<font size="2" face="Times New Roman, Times, serif"><BR>

</font>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="9%"><FONT size="2" FACE="Times New Roman, Times, serif">(b)</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="88%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> electing seven (7) directors for the ensuing year;</FONT> </P></TD>
</TR>
</TABLE>
<font size="2" face="Times New Roman, Times, serif"><BR>

</font>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="9%"><FONT size="2" FACE="Times New Roman, Times, serif">(c)</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="88%"><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif"> considering and, if deemed advisable, adopting a special resolution (the full text of which is reproduced as Schedule&nbsp;&#147;A&#148; to the accompanying management proxy circular) authorizing the Corporation to amend its Articles of incorporation in order to (i)&nbsp;create a new class of shares, namely an unlimited number of Common Shares; (ii)&nbsp;change each of the issued and outstanding Class&nbsp;A Subordinate Voting Shares into one of the Common Shares created hereby; (iii)&nbsp;after giving effect to the aforesaid change, remove the Class&nbsp;B Multiple Voting Shares and the Class&nbsp;A Subordinate Voting Shares as well as the rights, privileges, restrictions and conditions attaching thereto; and (iv)&nbsp;change the French form of its name from &#147;Les V&ecirc;tements de Sports Gildan Inc.&#148; to &#147;Les V&ecirc;tements de Sport Gildan Inc.&#148;;</FONT> </P></TD>
</TR>
</TABLE>
<font size="2" face="Times New Roman, Times, serif"><BR>

</font>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="9%"><FONT size="2" FACE="Times New Roman, Times, serif">(d)</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="88%"><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif"> considering and, if deemed advisable, adopting a special resolution (the full text of which is reproduced as Schedule&nbsp;&#147;B&#148; to the accompanying management proxy circular) authorizing the Corporation to further amend its Articles of incorporation in order to change the maximum number of directors from fifteen (15) to ten (10);</FONT> </P></TD>
</TR>
</TABLE>
<font size="2" face="Times New Roman, Times, serif"><BR>

</font>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="9%"><FONT size="2" FACE="Times New Roman, Times, serif">(e)</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="88%"><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif"> considering and, if deemed advisable, adopting a resolution (the full text of which is reproduced as Schedule &#147;C&#148; to the accompanying management proxy circular) to confirm the adoption and ratify the Shareholder Rights Plan adopted by the Board of Directors of the Corporation on December&nbsp;1, 2004, the whole as described in the accompanying management proxy circular;</FONT> </P></TD>
</TR>
</TABLE>
<font size="2" face="Times New Roman, Times, serif"><BR>

</font>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="9%"><FONT size="2" FACE="Times New Roman, Times, serif">(f)</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="88%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> appointing auditors for the ensuing year; and</FONT> </P></TD>
</TR>
</TABLE>
<font size="2" face="Times New Roman, Times, serif"><BR>

</font>
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     <TD ALIGN="RIGHT" WIDTH="9%"><FONT size="2" FACE="Times New Roman, Times, serif">(g)</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="88%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> transacting such other business as may properly come before the Meeting.</FONT> </P></TD>
</TR>
</TABLE>
<p><font size="2" face="Times New Roman, Times, serif">
Dated at Montreal, Quebec, Canada, December 17, 2004.
</font></p>
<table width="71%"  border="0" align="left" cellpadding="0" cellspacing="0">
  <tr>
    <td width="48%">&nbsp;</td>
    <td width="52%"><font size="2" face="Times New Roman, Times, serif">By order of the Board of Directors, </font><FONT FACE="Times New Roman, Times, Serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td> <br>
    <img src="signaturesl_circular.jpg" width="238" height="75"></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><FONT FACE="Times New Roman, Times, Serif"><FONT size="2" FACE="Times New Roman, Times, serif">St&eacute;phane Lemay, Vice-President, Public and Legal Affairs and Corporate Secretary</FONT><FONT SIZE="2"><!-- MARKER FORMAT-SHEET="Para Flush" -->
    </font></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p align="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><B><br>
Shareholders may exercise their rights by attending the Meeting or by completing a form of proxy. If you are unable to attend the Meeting in person, please complete, date and sign the enclosed form of proxy and return it in the envelope provided for that purpose. Proxies must be received by the transfer agent and registrar of the Corporation (Computershare Trust Company of Canada, 100 University Avenue, 9<SUP>th</SUP> Floor, Toronto, Ontario, Canada M5J 2Y1) no later than 5:00&nbsp;p.m. on the last business day preceding the day of the Meeting or any adjournment thereof. Your shares will be voted in accordance with your instructions as indicated on the proxy.</B></FONT> </p>
<FONT size="2" FACE="Times New Roman, Times, serif"><B><I>Les actionnaires qui pr&eacute;f&eacute;reraient recevoir la circulaire de sollicitation de procurations de la direction en fran&ccedil;ais n&#146;ont qu&#146;&agrave; en aviser le secr&eacute;taire corporatif de la Soci&eacute;t&eacute;.</I></B></FONT><HR ALIGN=LEFT WIDTH=100% SIZE=1 NOSHADE>





<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><I>Except as otherwise indicated, the information contained herein is given as of December&nbsp;17, 2004. Although the Corporation has adopted the U.S. dollar as its functional and reporting currency with effect from the beginning of its 2004 fiscal year, most compensation amounts described herein are in Canadian dollars. For this reason among others, all dollar amounts set forth herein are expressed in Canadian dollars and the symbol &#147;$&#148; refers to the Canadian dollar, unless otherwise indicated.</I></FONT> </div>
<font size="2" face="Times New Roman, Times, serif">
</font>
<P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"><B>SOLICITATION OF PROXIES</B></FONT></P>

<P ALIGN="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This management proxy circular (the &#147;<B>Circular</B>&#148;) is sent in connection with the solicitation by the management of Gildan Activewear Inc. (the &#147;<B>Corporation</B>&#148;) of proxies to be used at the Annual and Special Meeting of shareholders of the Corporation (the &#147;<B>Meeting</B>&#148;) to be held on Wednesday, February&nbsp;2, 2005, at the time, place and for the purposes set forth in the Notice of Annual and Special Meeting of Shareholders (the&nbsp;&#147;<B>Notice of Meeting</B>&#148;) and at any adjournment thereof. The solicitation is being made primarily by mail, but proxies may also be solicited by telephone, telecopier or other personal contact by officers or other employees of the Corporation. The entire cost of the solicitation will be borne by the Corporation.</font> </P>

<font size="2" face="Times New Roman, Times, serif">
</font>
<P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"><B>APPOINTMENT OF PROXY</B></FONT></P>

<P ALIGN="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The persons named as proxyholders in the enclosed form of proxy are directors and officers of the Corporation. <B>Each shareholder has the right to appoint a person who need not be a shareholder, other than the persons designated in the enclosed form of proxy, to represent him or her at the Meeting. </B>In order to appoint such other person, the shareholder should insert such person&#146;s name in the blank space provided on the form of proxy and delete the names printed thereon or complete another proper form of proxy and, in either case, deliver the completed form of proxy to the transfer agent and registrar of the Corporation (Computershare Trust Company of Canada, 100 University Avenue, 9<SUP>th</SUP> Floor, Toronto, Ontario, Canada M5J&nbsp;2Y1), no later than 5:00&nbsp;p.m. on the last business day preceding the day of the Meeting or any adjournment thereof at which the proxy is to be used.</font> </P>

<div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><B>REVOCATION OF PROXY</B></FONT></div>
<P ALIGN="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A shareholder who executes and returns the accompanying form of proxy may revoke the same (a)&nbsp;by instrument in writing executed by the shareholder, or by his or her attorney authorized in writing, and deposited either (i)&nbsp;at the principal executive offices of the Corporation, to the attention of the Corporate Secretary of the Corporation, 725&nbsp;Mont&eacute;e de Liesse, Montreal, Qu&eacute;bec, Canada H4T&nbsp;1P5, at any time up to and including the last business day preceding the day of the Meeting or any adjournment thereof at which the proxy is to be used or (ii)&nbsp;with the chairman of the Meeting on the day of the Meeting or any adjournment thereof or (b)&nbsp;in any other manner permitted by law. If the shareholder is a corporation, any such instrument of revocation shall be executed by a duly authorized officer or attorney thereof.</font> </P>

<div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><B>EXERCISE OF DISCRETION BY PROXIES</B></FONT></div>
<P ALIGN="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The persons named in the enclosed form of proxy will, on a show of hands or any ballot that may be called for, vote (or withhold from voting) the shares in respect of which they are appointed as proxies in accordance with the instructions of the shareholders appointing them. If a shareholder specifies a choice with respect to any matter to be acted upon, the securities will be voted accordingly. <B>If no instructions are given, the shares will be voted FOR the election of the nominees of the board of directors of the Corporation (the &#147;Board of Directors&#148; or the &#147;Board&#148;) as directors, FOR the special resolution authorizing the Corporation to amend its Articles of incorporation in order to (i)&nbsp;create a new class of shares, namely an unlimited number of Common Shares; (ii)&nbsp;change each of the issued and outstanding Class&nbsp;A Subordinate Voting Shares into one of the Common Shares 
created hereby; (iii)&nbsp;after giving effect to the aforesaid change, remove the Class&nbsp;B Multiple Voting Shares and the Class&nbsp;A Subordinate Voting Shares as well as the rights, privileges, restrictions and conditions attaching thereto; and (iv)&nbsp;change the French version of its name from &#147;Les V&ecirc;tements de Sports Gildan Inc.&#148; to &#147;Les V&ecirc;tements de Sport Gildan Inc.&#148;, FOR the special resolution authorizing the Corporation to further amend its Articles of incorporation in order to change the maximum number of directors from fifteen (15) to ten (10), FOR the resolution to confirm the adoption and ratify the Shareholder Rights Plan adopted by the Board of Directors on December&nbsp;1, 2004, the whole as described in this Circular, and FOR the appointment of KPMG&nbsp;LLP as auditors. The enclosed form of proxy confers discretionary authority upon the persons named therein</B> with respect to amendments or variations to matters identified in the Notice of Meeting, and
 with respect to other business which may properly come before the Meeting or any adjournment thereof. As of the date hereof, management of the Corporation knows of no such amendment, variation or other business to come before the Meeting. If any such amendment or other business properly comes before the Meeting, or any adjournment thereof, the persons named in the enclosed form of proxy will vote on such matters in accordance with their best judgment.</font> </P>

<div align="justify">

</div>
<p align="center"><br>
<font size="2" face="Times New Roman, Times, serif">1</font></p>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<div align="center">
  <p align="left"><FONT size="2" FACE="Times New Roman, Times, serif"><B>VOTING SHARES AND PRINCIPAL HOLDERS THEREOF</B></FONT></p>
</div>
<P ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;17, 2004, there were 29,716,530&nbsp;Class&nbsp;A Subordinate Voting Shares of the Corporation (the &#147;<B>Class&nbsp;A Subordinate Voting Shares</B>&#148;) issued and outstanding.</font> </P>

<P ALIGN="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Class&nbsp;A Subordinate Voting Shares are restricted shares under Canadian securities legislation, in view of the fact that their voting rights are inferior to the voting rights of the Class&nbsp;B Multiple Voting Shares. Under the current Articles of the Corporation, holders of Class&nbsp;B Multiple Voting Shares and Class&nbsp;A Subordinate Voting Shares generally vote together as a single class with respect to all matters submitted to a vote of shareholders. Except in limited circumstances, each Class&nbsp;B Multiple Voting Share entitles the holder thereof to eight (8) votes, whereas each Class&nbsp;A Subordinate Voting Share entitles the holder thereof to one (1) vote, on a ballot. On March&nbsp;1,&nbsp;2004, Messrs.&nbsp;H.&nbsp;Greg Chamandy, Glenn&nbsp;J. Chamandy and Edwin&nbsp;B. Tisch, through their respective holding corporations, converted all of their Class&nbsp;B Multiple Voting Shares of 
the Corporation into Class&nbsp;A Subordinate Voting Shares on a one-for-one basis with no conversion premium. As a result of the conversion, no Class&nbsp;B Multiple Voting Shares are issued and outstanding. As described in this Circular, and subject to the approval of the Corporation&#146;s shareholders, the Corporation intends to create a new class of Common Shares and remove the Class&nbsp;A Subordinate Voting Shares and the Class&nbsp;B Multiple Voting Shares.</font> </P>

<P ALIGN="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of Class&nbsp;A Subordinate Voting Shares whose names are registered on the lists of shareholders of the Corporation as at the close of business, Montreal time, on December&nbsp;30, 2004, being the date fixed by the Corporation for determination of the registered holders of Class A Subordinate Voting Shares who are entitled to receive notice of the Meeting <B>(the&nbsp;&#147;Record Date</B>&#148;), will be entitled to exercise the voting rights attaching to the Class&nbsp;A Subordinate Voting Shares in respect of which they are so registered at the Meeting, or any adjournment thereof, if present or represented by proxy thereat. As of December&nbsp;17, 2004, there was an aggregate of 29,716,530&nbsp;votes attached to the Class&nbsp;A Subordinate Voting Shares entitled to be voted at the Meeting or any adjournment thereof.</font> </P>

<P ALIGN="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the knowledge of the directors and officers of the Corporation, the only person who beneficially owns, directly or indirectly, or exercises control or direction over, voting securities carrying 10% or more of the voting rights attached to the Class&nbsp;A Subordinate Voting Shares of the Corporation is Franklin Templeton Investments Corp., a wholly-owned subsidiary of Franklin Resources, Inc., which owns 4,215,059&nbsp;Class&nbsp;A Subordinate Voting Shares, representing 14.184% of the voting rights attached to all Class&nbsp;A Subordinate Voting Shares.</font> </P>

<div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><B>NON-REGISTERED SHAREHOLDERS</B></FONT></div>
<P ALIGN="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only registered shareholders or the persons they appoint as their proxies are permitted to vote at the Meeting. However, in many cases, shares beneficially owned by a person (a &#147;<B>Non-Registered Holder</B>&#148;) are registered either: (i)&nbsp;in the name of an intermediary (an &#147;<B>Intermediary</B>&#148;) that the Non-Registered Holder deals with in respect of his or her Class A Subordinate Voting Shares, such as securities dealers or brokers, banks, trust companies, and trustees or administrators of self-administered RRSPs, RRIFs, RESPs and similar plans; or (ii)&nbsp;in the name of a clearing agency of which the Intermediary is a participant. In accordance with National Instrument 54-101 of the Canadian Securities Administrators, entitled &#147;Communication with Beneficial Owners of Securities of a Reporting Issuer&#148;, the Corporation has distributed copies of the Notice of Meeting and this 
Circular (collectively, the &#147;<B>Meeting Materials</B>&#148;) to the clearing agencies and Intermediaries for distribution to Non-Registered Holders. Intermediaries are required to forward the Meeting Materials to Non-Registered Holders, and often use a service company (such as ADP Investor Communications in Canada) for this purpose. Non-Registered Holders will either:</font> </P>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="2%"><FONT size="2" FACE="Times New Roman, Times, serif">(a)</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="4%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif"> typically, be provided with a computerized form (often called a &#147;voting instruction form&#148;) which is not signed by the Intermediary and which, when properly completed and signed by the Non-Registered Holder and returned to the Intermediary or its service company, will constitute voting instructions which the Intermediary must follow. The Non-Registered Holder will generally be given a page of instructions which contains a removable label containing a bar-code and other information. In order for the applicable computerized form to validly constitute a voting instruction form, the Non-Registered Holder must remove the label from the instructions and affix it to the computerized form, properly complete and sign the form and submit it to the Intermediary or its service company in accordance with the instructions of the Intermediary or service company. In certain cases, the Non-Registered Holder may provide such 
voting instructions to the Intermediary or its service company through the Internet or through a toll-free telephone number; or</FONT> </P></TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">2</font></p>
<hr width="100%" size=3 color=GRAY noshade>
<p>&nbsp;</p>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="2%"><FONT size="2" FACE="Times New Roman, Times, serif">(b)</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="10%">&nbsp;</TD>
     <TD WIDTH="88%"><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif"> less commonly, be given a proxy form which has already been signed by the Intermediary (typically by a facsimile, stamped signature), which is restricted to the number of shares beneficially owned by the Non-Registered Holder but which is otherwise not completed. In this case, the Non-Registered Holder who wishes to submit a proxy should properly complete the proxy form and submit it to Computershare Trust Company of Canada (Attention: Proxy Department), 100&nbsp;University Avenue, 9<SUP>th</SUP> Floor, Toronto, Ontario M5J&nbsp;2Y1.</FONT> </P></TD>
</TR>
</TABLE>
<P ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In either case, the purpose of these procedures is to permit Non-Registered Holders to direct the voting of the Class&nbsp;A Subordinate Voting Shares which they beneficially own.</font> </P>

<P ALIGN="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Should a Non-Registered Holder who receives a voting instruction form wish to vote at the Meeting in person (or have another person attend and vote on behalf of the Non-Registered Holder), the Non-Registered Holder should print his or her own name, or that of such other person, on the voting instruction form and return it to the Intermediary or its service company. Should a Non-Registered Holder who receives a proxy form wish to vote at the Meeting in person (or have another person attend and vote on behalf of the Non-Registered Holder), the Non-Registered Holder should strike out the names of the persons set out in the proxy form and insert the name of the Non-Registered Holder or such other person in the blank space provided and submit it to Computershare Trust Company of Canada at the address set out above.</font> </P>

<P ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>In all cases, Non-Registered Holders should carefully follow the instructions of their Intermediary, including those regarding when, where and by what means the voting instruction form or proxy form must be delivered.</B></font> </P>

<P ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Non-Registered Holder may revoke voting instructions which have been given to an Intermediary at any time by written notice to the Intermediary.</font> </P>
<P ALIGN="LEFT">&nbsp;</P>
<P ALIGN="LEFT">&nbsp;</P>
<p align="center"><font size="2" face="Times New Roman, Times, serif">3</font></p>
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<P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"><B>ELECTION OF DIRECTORS</B></FONT></P>
<P ALIGN="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Articles of the Corporation currently provide that the Board of Directors shall consist of not less than five&nbsp;(5) and not more than fifteen (15) directors. As mentioned in this Circular, the Board of Directors is proposing that the maximum number of directors be changed to ten (10) (see &#147;Amendment to the Number of Directors of the Corporation&#148;). The Board nominates the seven (7) persons named hereinafter for re-election as directors, to hold office until the close of the next annual meeting of shareholders or until their successors are elected or appointed. <B>Except where authority to vote on the election of directors is withheld, the persons named in the enclosed form of proxy or voting instruction form intend to vote FOR the election of the nominees whose names are hereinafter set forth</B>, all of whom are currently members of the Board of Directors and have been members since the dates
 indicated. <B>If prior to the Meeting, any of the nominees shall be unable or, for any reason, shall become unwilling to serve as a director, it is intended that the discretionary power granted by the form of proxy or voting instruction form shall be used to vote for any other person or persons as directors, unless such shareholder has specified in the form of proxy or voting instruction form that his or her shares are to be withheld from voting on the election of directors. </B>The Board of Directors and management of the Corporation have no reason to believe that any of the said nominees will be unable or will refuse to serve, for any reason, if elected to office.</font> </P>

<P ALIGN="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following pages set out the names of proposed nominees for election as directors, together with their year of birth, municipality of residence, date first elected or appointed as a director, principal occupation and principal directorships with other organizations. Also indicated for each person proposed as a director is the number of Class&nbsp;A Subordinate Voting Shares beneficially owned, directly or indirectly, or over which control or direction is exercised by such person, the number of options held by such person, as well as the committees of the Board on which such person serves.</font> </P>

<P ALIGN="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Edwin&nbsp;B. Tisch has advised the Corporation that he will retire as Executive Vice-President, Manufacturing effective December&nbsp;31, 2004. Consequently, he has not been nominated, and will not stand, for re-election as a director.</font> </P>

<P ALIGN="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A &#147;Record of Attendance by Directors&#148; at meetings of the Board and its committees for the twelve (12)&nbsp;month period ended October&nbsp;3, 2004 is set out in Schedule&nbsp;&#147;D&#148; hereto and the list of committee members is set out in Schedule &#147;E&#148; hereto.</font> </P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="5"><hr width="100%" size="1"></td>
  </tr>
  <tr>
    <td width="36%"><div align="center"> <FONT size="2" FACE="Times New Roman, Times, Serif"><B> Name, municipality of residence and<br>
        principal occupation <br>
    </B></FONT></div></td>
    <td width="17%"><div align="center"><FONT size="2" FACE="Times New Roman, Times, Serif"><B>Director since</B></FONT></div></td>
    <td width="22%"><div align="center"><FONT size="2" FACE="Times New Roman, Times, Serif"><B>Position on committees <br>
        of the Board</B></FONT></div></td>
    <td colspan="2"><div align="center"><FONT size="2" FACE="Times New Roman, Times, Serif"><B>Holdings</B><SUP>(1)</SUP></FONT></div></td>
  </tr>
  <tr>
    <td colspan="5"><hr width="100%" size="1"></td>
  </tr>
  <tr>
    <td><div align="justify">
        <p><font size="2" face="Times New Roman, Times, serif"><strong>Robert M. Baylis</strong>, born in 1938<br>
        Darien, Connecticut, United States <br>
        <br>
        Corporate Director.<br>
        <br>
        Mr. Baylis serves as a director of several large corporations, including the New York Life Insurance Company, Host Marriott Corporation (luxury hotels and resorts), Covance Inc. (drug development products and services provider), and PartnerRe Ltd. (multi-line reinsurance provider).</font></p>
        <p><font size="2"> <br>
        </font><font size="2"> </font></p>
    </div></td>
    <td valign="top"><div align="center"><font size="2">February <br>
      1999<br>
              <br>
    </font></div></td>
    <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif">Chairman of the Board of Directors<SUP>(2)</SUP><br>
      <br>
      Chairman
of the Corporate Governance Committee<br>
<br>
Member
of the Compensation and Human Resources Committee</FONT>
      <div align="left"></div>
        <font size="2"> <br>
      </font></td>
    <td width="17%" valign="top"><p><font size="2">Class A
        Subordinate<br>
        <FONT FACE="Times New Roman, Times, Serif">Voting Shares<br>
        <br>
        <br>
        </FONT></font><font size="2">Stock Options <br>
    </font></p></td>
    <td width="8%" valign="top"><div align="right">
        <p><font size="2">20,000<br>
              <br>
              <br>
              <br>
              <br>
        </font><font size="2">10,825</font></p>
    </div></td>
  </tr>
  <tr>
    <td colspan="5"><hr width="100%" size="1"></td>
  </tr>
  <tr>
    <td><P ALIGN="justify"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Glenn J. Chamandy</B>, born in 1961<br>
        Montreal, Qu&eacute;bec, Canada <br>
        <br>
        President and Chief Executive Officer of the<br>
        Corporation <br>
        <br>
        Mr.  Chamandy  is one of the  founders  of the  Corporation  and has been  involved  in various  Chamandy  family  textile  and apparel
businesses for over twenty years.

</FONT></P>
        <P ALIGN="LEFT"><FONT SIZE="2" face="Times New Roman, Times, serif"> </FONT></P></td>
    <td valign="top"><div align="center"><FONT SIZE="2" face="Times New Roman, Times, serif">May 1984</FONT></div></td>
    <td valign="top">&#8212;</td>
    <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif">Class A
      Subordinate<br>
      Voting Shares</FONT><FONT size="2" FACE="Times New Roman, Times, Serif"><SUP>(3)</SUP></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><br>
      <br>
      </FONT><font size="2" face="Times New Roman, Times, serif">
      <br>
      Stock Options
    </font><FONT SIZE="2" face="Times New Roman, Times, serif">&nbsp; </FONT></td>
    <td valign="top"><div align="right"><FONT SIZE="2" face="Times New Roman, Times, serif">2,763,200<br>
              <br>
              <br>
              <br>
64,459
    </FONT></div></td>
  <tr>
    <td colspan="5"><hr width="100%" size="1"></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
</table>
<P ALIGN="justify">&nbsp;</P>
<p align="center"><font size="2" face="Times New Roman, Times, serif">4</font></p>
<hr width="100%" size=3 color=GRAY noshade>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="5"><hr width="100%" size="1"></td>
  </tr>
  <tr>
    <td width="36%"><div align="center"> <FONT size="2" FACE="Times New Roman, Times, Serif"><B> Name, municipality of residence and<br>
        principal occupation <br>
    </B></FONT></div></td>
    <td width="17%"><div align="center"><FONT size="2" FACE="Times New Roman, Times, Serif"><B>Director since</B></FONT></div></td>
    <td width="22%"><div align="center"><FONT size="2" FACE="Times New Roman, Times, Serif"><B>Position on committees <br>
        of the Board</B></FONT></div></td>
    <td colspan="2"><div align="center"><FONT size="2" FACE="Times New Roman, Times, Serif"><B>Holdings</B><SUP>(1)</SUP></FONT></div></td>
  </tr>
  <tr>
    <td colspan="5"><hr width="100%" size="1"></td>
  </tr>
  <tr>
    <td><div align="justify">
        <p align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>William H. Houston III</strong>, born in 1934 <br>
        </font><FONT SIZE="2" face="Times New Roman, Times, serif">Memphis, Tennessee, United States<br>
        <br>
        </FONT><FONT size="2" FACE="Times New Roman, Times, serif">President of World Trade Link, an international business consulting firm he founded in 1988.</FONT> </p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">          Mr. Houston served as U.S.  Ambassador/Chief  Textile Negotiator for the United States Trade  Representative  during 1987 and 1988, and
is a Past President of the Cotton Foundation and the Delta Council of Mississippi.<br>
          </font><font size="2"> <br>
          </font><font size="2"> </font></p>
    </div></td>
    <td valign="top"><div align="center"><font size="2" face="Times New Roman, Times, serif">November <br>
      1997</font><font size="2"><br>
              <br>
    </font></div></td>
    <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif">Member of the Compensation and Human Resources Committee<br>
      <br>
      Member
of the Corporate Governance Committee</FONT><font size="2">&nbsp; </font></td>
    <td width="17%" valign="top"><p><font size="2">Class A
        Subordinate<br>
        <FONT FACE="Times New Roman, Times, Serif">Voting Shares</FONT><font size="2" face="Times New Roman, Times, serif"><SUP>(4)</SUP></font> <FONT FACE="Times New Roman, Times, Serif"><br>
                      <br>
                      <br>
                      </FONT></font><font size="2">Stock Options <br>
                  </font></p></td>
    <td width="8%" valign="top"><div align="right">
        <p><font size="2">4</font><font size="2">,000<br>
              <br>
              <br>
              <br>
          728
</font></p>
    </div></td>
  </tr>
  <tr>
    <td colspan="5"><hr width="100%" size="1"></td>
  </tr>
  <tr>
    <td><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><B>Pierre Robitaille</B>, born in 1943 <br>
  St-Lambert, Qu&eacute;bec, Canada <br>
      <br>
      Business Advisor and Corporate Director.</FONT> </P>
      <P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Mr.&nbsp;Pierre Robitaille previously pursued his career at SNC-Lavalin Group Inc., an engineering-construction firm, where he was Executive Vice-President and Chief Financial Officer from 1990 to 1998. Prior to this, Mr.&nbsp;Robitaille was in public practice for more than 20&nbsp;years with the public accounting and management consulting firm of Ernst&nbsp;&amp; Whinney, where he held the positions of Managing Partner of the Montr&eacute;al Office, President of the firm in Qu&eacute;bec, and member of its national board of directors. <br>
        <br>
      Mr.&nbsp;Robitaille also serves on the board of directors of Cogeco Cable Inc. and Cogeco Inc. (providers of cable TV, Internet and broadcast services), Swiss Re Company of Canada and Swiss Re Life&nbsp;&amp; Health Co. Canada (global reinsurance company) and Groupe Beauchemin &Eacute;diteur Lt&eacute;e (publisher).</FONT> </P>
    </td>
    <td valign="top"><div align="center"><FONT SIZE="2" face="Times New Roman, Times, serif">February <br>
      2003 </FONT></div></td>
    <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif">Chairman of the Audit and Finance Committee<br>
      <br>
      Member
of the Corporate Governance Committee</FONT></td>
    <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif">Class A
      Subordinate<br>
      Voting Shares<br>
            <br>
      </FONT><font size="2" face="Times New Roman, Times, serif"><br>
      Stock Options
    </font><FONT SIZE="2" face="Times New Roman, Times, serif">&nbsp; </FONT></td>
    <td valign="top"><div align="right"><FONT SIZE="2" face="Times New Roman, Times, serif">5,000<br>
              <br>
              <br>
              <br>

        Nil</FONT></div></td>
  </tr>
  <tr>
    <td colspan="5"><hr width="100%" size="1"></td>
  </tr>
  <tr>
    <td>
      <div align="justify"><font size="2" face="Times New Roman, Times, serif"> </font>
        <P ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Dr. Gerald H.B. Ross</font></strong><font size="2" face="Times New Roman, Times, serif">, born in 1944 <br>
        </font><FONT SIZE="2" face="Times New Roman, Times, serif">Montr&eacute;al, Qu&eacute;bec, Canada<br>
        <br>
        Dean,
  Faculty of Management<br>
  McGill
  University.</FONT></P>
        <P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Dr.&nbsp;Gerald&nbsp;H.&nbsp;B. Ross is Dean of the Faculty of Management of McGill University. Prior to joining McGill University, Dr.&nbsp;Ross was senior partner of Change Lab International, a consultancy specializing in helping organizations create new strategic directions and manage change.</FONT> </P>
        <font size="2" face="Times New Roman, Times, serif"><br>
        </font> </div></td>
    <td valign="top"><div align="center"><FONT SIZE="2" face="Times New Roman, Times, serif">February <br>
      2003 </FONT></div></td>
    <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif">Member of the Audit and Finance Committee<br>
      <br>
      Member
of the Compensation and Human Resources Committee</FONT></td>
    <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif">Class A
      Subordinate<br>
      Voting Shares<br>
            <br>
      </FONT><font size="2" face="Times New Roman, Times, serif"><br>
    Stock Options </font></td>
    <td valign="top"><div align="right"><FONT SIZE="2" face="Times New Roman, Times, serif">1,000<br>
              <br>
              <br>
              <br>

        Nil</FONT></div></td>
  </tr>
  <tr>
    <td colspan="5"><hr width="100%" size="1"></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">5</font></p>
<hr width="100%" size=3 color=GRAY noshade>
<div align="justify"></div>
<P ALIGN="LEFT"> </P>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="5"><hr width="100%" size="1"></td>
  </tr>
  <tr>
    <td width="36%"><div align="center"> <FONT size="2" FACE="Times New Roman, Times, Serif"><B> Name, municipality of residence and<br>
        principal occupation <br>
    </B></FONT></div></td>
    <td width="17%"><div align="center"><FONT size="2" FACE="Times New Roman, Times, Serif"><B>Director since</B></FONT></div></td>
    <td width="22%"><div align="center"><FONT size="2" FACE="Times New Roman, Times, Serif"><B>Position on committees <br>
        of the Board</B></FONT></div></td>
    <td colspan="2"><div align="center"><FONT size="2" FACE="Times New Roman, Times, Serif"><B>Holdings</B><SUP>(1)</SUP></FONT></div></td>
  </tr>
  <tr>
    <td colspan="5"><hr width="100%" size="1"></td>
  </tr>
  <tr>
    <td><div align="justify">
        <p align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>Richard P. Strubel</strong>, born in 1939 <br>
        </font><FONT SIZE="2" face="Times New Roman, Times, serif">Chicago, Illinois, United States</FONT></p>
        <P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif">Vice Chairman and Director of Unext Inc, a provider of advanced education over the Internet.</FONT> </P>
        <font size="2" face="Times New Roman, Times, serif">Mr. Strubel also serves on the board of directors of the Northern Funds and Northern Institutional Funds of The Northern Trust (financial services provider), the mutual funds of Goldman Sachs & Co. and Cantilever Technologies (software developer). </font>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif"><br>
          </font><font size="2"><br>
          </font><font size="2"> </font></p>
    </div></td>
    <td valign="top"><div align="center"><font size="2" face="Times New Roman, Times, serif">February <br>
      1999 </font> </div></td>
    <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif">Chairman of the Compensation and Human Resources Committee<br>
      <br>
      Member
of the Audit and Finance Committee</FONT> <font size="2">&nbsp; </font></td>
    <td width="17%" valign="top"><p><font size="2">Class A
        Subordinate<br>
        <FONT FACE="Times New Roman, Times, Serif">Voting Shares<br>
                            <br>
                            <br>
        </FONT></font><font size="2">Stock Options <br>
    </font></p></td>
    <td width="8%" valign="top"><div align="right">
        <p><font size="2">6</font><font size="2">,000<br>
              <br>
              <br>
              <br>

          11,144</font></p>
    </div></td>
  </tr>
  <tr>
    <td colspan="5"><hr width="100%" size="1"></td>
  </tr>
  <tr>
    <td>
      <div align="justify"><font size="2" face="Times New Roman, Times, serif"> <strong>Gonzalo F. Valdes-Fauli</strong>, born in 1946
          <br>
      </font><FONT SIZE="2" face="Times New Roman, Times, serif">Havana, Cuba</FONT>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Chairman of the Board of Broadspan Capital, an investment banking firm focussed on providing merger and acquisition advisory services. <br>
  <br>
  Mr. Valdes-Fauli previously spent his career in positions of increasingly senior responsibility with a major UK-based global bank, Barclays Bank PLC (financial services provider), retiring in 2001 as Vice Chairman, Barclays Capital, and Group CEO Latin America. Mr.&nbsp;Valdes-Fauli also serves on the board of directors of Blue Cross and Blue Shield of Florida (health insurance provider), Knight Ridder, Inc. (newspaper and Internet publishing) and Banco Mercantil (financial services provider), Dominican Republic.</FONT> </P>
      </div></td>
    <td valign="top"><div align="center"><font size="2" face="Times New Roman, Times, serif">October <br>
      2004</font></div></td>
    <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif">Member of the Audit and Finance Committee<br>
        <br>
Member of the Corporate Governance Committee</FONT></td>
    <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif">Class A
      Subordinate<br>
      Voting Shares<br>
            </FONT><font size="2" face="Times New Roman, Times, serif"><br>
      <br>
    Stock Options </font></td>
    <td valign="top"><div align="right"><FONT SIZE="2" face="Times New Roman, Times, serif">1,500<br>
              <br>
              <br>
              <br>
              <br>
              Nil</FONT></div></td>
  </tr>
  <tr>
    <td colspan="5"><hr width="100%" size="1"></td>
  </tr>
</table>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="TOP">
    <TD ALIGN="RIGHT" WIDTH="3%"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">(1)</FONT></div></TD>
    <TD WIDTH="94%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> The information as to Class&nbsp;A Subordinate Voting Shares beneficially owned, controlled or directed by each proposed nominee, has been furnished by the respective nominees individually.</FONT> </P></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="RIGHT"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">(2)</FONT></div></TD>
    <TD><FONT size="2" FACE="Times New Roman, Times, serif">Mr.&nbsp;Robert M. Baylis was appointed Chairman of the Board of Directors on August&nbsp;3, 2004. He was previously the Lead Director of the Board of Directors.</FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="RIGHT"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">(3)</FONT></div></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">Of these Class&nbsp;A Multiple Voting Shares, 2,749,200 are registered in the name of Glenn Chamandy Holdings Corporation.</font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="RIGHT"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">(4)</FONT></div></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">These Class&nbsp;A Subordinate Voting Shares are held in trust for the benefit of Mr.&nbsp;Houston&#146;s wife.</font></TD>
  </TR>
</TABLE>
<p><FONT size="2" FACE="Times New Roman, Times, serif"><B><br>
2004 COMPENSATION OF OUTSIDE DIRECTORS</B></FONT></p>
<P ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual retainers and attendance fees were paid to the members of the Board of Directors who are not employees or officers of the Corporation (&#147;<B>Outside Directors</B>&#148;) on the following basis during the year ended October&nbsp;3, 2004:</font> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="762">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH></TH>
    <TH></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="5%" ALIGN="LEFT">&#8226;</TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="86%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">annual Board retainer</font></TD>
    <TD WIDTH="8%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$47,500</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&#8226;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">the Lead Director/Chairman of the Board received an additional annual retainer</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$47,500</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&#8226;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">each of the committee chairpersons received an additional annual retainer</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;9,000</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&#8226;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">annual committee retainer (excluding committee chairpersons)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;1,000</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&#8226;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">each Board or committee meeting attended</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;1,250</font></TD>
  </TR>
</TABLE>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Outside Directors are reimbursed for travel and other out-of-pocket expenses incurred in attending Board or committee meetings. In fiscal 2004, Outside Directors residing in the United States received the foregoing amounts in U.S. dollars. For example, the basic annual retainer paid was US$47,500, as opposed to the U.S. dollar equivalent of Cdn$47,500. From the first quarter of fiscal 2005 and thereafter, all directors will receive these amounts in U.S. dollars.</font> </p>
<p align="justify">&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">6</font></p>
<hr width="100%" size=3 color=GRAY noshade>
<p name="A017"><FONT size="2" FACE="Times New Roman, Times, serif"><B><I>Corporation&#146;s Stock Ownership Policy for Directors</I></B></FONT></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&nbsp;3, 2004, the Board of Directors adopted a stock ownership policy for directors (the &#147;<B>Corporation&#146;s Ownership Policy</B>&#148;) pursuant to which each Outstide Director is expected, over a period of five (5)&nbsp;years, to own and maintain ownership of an amount of the Corporation&#146;s shares which is equivalent in value to three (3)&nbsp;times the annual Board retainer (based on the market value of the Class&nbsp;A Subordinate Voting Shares on the New York Stock Exchange).</font> </p>
<p align="justify" name="A018"><FONT size="2" FACE="Times New Roman, Times, serif"><B><I>Deferred Share Unit Plan</I></B></FONT></p>
<p align="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&nbsp;3, 2004, the Corporation adopted a deferred share unit plan (the &#147;<B>DSUP</B>&#148;) for the Outside Directors. The DSUP is intended to align the interests of such directors with those of the Corporation&#146;s shareholders. The DSUP is effective as of the first quarter of fiscal 2005.</font> </p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the DSUP, until an Outside Director meets the holding requirements set forth in the Corporation&#146;s Ownership Policy, such director must receive, in the form of deferred share units (&#147;<B>DSUs</B>&#148;), 50% of the annual Board retainer fee payable quarterly to him or her, and may elect to receive in the form of DSUs any percentage, up to 100%, of the balance of the fees payable in respect of serving as a director. Once the Outside Director meets the holding requirements set forth in the Corporation&#146;s Ownership Policy, such director may elect to receive, in the form of DSUs, up to 100% of all fees payable in respect of serving as a director. Under the DSUP, Outside Directors are credited, as of the last day of each fiscal quarter of the Corporation, a number of DSUs determined on the basis of the amount of deferred remuneration payable to such director in respect of such quarter divided by 
the value of a DSU, which is the average of the closing prices of the Class&nbsp;A Subordinate Voting Shares of the Corporation (or Common Shares of the Corporation upon the change of Class&nbsp;A Subordinate Voting Shares into Common Shares as described herein) on the New York Stock Exchange for the five (5)&nbsp;trading days immediately preceding the last day of each fiscal quarter of the Corporation. DSUs granted under the DSUP will be redeemable and the value thereof payable only after the director ceases to act as a director of the Corporation.</font> </p>


<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">7</font></p>
<hr width="100%" size=3 color=GRAY noshade>
<p><FONT size="2" FACE="Times New Roman, Times, serif"><B>EXECUTIVE COMPENSATION</B></FONT></p>
<p name="A020"><FONT size="2" FACE="Times New Roman, Times, serif"><B><I>Summary Compensation Table</I></B></FONT></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Summary Compensation Table shows certain compensation information for the Chief Executive Officers, the Chief Financial Officer and the three&nbsp;(3) other most highly compensated executive officers of the Corporation (collectively, the <B>&#147;Named Executive Officers</B>&#148;) for services rendered in all capacities during the fiscal years ended October&nbsp;3, 2004, October&nbsp;5, 2003 and September&nbsp;29, 2002.</font> </p>
<TABLE WIDTH="100%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="6" ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">Long-term Compensation</font></div></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="6" ALIGN="RIGHT">&nbsp;</TD>
    <TD colspan="6" ALIGN="RIGHT"><hr width="95%" size="1" noshade></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="6" ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">Annual Compensation</font></div></TD>
    <TD colspan="3" ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">Awards</font></div></TD>
    <TD colspan="3" ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">Payouts(2)</font></div></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="6" ALIGN="RIGHT"><hr width="95%" size="1" noshade></TD>
    <TD colspan="3" ALIGN="RIGHT"><hr width="95%" size="1" noshade></TD>
    <TD colspan="3" ALIGN="LEFT"><hr width="95%" size="1" noshade></TD>
    <TD colspan="2" ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Name Principal Position(s)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Year</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">Salary<br>
        ($) </font></div></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">Bonus<br>
        ($) </font></div></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="2" ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">Other Annual<br>
        Compensation(1) <br>
        ($) </font></div></TD>
    <TD colspan="2" ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">Shares Under<br>
        Options Granted <br>
        (#) </font></div></TD>
    <TD ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">Restricted<br>
        Share Units<br>
        ($)</font></div></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif"> ($)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="2" ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">All Other<br>
        Compensation <br>
        ($) </font></div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="18" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="27%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">GLENN J. CHAMANDY</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2004</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="7%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">530,500</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="7%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">669,098</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="7%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">73,588</font></TD>
    <TD WIDTH="7%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">(3)</font></TD>
    <TD WIDTH="7%" ALIGN="RIGHT">&#8212;</TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="7%" ALIGN="RIGHT">&#8212;</TD>
    <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="LEFT">&#8212;</TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="7%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">26,525</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">President and</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2003</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">515,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">428,480</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">15,022</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">(3)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">34,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">32,378</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Chief Executive Officer</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2002</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">500,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">819,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">17,751</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">(3)</font></TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">39,392</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="18" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">H. GREG CHAMANDY (5)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2004</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">442,083</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">669,098</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">93,142</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">(3)(6)</font></TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">5,784,529</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Former Chairman of the</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2003</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">515,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">428,480</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">99,255</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">(3)(8)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">34,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">32,378</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Board and Chief</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2002</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">500,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">819,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">17,751</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">(3)</font></TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">39,392</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Executive Officer</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="18" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">EDWIN B. TISCH</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2004</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">414,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">522,162</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">74,904</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">(9)</font></TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">20,700</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Executive Vice-President,</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2003</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">402,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">257,280</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">16,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">22,738</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Manufacturing</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2002</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">390,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">532,350</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">31,615</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="18" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">LAURENCE G. SELLYN</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2004</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">414,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">522,162</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,983,000</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">(10)</font></TD>
    <TD ALIGN="LEFT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">19,832</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Executive Vice-President,</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2003</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">350,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">224,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">12,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">19,299</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Finance and Chief Financial</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2002</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">290,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">395,850</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">23,439</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Officer</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="18" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">GEORGES SAM YU SUM</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2004</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">226,500</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">219,750</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">11,325</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Executive Vice-President,</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2003</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">220,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">140,800</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">11,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2002</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">200,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">273,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">10,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="18" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">MICHAEL R. HOFFMAN (11)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2004</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">190,500</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">184,823</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">193,367</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">(12)</font></TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">285,400</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">(10)</font></TD>
    <TD ALIGN="LEFT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">9,525</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">President, Gildan</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2003</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">185,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">118,400</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">116,099</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">(13)</font></TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Activewear SRL</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">2002</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">178,500</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">243,653</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">113,125</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">(13)</font></TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="18" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
</TABLE>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="3%"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">(1)</FONT></div></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> Perquisites and other personal benefits which in the aggregate do not exceed the lesser of $50,000 or 10% of the total annual salary and bonus of a Named Executive Officer for the year have been excluded.</FONT> </P></TD>
</TR>
</TABLE>
                            <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
    <TD ALIGN="RIGHT" WIDTH="3%"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">(2)</FONT></div></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> There were no long-term compensation payouts during the fiscal years ended October&nbsp;3, 2004, October&nbsp;5, 2003 and September&nbsp;29, 2002 other than the exercise of options described hereinafter in this Circular.</FONT> </P></TD>
</TR>
</TABLE>
                            <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="3%"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">(3)</FONT></div></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> These amounts include interest benefits, imputed at annual rates of 2.75%, 3.25% and 3.25% for fiscal 2004, 2003 and 2002 respectively, on loans made available to the Named Executive Officer. These loans have been fully repaid.</FONT> </P></TD>
</TR>
</TABLE>
                            <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="3%"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">(4)</FONT></div></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> This amount also includes $26,621 under the flexible perquisites account and $23,296 representing the incremental cost to the Corporation for the use by Glenn&nbsp;J. Chamandy of the corporate aircraft.</FONT> </P></TD>
</TR>
</TABLE>
                            <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="3%"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">(5)</FONT></div></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> H.&nbsp;Greg Chamandy retired as Chairman of the Board, Co-Chief Executive Officer and Chairman of the Executive Committee effective August&nbsp;3, 2004.</FONT> </P></TD>
</TR>
</TABLE>
                            <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="3%"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">(6)</FONT></div></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> This amount also includes $46,683 representing the incremental cost to the Corporation for the use by H.&nbsp;Greg Chamandy of the corporate aircraft.</FONT> </P></TD>
</TR>
</TABLE>
                            <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="3%"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">(7)</FONT></div></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> Upon H.&nbsp;Greg Chamandy&#146;s retirement, the Corporation paid Mr.&nbsp;Chamandy an amount of $3,314,591 and agreed to pay additional compensation, in accordance with his employment agreement, representing bonus and various benefits and perquisites entitlements until January 2009, in an amount estimated at $2,447,834.</FONT> </P></TD>
</TR>
</TABLE>
                            <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="3%"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">(8)</FONT></div></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> This amount also includes $48,287 representing the incremental cost to the Corporation for the use by H.&nbsp;Greg Chamandy of the corporate aircraft.</FONT> </P></TD>
</TR>
</TABLE>
                            <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="3%"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">(9)</FONT></div></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> This amount includes $24,529 under the flexible perquisites account and $39,733 for individual financial counseling.</FONT> </P></TD>
</TR>
</TABLE>
                            <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="3%"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">(10)</FONT></div></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> Laurence&nbsp;G. Sellyn and Michael&nbsp;R. Hoffman held 50,000 and 10,000 Restricted Share Units (RSUs) respectively, under the Corporation&#146;s Long Term Incentive Plan, as of October&nbsp;3, 2004. The Long Term Incentive Plan of the Corporation provides for adjustments in certain circumstances, such as the issue of a stock dividend to holders of Class&nbsp;A Subordinate Voting Shares.</FONT> </P></TD>
</TR>
</TABLE>
                            <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="3%"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">(11)</FONT></div></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> All amounts indicated in regard of Michael&nbsp;R. Hoffman are in U.S. dollars.</FONT> </P></TD>
</TR>
</TABLE>
                            <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="3%"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">(12)</FONT></div></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> This amount includes a US$81,000 housing allowance and US$64,431 for tax equalization allowance made available to the Named Executive Officer.</FONT> </P></TD>
</TR>
</TABLE>
                            <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="3%"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">(13)</FONT></div></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> This amount includes a US$72,000 housing allowance made available to the Named Executive Officer.</FONT> </P></TD>
</TR>
</TABLE>
<p>&nbsp;</p>
                            <p align="center"><font size="2" face="Times New Roman, Times, serif">8</font></p>
                            <hr width="100%" size=3 color=GRAY noshade>
<p><FONT size="2" FACE="Times New Roman, Times, serif"><B><I>Short Term Incentive Program</I></B></FONT></p>
<p name="A024"><FONT size="2" FACE="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Annual Incentive Plan</I></FONT></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation&#146;s Annual Incentive Plan, known as SCORES (Supplementary Cash Opportunities for Results Exceeding Standards), is intended to align the financial interests and motivations of the Corporation&#146;s management team and employees with those of the Corporation&#146;s shareholders. Substantially all permanent full-time salaried employees of the Corporation, excluding employees of certain manufacturing facilities which have productivity bonuses, are eligible for bonuses under SCORES.</font> </p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation will pay a bonus based on a predetermined target percentage of each eligible employee&#146;s base compensation. For a given fiscal year, actual paid bonuses will depend on the performance of two separate factors: a corporate financial factor based on return on assets (the &#147;<B>Corporate Financial Factor</B>&#148;) and, for the majority of employees, supplementary individual objectives related to the area of responsibility of each employee (the &#147;<B>Objectives</B>&#148;).</font> </p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each fiscal year, the Corporation sets a target performance for the Corporate Financial Factor and a target performance is identified for the Objectives of each employee. The combined performance of both factors (Corporate Financial Factor and Objectives) can result in bonuses ranging from zero to twice the predetermined target percentage.</font> </p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of the most senior executives, including the Named Executive Officers, Objectives are replaced by strategic team objectives (the &#147;<B>Strategic Multiplier</B>&#148;). The Strategic Multiplier combines key strategic and operational objectives predetermined by the Board of Directors for each fiscal year. The combined performance of both factors (Corporate Financial Factor and Strategic Multiplier) can result in bonuses ranging from zero to a maximum of three times the predetermined target percentage. Such percentages vary between 50% and 65% of base salary.</font> </p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basing bonuses on the Corporate Financial Factor is intended to ensure that management&#146;s incentive-based compensation reflects its effectiveness in managing the level of investment required to generate the forecasted earnings.</font> </p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporate Financial Factor set by the Corporation for the purpose of determining annual incentive payments reflects aggressive targets for year-over-year financial performance. In fiscal 2004, under SCORES, actual performance reflected in the Corporate Financial Factor of the Corporation has resulted in approximately 66% of the maximum level.</font> </p>
<p name="A025"><FONT size="2" FACE="Times New Roman, Times, serif"><B><I>Long Term Incentive Programs</I></B></FONT></p>
<p name="A026"><FONT size="2" FACE="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Long Term Incentive Plan</I></FONT></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation&#146;s Long Term Incentive Plan (the &#147;<B>LTIP</B>&#148;) came into effect in June 1998 and is designed to assist in attracting, motivating and retaining executives and other key employees and to better align their interests with those of the Corporation&#146;s shareholders. The LTIP provides for the granting of options to non-employee directors, officers and other key employees of the Corporation and its subsidiaries. The LTIP is administered by the Board of Directors. Grant levels of options depend on the position and salary level of the employee and are based on the highest of the closing prices of the Class&nbsp;A Subordinate Voting Shares (or Common Shares of the Corporation upon the change of Class&nbsp;A Subordinate Voting Shares into Common Shares as described herein) on the Toronto Stock Exchange (the &#147;<B>TSX</B>&#148;) and the New&nbsp;York Stock Exchange (the <B>&#147;Gilda
n Market Value</B>&#148;) on the trading day immediately preceding the effective date of the grant. Options must be exercised during a period established by the Board of Directors which may not be longer than ten (10) years from the effective date of the grant. The exercise price payable for each Class&nbsp;A Subordinate Voting Share covered by an option is equal to the Gildan Market Value.</font> </p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;3, 2003 and on February&nbsp;4, 2004, the Board of Directors and the shareholders of the Corporation, respectively, approved an amendment to the LTIP to allow the Board of Directors to grant restricted share units (&#147;<B>RSUs</B>&#148;) under the LTIP. An RSU is the right of an individual to whom a grant of such unit is made to receive one Class&nbsp;A Subordinate Voting Share (or a Common Share of the Corporation upon the change of Class&nbsp;A Subordinate Voting Shares into Common Shares, as described herein) at the end of the vesting period upon the attainment of specified performance objectives, if any. Grant levels of RSUs are determined by the Board of Directors on the basis of merit and relative contribution of the participant to the Corporation. The RSUs may be subject to the attainment of performance objectives established by the Board of Directors at the time of grant. At the end
 of the vesting period, which is a maximum of ten (10)&nbsp;years, the Class&nbsp;A Subordinate Voting Shares to which a holder of RSUs is entitled will be issued from treasury under the share limit provided in the LTIP. In fiscal 2004, the Corporation granted RSUs with five (5)&nbsp;year vesting periods. For each such grant, 50% (one half) of the grant was subject to the attainment of performance objectives and 50% (one half) was not.</font> </p>
<p align="justify">&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">9</font></p>
<hr width="100%" size=3 color=GRAY noshade>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total number of shares authorized for issuance under the LTIP is 2,768,888&nbsp;Class&nbsp;A Subordinate Voting Shares. 116,334&nbsp;Class&nbsp;A Subordinate Voting Shares have been reserved for issuance upon the vesting of RSUs, the balance being reserved for issuance pursuant to the exercise of options. However, the Board of Directors has, pursuant to the terms of the amended LTIP, the discretionary authority to allocate a higher number of shares to be reserved for issuance upon the exercise of options or the vesting of RSUs, as the case may be, should further shares become available under the LTIP as a result of the expiry or termination of options or RSUs, the whole without increasing the total number of shares authorized for issuance under the LTIP. Notwithstanding the foregoing, the maximum number of Class&nbsp;A Subordinate Voting Shares which may be reserved under the LTIP for issuance upon the ve
sting of RSUs shall at no time exceed 300,000&nbsp;shares. The LTIP provides that, unless shareholder approval is obtained, the number of Class&nbsp;A Subordinate Voting Shares reserved for issuance to insiders of the Corporation pursuant to the exercise of options thereunder or upon the vesting of RSUs, as well as under the Corporation&#146;s other share compensation arrangements, will be limited to 10% of the Class A Subordinate Voting Shares issued and outstanding. The LTIP further provides for certain limits on the number of Class&nbsp;A Subordinate Voting Shares which the Corporation may issue to insiders and their associates in any one-year period under all share compensation arrangements of the Corporation.</font> </p>
<p name="A027"><FONT size="2" FACE="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Options Granted During the Financial Year</B></FONT></p>
<p align="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No stock option grants have been made to Named Executive Officers or to other employees of the Corporation under the LTIP during the financial year ended October&nbsp;3, 2004.</font> </p>
<p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<strong>Aggregated Options Exercised During the Most Recently Completed Financial Year and Financial Year-End Option Values

         </strong></font>
</p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes, for each of the Named Executive Officers, (a)&nbsp;the number of stock options exercised during the year ended October&nbsp;3, 2004, (b)&nbsp;the aggregate value realized upon exercise, which is the difference between the market value of the underlying shares on the exercise date and the exercise or base price of the option, (c)&nbsp;the total number of unexercised options held at October&nbsp;3, 2004 and (d)&nbsp;the aggregate value of unexercised in-the-money options at financial year-end, which is the difference between the market value of the Class A Subordinate Voting Shares on the TSX on October&nbsp;1, 2004, which was $35.50 per share, and the exercise or base price of the options. The aggregate values indicated with respect to unexercised in-the-money options at financial year-end have not been, and may never be, realized. These options have not been, and may not be exe
rcised, and actual gains, if any, on exercise will depend on the value of the Class&nbsp;A Subordinate Voting Shares on the date of exercise. There can be no assurance that these values will be realized.</font> </p>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2">&nbsp;</TH>
    <TH COLSPAN="2">&nbsp;</TH>
    <TH COLSPAN="2">&nbsp;</TH>
    <TH COLSPAN="4"><font size="2" face="Times New Roman, Times, serif"><br>
          <br>
          <br>
      Unexercised Options <br>
      at
      Financial Year-end (#)</font></TH>
    <TH COLSPAN="4"><font size="2" face="Times New Roman, Times, serif"> <br>
      Value of Unexercised<br>
      In-the-Money Options at<br>
      Financial Year-end<br>
      ($) </font><font size="2" face="Times New Roman, Times, serif"> </font></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2">&nbsp;</TH>
    <TH COLSPAN="2">&nbsp;</TH>
    <TH COLSPAN="2">&nbsp;</TH>
    <TH COLSPAN="4"><hr width="95%" size="1"></TH>
    <TH COLSPAN="4"><hr width="95%" size="1"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"><font size="2" face="Times New Roman, Times, serif">Name</font>
        <HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
    <TH COLSPAN="2"><font size="2" face="Times New Roman, Times, serif">Securities<BR>
      Acquired on<BR>
      Exercise<BR>
      (#)</font>
        <HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
    <TH COLSPAN="2"><font size="2" face="Times New Roman, Times, serif">Aggregate<BR>
      Value<BR>
      Realized<BR>
      ($)</font>
        <HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
    <TH COLSPAN="2"><font size="2" face="Times New Roman, Times, serif">Exercisable</font>
        <HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
    <TH COLSPAN="2"><font size="2" face="Times New Roman, Times, serif">Unexercisable</font>
        <HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
    <TH COLSPAN="2"><font size="2" face="Times New Roman, Times, serif">Exercisable</font>
        <HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
    <TH COLSPAN="2"><font size="2" face="Times New Roman, Times, serif">Unexercisable</font>
        <HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="20%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Glenn J. Chamandy</font></TD>
    <TD width="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">NIL</font></TD>
    <TD width="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">NIL</font></TD>
    <TD width="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">51,972</font></TD>
    <TD width="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">12,487</font></TD>
    <TD width="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">906,032</font></TD>
    <TD width="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">127,992</font></TD>
    <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">H. Greg Chamandy</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">65,460</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">936,844</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">NIL</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">NIL</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">NIL</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">NIL</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Edwin B. Tisch</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">5,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">122,315</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">18,609</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">7,805</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">223,367</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">80,001</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Laurence G. Sellyn</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">NIL</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">NIL</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">6,105</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">15,053</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">62,576</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">31,293</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Georges Sam Yu Sum</font> </TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">10,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">384,750</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">45,549</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2,775</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">480,877</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">28,444</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Michael R. Hoffman</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">12,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">462,500</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">17,467</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">8,667</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">57,320</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">26,667</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
</TABLE>
<p name="A028">&nbsp;</p>
<p name="A028">&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">10</font></p>
<hr width="100%" size=3 color=GRAY noshade>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"></font></p>
<p name="A028"><FONT size="2" FACE="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restricted Share Unit Plan</I></FONT></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Share Unit Plan (the &#147;<B>RSUP</B>&#148;) of the Corporation was adopted by the Board of Directors on August&nbsp;3, 2004. It is intended to allow the Board of Directors to grant RSUs, as appropriate, to officers, key employees and non-employee directors of the Corporation and its subsidiaries in order to encourage them to work toward, and participate in, the growth and development of the Corporation and to assist the Corporation in attracting, retaining and motivating its officers, key employees and non-employee directors. The RSUP is administered by the Board of directors. Under the RSUP, the Board may designate certain officers, key employees or non-employee directors to participate in the RSUP and may determine the number of RSUs granted to them. In addition, the Board has discretion to establish the date on which RSUs are granted and the date on which the award is fully vested, the per
formance objectives which must be attained for an RSU award to vest, if any, and other particulars applicable to such an award. An RSU represents the right of a participant under the RSUP to whom a grant of such unit is made to receive one Class&nbsp;A Subordinate Voting Share (or a Common Share of the Corporation upon the change of Class&nbsp;A Subordinate Voting Shares into Common Shares as described herein) or cash, as described below, on the vesting date. The vesting period is of a maximum of three (3) years. Unless an award has expired pursuant to certain limited circumstances described in the RSUP, the Corporation will, no later than five (5)&nbsp;business days after the vesting date, direct a third party broker to purchase the number of Class&nbsp;A Subordinate Voting Shares represented by such vested award on the secondary market for delivery to an RSU holder or pay to the RSU holder an amount in cash equal to the average of the closing prices of the shares on the Toronto Stock Exchange for the five 
(5)&nbsp;trading days immediately preceding such date, subject to adjustments made pursuant to the RSUP. No shares are issued from treasury under the RSUP, which is therefore non-dilutive. No grant has been made so far under the RSUP, but the Board intends to use such plan on a discretionary basis when RSUs will no longer be available under the LTIP.</font> </p>
<p name="A031"><FONT size="2" FACE="Times New Roman, Times, serif"><B><I>RRSP/DPSP/SRRP Program</I></B></FONT></p>
                                <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Corporation&#146;s RRSP/DPSP/SRRP Program, the Named Executive Officers and other members of management of the Corporation receive under the Deferred Profit Sharing Plan (DPSP) of the Corporation an amount equal to their contribution to their Registered Retirement Savings Plan (RRSP) up to a maximum of 5% of their base annual salary. In addition, should such 5% limit be higher than the tax limit for their voluntary contributions, the additional amount is invested in a Supplemental Retirement Savings Plan (SRRP).</font> </p>
<p name="A032"><FONT size="2" FACE="Times New Roman, Times, serif"><B><I>Defined Benefit Plan</I></B></FONT></p>
                                <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation has put in place a non-registered defined benefit plan for Edwin B. Tisch. The defined benefit plan will provide Mr. Tisch or his spouse, as the case may be, with an annual pension benefit from the later of Mr.&nbsp;Tisch reaching age 65 or his retirement, until the later of his death or the death of his spouse, with a minimum guaranteed payment period of ten (10)&nbsp;years. The annual pension benefit payable under the non-registered defined benefit plan shall be payable in monthly instalments and is equal to $100,000 if Mr.&nbsp;Tisch retires at age&nbsp;65, or the actuarial equivalent of this amount if he retires after age&nbsp;65. Mr.&nbsp;Tisch, who is 66&nbsp;years old, has informed the Corporation that he plans to retire effective December&nbsp;31, 2004. Following his retirement, these amounts will be paid to him.</font> </p>
<p name="A033"><FONT size="2" FACE="Times New Roman, Times, serif"><B><I>Employment Agreements and Change of Control Agreements</I></B></FONT></p>
                                <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation has entered into employment agreements (the &#147;<B>Employment Agreements</B>&#148;) with each of Glenn&nbsp;J. Chamandy, Edwin&nbsp;B. Tisch, Laurence&nbsp;G. Sellyn and Georges&nbsp;Sam Yu Sum. The Employment Agreements provide that the Corporation will pay the executive a base salary, the level of which will be reviewed annually in accordance with the Corporation&#146;s policies. The Employment Agreements have an indefinite term. Nonetheless, the Corporation may terminate the executive upon death, disability, breach of the Employment Agreement or for cause without making any severance payments. In addition, the executive may terminate his employment at any time upon at least six&nbsp;(6) months&#146; written notice in the case of Messrs.&nbsp;Chamandy and Tisch and upon at least two&nbsp;(2) months&#146; written notice in the case of Messrs.&nbsp;Sellyn and 
Sam&nbsp;Yu Sum.</font> </p>
                                <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Employment Agreement provides that if the Corporation terminates the employment of the executive for any reason other than those stated above or takes any action which could be construed as constructive dismissal, then the executive is entitled to, subject to applicable withholdings: (i)&nbsp;an amount equal to twenty-four (24)&nbsp;months&#146; base salary in the case of Messrs.&nbsp;Chamandy, Tisch and Sellyn and twelve (12)&nbsp;months&#146; base salary in the case of Mr.&nbsp;Sam Yu Sum (each a &#147;<B>Termination Period</B>&#148;), paid out, at the executive&#146;s option, either as a one-time payment or as monthly installments covering the applicable Termination Period ; (ii)&nbsp;in the case of Messrs.&nbsp;Chamandy, Tisch and Sellyn, a one-time payment equal to twenty-four (24)&nbsp;months of the target annual bonus established under the Annual Incentive Plan; (ii
i)&nbsp;continuation of group insurance benefits (except short and long-term disability) for the applicable Termination Period, ceasing upon new employment, if earlier; (iv)&nbsp;any earned bonus (for example, a bonus with respect to a previous fiscal year) that would otherwise be payable to the executive during the applicable Termination Period pursuant to the Annual Incentive Plan; (v)&nbsp;the right to exercise vested options pursuant to the LTIP within ninety (90)&nbsp;days following termination of employment; and (vi)&nbsp;the payment of any earned but unused vacation days and any amounts due under the executive&#146;s business expense and personal spending accounts, as authorized.</font> </p>
                                <p align="justify">&nbsp;</p>
                                <p align="center"><font size="2" face="Times New Roman, Times, serif">11</font></p>
                                <hr width="100%" size=3 color=GRAY noshade>
                                <p align="justify">&nbsp;</p>
                                <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Employment Agreements also provide that, following termination, the executive will not: (i)&nbsp;disclose to any person or use for his own purpose any confidential information or knowledge relating to the Corporation; (ii)&nbsp;solicit during the applicable Termination Period any of the Corporation&#146;s customers with the intent of selling them any products which are similar to or competing with the Corporation&#146;s products; or (iii)&nbsp;induce, entice or hire any of the Corporation&#146;s employees, which restriction in the case of Mr.&nbsp;Sam Yu Sum is limited to the applicable Termination Period.</font> </p>
                                <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Corporation has entered into change of control agreements (the &#147;<B>Change of Control Agreements</B>&#148;) with each of Glenn&nbsp;J. Chamandy, Edwin&nbsp;B.&nbsp;Tisch, Laurence&nbsp;G. Sellyn and Georges Sam Yu Sum. Under such agreements, in the event of a potential change of control (as defined in the Change of Control Agreements), the executive agrees to remain employed by the Corporation until the earliest of (a)&nbsp;365&nbsp;days from the date of the potential change of control, (b)&nbsp;his termination of employment by death or disability or, in the case of Messrs.&nbsp;Sellyn and Sam Yu Sum, by death, disability or for cause, or (c)&nbsp;his termination of employment by the Corporation without cause or by the executive with good reason.</font> </p>
                                <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Change of Control Agreements also provide that if a change of control occurs and the Corporation terminates the executive without cause, or if the executive terminates his employment for good reason, then the executive will be entitled to, subject to applicable withholdings:&nbsp;(i)&nbsp;his full base salary through the date of termination; (ii)&nbsp;a one-time payment equal to thirty-six (36)&nbsp;months&#146; base salary in the case of Messrs. Chamandy, Tisch and Sellyn and twenty-four (24)&nbsp;months&#146; base salary in the case of Mr.&nbsp;Sam Yu Sum (each a &#147;<B>Severance Period</B>&#148;); (iii)&nbsp;any amounts required to be paid to him under any long term incentive plan of the Corporation, including the LTIP (upon the occurrence of transactions that would result in a change of control, all options become exercisable and RSUs become vested as of the date of t
he change of control, unless otherwise determined by the Board prior to the occurrence of the change of control); (iv)&nbsp;a one-time payment in lieu of the participation in the Annual Incentive Plan during the applicable Severance Period; (v)&nbsp;continuation of employee benefits for the applicable Severance Period, ceasing upon new employment, if earlier; and (vi)&nbsp;any earned but unused vacation days.</font> </p>
<p name="A034"><FONT size="2" FACE="Times New Roman, Times, serif"><B><I>Contractual Arrangements with H.&nbsp;Greg Chamandy</I></B></FONT></p>
                                <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;H.&nbsp;Greg Chamandy retired as Chairman of the Board, Chairman of the Executive Committee and Co-Chief Executive Officer of the Corporation effective as of August&nbsp;3, 2004. Please see &#147;Executive Compensation&nbsp;&#151; Summary Compensation Table&#148; included hereinabove for details on the arrangements entered into between the Corporation and Mr.&nbsp;H. Greg Chamandy.</font> </p>
<p name="A035"><FONT size="2" FACE="Times New Roman, Times, serif"><B><I>Composition of the Compensation and Human Resources Committee</I></B></FONT></p>
                                <p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the most recently  completed year, the Corporation's  Compensation and Human Resources  Committee was composed of
      four  (4)  directors,  all of whom are  outside  and  unrelated  directors,  namely  Messrs. Richard P.  Strubel  (Chairman),
      William H. Houston III, Robert M. Baylis and Gerald H.B. Ross.
</font></p>
                                <p>&nbsp;</p>
                                <p align="center"><font size="2" face="Times New Roman, Times, serif">12</font></p>
                                <hr width="100%" size=3 color=GRAY noshade>
                                <p>&nbsp; </p>
                                <p align="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"><B><I>Report on Executive Compensation</I></B></FONT>
</p>
                                <p align="left"><FONT size="2" FACE="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General Principles of Executive Compensation</I></FONT></p>
                                <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation of executive officers of the Corporation and its subsidiaries, including the Named Executive Officers whose names appear in the Summary Compensation Table under &#147;Executive Compensation&#148;, is recommended to the Board of Directors by the Corporation&#146;s Compensation and Human Resources Committee.</font> </p>
                                <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to ensure that the Corporation is able to attract, motivate and retain high-quality employees required for its success, the Corporation has developed and implemented a formal strategic policy regarding the compensation of its executives. This policy is intended to ensure that the Corporation&#146;s executives receive total compensation that (a)&nbsp;is competitive with the compensation received by executives employed by a group of comparable North&nbsp;American companies (the <B>&#147;Reference Market</B>&#148;), (b)&nbsp;links the executives&#146; interests with those of the Corporation&#146;s shareholders and (c)&nbsp;rewards superior performance. The Reference Market is comprised of a combination of Canadian and United States companies involved in apparel and textile, consumer products and certain categories of high growth companies, as well as companies that have a
n entrepreneurial culture. The policy is comprised of three (3) components:</font> </p>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="6%">&#8226;</TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="91%"><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif"> the base compensation strategy, which is intended to align base salaries with the median of those paid by companies contained in the Reference Market, as well as align benefits and perquisites with the local market median;</FONT> </P></TD>
</TR>
</TABLE>
<br>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="6%">&#8226;</TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="91%"><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif"> the short-term incentive program, namely the Corporation&#146;s Annual Incentive Plan (more fully described on page 9 of this Circular), which aims at providing bonuses greater than the median of those offered by companies contained in the Reference Market in cases where specified financial objectives are attained. The Annual Incentive Plan has been developed to encourage and reward peak performance as the payouts occur only upon achieving the Corporation&#146;s targets for returns on investment as well as key strategic business objectives; and</FONT> </P></TD>
</TR>
</TABLE>
<br>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="6%"><FONT size="2" FACE="Times New Roman, Times, serif">&#8226;o</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="91%"><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif"> the long-term incentive programs (namely the LTIP and the RSUP, described on pages 9 to 11 of this Circular), which aim at bringing the total compensation received by the Corporation&#146;s executives to the 75<SUP>th</SUP> percentile of total compensation received by executives in the Reference Market if the Corporation achieves its aggressive profit and growth targets. To encourage retention and focus management on achieving the next level of growth, the Corporation has issued RSUs under the LTIP which vest at the end of a five (5)&nbsp;year period, subject to the achievement of performance objectives in the case of half of the RSUs granted. On August&nbsp;3, 2004, the Corporation adopted the RSUP because the current reserve level of RSUs under the LTIP will not allow for enough grants to meet the Corporation&#146;s total compensation policy. However, the Corporation has not yet made any grants under the RSUP.</FON
T> </P></TD>
</TR>
</TABLE>
                                <p><font size="2" face="Times New Roman, Times, serif"><BR>

</font><FONT size="2" FACE="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compensation of Chief Executive Officer</I></FONT></p>
                                <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The compensation of the Chief Executive Officer is governed by the Corporation&#146;s executive compensation policy described above. The Chief Executive Officer&#146;s base compensation for fiscal 2004 is within the range of the median value of the companies contained in the Reference Market. The Chief Executive Officer received a bonus based on the SCORES program and the strategic multiplier for fiscal 2004, as determined pursuant to the Annual Incentive Plan of the Corporation. No options were granted to the Chief Executive Officer during the financial year ended October&nbsp;3, 2004.</font> </p>
                                <p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On behalf of the Compensation and Human Resources Committee:


                                                               </font>
</p>
                                <table width="95%"  border="0" cellspacing="0" cellpadding="0">
                                  <tr>
                                    <td width="25%">&nbsp;</td>
                                    <td width="75%"><FONT size="2" FACE="Times New Roman, Times, serif">Richard P. Strubel, Chairman<br>
William H. Houston III<br>
Robert M. Baylis<br>
Gerald H.B. Ross</FONT></td>
                                  </tr>
                                </table>
                                <p align="left">&nbsp;</p>
                                <p align="center"><font size="2" face="Times New Roman, Times, serif">13</font></p>
                                <hr width="100%" size=3 color=GRAY noshade>
                                <p align="left">&nbsp;</p>
                                <p name="A042"><FONT size="2" FACE="Times New Roman, Times, serif"><B>ERFORMANCE GRAPH</B></FONT></p>
                                <p align="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following graph compares the cumulative total shareholder return on an investment of $100 in Class&nbsp;A Subordinate Voting Shares made on October&nbsp;3, 1999 with the cumulative total shareholder return of the Toronto Stock Exchange S&amp;P/TSX Composite Index, assuming reinvestment of all dividends.</font> </p>
                                <p align="center"><img src="performancegraph_circular.jpg" width="689" height="485">
</p>
                                <p align="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"><B>SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS</B></FONT></p>
                                <p align="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides, for fiscal 2004, with respect to the LTIP:</font> </p>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="9%"><FONT size="2" FACE="Times New Roman, Times, serif">(i)</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="88%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> the number of securities to be issued upon the exercise of outstanding options, warrants and rights;</FONT> </P></TD>
</TR>
</TABLE>
<br>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="9%"><FONT size="2" FACE="Times New Roman, Times, serif">(ii)</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="88%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> the weighted-average exercise price of such outstanding options, warrants and rights; and</FONT> </P></TD>
</TR>
</TABLE>
<br>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="9%"><FONT size="2" FACE="Times New Roman, Times, serif">(iii)</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="88%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> the number of securities remaining available for future issuance under the applicable plan, other than securities to be issued upon the exercise of such outstanding options, warrants and rights.</FONT> </P></TD>
</TR>
</TABLE>
                                <p><font size="2" face="Times New Roman, Times, serif"><BR>
</font></p>
                                <p>&nbsp;</p>
                                <p align="center"><font size="2" face="Times New Roman, Times, serif">14</font></p>
                                <hr width="100%" size=3 color=GRAY noshade>
<p><font size="2" face="Times New Roman, Times, serif"> </font> </p>
                                <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
                                  <TR VALIGN="BOTTOM">
                                    <TH COLSPAN="2"></TH>
                                    <TH COLSPAN="2"></TH>
                                    <TH width="27%"></TH>
                                    <TH width="22%"></TH>
                                    <TH width="28%"></TH>
                                  </TR>
                                  <TR VALIGN="BOTTOM">
                                    <TD colspan="4" ALIGN="LEFT"><div align="center"><strong><font size="2" face="Times New Roman, Times, serif">Plan category</font></strong></div></TD>
                                    <TD ALIGN="RIGHT"><div align="center"><strong><font size="2" face="Times New Roman, Times, serif">Number of securities to<br>
        be issued upon exercise of <br>
        outstanding options, <br>
        warrants and rights</font></strong></div></TD>
                                    <TD ALIGN="RIGHT"><div align="center"><strong><font size="2" face="Times New Roman, Times, serif">Weighted-average exercise<br>
        of outstanding options, <br>
        warrants and rights </font></strong></div></TD>
                                    <TD ALIGN="LEFT"><div align="center"><strong><font size="2" face="Times New Roman, Times, serif">Number of securities remaining<br>
        available for future issuance<br>
        under equity compensation plans <br>
        (excluding securities reflected in <br>
        the second column) <br>
                                    </font></strong></div></TD>
                                  </TR>
                                  <TR VALIGN="BOTTOM">
                                    <TD colspan="4" ALIGN="LEFT"><div align="center">
                                        <hr align="left" width="90%" size="1" noshade>
                                    </div></TD>
                                    <TD ALIGN="RIGHT"><div align="center">
                                        <hr width="85%" size="1" noshade>
                                    </div></TD>
                                    <TD ALIGN="RIGHT"><div align="center">
                                        <hr width="85%" size="1" noshade>
                                    </div></TD>
                                    <TD ALIGN="LEFT"><div align="center">
                                        <hr width="85%" size="1" noshade>
                                    </div></TD>
                                  </TR>
                                  <TR VALIGN="BOTTOM">
                                    <TD colspan="4" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Equity compensation plan <br>
      approved by securityholders </font></TD>
                                    <TD ALIGN="RIGHT">&nbsp;</TD>
                                    <TD ALIGN="RIGHT">&nbsp;</TD>
                                    <TD ALIGN="LEFT">&nbsp;</TD>
                                  </TR>
                                  <TR VALIGN="BOTTOM">
                                    <TD WIDTH="2%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
                                    <TD colspan="3" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">LTIP</font></TD>
                                    <TD ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">571,323</font></div></TD>
                                    <TD ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25</font><font size="2" face="Times New Roman, Times, serif">.75</font></div></TD>
                                    <TD ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">Nil</font></div></TD>
                                  </TR>
                                </TABLE>
<p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation does not have any equity compensation plan, under which equity securities are authorized for issuance, not previously approved by shareholders.</font> </p>
<p name="A046"><FONT size="2" FACE="Times New Roman, Times, serif"><B><I>Employee Share Purchase Plan</I></B></FONT></p>
                                <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;29, 2000, the Corporation adopted an Employee Share Purchase Plan (the &#147;<B>Plan</B>&#148;) which provides an opportunity for full time or regular part time employees of the Corporation to participate in its ownership. Under the Plan, an employee may contribute between one (1) and ten (10) percent of his or her annual income for any given year toward the purchase of Class&nbsp;A Subordinate Voting Shares (or Common Shares of the Corporation upon the change of Class&nbsp;A Subordinate Voting Shares into Common Shares as described herein). The contributions are deducted by the Corporation from the payroll of any participant and paid over to a custodian for the account of such participant. As soon as practicable following remittance of such contributions to the custodian, the custodian purchases from the treasury of the Corporation, for and on behalf of each partic
ipant, a number of Class&nbsp;A Subordinate Voting Shares equal to the quotient obtained by dividing the contributions made during a given month by 90% of the market price of the Class&nbsp;A Subordinate Voting Shares at the end of such month. At the Corporation&#146;s discretion, an equivalent number of Class&nbsp;A Subordinate Voting Shares may be purchased on the open market, in which case the Corporation remits to the custodian the additional funds required to settle such purchase. In the event of the death, retirement or termination of employment of the participant, the custodian will remit to the estate of the deceased participant, to the retired employee or to the former employee, as the case may be, a certificate registered in the participant&#146;s name representing the number of Class&nbsp;A Subordinate Voting Shares standing to the credit of such participant as well as a cash payment for any fraction of such shares and any contribution not yet invested as of the date of such participant&#146;s dea
th, retirement or termination. The Corporation assumes all administrative costs associated with the Plan as well as the cost of issuing a share certificate once per year.</font> </p>
<p name="A047"><FONT size="2" FACE="Times New Roman, Times, serif"><B>INDEBTEDNESS OF DIRECTORS AND OFFICERS</B></FONT></p>
                                <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As at December&nbsp;17, 2004, no amount was owed to the Corporation or any of its subsidiaries by any of the current directors, officers and employees, and former directors, officers and employees of the Corporation or any of its subsidiaries, exclusive of travel advances as permitted by applicable securities laws. The following table provides information regarding indebtedness owed during the year to the Corporation by each individual who currently is or at any time during fiscal 2004 has been a director or officer of the Corporation, or an associate of any of the foregoing. No security was provided to the Corporation, any of its subsidiaries or another entity as a counterpart for the indebtedness and no amount was forgiven during fiscal 2004.</font> </p>
<p name="A048"><FONT size="2" FACE="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Table of Indebtedness of Directors and Officers</I></FONT></p>
                                <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
                                  <TR VALIGN="BOTTOM">
                                    <TH></TH>
                                    <TH></TH>
                                    <TH></TH>
                                    <TH></TH>
                                  </TR>
                                  <TR VALIGN="BOTTOM">
                                    <TD ALIGN="LEFT"><div align="center"><strong><font size="2" face="Times New Roman, Times, serif">Name and Position </font></strong></div></TD>
                                    <TD ALIGN="LEFT"><div align="center"><strong><font size="2" face="Times New Roman, Times, serif">Involvement of the<br>
        Corporation or <br>
        Subsidiary </font></strong></div></TD>
                                    <TD ALIGN="LEFT"><div align="center"><strong><font size="2" face="Times New Roman, Times, serif">Largest Amount</font><br>
                                              <font size="2" face="Times New Roman, Times, serif">Outstanding for the year</font><br>
                                              <font size="2" face="Times New Roman, Times, serif">ended October 3, 2004</font> <br>
                                    </strong></div></TD>
                                    <TD ALIGN="LEFT"><div align="center"><strong><font size="2" face="Times New Roman, Times, serif">Amount <br>
        Outstanding at<br>
        December 17, 2004 </font></strong></div></TD>
                                  </TR>
                                  <TR VALIGN="BOTTOM">
                                    <TD ALIGN="LEFT"><hr align="left" width="95%" size="1" noshade></TD>
                                    <TD ALIGN="LEFT"><div align="center">
                                        <hr align="center" width="95%" size="1" noshade>
                                    </div></TD>
                                    <TD ALIGN="LEFT"><div align="center">
                                        <hr align="center" width="95%" size="1" noshade>
                                    </div></TD>
                                    <TD ALIGN="LEFT"><hr align="center" width="95%" size="1" noshade></TD>
                                  </TR>
                                  <TR VALIGN="BOTTOM">
                                    <TD WIDTH="39%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Glenn J. Chamandy</font></TD>
                                    <TD WIDTH="23%" ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">Lender</font></div></TD>
                                    <TD WIDTH="21%" ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">$450,000 <SUP>(1)</SUP></font></div></TD>
                                    <TD WIDTH="17%" ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">Nil</font></div></TD>
                                  </TR>
                                  <TR VALIGN="BOTTOM">
                                    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">President and Chief Executive Officer</font></TD>
                                  </TR>
                                </TABLE>
                                <br>
                                <hr align="left" width="25%" size="1" noshade>
                                <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="3%"><FONT size="1" FACE="Times New Roman, Times, serif">(1)</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT size="1" FACE="Times New Roman, Times, serif"> Glenn J. Chamandy received an interest-free loan of $750,000 on December&nbsp;8, 1999. This loan was originally repayable in ten (10) equal and consecutive annual installments of $75,000 without interest but was fully re-paid in December&nbsp;2004.</FONT> </P></TD>
</TR>
</TABLE>
                                <p><font size="2" face="Times New Roman, Times, serif"><BR>
</font></p>
                                <p align="center"><font size="2" face="Times New Roman, Times, serif">15</font></p>
                                <hr width="100%" size=3 color=GRAY noshade>
<p><FONT size="2" FACE="Times New Roman, Times, serif"><B>STATEMENT OF CORPORATE GOVERNANCE PRACTICES</B></FONT></p>
                                <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors considers excellent corporate governance practices to be an important factor in the overall success of the Corporation. Under the rules of the TSX, the Corporation is required to disclose information relating to its system of corporate governance with reference to the TSX Corporate Governance Standards (the &#147;<B>TSX Standards</B>&#148;).</font> </p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the last few years, the Corporation has undertaken a comprehensive review of its corporate governance practices in order to best comply with the TSX Standards and other Canadian securities legislation as well as the NYSE Corporate Governance Listing Standards, the <I>Sarbanes-Oxley Act of 2002</I> and other applicable U.S. securities legislation. The Corporation&#146;s disclosure addressing each of the TSX Standards is set out in Schedule&nbsp;&#147;F&#148; to this Circular.</font> </p>
<p name="A051"><FONT size="2" FACE="Times New Roman, Times, serif"><B>DIRECTORS&#146; AND OFFICERS&#146; LIABILITY INSURANCE</B></FONT></p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation provides insurance for the benefit of the directors and officers of the Corporation and its subsidiaries against liability which may be incurred by them in these capacities. The current policy limit is US$100,000,000 on an annual basis. Such insurance is subject to a general deductible of US$250,000 per loss (except in respect of securities-related claims, in which cases the deductible is US$500,000), as well as specific exclusions which are usually contained in policies of this nature. The total annual premium paid during the financial year ended October&nbsp;3, 2004 in respect of this policy was US$1,876,675. This annual premium, which has not been specifically allocated between directors as a group and officers as a group, was paid entirely by the Corporation.</font> </p>
<p name="A052"><FONT size="2" FACE="Times New Roman, Times, serif"><B>NORMAL COURSE ISSUER BID</B></FONT></p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation has renewed, subject to regulatory approval, a normal course issuer bid for a maximum of 500,000&nbsp;Class A Subordinate Voting Shares, representing approximately 1.682% of the total outstanding Class&nbsp;A Subordinate Voting Shares as at December&nbsp;17, 2004. Any purchases under the renewed bid will be made during the period from December&nbsp;22, 2004 to December&nbsp;21, 2005, and will be made on the open market through the facilities of the TSX in compliance with its rules and policies. Shares purchased under the bid will be cancelled. As at December&nbsp;17, 2004, there were 29,716,530&nbsp;Class&nbsp;A Subordinate Voting Shares issued and outstanding. In the event that, during the course of the normal course issuer bid, the Class&nbsp;A Subordinate Voting Shares trade at a price range that does not adequately reflect their 
value in relation to the Corporation&#146;s assets, business and future business prospects, the Corporation believes that the purchase of up to 500,000 of its outstanding Class&nbsp;A Subordinate Voting Shares made under the normal course issuer bid will represent an appropriate use of the Corporation&#146;s corporate funds, while still preserving its financing flexibility to pursue potential growth opportunities. Shareholders may obtain copies of the notice of intention without charge by contacting the Corporation in writing or otherwise, to the attention of the Corporate Secretary.</font> </p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif"><strong>AMENDMENT TO THE SHARE CAPITAL AND NAME OF THE CORPORATION </strong>                                                             </font>
</p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;1, 2004, H.&nbsp;Greg Chamandy, Glenn&nbsp;J. Chamandy and Edwin&nbsp;B. Tisch, through their respective holding corporations, converted all of their Class&nbsp;B Multiple Voting Shares held in the share capital of the Corporation into Class&nbsp;A Subordinate Voting Shares on a one-for-one basis and with no conversion premium. This conversion was carried out in accordance with the Articles of the Corporation.</font> </p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because there are no longer any Class&nbsp;B Multiple Voting Shares of the Corporation issued and outstanding, the Board of Directors adopted a resolution, on December&nbsp;1, 2004, subject to confirmation by special resolution of the shareholders, to amend the Articles of the Corporation in order to:</font> </p>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="9%"><FONT size="2" FACE="Times New Roman, Times, serif">(i)</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="88%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> create a new class of Common Shares;</FONT> </P></TD>
</TR>
</TABLE>
<br>
<font size="2" face="Times New Roman, Times, serif">
</font>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="9%"><FONT size="2" FACE="Times New Roman, Times, serif">(ii)</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="88%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> change each of the issued and outstanding Class&nbsp;A Subordinate Voting Shares into one of the Common Shares created hereby; and</FONT> </P></TD>
</TR>
</TABLE>
<br>
<font size="2" face="Times New Roman, Times, serif">
</font>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="9%"><FONT size="2" FACE="Times New Roman, Times, serif">(iii)</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="88%"><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif"> remove the Class&nbsp;B Multiple Voting Shares and the Class&nbsp;A Subordinate Voting Shares as well as the rights, privileges, restrictions and conditions attaching thereto,</FONT> </P></TD>
</TR>
</TABLE>
                                                             <p align="center"><font size="2" face="Times New Roman, Times, serif"><BR>
</font><font size="2" face="Times New Roman, Times, serif">16</font></p>
                                                             <hr width="100%" size=3 color=GRAY noshade>
                                                             <p><font size="2" face="Times New Roman, Times, serif">
                                                                                                                          </font>
                                                             </p>
                                                             <p align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">the whole in accordance with the resolution included as Schedule&nbsp;&#147;A&#148; to this Circular. The Corporation is also taking this opportunity to rectify its Articles by revising the French form of its name from &#147;Les V&ecirc;tements de Sports Gildan Inc.&#148; to &#147;Les V&ecirc;tements de Sport Gildan Inc.&#148;</FONT> </p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordingly, the Board of Directors and management are recommending that the shareholders vote FOR the approval of the special resolution (the full text of which is reproduced as Schedule&nbsp;&#147;A&#148; to this Circular), which requires an affirmative vote of not less than two-thirds of the votes cast at the Meeting in order to be adopted. <B>Unless contrary instructions are indicated on the proxy form or the voting instruction form, the persons designated in the enclosed form of proxy or voting instruction form intend to vote FOR the approval of the special resolution.</B></font> </p>
                                                             <p><font size="2" face="Times New Roman, Times, serif"><strong>AMENDMENT TO THE NUMBER OF DIRECTORS OF THE CORPORATION </strong></font>
</p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors, at its meeting held on December&nbsp;1, 2004, adopted a resolution, subject to confirmation by special resolution of the shareholders, to amend the Articles of the Corporation so that the maximum number of directors be changed from fifteen (15) to ten (10). Such amendment is motivated by current corporate governance best practices promoting board effectiveness, and particularly that boards have a number of directors which facilitate effective decision-making.</font> </p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordingly, the Board of Directors and management are recommending that the shareholders vote FOR the approval of the special resolution (the full text of which is reproduced as Schedule&nbsp;&#147;B&#148; to this Circular), which requires an affirmative vote of not less than two-thirds of the votes cast at the Meeting in order to be adopted. <B>Unless contrary instructions are indicated on the proxy form or the voting instruction form, the persons designated in the enclosed form of proxy or voting instruction form intend to vote FOR the approval of the special resolution.</B></font> </p>
<p name="A053"><FONT size="2" FACE="Times New Roman, Times, serif"><B>APPROVAL OF SHAREHOLDER RIGHTS PLAN</B></FONT></p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Meeting, shareholders will be asked to consider, and, if deemed advisable, to approve the ordinary resolution confirming the ratification of the shareholder rights plan (the &#147;<B>Rights Plan</B>&#148;) adopted by the Board of Directors on December&nbsp;1, 2004. On that same date, the Corporation also entered into a shareholder rights plan agreement with Computershare Trust Company of Canada (the &#147;<B>Rights Agreement</B>&#148;). The Rights Plan became effective on December&nbsp;1, 2004. Under the listing policies of the TSX, a shareholder rights plan must be ratified by a corporation&#146;s shareholders within six&nbsp;(6)&nbsp;months of its adoption. The TSX has advised the Corporation that this requirement will be satisfied in respect of the Rights Plan if the resolution approving the Rights Plan, a copy of which is reproduced at Sc
hedule&nbsp;&#147;C&#148; to this Circular, is approved by a majority of the votes cast at the Meeting.</font> </p>
<p name="A054"><FONT size="2" FACE="Times New Roman, Times, serif"><B><I>Objectives and Background of the Rights Plan</I></B></FONT></p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Rights Plan is designed to provide the Corporation&#146;s shareholders and the Board of Directors additional time to assess an unsolicited take-over bid for the Corporation and, where appropriate, to give the Board of Directors additional time to pursue alternatives for maximizing shareholder value. It also encourages fair treatment of all shareholders by providing them with an equal opportunity to participate in a take-over bid.</font> </p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In recommending the confirmation and ratification of the Rights Plan, it is not the intention of the Board of Directors to preclude a bid for control of the Corporation. The Rights Plan provides various mechanisms whereby shareholders may tender their Shares (as defined below) to a take-over bid as long as the bid meets the &#147;Permitted Bid&#148; criteria. Furthermore, even in the context of a take-over bid that would not meet the Permitted Bid criteria, the Board of Directors would still have a duty to consider any take-over bid for the Corporation and consider whether or not it should waive the application of the Rights Plan in respect of such bid. In discharging such duty, the Board of Directors must act honestly and in good faith with a view to the best interests of the Corporation and its shareholders.</font> </p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A number of recent decisions rendered by the Canadian securities regulators relating to shareholder rights plans have concluded that a board of directors faced with an unsolicited take-over bid will not be permitted to maintain a shareholder rights plan indefinitely to prevent successful completion of the bid, but only to the extent that the board of directors actively seeks alternatives to the bid and there is a reasonable possibility that, given additional time, a value-maximizing alternative will be developed.</font> </p>
                                                             <p align="center"><font size="2" face="Times New Roman, Times, serif">17</font></p>
                                                             <hr width="100%" size=3 color=GRAY noshade>
                                                             <p align="justify">&nbsp;</p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Rights Plan is therefore designed to encourage a potential acquiror who makes a take-over bid to proceed either by way of a Permitted Bid, which requires a take-over bid to satisfy certain minimum standards designed to promote fairness, or with the concurrence of the Board of Directors. If a take-over bid fails to meet these minimum standards and the Rights Plan is not waived by the Board of Directors, the Rights Plan provides that holders of Shares, other than the acquiror, will be able to purchase additional Shares at a significant discount to market, thus exposing the person acquiring Shares to substantial dilution of its holdings.</font> </p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Rights Plan was not adopted in response to any specific proposal to acquire control of the Corporation, nor is the Board of Directors currently aware of any pending or threatened take-over bid for the Corporation. The Rights Plan will be in effect for three (3)&nbsp;years, with one renewal option, subject to shareholder approval.</font> </p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In adopting the Rights Plan, the Board of Directors considered the existing legislative framework governing take-over bids in Canada. The Board of Directors believes that such legislation may not provide sufficient time to permit shareholders to consider a take-over bid and make a reasoned and unhurried decision with respect to the take-over bid or, where appropriate, give the Board sufficient time to develop alternatives for maximizing shareholder value. Shareholders may also feel compelled to tender their Shares to a take-over bid, even if they consider such bid to be inadequate, out of a concern that failing to do so may result in a shareholder being left with illiquid or minority discounted shares in the Corporation. This is particularly so in the case of a partial bid for less than all the Class&nbsp;A Subordinate Voting Shares (or, if the requ
ired majority of shareholders vote in favour of the special resolution reproduced in Schedule&nbsp;&#147;A&#148; to this Circular to exchange, on a one-for-one basis, all issued and outstanding Class&nbsp;A Subordinate Voting Shares for Common Shares, of such a partial bid for less than all of the Common Shares of the Corporation then issued and outstanding) (the Class&nbsp;A Subordinate Voting Shares or the Common Shares, as the case may be, being referred to as the &#147;Shares&#148; for the purposes of this section), where the bidder wishes to obtain a control position but does not wish to acquire all of the Shares. Finally, while existing securities legislation has addressed many concerns related to unequal treatment of shareholders, there remains the possibility that control of a company may be acquired pursuant to private agreements in which a small group of shareholders disposes of Shares at a premium to market price, which premium is not shared with the other shareholders.</font> </p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Rights Plan does not preclude any shareholder from using the proxy mechanism of the <I>Canada Business Corporations </I>Act, the Corporation&#146;s governing corporate statute, to promote a change in the Corporation&#146;s management or in the Board of Directors, and it will have no effect on the rights of holders of the Shares to requisition a meeting of shareholders in accordance with the provisions of applicable legislation.</font> </p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In recent years, unsolicited bids have been made for a number of Canadian public companies, many of which had a shareholder rights plan in force at the time of the unsolicited bid. The Board of Directors believes that this demonstrates that the existence of a shareholder rights plan does not in itself prevent the launch of an unsolicited bid. Furthermore, in a number of cases, a change of control ultimately occurred at a price in excess of the original bid price. There can be no assurance, however, that the Rights Plan would serve to bring about a similar result.</font> </p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Rights Plan is not expected to interfere with the Corporation&#146;s day-to-day operations. The continuation of the existing outstanding rights and the issuance of additional rights in the future will not in any way alter the financial condition of the Corporation, impede its business plans, or alter its financial statements. In addition, the Rights Plan is initially not dilutive. However, if a &#147;Flip-in Event&#148; (as defined below) occurs and the rights separate from the Shares as described below, reported earnings per share and reported cash flow per share on a fully-diluted or non-diluted basis may be affected. In addition, holders of rights not exercising their rights after a Flip-in Event may suffer substantial dilution.</font> </p>
<p name="A055"><FONT size="2" FACE="Times New Roman, Times, serif"><B><I>Summary of the Rights Plan</I></B></FONT></p>
                                                             <p align="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the principal terms of the Rights Plan, which summary is qualified in its entirety by reference to the terms of the Rights Agreement.</font> </p>
                                                             <p align="LEFT">&nbsp;</p>
                                                             <p align="center"><font size="2" face="Times New Roman, Times, serif">18</font></p>
                                                             <hr width="100%" size=3 color=GRAY noshade>
                                                             <p align="justify">&nbsp;</p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Rights Agreement is available on SEDAR at www.sedar.com and on EDGAR, at www.sec.gov, under the name of Gildan Activewear Inc. as a filing made on December&nbsp;2, 2004.</font> </p>
<p align="justify" name="A056"><FONT size="2" FACE="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Operation of the Rights Plan</I></FONT></p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the terms of the Rights Agreement, one right was issued in respect of each Share outstanding as at the close of business on December&nbsp;1, 2004 (the &#147;<B>Record Time</B>&#148;). In addition, one right will be issued for each additional Share issued after the Record Time and prior to the earlier of the Expiration Time (as defined below) and the Separation Time (as defined below). The rights have an initial exercise price equal to the Market Price (as defined below) of the Shares as determined at the Separation Time, multiplied by five (5), subject to certain adjustments, and they are not exercisable until the Separation Time. Upon the occurrence of a Flip-in Event (as defined below), each right shall constitute the right for the holder thereof, other than an Acquiring Person (as defined below), to purchase from the Corporation 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 equal to the exercise price, subject to certain anti-dilution adjustments, in effect providing for a 50% discount relative to the Market Price. For example, if at the Separation Time, the Market Price of a Share is $40, the exercise price would be $200 (5&nbsp;x&nbsp;$40) and a holder of a Right would be entitled, from and after the Flip-in Event, to purchase ten&nbsp;(10)&nbsp;Shares (two (2) times the exercise price divided by the Market Price, or (2&nbsp;x&nbsp;$200)&nbsp;/&nbsp;$40&nbsp;=&nbsp;10&nbsp;Shares) for an aggregate exercise price of $200.</font> </p>
<p align="justify" name="A057"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" FACE="Times New Roman, Times, serif"><I>Trading of Rights</I></FONT></p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until the Separation Time, the rights trade with the Shares and are represented by the same share certificates as the Shares or by an entry in the Corporation&#146;s securities register in respect of any outstanding Shares. Upon the occurrence of a Flip-in Event, from and after the Separation Time and prior to the Expiration Time, the rights would be evidenced by rights certificates and trade separately from the Shares. The rights do not carry any of the rights attaching to the Shares such as voting or dividend rights.</font> </p>
<p align="justify" name="A058"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" FACE="Times New Roman, Times, serif"><I>Separation Time</I></FONT></p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights will separate from the Shares to which they are attached and become exercisable at the time (the &#147;<B>Separation Time</B>&#148;) of the close of business on the eighth (8<SUP>th</SUP>)Trading Day (as defined below) after the earlier of:</font> </p>
                                                             <div align="justify">
  <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
    <TR VALIGN="TOP">
       <TD ALIGN="RIGHT" WIDTH="6%"><FONT size="2" FACE="Times New Roman, Times, serif">1.</FONT></TD>
       <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
       <TD WIDTH="91%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> the first date of a public announcement or disclosure of facts indicating that a person has become an Acquiring Person (as defined below); and</FONT> </P></TD>
    </TR>
  </TABLE>
  <br>
  <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
    <TR VALIGN="TOP">
       <TD ALIGN="RIGHT" WIDTH="6%"><FONT size="2" FACE="Times New Roman, Times, serif">2.</FONT></TD>
       <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
       <TD WIDTH="91%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> the date of the commencement of, or first public announcement or disclosure of, the intention of any person (other than the Corporation or any of its subsidiaries) to commence, a take-over bid or a share exchange bid for 20% or more of the Corporation&#146;s outstanding Shares (other than a Permitted Bid, so long as such bid continues to satisfy the requirements of a Permitted Bid);</FONT> </P></TD>
    </TR>
  </TABLE>
                                                             </div>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><BR>

or such later time as may from time to time be determined by the Board of Directors.


                                                                                                                              </font>
</p>
                                                             <p align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Flip-in Event</I></FONT></p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The acquisition by a person (an &#147;<B>Acquiring Person</B>&#148;), including others acting jointly or in concert with such person, of 20% or more of the outstanding Shares, other than by way of a Permitted Bid, or in certain other limited circumstances described in the Rights Plan, is referred to as a &#147;Flip-in Event&#148;. After the occurrence of the Flip-in Event, each right (other than those held by the Acquiring Person) will entitle the holder thereof to purchase from the Corporation such number of Shares as has 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 equal to the exercise price, subject to certain anti-dilution adjustments.</font> </p>
<p align="justify" name="A060"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" FACE="Times New Roman, Times, serif"><I>Exercise Price</I></FONT></p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price is set at a multiple of five (5) times the Market Price of the Shares at the Separation Time, subject to anti-dilution adjustments<I>.</I></font> </p>
                                                             <p align="justify">&nbsp;</p>
                                                             <p align="center"><font size="2" face="Times New Roman, Times, serif">19</font></p>
                                                             <hr width="100%" size=3 color=GRAY noshade>
                                                             <p align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Definition of Market Price</I></FONT></p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market Price is generally defined in the Rights Plan, on any given day on which a determination must be made, as the average of the daily closing prices per Share on each of the twenty (20)&nbsp;consecutive Trading Days (as defined below) through and including the Trading Day immediately preceding such date of determination, subject to certain exceptions. Trading Day is generally defined as the day on which the principal Canadian or United States securities exchange (as determined by the Board of Directors acting in good faith) on which the Shares are listed or admitted to trading is open for the transaction of business.</font> </p>
<p name="A062"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" FACE="Times New Roman, Times, serif"><I>Permitted Bid Requirements</I></FONT></p>
                                                             <p align="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The requirements of a Permitted Bid are the following:</font> </p>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="6%"><FONT size="2" FACE="Times New Roman, Times, serif">1.</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="91%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> the take-over bid must be made by means of a take-over bid circular to all holders of Shares, other than the offeror;</FONT> </P></TD>
</TR>
</TABLE>
                                                             <br>
                                                             <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="6%"><FONT size="2" FACE="Times New Roman, Times, serif">2.</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="91%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> the take-over bid must contain the following irrevocable and unqualified conditions:</FONT> </P></TD>
</TR>
</TABLE>
                                                             <br>
                                                             <table width="100%"  border="0" cellspacing="0" cellpadding="0">
                                                               <tr>
                                                                 <td width="6%">&nbsp;</td>
                                                                 <td width="3%">&nbsp;</td>
                                                                 <td width="4%" valign="top"><FONT size="2" FACE="Times New Roman, Times, serif">(A)<br>
                                                                   <br>
                                                                   <br>
                                                                   <br>
                                                                 </FONT></td>
                                                                 <td width="87%" valign="top"><p align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">no Shares shall be taken up or paid for (i)&nbsp;prior to the close of business on a date which is not less than sixty (60)&nbsp;days following the date of the bid, and (ii)&nbsp;unless, at the close of business on such date, the Shares deposited or tendered pursuant to the bid and not withdrawn constitute more than 50% of the then outstanding Shares which are held by the Corporation&#146;s shareholders other than any Acquiring Person or offeror and their related parties (the &#147;<B>Independent Shareholders</B>&#148;);</FONT>
                                                                   <br>
                                                                 </p>                                                                 </td>
                                                               </tr>
                                                               <tr>
                                                                 <td>&nbsp;</td>
                                                                 <td>&nbsp;</td>
                                                                 <td valign="top">&nbsp;</td>
                                                                 <td valign="top">&nbsp;</td>
                                                               </tr>
                                                               <tr>
                                                                 <td>&nbsp;</td>
                                                                 <td>&nbsp;</td>
                                                                 <td valign="top"><FONT size="2" FACE="Times New Roman, Times, serif">(B)</FONT></td>
                                                                 <td valign="top"><p><FONT size="2" FACE="Times New Roman, Times, serif">unless the take-over bid is withdrawn, Shares may be deposited at any time prior to the close of business on the date of the first take-up of or payment for Shares;</FONT> </p>                                                                 </td>
                                                               </tr>
                                                               <tr>
                                                                 <td>&nbsp;</td>
                                                                 <td>&nbsp;</td>
                                                                 <td valign="top">&nbsp;</td>
                                                                 <td valign="top">&nbsp;</td>
                                                               </tr>
                                                               <tr>
                                                                 <td>&nbsp;</td>
                                                                 <td>&nbsp;</td>
                                                                 <td valign="top"><font size="2" face="Times New Roman, Times, serif">(C)</font></td>
                                                                 <td valign="top"><font size="2" face="Times New Roman, Times, serif">Shares deposited pursuant to the take-over bid may be withdrawn until taken up and paid for; and </font></td>
                                                               </tr>
                                                               <tr>
                                                                 <td>&nbsp;</td>
                                                                 <td>&nbsp;</td>
                                                                 <td valign="top">&nbsp;</td>
                                                                 <td valign="top">&nbsp;</td>
                                                               </tr>
                                                               <tr>
                                                                 <td>&nbsp;</td>
                                                                 <td>&nbsp;</td>
                                                                 <td valign="top"><FONT size="2" FACE="Times New Roman, Times, serif">(D)</FONT></td>
                                                                 <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">if more than 50% of the then outstanding Shares held by Independent Shareholders are deposited or tendered to the take-over bid and not withdrawn, the offeror must make a public announcement of that fact and the take-over bid must remain open for deposits and tenders of Shares for not less than ten&nbsp;(10) business days from the date of such public announcement.</FONT> </div></td>
                                                               </tr>
                                                             </table>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Rights Plan allows a competing Permitted Bid (a &#147;<B>Competing Permitted Bid</B>&#148;) to be made while a Permitted Bid is in existence. A Competing Permitted Bid must satisfy all the requirements of a Permitted Bid other than the requirement that no Shares shall be taken up and paid for prior to the close of business on a date which is not less than sixty (60)&nbsp;days following the date of the bid and must not permit Shares tendered or deposited pursuant to the bid to be taken up or paid for prior to the close of business on a date that is earlier than the later of (A)&nbsp;thirty-five (35)&nbsp;days (or such longer minimum period of days that a take-over bid must remain open for acceptance under applicable securities legislation) after the date of such take-over bid and (B)&nbsp;the 60<SUP>th</SUP> day after the earliest date on which a
ny other Permitted Bid that is then in existence was made.</font> </p>
                                                             <p name="A063"><FONT size="2" FACE="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Waiver and Redemption</I></FONT></p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors may, prior to the occurrence of a Flip-in Event, waive the dilutive effects of the Rights Plan in respect of, among other things, a particular Flip-in Event resulting from a take-over bid made by way of a take-over bid circular to all holders of the Shares. In these circumstances, such waiver shall also be deemed to be a waiver in respect of any other take-over bid made by way of a take-over bid circular to all holders of the Shares prior to the expiry of the first mentioned take-over bid.</font> </p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the prior consent of the holders of Shares (prior to the Separation Time) or rights (after the Separation Time), the Board of Directors may elect to redeem all but not less than all of the outstanding rights at a price of $0.0001 each.</font> </p>
                                                             <p align="justify">&nbsp;</p>
                                                             <p align="center"><font size="2" face="Times New Roman, Times, serif">20</font></p>
                                                             <hr width="100%" size=3 color=GRAY noshade>
                                                             <p align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Amendment to the Rights Agreement</I></FONT></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Rights Agreement may be amended to correct any clerical or typographical error or to make such changes as are required to maintain the validity of the Rights Agreement and the rights as a result of any change in any applicable legislation, regulations or rules, without the approval of the holders of Shares or rights. The Corporation may, with the prior consent of the holders of Shares or rights, amend, vary or delete any of the provisions of the Rights Agreement in order to effect any changes made by the Board of Directors.</font> </p>
<p align="justify" name="A065"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" FACE="Times New Roman, Times, serif"><I>Fiduciary Duty of Board</I></FONT></p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Rights Plan will not detract from or lessen the duty of the Board of Directors to act honestly and in good faith with a view to the best interests of the Corporation and its shareholders. The Board of Directors will continue to have the duty and power to take such actions and make such recommendations to the Corporation&#146;s shareholders as are considered appropriate.</font> </p>
<p align="justify" name="A066"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" FACE="Times New Roman, Times, serif"><I>Exemptions for Investment Advisors and Grandfathered Persons</I></FONT></p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons whose ordinary business is managing investment funds for others, trust companies (acting in their capacities as trustees and administrators), statutory bodies whose business includes the management of funds, and administrators of registered pension plans are exempt from triggering a Flip-in Event, provided that they are not making, or are not part of a group making, a take-over bid. A person who is the beneficial owner of 20% or more of the outstanding Shares at the date of adoption of the Rights Plan shall not be considered an &#147;Acquiring Person&#148; (this exception shall cease to be applicable in the event a grandfathered person acquires more than an additional 1% of the Corporation&#146;s outstanding voting shares).</font> </p>
<p align="justify" name="A067"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" FACE="Times New Roman, Times, serif"><I>Term</I></FONT></p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless terminated earlier in accordance with its applicable terms, the Rights Agreement will expire on the date on which the first annual meeting of the Corporation&#146;s shareholders is held following the third anniversary of the date of the Rights Agreement or, if the Independent Shareholders re-approve the Rights Plan at or prior to such annual meeting of shareholders, then on December&nbsp;1, 2010 (the &#147;<B>Expiration Time</B>&#148;).</font> </p>
<p name="A068"><FONT size="2" FACE="Times New Roman, Times, serif"><B><I>Tax Consequences of the Rights Plan</I></B></FONT></p>
                                                             <p name="A069"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" FACE="Times New Roman, Times, serif"><I>Certain Canadian Federal Income Tax Considerations of the Rights Plan</I></FONT></p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation will not be required to include any amount in computing the Corporation&#146;s income for the purposes of the <I>Income Tax Act </I>(Canada) (the &#147;<B>ITA</B>&#148;) as a result of the issuance of the rights.</font> </p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the ITA, the issuance of rights to a recipient could be considered as a taxable benefit, the value of which is required to be included in computing the income of a Canadian resident recipient or is subject to withholding tax in the case of a recipient who is not a resident of Canada. In any event, no amount in respect of the value of the rights is required to be included in computing income, or subject to withholding tax, if the rights do not have any value at the date of issue. The Corporation considers that the rights have negligible value when issued, there being only a remote possibility that the rights will ever be exercised. A holder of rights could be required to include an amount in computing income or be subject to withholding tax under the ITA if the rights become exercisable or are exercised. A holder of rights may be subject to tax
 under the ITA in respect of the proceeds of disposition of such rights.</font> </p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This statement is of a general nature only and is not intended to constitute nor should it be construed to constitute legal or tax advice to any particular holder of Shares. Such shareholders are advised to consult their own tax advisors regarding the consequences of acquiring, holding, exercising or otherwise disposing of their rights, taking into account their own particular circumstances and any applicable federal, provincial, territorial or foreign legislation.</B></font> </p>
<p name="A070">&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">21</font></p>
<hr width="100%" size=3 color=GRAY noshade>
<p name="A070"><FONT size="2" FACE="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Eligibility for Investment</I></FONT></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided that the Corporation remains a &#147;public corporation&#148; for purposes of the ITA at all material times, the rights will be qualified investments under the ITA for registered retirement savings plans, registered education savings plans, registered retirement income funds and deferred profit-sharing plans. The issuance of rights will not affect the status of the Shares under the ITA for such purposes, nor will it affect the eligibility of such securities as investments for investors governed by certain Canadian federal and provincial legislation governing insurance companies, trust companies and pension plans.</font> </p>
<p align="justify" name="A071"><FONT size="2" FACE="Times New Roman, Times, serif"><B><I>Approval of the Resolution</I></B></FONT></p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The resolution in respect of the adoption and ratification of the Rights Plan, the text of which is reproduced at Schedule&nbsp;&#147;C&#148; to this Circular, must be approved by at least a majority of the votes cast at the Meeting by all shareholders of the Corporation present or represented by proxy in order for it to be adopted. The Corporation&#146;s Board of Directors recommends that shareholders vote FOR the approval of the ordinary resolution.</font> </p>
                                                             <p align="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Unless instructed otherwise, the persons designated in the enclosed form of proxy or voting instruction form intend to vote FOR the approval of this ordinary resolution.</B></font> </p>
<p name="A072"><FONT size="2" FACE="Times New Roman, Times, serif"><B>APPOINTMENT OF AUDITORS</B></FONT></p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KPMG<B>&nbsp;</B>LLP (&#147;<B>KPMG</B>&#148;), Chartered Accountants, have served as auditors of the Corporation since fiscal 1996. In fiscal 2004, in addition to retaining KPMG to report upon the annual consolidated financial statements of the Corporation, the Corporation retained KPMG to provide various audit-related and non-audit services. The aggregate fees billed for professional services by KPMG for each of the last two (2) fiscal years, were as follows:</font> </p>
                                                             <div align="justify">
                                                               <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
    <TR VALIGN="TOP">
       <TD WIDTH="6%">&nbsp;</TD>
       <TD><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"><I>Audit Fees&nbsp;</I>&#151; The aggregate audit fees billed by KPMG for professional services rendered for the annual audit of the Corporation&#146;s consolidated financial statements, quarterly reviews of the Corporation&#146;s financial statements and services provided in connection with statutory and regulatory filings or engagements were $611,250 for fiscal 2004 and $586,400 for fiscal 2003.</FONT> </P></TD>
    </TR>
                                                               </TABLE>
                                                               <br>
</div>
                                                             <div align="justify">
                                                               <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
    <TR VALIGN="TOP">
       <TD WIDTH="6%">&nbsp;</TD>
       <TD><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"><I>Audit-Related Fees&nbsp;</I>&#151; The aggregate audit-related fees billed by KPMG were $55,042 for fiscal 2004 and $75,856 for fiscal 2003. These services consisted of miscellaneous assurance services.</FONT> </P></TD>
    </TR>
                                                               </TABLE>
                                                               <font size="2" face="Times New Roman, Times, serif"><BR>

                                                               </font></div>
                                                             <div align="justify">
                                                               <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
    <TR VALIGN="TOP">
       <TD WIDTH="6%">&nbsp;</TD>
       <TD><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"><I>Tax Fees</I>&nbsp;&#151; The aggregate tax fees billed by KPMG were $218,505 for fiscal 2004 and $353,269 for fiscal 2003. These services consisted of: tax compliance, including the review of tax returns, assistance regarding income, capital and sales tax audits, the preparation of employee tax returns under the Corporation&#146;s expatriate tax service program and the preparation of annual transfer pricing studies and tax advisory services relating to domestic and international taxation.</FONT> </P></TD>
    </TR>
                                                               </TABLE>
                                                               <br>
                                                             </div>
                                                             <div align="justify">
                                                               <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
    <TR VALIGN="TOP">
       <TD WIDTH="6%">&nbsp;</TD>
       <TD><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"><I>All Other Fees&nbsp;</I>&#151; The aggregate fees billed by KPMG for professional services rendered for services associated with the assistance of statutory filing requirements were nil for fiscal 2004 and were $88,000 for fiscal 2003 for services associated with a foreign currency hedging study.</FONT> </P></TD>
    </TR>
                                                               </TABLE>
                                                             </div>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All fees billed to the Corporation by KPMG in fiscal 2004 were pre-approved by the Corporation&#146;s Audit and Finance Committee pursuant to the procedures and policies set forth in the Audit and Finance Committee mandate. <B>Except where authorization to vote with respect to the appointment of auditors is withheld, the persons designated in the enclosed form of proxy or voting instruction form intend to vote FOR the reappointment of KPMG, as auditors of the Corporation, to hold office until the close of the next annual meeting of shareholders at such remuneration as may be fixed by the Board.</B></font> </p>
<p align="justify" name="A073"><FONT size="2" FACE="Times New Roman, Times, serif"><B>ADDITIONAL INFORMATION</B></FONT></p>
                                                             <p align="justify"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation is a reporting issuer under the securities legislation of all provinces of Canada and is therefore required to file financial statements and management proxy circulars with the various securities commissions in such provinces. The Corporation also files an annual information form with such securities commissions. Copies of the Corporation&#146;s latest annual information form, latest audited financial statements, interim financial statements and Management&#146;s Discussion and Analysis (MD&amp;A) filed since the date of the latest audited financial statements, and latest management proxy circular may be obtained on request from the Corporate Secretary of the Corporation at 725 Mont&eacute;e de Liesse, Ville St-Laurent, Quebec, H4T&nbsp;1P5 or at www.sedar.com or www.sec.gov. Financial information is provided in the Corporation&#146;
s comparative financial statements and MD&amp;A for its most recently completed financial year. The Corporation may require the payment of a reasonable charge when the request is made by a person other than a holder of securities of the Corporation.</font> </p>
<p align="justify" name="A074">&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">22</font></p>
<hr width="100%" size=3 color=GRAY noshade>
<p align="justify" name="A074"><FONT size="2" FACE="Times New Roman, Times, serif"><B>SHAREHOLDER PROPOSALS FOR 2006 ANNUAL MEETING</B></FONT></p>
<p align="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proposals for any matters that persons entitled to vote at the next annual shareholders&#146; meeting propose to raise at the said meeting must be received by the Corporation at the latest on September&nbsp;12, 2005.</font> </p>
<p name="A075"><FONT size="2" FACE="Times New Roman, Times, serif"><B>APPROVAL OF MANAGEMENT PROXY CIRCULAR</B></FONT></p>
                                                             <p align="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The contents and the sending of this Circular have been approved by the Board of Directors.</font> </p>
<p><font size="2" face="Times New Roman, Times, serif">Dated at Montreal, Quebec, Canada, December 17, 2004.</font></p>
<table width="72%"  border="0" align="left" cellpadding="0" cellspacing="0">
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="53%"><div align="left"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">By order of the board of directors,</font></font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td> <img src="signaturesl_circular.jpg" width="238" height="75"><br>
    <FONT FACE="Times New Roman, Times, Serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">St&eacute;phane Lemay, Vice-President, Public and
      Legal Affairs and Corporate Secretary
    </font></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p name="A078">&nbsp;</p>
                                                             <p name="A078">&nbsp;</p>
                                                             <p name="A078">&nbsp;</p>
                                                             <p name="A078">&nbsp;</p>
                                                             <p name="A078">&nbsp;</p>
                                                             <p name="A078">&nbsp;</p>
                                                             <p name="A078">&nbsp;</p>
                                                             <p name="A078">&nbsp;</p>
                                                             <p name="A078">&nbsp;</p>
                                                             <p align="center"><font size="2" face="Times New Roman, Times, serif">23</font></p>
                                                             <hr width="100%" size=3 color=GRAY noshade>
                                                             <p align="center" name="A078"><FONT size="2" FACE="Times New Roman, Times, serif"><B>SCHEDULE &#147;A&#148;</B></FONT></p>
                                                             <p align="center" name="A079"><FONT size="2" FACE="Times New Roman, Times, serif"><B>SPECIAL RESOLUTION</B></FONT></p>
                                                             <p align="center" name="A080"><FONT size="2" FACE="Times New Roman, Times, serif"><B>AMENDMENT TO THE<br>
                                                             </B></FONT><FONT size="2" FACE="Times New Roman, Times, serif"><B>SHARE CAPITAL AND NAME OF THE CORPORATION</B></FONT></p>
                                                             <p align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Upon motion, duly proposed and seconded, it was resolved as a Special Resolution:</B></font> </p>
                                                             <p align="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>THAT </B>the Corporation is hereby authorized to apply for a Certificate of Amendment under Section 173 of the Canada Business Corporations Act amending the Articles of the Corporation:</font> </p>
                                                             <p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;      to create a new class of shares namely an unlimited number of common shares;

                                                             </font>
</p>
                                                             <p align="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;to add the following rights, privileges, restrictions and conditions attaching to the class of common shares being hereby created:</FONT> </p>
<p name="A082"><FONT size="2" FACE="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;3.3</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Common Shares</I></FONT></p>
                                                             <p align="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights, privileges, restrictions and conditions attaching to the Common Shares shall be as follows:</font> </p>
                                                             <p align="LEFT">&nbsp;</p>
                                                             <table width="95%"  border="0" cellspacing="0" cellpadding="0">
                                                               <tr>
                                                                 <td colspan="2">&nbsp;</td>
                                                                 <td width="6%"><FONT size="2" FACE="Times New Roman, Times, serif">3.3.1</FONT></td>
                                                                 <td width="85%"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Common Shares shall be subject to and subordinate to the rights, privileges, restrictions and conditions attaching to the First Preferred Shares and the Second Preferred Shares. Each holder of Common Shares shall have the right to receive any dividend declared by the Corporation and the right to receive the remaining property and assets of the Corporation on dissolution.</FONT></div></td>
                                                               </tr>
                                                               <tr>
                                                                 <td colspan="2">&nbsp;</td>
                                                                 <td>&nbsp;</td>
                                                                 <td>&nbsp;</td>
                                                               </tr>
                                                               <tr>
                                                                 <td colspan="2">&nbsp;</td>
                                                                 <td><FONT size="2" FACE="Times New Roman, Times, serif">3.3.2</FONT></td>
                                                                 <td><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Each holder of Common Shares shall be entitled to receive notice of and to attend all meetings of shareholders of the Corporation, except meetings of which only holders of another particular class or series shall have the right to vote. Each Common Share shall entitle the holder thereof to one (1) vote.&#148;;</FONT></div></td>
                                                               </tr>
                                                               <tr>
                                                                 <td colspan="2">&nbsp;</td>
                                                                 <td>&nbsp;</td>
                                                                 <td>&nbsp;</td>
                                                               </tr>
                                                               <tr>
                                                                 <td width="5%">&nbsp;</td>
                                                                 <td width="4%"><FONT size="2" FACE="Times New Roman, Times, serif">(iii)</FONT></td>
                                                                 <td colspan="2"><FONT size="2" FACE="Times New Roman, Times, serif">to change each of the issued and outstanding Class A Subordinate Voting Shares into one of the common shares created hereby;</FONT></td>
                                                               </tr>
                                                               <tr>
                                                                 <td>&nbsp;</td>
                                                                 <td>&nbsp;</td>
                                                                 <td colspan="2">&nbsp;</td>
                                                               </tr>
                                                               <tr>
                                                                 <td>&nbsp;</td>
                                                                 <td valign="top"><FONT size="2" FACE="Times New Roman, Times, serif">(iv)</FONT></td>
                                                                 <td colspan="2"><FONT size="2" FACE="Times New Roman, Times, serif">after giving effect to the aforesaid change, to remove the following classes of shares as well as the rights, privileges, restrictions and conditions attaching thereto:</FONT> </td>
                                                               </tr>
                                                               <tr>
                                                                 <td>&nbsp;</td>
                                                                 <td valign="top">&nbsp;</td>
                                                                 <td colspan="2">&nbsp;</td>
                                                               </tr>
                                                               <tr>
                                                                 <td>&nbsp;</td>
                                                                 <td valign="top">&nbsp;</td>
                                                                 <td><font size="2" face="Times New Roman, Times, serif">&#8226;</font></td>
                                                                 <td><font size="2" face="Times New Roman, Times, serif">an unlimited number of Class B Multiple Voting Shares, and</font></td>
                                                               </tr>
                                                               <tr>
                                                                 <td>&nbsp;</td>
                                                                 <td valign="top">&nbsp;</td>
                                                                 <td>&nbsp;</td>
                                                                 <td>&nbsp;</td>
                                                               </tr>
                                                               <tr>
                                                                 <td>&nbsp;</td>
                                                                 <td valign="top">&nbsp;</td>
                                                                 <td><font size="2" face="Times New Roman, Times, serif">&#8226;</font></td>
                                                                 <td><font size="2" face="Times New Roman, Times, serif"> an unlimited number of Class A Subordinate Voting Shares;</font></td>
                                                               </tr>
                                                               <tr>
                                                                 <td>&nbsp;</td>
                                                                 <td valign="top">&nbsp;</td>
                                                                 <td>&nbsp;</td>
                                                                 <td>&nbsp;</td>
                                                               </tr>
                                                               <tr>
                                                                 <td>&nbsp;</td>
                                                                 <td valign="top"><FONT size="2" FACE="Times New Roman, Times, serif">(v)</FONT></td>
                                                                 <td colspan="2"><FONT size="2" FACE="Times New Roman, Times, serif">to change the French form of the name of the Corporation to:</FONT> </td>
                                                               </tr>
                                                               <tr>
                                                                 <td>&nbsp;</td>
                                                                 <td valign="top">&nbsp;</td>
                                                                 <td colspan="2"><div align="center"></div></td>
                                                               </tr>
                                                               <tr>
                                                                 <td>&nbsp;</td>
                                                                 <td valign="top">&nbsp;</td>
                                                                 <td colspan="2"><div align="center"><strong>LES V&Ecirc;TEMENTS DE SPORT GILDAN INC. </strong></div></td>
                                                               </tr>
                                                             </table>
                                                             <p align="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>THAT </B>any director or officer of the Corporation is hereby authorized to sign and deliver, for and on behalf of the Corporation, the said Articles of Amendment and all such notices and other documents and do all such other acts and things as may be considered necessary or desirable to give effect to this Special Resolution.</font> </p>
                                                             <p align="justify">&nbsp;</p>
                                                             <p align="justify">&nbsp;</p>
                                                             <p align="center"><font size="2" face="Times New Roman, Times, serif">24</font></p>
                                                             <hr width="100%" size=3 color=GRAY noshade>
                                                             <p align="center" name="A078"><FONT size="2" FACE="Times New Roman, Times, serif"><B>SCHEDULE &#147;B&#148;</B></FONT></p>
                                                             <p align="CENTER"><FONT size="2" FACE="Times New Roman, Times, serif"><B>SPECIAL RESOLUTION</B></FONT>
</p>
                                                             <p align="CENTER"><FONT size="2" FACE="Times New Roman, Times, serif"><B>AMENDMENT TO THE NUMBER OF<br>
                                                             DIRECTORS
      OF THE CORPORATION</B></FONT></p>
                                                             <p align="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Upon motion, duly proposed and seconded, it was resolved as a Special Resolution:</B></font> </p>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="6%"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT></div></TD>
     <TD ALIGN="LEFT"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> <B>THAT </B>the Corporation is hereby authorized to apply for a Certificate of Amendment under Section 173 of the Canada Business Corporations Act amending the Articles of the Corporation to change the maximum number of directors from fifteen (15) to ten (10) and to change the wording of item&nbsp;5 of such articles to read as follows:</FONT> </P></TD>
  </TR>
<TR VALIGN="TOP">
  <TD ALIGN="RIGHT">&nbsp;</TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
  <TD ALIGN="RIGHT">&nbsp;</TD>
  <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&#147;Minimum 5 Maximum 10&nbsp;- the number to be determined by the directors from time to time.&#148;</font></TD>
</TR>
<TR VALIGN="TOP">
  <TD ALIGN="RIGHT">&nbsp;</TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
  <TD ALIGN="RIGHT"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT></div></TD>
  <TD ALIGN="LEFT"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><B>THAT </B>any director or officer of the Corporation is hereby authorized to sign and deliver, for and on behalf of the Corporation, the said Articles of Amendment and all such notices and other documents and do all such other acts and things as may be considered necessary or desirable to give effect to this Special Resolution.</FONT></div></TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">25</font></p>
<hr width="100%" size=3 color=GRAY noshade>
<p align="center"><font size="2" face="Times New Roman, Times, serif"><B>SCHEDULE &#147;C&#148;</B></font></p>
<p align="center" name="A086"><FONT size="2" FACE="Times New Roman, Times, serif"><B>RESOLUTION</B></FONT></p>
                                                             <p align="center" name="A087"><FONT size="2" FACE="Times New Roman, Times, serif"><B>ADOPTION AND RATIFICATION OF A SHAREHOLDER RIGHTS PLAN</B></FONT></p>
                                                             <p align="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"><B>Upon motion, duly proposed and seconded, it was resolved:</B></FONT> </p>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="6%"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">1.</FONT></div></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="91%"><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif"> <B>THAT </B>the Shareholder Rights Plan evidenced by the shareholder rights plan agreement entered into between the Corporation and Computershare Trust Company of Canada, as Rights Agent, dated December&nbsp;1, 2004 and substantially as described in the Management Proxy Circular of the Corporation dated December&nbsp;17, 2004, be, and it is hereby, adopted and ratified;</FONT> </P></TD>
</TR>
</TABLE>
<br>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="6%"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">2.</FONT></div></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="91%"><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif"> <B>THAT </B>any officer or director of the Corporation be, and each is hereby, authorized and directed, for and on behalf of the Corporation, to sign and execute all documents, to conclude any agreements and to do and perform all acts and things deemed necessary or advisable in order to give effect to this Resolution, including compliance with all securities laws and regulations; and</FONT> </P></TD>
</TR>
</TABLE>
                                                             <br>
                                                             <font size="2" face="Times New Roman, Times, serif">
</font>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="6%"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">3.</FONT></div></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="91%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> <B>THAT </B>the Board of Directors of the Corporation be, and it is hereby, authorized to cause all measures to be taken, such further agreements to be entered into and such further documents to be executed as may be deemed necessary or advisable to give effect to and fully carry out the intent of this Resolution.</FONT> </P></TD>
</TR>
</TABLE>
<p>&nbsp;</p>
                                                             <p>&nbsp;</p>
                                                             <p>&nbsp;</p>
                                                             <p>&nbsp;</p>
                                                             <p align="center"><font size="2" face="Times New Roman, Times, serif">26</font></p>
                                                             <hr width="100%" size=3 color=GRAY noshade>
                                                             <p>&nbsp; </p>
                                                             <p align="CENTER"><FONT size="2" FACE="Times New Roman, Times, serif"><B>SCHEDULE &#147;D&#148;</B></FONT></p>
<p align="center" name="A089"><FONT size="2" FACE="Times New Roman, Times, serif"><B>RECORD OF ATTENDANCE BY DIRECTORS</B></FONT></p>
                                                             <p align="center" name="A090"><FONT size="2" FACE="Times New Roman, Times, serif"><B>For the 12 month-period ended October&nbsp;3, 2004</B></FONT></p>

                                                             <p><font size="2" face="Times New Roman, Times, serif"> </font> </p>
                                                             <font size="2" face="Times New Roman, Times, serif"> </font>
                                                             <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="95%">
                                                               <TR VALIGN="BOTTOM">
                                                                 <TH></TH>
                                                                 <TH></TH>
                                                                 <TH></TH>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD colspan="3" ALIGN="LEFT"><hr size="1" noshade></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD ALIGN="LEFT">&nbsp;</TD>
                                                                 <TD colspan="2" ALIGN="LEFT"><div align="center"><strong><font size="2" face="Times New Roman, Times, serif">Number of meetings attended</font></strong></div></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD ALIGN="LEFT">&nbsp;</TD>
                                                                 <TD colspan="2" ALIGN="LEFT"><hr size="1" noshade></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Directors</font></strong></TD>
                                                                 <TD ALIGN="LEFT"><div align="center"><strong><font size="2" face="Times New Roman, Times, serif">Board</font></strong></div></TD>
                                                                 <TD ALIGN="LEFT"><div align="center"><strong><font size="2" face="Times New Roman, Times, serif">Committees</font></strong></div></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD colspan="3" ALIGN="LEFT"><hr size="1" noshade></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD WIDTH="57%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Robert M. Baylis</font></TD>
                                                                 <TD WIDTH="25%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 of 10</font></TD>
                                                                 <TD WIDTH="18%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 of 17</font></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD colspan="3" ALIGN="LEFT"><hr size="1" noshade></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">William H. Houston III</font></TD>
                                                                 <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 of 10</font></TD>
                                                                 <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 of 13</font></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD colspan="3" ALIGN="LEFT"><hr size="1" noshade></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Gerald H.B. Ross</font></TD>
                                                                 <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 of 10</font></TD>
                                                                 <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 of 13</font></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD colspan="3" ALIGN="LEFT"><hr size="1" noshade></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Richard P. Strubel</font></TD>
                                                                 <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 of 10</font></TD>
                                                                 <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 of 13</font></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD colspan="3" ALIGN="LEFT"><hr size="1" noshade></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Pierre Robitaille</font></TD>
                                                                 <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 of 10</font></TD>
                                                                 <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 of 13</font></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD colspan="3" ALIGN="LEFT"><hr size="1" noshade></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Glenn J. Chamandy</font></TD>
                                                                 <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 of 10</font></TD>
                                                                 <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A</font></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD colspan="3" ALIGN="LEFT"><hr size="1" noshade></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Edwin B. Tisch</font></TD>
                                                                 <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 of 10</font></TD>
                                                                 <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A</font></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD colspan="3" ALIGN="LEFT"><hr size="1" noshade></TD>
                                                               </TR>
                                                             </TABLE>
                                                             <p>&nbsp;</p>
                                                             <TABLE WIDTH="70%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
                                                               <TR VALIGN="BOTTOM">
                                                                 <TH></TH>
                                                                 <TH></TH>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD colspan="2" ALIGN="LEFT"><div align="center"><strong><font size="2" face="Times New Roman, Times, serif">Summary of Board and Committee meetings held </font></strong></div></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD colspan="2" ALIGN="LEFT"><hr size="1" noshade></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD WIDTH="96%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Board (5 regular; 5 special)</font></TD>
                                                                 <TD WIDTH="4%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">10&nbsp;</font></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD colspan="2" ALIGN="LEFT"><hr size="1" noshade></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Audit and Finance (4 regular)</font></TD>
                                                                 <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4&nbsp;</font></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD colspan="2" ALIGN="LEFT"><hr size="1" noshade></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Corporate Governance (4 regular; 5 special)</font></TD>
                                                                 <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">9&nbsp;</font></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD colspan="2" ALIGN="LEFT"><hr size="1" noshade></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Compensation and Human Resources (4 regular)</font></TD>
                                                                 <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4&nbsp;</font></TD>
                                                               </TR>
                                                               <TR VALIGN="BOTTOM">
                                                                 <TD colspan="2" ALIGN="LEFT"><hr size="1" noshade></TD>
                                                               </TR>
                                                             </TABLE>
                                                             <p>&nbsp;</p>
                                                             <p align="center">*<font size="2" face="Times New Roman, Times, serif">&nbsp;</font>*<font size="2" face="Times New Roman, Times, serif">&nbsp;</font>*</p>
                                                             <p>&nbsp;</p>
                                                             <p>&nbsp;</p>
                                                             <p>&nbsp;</p>
                                                             <p align="center"><font size="2" face="Times New Roman, Times, serif">27</font></p>
                                                             <hr width="100%" size=3 color=GRAY noshade>
                                                             <p><font size="2" face="Times New Roman, Times, serif">
                                                                                                                              </font>
</p>
<p align="CENTER"><FONT size="2" FACE="Times New Roman, Times, serif"><B>SCHEDULE &#147;E&#148;</B></FONT></p>
                                                               <p align="center" name="A094"><FONT size="2" FACE="Times New Roman, Times, serif"><B>LIST OF COMMITTEE MEMBERS</B></FONT></p>
                                                               <p name="A095">&nbsp;</p>
                                                               <table width="55%"  border="0" align="center" cellpadding="0" cellspacing="0">
                                                                 <tr>
                                                                   <td><div align="center"><FONT size="2" FACE="Times New Roman, Times, serif"><B>AUDIT AND FINANCE COMMITTEE</B></FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td><hr size="1" noshade></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td width="76%"><FONT size="2" FACE="Times New Roman, Times, serif">Pierre Robitaille, <em>Committee Chair<br>
                                                                           <br>
                                                                     </em>Robert M. Baylis<br>
                                                                     <em>(Resigned from the committee on November 15, 2004) </em><br>
                                                                     <br>
      Gerald H.B Ross <br>
      <br>
      Richard P. Strubel <br>
      <br>
      Gonzalo F. Valdes-Fauli <br>
      <em>(Was appointed to the committee on November 15, 2004) </em></FONT></td>
                                                                 </tr>
                                                               </table>
                                                               <P ALIGN="LEFT">&nbsp;</P>
                                                               <P ALIGN="LEFT"><br>
                                                               </P>
                                                               <table width="55%"  border="0" align="center" cellpadding="0" cellspacing="0">
                                                                 <tr>
                                                                   <td><div align="center"><FONT size="2" FACE="Times New Roman, Times, serif"><B>COMPENSATION AND HUMAN RESOURCES COMMITTEE</B></FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td><hr size="1" noshade></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td width="76%"><FONT size="2" FACE="Times New Roman, Times, serif">Richard P. Strubel, <em>Committee Chair </em><br>
                                                                         <br>
      Robert M. Baylis<br>
      <br>
      William H. Houston III <br>
      <br>
      Gerald H.B. Ross</FONT> </td>
                                                                 </tr>
                                                               </table>
                                                               <P ALIGN="left">&nbsp;</P>
                                                               <P ALIGN="left">&nbsp;</P>
                                                               <table width="55%"  border="0" align="center" cellpadding="0" cellspacing="0">
                                                                 <tr>
                                                                   <td><div align="center"><FONT size="2" FACE="Times New Roman, Times, serif"><B>CORPORATE GOVERNANCE COMMITTEE</B></FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td><hr size="1" noshade></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td width="76%"><FONT SIZE="2" face="Times New Roman, Times, serif">Robert M. Baylis, <em>Committee Chair</em><br>
                                                                         <br>
      William H. Houston III<br>
      <br>
      Pierre Robitaille<br>
      <br>
      Gonzalo F. Valdes-Fauli<br>
      <em>(Was appointed to the committee on November 15, 2004) </em></FONT></td>
                                                                 </tr>
                                                               </table>
                                                               <P ALIGN="LEFT">&nbsp;</P>
                                                               <P ALIGN="center">*<font size="2" face="Times New Roman, Times, serif">&nbsp;</font>*<font size="2" face="Times New Roman, Times, serif">&nbsp;</font>*</P>
                                                               <p name="A095">&nbsp;</p>
                                                               <p name="A095">&nbsp;</p>
                                                               <p align="center"><font size="2" face="Times New Roman, Times, serif">28</font></p>
                                                               <hr width="100%" size=3 color=GRAY noshade>
                                                               <p align="center" name="A095"><FONT size="2" FACE="Times New Roman, Times, serif"><B>SCHEDULE &#147;F&#148;</B></FONT></p>
                                                               <p align="center" name="A112"><FONT size="2" FACE="Times New Roman, Times, serif"><B>STATEMENT OF CORPORATE GOVERNANCE PRACTICES</B></FONT></p>
                                                               <p align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Under the Toronto Stock Exchange (the &#147;<B>TSX</B>&#148;) Company Manual, every listed corporation incorporated in Canada must disclose on an annual basis its approach to corporate governance. The following table describes the corporate governance practices of the Corporation with specific reference to each of the guidelines set out in the TSX Company Manual.</FONT> </p>
                                                               <p align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">In January&nbsp;2004, the Canadian Securities Administrators (the &#147;<B>CSAs</B>&#148;) adopted Multilateral Instrument 52-110 (Audit Committees) and on October&nbsp;29, 2004, certain amendments were proposed to such instrument (the &#147;<B>CSA Audit Committee Rules</B>&#148;). The CSA Audit Committee Rules include requirements regarding audit committee composition and responsibilities, as well as reporting obligations with respect to audit related matters. The Corporation complies with these rules and proposed amendments and appropriate disclosure is made, where applicable, in connection therewith in the following table.</FONT> </p>
                                                               <p align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Also in January&nbsp;2004, the CSAs proposed Multilateral Instrument&nbsp;58-101 (Disclosure of Corporate Governance Practices) and Multilateral Policy&nbsp;58-201 (Effective Corporate Governance) and on October&nbsp;29, 2004, certain amendments were proposed to such instrument and policy (together, the &#147;<B>Proposed CSA Corporate Governance Rules</B>&#148;), which relate to different matters pertaining to corporate governance. Since the CSAs have not yet adopted these proposals and because the Corporation believes that its corporate governance practices should be compared to the highest available standards, the Corporation refers to the Proposed CSA Corporate Governance Rules where applicable.</FONT> </p>
                                                               <p align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Corporation has also disclosed, where applicable, a comparison with the New York Stock Exchange Corporate Governance Standards (the &#147;<B>NYSE Standards</B>&#148;).</FONT> </p>
                                                               <p align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Corporation&#146;s 2004 Annual Information Form, which will be available in February&nbsp;2005 and which may be obtained on request from the Corporate Secretary of the Corporation or at www.sedar.com or www.sec.gov, will also contain information pertaining to corporate governance.</FONT> </p>
                                                               <p align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Corporation is dedicated to amending its corporate governance practices on an ongoing basis in order to respond to the evolution of best practices.</FONT> </p>
                                                               <p align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Please also refer to the Corporate Governance Guidelines of the Corporation available on its website at www.gildan.com.</FONT> </p>
                                                               <table width="90%"  border="0" cellspacing="0" cellpadding="0">
                                                                 <tr>
                                                                   <td colspan="2"><div align="left"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>TSX Standards</B></FONT></div></td>
                                                                   <td width="4%" valign="top"><div align="left"></div></td>
                                                                   <td width="15%" valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Does the</B></FONT><font size="2" face="Times New Roman, Times, serif">
                                                                     <!-- MARKER FORMAT-SHEET="Left Head Bold" -->
                                                                     </font><FONT SIZE="2" face="Times New Roman, Times, serif"><B> <br>
      Corporation<br>
      align? </B></FONT></td>
                                                                   <td width="39%"><div align="left"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Corporate Governance Practices<br>
                                                                   </B></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><B>at the Corporation</B></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><B> </B></FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5" valign="top"><hr width="100%" size="1" noshade></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td width="2%" valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">1.</FONT> </div></td>
                                                                   <td width="40%" valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Board of Directors should explicitly assume responsibility for the stewardship of the Corporation and, as part of the overall stewardship responsibility, the Board should assume responsibility for the following matters:</FONT> </div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td><div align="justify">
                                                                       <p><FONT size="2" FACE="Times New Roman, Times, serif">The mandate of the board of directors of the Corporation (the &#147;<B>Board</B>&#148; or the &#147;<B>Board of Directors</B>&#148;), which is included in this Circular as Schedule&nbsp;&#147;G&#148;, states that the Board is responsible for the supervision of the management of the Corporation&#146;s business and affairs, with the objective of increasing shareholder value<SUP>1</SUP>. Although management conducts the day-to-day operations of the Corporation, the Board has a duty of stewardship and regularly assesses and monitors management&#146;s performance. The Corporation also adopted a Code of Ethics and Business Conduct in November 2002<SUP>2</SUP>, which is accessible on the Corporation&#146;s website at <U>www.gildan.com</U>.</FONT> </p>
                                                                       <p>&nbsp;</p>
                                                                   </div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5"><hr align="left" width="25%" size="1" noshade></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif"><SUP>1</SUP></FONT></td>
                                                                   <td colspan="4"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Proposed CSA Corporate Governance Rules state that a board should adopt and disclose a written board mandate. The Corporation complies with such recommendation.</FONT> <font size="2" face="Times New Roman, Times, serif"></font></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif"> <SUP>2</SUP></FONT></td>
                                                                   <td colspan="4"><p align="justify"> <font size="2" face="Times New Roman, Times, serif"></font> <FONT size="2" FACE="Times New Roman, Times, serif">The Proposed CSA Corporate Governance Rules state that a board should adopt a written code of business conduct and ethics. Such code was adopted by the Board.</FONT></p></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5"><p>&nbsp;</p>
                                                                   <p>&nbsp;</p>
                                                                   <p align="center"><font size="2" face="Times New Roman, Times, serif">29</font></p>
                                                                   <hr width="100%" size=3 color=GRAY noshade>                                                                   <p>&nbsp;</p></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="2"><div align="left"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>TSX Standards</B></FONT></div></td>
                                                                   <td valign="top"><div align="left"></div></td>
                                                                   <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Does the</B></FONT><font size="2" face="Times New Roman, Times, serif">
                                                                     <!-- MARKER FORMAT-SHEET="Left Head Bold" -->
                                                                     </font><FONT SIZE="2" face="Times New Roman, Times, serif"><B> <br>
      Corporation<br>
      align? </B></FONT></td>
                                                                   <td><div align="left"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Corporate Governance Practices<br>
                                                                   </B></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><B>at the Corporation</B></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><B> </B></FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5" valign="top"><hr width="100%" size="1" noshade></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><font size="2" face="Times New Roman, Times, serif">(a) </font></td>
                                                                   <td valign="top"><font size="2" face="Times New Roman, Times, serif">adoption of a strategic planning process; </font></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify">
                                                                       <p><FONT size="2" FACE="Times New Roman, Times, serif">The Board is actively involved in the Corporation&#146;s strategic planning process. At least one special Board meeting each year is devoted to discussing and considering the strategic plan. The Board approves the Corporation&#146;s strategic plan, which takes into account, among other matters, the opportunities and risks of its business. The Board also monitors the implementation of the business plan by management and advises management on strategic issues.</FONT> </p>
                                                                       <p>&nbsp;</p>
                                                                   </div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><font size="2" face="Times New Roman, Times, serif">(b)</font></td>
                                                                   <td valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif"> the identification of the principal risks of the Corporation's business and ensuring the implementation of appropriate systems to manage these risks;</font></div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top">
                                                                     <p align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Board ensures that management systems are in place to adequately identify, assess and manage the principal risks of the Corporation&#146;s business. The annual strategic plan review with the Board includes a review of risk factors to the implementation of the plan and management&#146;s actions being taken to manage such risks.</FONT> </p>
                                                                     <p align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Periodically, the Audit and Finance Committee receives management&#146;s report assessing the adequacy and effectiveness of the Corporation&#146;s systems of internal control. The Audit and Finance Committee also reviews the Corporation&#146;s insurance coverage annually and as may otherwise be appropriate. The committee also, from to time, reviews the Corporation&#146;s exposure to and management of, other specific risks factors such as volatility of raw material prices.</FONT> </p>
                                                                     <div align="justify"><font size="2" face="Times New Roman, Times, serif"></font></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><font size="2" face="Times New Roman, Times, serif">(c)</font></td>
                                                                   <td valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">succession planning, including appointing, training and monitoring senior management;</font></div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Board, directly and through its Compensation and Human Resources Committee, is responsible for ensuring that appropriate mechanisms are in place regarding succession planning for the Corporation&#146;s officers. It chooses the Chief Executive Officer (&#147;<B>CEO</B>&#148;) and approves the appointment of other officers of the Corporation as well as the terms and conditions of their appointment and termination or retirement.<br>
                                                                             <br>
        It ensures that the CEO has put into place succession planning processes and policies for management, including processes to identify, develop and retain the talent of outstanding personnel. It monitors and assesses the performance of the CEO and other officers of the Corporation and approves their compensation, taking into consideration Board expectations and fixed objectives.<br>
        <br>
        The Compensation and Human Resources Committee takes reasonable measures to ensure that appropriate Human Resources systems, such as hiring policies, training and development policies and compensation structures are in place so that the Corporation can attract, motivate and retain executives and personnel who exhibit high standards of integrity as well as competence.<br>
        <br>
                                                                   </FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5"><div align="center">
                                                                     <p align="center">&nbsp;</p>
                                                                     <p align="center"><font size="2" face="Times New Roman, Times, serif">30</font></p>
                                                                     <hr width="100%" size=3 color=GRAY noshade>
</div>
                                                                       <p>&nbsp;</p></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="2"><div align="left"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>TSX Standards</B></FONT></div></td>
                                                                   <td valign="top"><div align="left"></div></td>
                                                                   <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Does the</B></FONT><font size="2" face="Times New Roman, Times, serif">
                                                                     <!-- MARKER FORMAT-SHEET="Left Head Bold" -->
                                                                     </font><FONT SIZE="2" face="Times New Roman, Times, serif"><B> <br>
      Corporation<br>
      align? </B></FONT></td>
                                                                   <td><div align="left"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Corporate Governance Practices<br>
                                                                   </B></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><B>at the Corporation</B></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><B> </B></FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5" valign="top"><hr width="100%" size="1" noshade></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><font size="2" face="Times New Roman, Times, serif">(d)</font></td>
                                                                   <td valign="top"><font size="2" face="Times New Roman, Times, serif">a communications policy for the Corporation; and</font></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font></div></td>
                                                                   <td><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Board approves communications to shareholders, including releases of quarterly and annual results, releases of material information to the public, notices and proxy circulars for shareholder meetings and other public disclosure documents. The CEO and the Executive Vice-President, Finance and Chief Financial Officer of the Corporation have been given primary responsibility for investor relations, to ensure that prompt response is made to shareholder inquiries and that significant issues raised by shareholders are addressed. Shareholders can provide feedback to the Corporation in a number of ways, including e-mail or calling a toll-free telephone number posted on the Corporation&#146;s website.<br>
                                                                             <br>
        On August 6, 2003 the Board approved the Corporation&#146;s Communications Policy that covers the accurate and timely communication of material information. This policy includes procedures for communicating with analysts by conference calls. It is reviewed annually.<br>
        <br>
                                                                   </FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><font size="2" face="Times New Roman, Times, serif">(e)</font></td>
                                                                   <td valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">the integrity of the Corporation's internal control and management information systems.</font></div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font></div></td>
                                                                   <td><div align="justify"><font size="2" face="Times New Roman, Times, serif">The Board is responsible for monitoring the Corporation&#146;s internal control and management information systems.<br>
                                                                             <br>
        Through the Audit and Finance Committee, the Board periodically receives management&#146;s report assessing the adequacy and effectiveness of the Corporation&#146;s disclosure controls and procedures and systems of internal control. The Audit and Finance Committee assists the Board with the oversight of the Corporation&#146;s compliance with, and reviews the Corporation&#146;s process to ensure compliance with, applicable legal and regulatory requirements.<br>
        <br>
                                                                   </font></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><font size="2" face="Times New Roman, Times, serif">2.</font></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Board of Directors should be constituted with a majority of individuals who qualify as unrelated directors. An &#147;unrelated director&#148; is a director who is independent of management and is free from any interest and any business or other relationship which could, or could reasonably be perceived to, materially interfere with the directors&#146; ability to act with a view to the best interest of the Corporation, other than interests and relationships arising from shareholding.</FONT></div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font></div></td>
                                                                   <td><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Board is currently composed of eight (8) members and it is proposed by the Board that seven (7) of them be re-elected for the current year, as one of those eight (8) directors, Mr. Edwin B. Tisch, has advised the Corporation that he intends to retire from the Corporation on December&nbsp;31, 2004. Of the current eight (8) Board members, two&nbsp;(2) directors (Messrs.&nbsp;Glenn J. Chamandy and Edwin B. Tisch) are officers of the Corporation and therefore do not qualify as &#147;unrelated directors&#148; within the meaning of the TSX Standards.</FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5"><div align="center">
                                                                     <p align="center">&nbsp;</p>
                                                                     <p align="center"><font size="2" face="Times New Roman, Times, serif">31</font></p>
                                                                     <hr width="100%" size=3 color=GRAY noshade>
</div>
                                                                       <p>&nbsp;</p></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="2"><div align="left"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>TSX Standards</B></FONT></div></td>
                                                                   <td valign="top"><div align="left"></div></td>
                                                                   <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Does the</B></FONT><font size="2" face="Times New Roman, Times, serif">
                                                                     <!-- MARKER FORMAT-SHEET="Left Head Bold" -->
                                                                     </font><FONT SIZE="2" face="Times New Roman, Times, serif"><B> <br>
      Corporation<br>
      align? </B></FONT></td>
                                                                   <td><div align="left"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Corporate Governance Practices<br>
                                                                   </B></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><B>at the Corporation</B></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><B> </B></FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5" valign="top"><hr width="100%" size="1" noshade></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top">&nbsp;</td>
                                                                   <td valign="top"><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">If the Corporation has a significant shareholder, in addition to a majority of unrelated directors, the Board should include a number of directors who do not have an interest in, or relationship with, either the Corporation or the significant shareholder and which fairly reflects the investment in the Corporation by shareholders other than the significant shareholder. A significant shareholder is a shareholder with the ability to exercise a majority of the votes for the election of the Board of Directors.</FONT> </P></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font></div></td>
                                                                   <td valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">Based on the foregoing and on the information provided by directors as to their individual circumstances, the Board has determined that the remaining six (6) directors currently serving on the Board are "unrelated directors". They are Messrs. Robert M. Baylis, William H. Houston III, Pierre Robitaille, Gerald H.B. Ross, Richard P. Strubel and Gonzalo F. Valdes-Fauli. <br>
                                                                             <br>
                                                                       </font><FONT size="2" FACE="Times New Roman, Times, serif">The &#147;unrelated directors&#148; have no interest in or relationships with either the Corporation or its significant shareholders and their number fairly reflects the investment in the Corporation by shareholders other than the significant shareholders<SUP>3</SUP>.</FONT> <br>
                                                                       <br>
                                                                     </div>
                                                                       <div align="justify"><font size="2" face="Times New Roman, Times, serif"> </font></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top">&nbsp;</td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><I>Under the NYSE Standards, a majority of the board members should also qualify as &#147;independent directors&#148;.</I></FONT></div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Board has determined that the six &#147;unrelated directors&#148; qualify as &#147;independent directors&#148;, as that expression is defined in Section&nbsp;303A(2) of the NYSE Standards.</FONT> <br>
                                                                           <br>
                                                                   </P></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><font size="2" face="Times New Roman, Times, serif">3.</font></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The application of the definition of &#147;unrelated director&#148; to the circumstances of each individual director should be the responsibility of the Board, which will be required to disclose on an annual basis whether the Board has a majority of unrelated directors or, in the case of a corporation with a significant shareholder, whether the Board is constituted with the appropriate number of directors which are not related to either the Corporation or the significant shareholder. Management directors are related directors. The Board will also be required to disclose on an annual basis, the analysis of the application of the principles supporting this conclusion.</FONT></div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Board determines annually whether or not each director is an &#147;unrelated director&#148;. In order to make that determination, the Board analyses all relationships of the directors with the Corporation. Based on the foregoing and on the information provided by directors as to their individual circumstances, Messrs.&nbsp;Glenn J. Chamandy and Edwin B. Tisch do not qualify as &#147;unrelated directors&#148; because they are officers of the Corporation. The other directors, namely Messrs.&nbsp;Robert M. Baylis, William H. Houston&nbsp;III, Pierre Robitaille, Gerald H.B. Ross, Richard P. Strubel and Gonzalo&nbsp;F. Valdes-Fauli are &#147;unrelated directors&#148;. None of these &#147;unrelated directors&#148; work in the day-to-day operations of the Corporation, or are party to any material contracts with the Corporation or receive any fees from the Corporation ot
her than as directors.</FONT> <br>
                                                                           <br>
                                                                           <FONT size="2" FACE="Times New Roman, Times, serif">The Board is constituted with an appropriate number of directors which are not related to either the Corporation or its significant shareholder.</FONT><br>
                                                                           <br>
                                                                           <font size="2" face="Times New Roman, Times, serif">&nbsp;The record of attendance of directors to Board and committee meetings is set forth as Schedule&nbsp;&#147;D&#148; of this Circular.</font><br>
                                                                           <br>
                                                                           <font size="2" face="Times New Roman, Times, serif">More information about each directors can be found on pages&nbsp;4 to 6 of this Circular.</font> <br>
                                                                           <br>
                                                                   </div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top">&nbsp;</td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><I>Under the NYSE Standards, certain relationships are inconsistent with the notion of independence. In addition, no director </I> <I>qualifies as &#147;independent&#148; unless the Board of Directors affirmatively determines that the director has no material relationship </I> <I>with the listed corporation (either directly or as a partner, shareholder or officer of an organization that has a relationship </I> <I>with the Corporation).</I></FONT> </div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">None of the &#147;unrelated directors&#148; has any relationship which could be inconsistent with the notion of independence under the NYSE Standards. In addition, the Board has determined that these directors have no material relationship with the Corporation as contemplated by the NYSE Standards.</FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top">&nbsp;</td>
                                                                   <td colspan="4"><p>&nbsp;</p>
                                                                       <p>&nbsp;</p></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5" valign="top"><hr align="left" width="25%" size="1" noshade></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif"><SUP>3</SUP></FONT></td>
                                                                   <td colspan="4"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Proposed CSA Corporate Governance Rules state that a majority of directors should be independent. The Corporation complies with this recommendation.</FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5"><div align="center"><br>
                                                                           <p align="center">&nbsp;</p>
                                                                           <p align="center"><font size="2" face="Times New Roman, Times, serif">32</font></p>
                                                                           <hr width="100%" size=3 color=GRAY noshade>
                                                                   </div>
                                                                   </td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="2"><div align="left"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>TSX Standards</B></FONT></div></td>
                                                                   <td valign="top"><div align="left"></div></td>
                                                                   <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Does the</B></FONT><font size="2" face="Times New Roman, Times, serif">
                                                                     <!-- MARKER FORMAT-SHEET="Left Head Bold" -->
                                                                     </font><FONT SIZE="2" face="Times New Roman, Times, serif"><B> <br>
      Corporation<br>
      align? </B></FONT></td>
                                                                   <td><div align="left"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Corporate Governance Practices<br>
                                                                   </B></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><B>at the Corporation</B></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><B> </B></FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5" valign="top"><hr width="100%" size="1" noshade></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><font size="2" face="Times New Roman, Times, serif">4.</font> </td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Board of Directors should appoint a committee of directors composed exclusively of non-management directors, a majority of whom are unrelated directors, with the responsibility for proposing to the full Board new nominees to the Board and for assessing directors on an ongoing basis.</FONT></div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Corporate Governance Committee of the Board is responsible for developing, reviewing and monitoring criteria, as well as establishing procedures for selecting directors by regularly assessing the qualifications, personal qualities, geographical representation, business background and diversified experience of the Board and the Corporation&#146;s circumstances and needs. The committee identifies candidates qualified to become Board members and selects or recommends that the Board selects director nominees for the next annual or special meeting of shareholders. It also establishes performance-enhancing measures, and assesses and reviews annually the performance and effectiveness of the Board, Board committees, the Board and committee chairs and individual directors. In certain circumstances, the committee may retain an independent recruiting firm to id
entify director candidates and fix such firm&#146;s fees and other retention terms. The mandate of the Corporate Governance Committee is attached as Schedule&nbsp;&#147;H&#148; to this Circular.<br>
                                                                             <br>
        The Corporate Governance Committee is currently composed of four (4) outside directors, all of whom are unrelated, namely Messrs. Robert M. Baylis (Chairman), William H. Houston III, Pierre Robitaille and Gonzalo F. Valdes-Fauli <SUP>4.<br>
        </SUP> <br>
                                                                   </FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top">&nbsp;</td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><I>Under the NYSE Standards, the nominating committee should be composed solely of &#147;independent directors&#148; and should have its own </I> <I>charter.</I></FONT> </div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Board has determined that the members of the Corporate Governance Committee qualify as &#147;independent directors&#148;, as that expression is defined in Section&nbsp;303A(2) of the NYSE Standards.<br>
                                                                             <br>
                                                                   </FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><font size="2" face="Times New Roman, Times, serif">5.</font> </td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Board of Directors should implement a process to be carried out by the nominating committee or other appropriate committee for assessing the effectiveness of the Board as a whole, the committees of the Board and the contribution of individual directors.</FONT></div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">On an annual basis, the Corporate Governance Committee of the Board assesses the performance and effectiveness of the Board as a whole, the Board committees, committee chairs and individual directors. In November 2004, questionnaires on the performance and effectiveness of the Board and directors were sent to the directors and the results were discussed at the meetings of the Corporate Governance Committee and of the Board on November&nbsp;30 and December&nbsp;1, 2004.<br>
                                                                   </FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5" valign="top"><p>&nbsp;</p>
                                                                       <p>&nbsp;</p></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5" valign="top"><hr align="left" width="25%" size="1" noshade></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif"><SUP>4</SUP></FONT></td>
                                                                   <td colspan="4"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Proposed CSA Corporate Governance Rules state that a board should appoint a nominating committee that is composed entirely of independent directors and that such committee should have a written charter. The Board has adopted a written mandate for the Corporate Governance Committee, pursuant to which such committee must be composed entirely of unrelated and independent directors.</FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5"><div align="center"><br>
                                                                       <p align="center">&nbsp;</p>
                                                                       <p align="center"><font size="2" face="Times New Roman, Times, serif">33</font></p>
                                                                       <hr width="100%" size=3 color=GRAY noshade>
</div>
                                                                       <p>&nbsp;</p></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="2"><div align="left"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>TSX Standards</B></FONT></div></td>
                                                                   <td valign="top"><div align="left"></div></td>
                                                                   <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Does the</B></FONT><font size="2" face="Times New Roman, Times, serif">
                                                                     <!-- MARKER FORMAT-SHEET="Left Head Bold" -->
                                                                     </font><FONT SIZE="2" face="Times New Roman, Times, serif"><B> <br>
      Corporation<br>
      align? </B></FONT></td>
                                                                   <td><div align="left"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Corporate Governance Practices<br>
                                                                   </B></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><B>at the Corporation</B></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><B> </B></FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5" valign="top"><hr width="100%" size="1" noshade></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><FONT size="2" FACE="Times New Roman, Times, serif">6.</FONT></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Corporation, as an integral element of the process for appointing new directors, should provide an orientation and education program for new recruits to the Board.</FONT></div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Corporate Governance Committee is responsible for developing, monitoring and reviewing the Corporation&#146;s orientation and continuing education programs for directors<SUP>5</SUP>.<br>
                                                                             <br>
        New directors are provided with an extensive information package on the Corporation&#146;s business, its strategic and operational business plans, its operating performance, its governance system and its financial position. Also, new directors will meet individually with the CEO and other senior executives.</FONT> <br>
        <br>
        <FONT size="2" FACE="Times New Roman, Times, serif">The Board ensures that prospective candidates fully understand the role of the Board and its committees and the contribution that individual directors are expected to make, including, in particular, the personal commitment that the Corporation expects of its directors.</FONT><br>
        <br>
        <font size="2" face="Times New Roman, Times, serif">In addition, the Board Chair ensures that Board members have access to education and information on an on-going basis and as required. Senior management makes regular presentations to the Board on the main areas of the Corporation&#146;s business. Directors are also invited to tour the Corporation&#146;s various facilities.</font><br>
        <br>
        <FONT size="2" FACE="Times New Roman, Times, serif"> </FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><font size="2" face="Times New Roman, Times, serif">7.</font></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Board of Directors should examine its size and, with a view to determining the impact of the number upon effectiveness, undertake, where appropriate, a program to reduce the number of directors to a number which facilitates more effective decision-making.</FONT> </div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Board, through its Corporate Governance Committee, reviews the size and composition of the Board and its committees to ensure effective decision-making. The Board considers that its proposed size (seven (7) members) is well suited to the present circumstances of the Corporation and will allow for the efficient functioning of the Board as a decision-making body. In order to promote Board effectiveness, the Board adopted a resolution, on December&nbsp;1, 2004 to amend the Articles of the Corporation so that the maximum number of directors be changed from fifteen (15) to ten (10). Such resolution is subject to confirmation by special resolution of the shareholders at the Meeting as more fully described in the Circular.</FONT> </div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5" valign="top"><p>&nbsp;</p>
                                                                       <p>&nbsp;</p>
                                                                       <p>&nbsp;</p>
                                                                       <p>&nbsp;</p></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5" valign="top"><hr align="left" width="25%" size="1" noshade></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif"><SUP>5</SUP></FONT></td>
                                                                   <td colspan="4"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Proposed CSA Corporate Governance Rules state that the Board should ensure that all new directors receive a comprehensive orientation and should provide continuing education opportunities for all directors. The Corporation has adopted a policy pursuant to which orientation is provided to new Board members and continuing education is provided to all directors.</FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5"><div align="center"><br>
                                                                       <p align="center">&nbsp;</p>
                                                                       <p align="center"><font size="2" face="Times New Roman, Times, serif">34</font></p>
                                                                       <hr width="100%" size=3 color=GRAY noshade>
</div>
                                                                       <p>&nbsp;</p></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="2"><div align="left"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>TSX Standards</B></FONT></div></td>
                                                                   <td valign="top"><div align="left"></div></td>
                                                                   <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Does the</B></FONT><font size="2" face="Times New Roman, Times, serif">

                                                                     </font><FONT SIZE="2" face="Times New Roman, Times, serif"><B> <br>
      Corporation<br>
      align? </B></FONT></td>
                                                                   <td><div align="left"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Corporate Governance Practices<br>
                                                                   </B></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><B>at the Corporation</B></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><B> </B></FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5" valign="top"><hr width="100%" size="1" noshade></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><FONT size="2" FACE="Times New Roman, Times, serif">8</FONT></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Board of Directors should review the adequacy and form of the compensation of directors and ensure the compensation realistically reflects the responsibilities and risks involved in being an effective director.</FONT></div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The compensation of the directors and senior managers is determined annually by the Board based on the reviews and recommendations of its Corporate Governance and Compensation and Human Resources Committees<SUP>6</SUP>. The Board has determined that such compensation realistically reflects the responsibility and risks undertaken by the Corporation&#146;s directors and senior managers and serves to align the interests of the directors and senior managers with the interests of the shareholders of the Corporation. See page&nbsp;6 of this Circular for information about the compensation received by outside directors.<br>
                                                                             <br>
        All members of the Corporate Governance and Compensation and Human Resources Committees are &#147;unrelated&#148; within the meaning of the TSX Standards. <br>
        <br>
                                                                   </FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top">&nbsp;</td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><I>Under the NYSE Standards, the compensation committee should be composed solely of &#147;independent directors&#148; and should have its </I> <I>own charter.</I></FONT></div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Board has determined that the members of the Corporate Governance and Compensation and Human Resources Committees are &#147;independent directors&#148; within the meaning of Section&nbsp;303A(2) of the NYSE Standards.<br>
                                                                             <br>
                                                                   </FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><font size="2" face="Times New Roman, Times, serif">9.</font></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Committees of the Board of Directors should generally be composed of non-management directors, a majority of whom are unrelated directors.</FONT></div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Schedule&nbsp;&#147;E&#148; to this Circular lists the committees of the Board and their composition. The mandates of the Corporate Governance Committee, the Audit and Finance Committee and the Compensation and Human Resources Committee are attached as Schedules&nbsp;&#147;H&#148;, &#147;I&#148; and &#147;J&#148; to this Circular, respectively.</FONT> <br>
                                                                           <br>
                                                                           <font size="2" face="Times New Roman, Times, serif">Each committee of the Board is composed entirely of outside, &#147;unrelated&#148; directors, as defined in the TSX Standards.</font><br>
                                                                           <P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif">In addition, the Board has determined that all such committees are composed entirely of &#147;independent&#148; directors within the meaning of Section&nbsp;303A(2) of the NYSE Standards.</FONT> </P>
                                                                           <font size="2" face="Times New Roman, Times, serif">The record of attendance at committee meetings is attached hereto as Schedule&nbsp;&#147;D&#148;.</font><br>
                                                                           <br>
                                                                   </div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><FONT size="2" FACE="Times New Roman, Times, serif">10.</FONT></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Board of Directors should expressly assume responsibility for, or assign to a committee of directors the general responsibility for, developing the Corporation&#146;s approach to governance issues. This committee would, among other things, be responsible for the Corporation&#146;s response to the TSX Standards.</FONT> </div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Corporate Governance Committee develops and reviews corporate governance principles applicable to the Corporation in light of applicable laws, rules and regulations, recommending to the Board any change that should be made thereto and monitoring the disclosure of such principles. It ensures that a statement of corporate governance practices is included in the Corporation&#146;s annual report or management proxy circular. Periodic updates on legal and regulatory developments are made by management to the Corporate Governance Committee.<br>
                                                                             <br>
        The Corporate Governance Committee and the Board have reviewed and approved this Statement of Corporate Governance Practices.<br>
        <br>
        The mandate of the Corporate Governance Committee is attached hereto as Schedule&nbsp;&#147;H&#148;.<br>
        <br>
                                                                   </FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5" valign="top"><p>&nbsp;</p>
                                                                       <p>&nbsp;</p></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5" valign="top"><hr align="left" width="25%" size="1" noshade></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif"><SUP>6</SUP></FONT></td>
                                                                   <td colspan="4"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Proposed CSA Corporate Governance Rules state that a board should appoint a compensation committee composed entirely independent directors and that such committee should have a written charter. The Board has adopted a written mandate for the Human Resources and Compensation Committee pursuant to which such committee must be composed of unrelated, independent directors.</FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5"><div align="center"><br>
                                                                       <p align="center">&nbsp;</p>
                                                                       <p align="center"><font size="2" face="Times New Roman, Times, serif">35</font></p>
                                                                       <hr width="100%" size=3 color=GRAY noshade>
</div>
                                                                       <p>&nbsp;</p></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="2"><div align="left"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>TSX Standards</B></FONT></div></td>
                                                                   <td valign="top"><div align="left"></div></td>
                                                                   <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Does the</B></FONT><font size="2" face="Times New Roman, Times, serif">

                                                                     </font><FONT SIZE="2" face="Times New Roman, Times, serif"><B> <br>
      Corporation<br>
      align? </B></FONT></td>
                                                                   <td><div align="left"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Corporate Governance Practices<br>
                                                                   </B></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><B>at the Corporation</B></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><B> </B></FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5" valign="top"><hr width="100%" size="1" noshade></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><FONT size="2" FACE="Times New Roman, Times, serif">11.</FONT></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Board of Directors, together with the Chief Executive Officer, should develop position descriptions for the Board and for the Chief Executive Officer, involving the definition of the limits to management&#146;s responsibilities. In addition, the Board should approve or develop the corporate objectives which the Chief Executive Officer is responsible for meeting.</FONT></div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Board has adopted a formal Board mandate which is attached hereto as Schedule&nbsp;&#147;G&#148; and has also adopted formal mandates for the CEO, the Chairman of the Board and Board committee chairs. The Board expects the CEO and his management team to be responsible for the operation of the business, while respecting authorized financial and other decision-making limits, and adhering to the strategic plan, operational budget and approved corporate policies. The Board expects to be advised on a regular basis as to the results being achieved, and to be presented for approval alternative plans and strategies proposed to be implemented, in keeping with evolving conditions. In addition to those matters which by law must be approved by the Board, the prior approval of the Board, or of a committee of the Board to which approval authority has been delegate
d by the Board, is required for all matters of policy and all actions proposed to be taken by the Corporation which are not in the ordinary course of its operations. In particular, the Board approves the appointment of all officers of the Corporation and approves all material transactions.<br>
                                                                             <br>
        The Board, directly and through the Compensation and Human Resources Committee, reviews corporate goals and objectives relevant to the CEO, evaluates the CEO&#146;s performance in light of those goals and objectives and establishes the CEO&#146;s compensation based on this evaluation. The corporate objectives which the CEO is responsible for meeting, with the rest of management placed under his supervision, are determined by the strategic plans and the budget as they are approved each year by the Board following recommendations by the Compensation and Human Resources Committee<SUP>7</SUP>. <br>
                                                                   </FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5" valign="top"><p>&nbsp;</p>
                                                                       <p>&nbsp;</p>
                                                                       <p>&nbsp;</p>
                                                                       <p>&nbsp;</p>
                                                                       <p>&nbsp;</p>
                                                                       <p>&nbsp;</p></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5" valign="top"><hr align="left" width="25%" size="1" noshade></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif"><SUP>7</SUP></FONT></td>
                                                                   <td colspan="4"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Proposed CSA Corporate Governance Rules state that a compensation committee should be responsible for reviewing and approving corporate goals and objectives relevant to CEO compensation, evaluating the CEO&#146;s performance in light of those corporate goals and objectives, and determining (or make recommendations to the board with respect to) the CEO&#146;s compensation level based on this evaluation. The Compensation and Human Resources Committee reviews, in collaboration with the Chairman of the Board, corporate goals and objectives relevant to the CEO, evaluates the CEO&#146;s performance in light of those goals and objectives and such other factors as the committee deems appropriate and in the best interest of the Corporation, and establishes the CEO&#146;s compensation based on this evaluation.</FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5"><div align="center"><br>
                                                                       <p align="center">&nbsp;</p>
                                                                       <p align="center"><font size="2" face="Times New Roman, Times, serif">36</font></p>
                                                                       <hr width="100%" size=3 color=GRAY noshade>
</div>
                                                                       <p>&nbsp;</p></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="2"><div align="left"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>TSX Standards</B></FONT></div></td>
                                                                   <td valign="top"><div align="left"></div></td>
                                                                   <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Does the</B></FONT><font size="2" face="Times New Roman, Times, serif">
                                                                     </font><FONT SIZE="2" face="Times New Roman, Times, serif"><B> <br>
      Corporation<br>
      align? </B></FONT></td>
                                                                   <td><div align="left"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Corporate Governance Practices<br>
                                                                   </B></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><B>at the Corporation</B></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><B> </B></FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5" valign="top"><hr width="100%" size="1" noshade></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><font size="2" face="Times New Roman, Times, serif">12.</font></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Board of Directors should have in place structures and procedures to ensure that the Board can function independently of management. An appropriate structure would be to (i)&nbsp;appoint a chair of the Board who is not a member of management with responsibility to ensure that the Board discharges its responsibilities or (ii)&nbsp;adopt alternate means such as assigning this responsibility to a committee of the Board or to a director, sometimes referred to as the &#147;lead director&#148;. Appropriate procedures may involve the Board meeting on a regular basis without management present or may involve expressly assigning the responsibility for administering the Board&#146;s relationship to management to a committee of the Board.</FONT> </div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">On August&nbsp;3, 2004, Robert&nbsp;M. Baylis was appointed Chairman of the Board of the Corporation. Mr.&nbsp;Baylis is not a member of management and is &#147;unrelated&#148; to the Corporation. Pursuant to the mandate of the Chairman of the Board, Mr.&nbsp;Baylis is generally responsible for overseeing the Board in carrying out its responsibilities, including overseeing that these responsibilities are carried out independently of management. On this last matter, the Chairman: (i)&nbsp;meets with the other non-management directors at each regularly scheduled Board meeting; (ii)&nbsp;holds additional meetings with the other non-management directors at the request of any such director; and (iii)&nbsp;communicates to the Board any comments, questions or suggestions of such directors. In addition, the mandate of the Board states that directors who do not h
ave interests in or relationships with either the Corporation or its significant shareholder meet periodically without management and other directors present.<br>
                                                                             <br>
                                                                   </FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top">&nbsp;</td>
                                                                   <td valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><I>Under the NYSE Standards, non-management directors are required to meet regularly without management.</I></font></div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The outside Board members meet at each regularly-scheduled Board meeting without management under the chairmanship of the independent Chairman of the Board.<br>
                                                                             <br>
                                                                   </FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><font size="2" face="Times New Roman, Times, serif">13.</font> </td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The audit committee should be composed only of non-management directors.</FONT></div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">The Audit and Finance Committee consists of four (4) directors, all of whom are &#147;unrelated&#148; within the meaning of the TSX Standards.<br>
                                                                             <br>
                                                                   </font></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top">&nbsp;</td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><I>The CSA Audit Committee Rules and the NYSE Standards state that the audit committee must be composed of a minimum of three (3) </I> <I>members, who must be &#147;independent&#148; directors (as defined in those rules).</I></FONT></div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Board has determined that all members of the Audit and Finance Committee are &#147;independent&#148; within the meaning of that term in the CSA Audit Committee Rules. The Board has also determined that all members of the Audit and Finance Committee are &#147;independent&#148; within the meaning of Section&nbsp;303A(6) of the NYSE Standards.<br>
                                                                             <br>
                                                                   </FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top">&nbsp;</td>
                                                                   <td valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif"><I>The CSA Audit Committee Rules state that each audit committee member must be financially literate.</I></font></div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Board has adopted the following definition of &#147;financial literacy&#148;: &#147;the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Corporation&#146;s financial statements&#148;. All four (4) directors who constitute the Audit and Finance Committee are &#147;financially literate&#148; within the meaning of such definition.</FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5"><div align="center"><br>
                                                                           <p align="center">&nbsp;</p>
                                                                           <p align="center"><font size="2" face="Times New Roman, Times, serif">37</font></p>
                                                                           <hr width="100%" size=3 color=GRAY noshade>
                                                                   </div>
                                                                   </td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="2"><div align="left"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>TSX Standards</B></FONT></div></td>
                                                                   <td valign="top"><div align="left"></div></td>
                                                                   <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Does the</B></FONT><font size="2" face="Times New Roman, Times, serif">
                                                                     </font><FONT SIZE="2" face="Times New Roman, Times, serif"><B> <br>
      Corporation<br>
      align? </B></FONT></td>
                                                                   <td><div align="left"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Corporate Governance Practices<br>
                                                                   </B></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><B>at the Corporation</B></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><B> </B></FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5" valign="top"><hr width="100%" size="1" noshade></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top">&nbsp;</td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><I>Under the SEC Rules adopted in accordance with the Sarbanes-Oxley Act of 2002, a public company should have at least one (1) </I> <I>audit committee financial expert serving on its audit committee.</I></FONT> </div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">More than one member of the Audit and Finance Committee is an &#147;audit committee financial expert&#148;, which is &#147;a person who has the following attributes: (a)&nbsp;an understanding of generally accepted accounting principles and financial statements; (b)&nbsp;the ability to assess the general application of such principles in connection with the accounting for estimates, accruals and reserves; (c)&nbsp;experience preparing, auditing, analyzing or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the Corporation&#146;s financial statements, or experience actively supervising one or more persons engaged in such activities; (d)&nbsp;an understanding of internal controls and procedu
res for financial reporting; and (e)&nbsp;an understanding of audit committee functions.&#148;</FONT> <br>
                                                                           <br>
                                                                   </div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top">&nbsp;</td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The roles and responsibilities of the audit committee should be specifically defined so as to provide appropriate guidance to audit committee members as to their duties.</FONT> </div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The mandate of the Audit and Finance Committee, attached hereto as Schedule&nbsp;&#147;I&#148;, describes explicitly the role and oversight responsibilities of the Audit and Finance Committee.<br>
                                                                             <br>
                                                                   </FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top">&nbsp;</td>
                                                                   <td valign="top"><div align="justify">
                                                                       <p><FONT size="2" FACE="Times New Roman, Times, serif"><I>The CSA Audit Committee Rules state that the audit committee must have a written charter that sets out its mandate and </I> <I>responsibilities.<br>
                                                                               <br>
                                                                       </I></FONT></p>
                                                                   </div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><font size="2" face="Times New Roman, Times, serif">Same as above.</font></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top">&nbsp;</td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The audit committees should have direct communication channels with the internal and external auditors to discuss and review specific issues as appropriate.</FONT> </div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The mandate of the Audit and Finance Committee is to the effect that the internal auditors and the external auditors have at all times a direct line of communication with the Audit and Finance Committee. In addition, each must meet separately with the Audit and Finance Committee, without management, twice a year and more frequently as required.</FONT> <br>
                                                                           <br>
                                                                   </div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top">&nbsp;</td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The committee duties should include oversight responsibility for management reporting on internal control. While it is management&#146;s responsibility to design and implement an effective system of internal control, it is the responsibility of the audit committee to ensure that management has done so.</FONT> </div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The mandate of the Audit and Finance Committee states that it is responsible for receiving periodically management&#146;s report assessing the adequacy and effectiveness of the Corporation&#146;s disclosure controls and procedures and systems of internal control.</FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                 <td colspan="5"><div align="center"><br>
                                                                       <p align="center">&nbsp;</p>
                                                                         <p align="center"><font size="2" face="Times New Roman, Times, serif">38</font></p>
                                                                         <hr width="100%" size=3 color=GRAY noshade>
                                                                     </div>
                                                                       <p>&nbsp;</p></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="2"><div align="left"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>TSX Standards</B></FONT></div></td>
                                                                   <td valign="top"><div align="left"></div></td>
                                                                   <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Does the</B></FONT><font size="2" face="Times New Roman, Times, serif">
                                                                     </font><FONT SIZE="2" face="Times New Roman, Times, serif"><B> <br>
      Corporation<br>
      align? </B></FONT></td>
                                                                   <td><div align="left"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Corporate Governance Practices<br>
                                                                   </B></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><B>at the Corporation</B></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><B> </B></FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5" valign="top"><hr width="100%" size="1" noshade></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top">&nbsp;</td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><I>The CSA Audit Committee Rules state that an audit committee must recommend to the Board of Directors: (a)&nbsp;the external auditor </I> <I>to be nominated for the purposes of preparing or issuing an auditors&#146; report or performing other audit, review or attest </I> <I>services for the issuer; and (b)&nbsp;the compensation of the external auditor.</I></FONT> <br>
                                                                           <br>
                                                                   </div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The mandate of the Audit and Finance Committee states that the committee is responsible for recommending the retention and, if appropriate, the removal of external auditors, their compensation, as well as evaluating and monitoring their qualifications, performance and independence.</FONT> <br>
                                                                           <br>
                                                                   </div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top">&nbsp;</td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><I>The CSA Audit Committee Rules state that the audit committee must be directly responsible for overseeing the work of the </I> <I>external auditor engaged for the purpose of preparing or issuing an auditors report or performing other audit, review or attest </I> <I>services for the issuer, including the resolution of disagreements between management and the external auditor regarding </I> <I>financial reporting.</I></FONT> </div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The mandate of the Audit and Finance Committee provides that the committee is responsible for overseeing the external auditors and discussing with them the quality and not just the acceptability of the Corporation&#146;s accounting principles, including any material written communications between the Corporation and the external auditors (including any disagreement with management and the resolution thereof).<br>
                                                                             <br>
                                                                   </FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top">&nbsp;</td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><I>The CSA Audit Committee Rules state that an audit committee must pre-approve all non-audit services to be provided to the issuer </I> <I>or its subsidiary entities by the issuer&#146;s external auditor.</I></FONT> </div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The mandate of the Audit and Finance Committee states that the committee oversees all relationships between the external auditors and the Corporation, including determining which non-audit services the external auditors are prohibited from providing, approving or pre-approving policies defining audit and permitted non-audit services provided by the external auditors, overseeing the disclosure of all audit and permitted non-audit services provided by the external auditors, and reviewing the total amount of fees paid by the Corporation to the external auditors for all audit and non-audit services.<br>
                                                                             <br>
                                                                   </FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top">&nbsp;</td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><I>The CSA Audit Committee Rules state that an audit committee must review the issuer&#146;s financial statements, MD&amp;A and annual and </I> <I>interim earnings press releases before the issuer publicly discloses this information. These rules also mention that the audit </I> <I>committee must be satisfied that adequate procedures are in place for the review of the issuer&#146;s public disclosure of financial </I> <I>information extracted or derived from the issuer&#146;s financial statements, other than the public disclosure referred to in the </I> <I>preceding sentence, and must periodically assess the adequacy of those procedures.</I></FONT></div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The mandate of the Audit and Finance Committee provides that the committee is responsible for reviewing the annual and quarterly consolidated financial statements of the Corporation and accompanying information including the Corporation&#146;s MD&amp;A disclosure, prior to their release, filing and distribution. The committee must also review with management and external auditors the financial information contained in documents required to be disclosed or filed by the Corporation before their disclosure or filing with regulatory authorities in Canada or the United States of America.<br>
                                                                             <br>
                                                                   </FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                 <td colspan="5"><div align="center"><br>
                                                                       <p align="center">&nbsp;</p>
                                                                         <p align="center"><font size="2" face="Times New Roman, Times, serif">39</font></p>
                                                                         <hr width="100%" size=3 color=GRAY noshade>
                                                                     </div>
                                                                       <p>&nbsp;</p></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="2"><div align="left"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>TSX Standards</B></FONT></div></td>
                                                                   <td valign="top"><div align="left"></div></td>
                                                                   <td valign="top"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Does the</B></FONT><font size="2" face="Times New Roman, Times, serif">
                                                                     </font><FONT SIZE="2" face="Times New Roman, Times, serif"><B> <br>
      Corporation<br>
      align? </B></FONT></td>
                                                                   <td><div align="left"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Corporate Governance Practices<br>
                                                                   </B></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><B>at the Corporation</B></FONT><FONT SIZE="2" face="Times New Roman, Times, serif"><B> </B></FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5" valign="top"><hr width="100%" size="1" noshade></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top">&nbsp;</td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><I>The CSA Audit Committee Rules state that an audit committee must establish procedures for: (a)&nbsp;the receipt, retention and </I> <I>treatment of complaints received by the issuer regarding accounting, internal accounting controls, or auditing matters; and </I> <I>(b)&nbsp;the confidential, anonymous submission by employees of the issuer of concerns regarding questionable accounting or auditing </I> <I>matters.</I></FONT></div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The mandate of the Audit and Finance Committee provides that the committee must establish procedures for the receipt, retention and treatment of complaints or concerns received by the Corporation regarding accounting, internal accounting controls or auditing matters or employee concerns regarding accounting or auditing matters, while insuring confidentiality and anonymity. Please refer to the Policy for the Receipt, Retention and Treatment of Complaints Received by Gildan from non-Employees regarding Accounting, Internal Accounting Controls or Auditing Matters included in the Corporation&#146;s Corporate Governance Guidelines available on its website at www.gildan.com. The Corporation has also adopted a similar policy for its employees.<br>
                                                                             <br>
                                                                   </FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top">&nbsp;</td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><I>The CSA Audit Committee Rules state that the audit committee must review and approve the issuer&#146;s hiring policies regarding </I> <I>partners, employees and former partners and employees of the present and former external auditor of the issuer.</I></FONT> </div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The mandate of the Audit and Finance Committee provides that the committee is responsible for reviewing hiring policies for employees or former employees of the Corporation&#146;s firm of external auditors.<br>
                                                                             <br>
                                                                   </FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top"><FONT size="2" FACE="Times New Roman, Times, serif">14.</FONT></td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Board of Directors should implement a system which enables an individual director to engage an outside adviser at the expense of the Corporation in appropriate circumstances. This engagement should be subject to the approval of an appropriate committee of the Board.</FONT></div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                   <td rowspan="2" valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">In performing its responsibilities, the Board, a committee of the Board or an individual director may, as required, subject to the approval of the Board, engage an outside adviser at the expense of the Corporation. The mandate of the Audit and Finance Committee states that the committee may obtain advice and assistance from outside legal, accounting or other advisors and so advise the Board Chair and, if appropriate, the external auditors; the Audit and Finance Committee makes arrangements for the appropriate funding for payment of the external auditors and any advisors retained by it. The Corporation provides appropriate funding for the Audit and Finance Committee. The mandate of the Corporate Governance Committee states that the committee may retain and replace any independent recruiting firm to identify director candidates, including fixin
g such firm&#146;s fees and other retention terms. The mandate of the Compensation and Human Resources Committee provides that the committee may retain and replace any independent firm to advise on management recommendations concerning executive compensation, including fixing such firm&#146;s fees and other retention terms.</FONT></div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top">&nbsp;</td>
                                                                   <td valign="top"><div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><I>The CSA Audit Committee Rules state that the audit committee must have the authority: (a)&nbsp;to engage independent counsel and </I> <I>other advisors as it determines necessary to carry out its duties; (b)&nbsp;to set and pay the compensation for any advisors employed </I> <I>by the audit committee; and (c)&nbsp;to communicate directly with the internal and external auditors.</I></FONT> </div></td>
                                                                   <td colspan="2" valign="top"><div align="center"><font size=2 face="Symbol,Symbol">&Ouml;</font> </div></td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td valign="top">&nbsp;</td>
                                                                   <td valign="top">&nbsp;</td>
                                                                   <td colspan="2" valign="top">&nbsp;</td>
                                                                   <td valign="top">&nbsp;</td>
                                                                 </tr>
                                                                 <tr>
                                                                   <td colspan="5" valign="top"><p align="center">&nbsp;</p>
                                                                     <p align="center"><font size="2" face="Times New Roman, Times, serif">40</font></p>
                                                                     <hr width="100%" size=3 color=GRAY noshade></td>
                                                                 </tr>
                                                               </table>
                                                               <p name="A113">&nbsp;</p>
                                                               <P ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"><FONT size="2" FACE="Times New Roman, Times, serif"><B>SCHEDULE</B></FONT><FONT SIZE="2"><B>&#147;G&#148;</B></FONT></FONT></P>
                                                               <P ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>MANDATE OF THE BOARD OF DIRECTORS</B></FONT></FONT></P>
                                                               <P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The Board is responsible for the supervision of the management of the Corporation&#146;s business and affairs, with the objective of increasing shareholder value.</FONT></FONT> </P>
                                                               <P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Although management conducts the day-to-day operations of the Corporation, the Board has a duty of stewardship and regularly assesses and monitors management&#146;s performance.</FONT></FONT> </P>
                                                               <P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">In spite of the fact that directors may be elected by the shareholders to bring a special expertise or point of view to Board deliberations, they are not chosen to represent a particular constituency. All decisions of each Board member must be made in the best interest of the Corporation.</FONT></FONT> </P>
                                                               <P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">From time to time, the Board may formally adopt and review mandates for its committees and may, in addition, delegate certain tasks to its committees. However, such mandates and delegation of tasks do not relieve the Board of its overall responsibilities.</FONT></FONT> </P>
                                                               <P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The Board approves all matters expressly required herein, under the Canada Business Corporations Act and other applicable legislation, rules and regulations and the Corporation&#146;s Articles and By-laws.</FONT></FONT><br>
                                                               </P>
                                                               <div align="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Membership and Quorum</B></FONT></FONT></div>
<p>
                                                                 <BR>
  <FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board is composed of a minimum of 5 and a maximum of 10&nbsp;members. The Board is constituted with a majority of individuals who qualify as unrelated and independent &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;directors,&nbsp;as determined by the Board.</FONT></FONT>
</p>
                                                               <P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The quorum at any meeting of the Board is a majority of directors in office.</FONT></FONT> </P>
                                                               <div align="justify">
                                                                 <p><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>2.&nbsp;&nbsp;&nbsp;&nbsp; Frequency of Meetings</B></FONT></FONT></p>
                                                                 <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at least four times a year and as necessary.
                                                                 </p>
                                                               </div>
                                                               <P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>3. </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></FONT><FONT SIZE="2"><B>Mandate</B></FONT></FONT></P>
                                                               <P ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The responsibilities of the Board include the following:</FONT></FONT> </P>
                                                               <div align="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;</B></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><I>(a)</I></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2"><I> With respect to strategic planning</I></FONT></FONT></div>
                                                               <P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;</FONT></FONT><FONT SIZE="2">&nbsp;</FONT><FONT SIZE="2">&nbsp;</FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE="2">&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;approving the Corporation&#146;s long-term strategy, taking into account, amongst other matters, business opportunities and risks;</FONT></FONT> </P>
                                                               <P ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;</FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;</FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;</FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>&#8226;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">approving and monitoring the implementation of the Corporation&#146;s annual business plan;</FONT></FONT> </P>
                                                               <P ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;</FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;</FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;</FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>&#8226;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">advising management on strategic issues.</FONT></FONT></P>
                                                               <P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><I>&nbsp;&nbsp;</I></FONT></FONT><FONT SIZE="2"><I>&nbsp;&nbsp;</I></FONT><FONT SIZE="2"><I>(b) </I></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2"><I>With respect to human resources and performance assessment</I></FONT></FONT></P>
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                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> choosing the Chief Executive Officer (&#147;<B>CEO</B>&#148;) and approving the appointment of other officers of the Corporation;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> approving the CEO&#146;s  corporate objectives;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> monitoring and assessing the performance of the CEO and of the other officers of the Corporation and approving their compensation, taking into consideration Board expectations and fixed objectives;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> taking reasonable measures to ensure that an appropriate portion of the CEO&#146;s and the other officers&#146; compensation is tied to both the short and longer-term performance of the Corporation;</FONT></FONT> </P></TD>
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                                                                   <P ALIGN="center"><font size="2" face="Times New Roman, Times, serif">41</font></P>
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                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> taking all reasonable steps to ensure that processes are in place for the recruitment, training, development and retention of executives who exhibit high standards of integrity as well as competence;</FONT></FONT> </P></TD>
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                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> monitoring management and Board succession planning process;</FONT></FONT> </P></TD>
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                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> monitoring the size and composition of the Board and its committees based on competencies, skills and personal qualities seeked in Board members;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> approving the list of Board nominees for election by shareholders.</FONT></FONT> </P></TD>
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                                                                 <FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><I>&nbsp;&nbsp;</I></FONT></FONT><FONT SIZE="2"><I>&nbsp;&nbsp;</I></FONT></FONT><FONT SIZE="2"><I>(c) </I></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2"><I></I></FONT></FONT><FONT SIZE="2"><I>With respect to financial matters and internal control</I></FONT></FONT></div>
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                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> monitoring the integrity and quality of the Corporation&#146;s financial statements and other documents providing financial information and the appropriateness of their disclosure;</FONT></FONT> </P></TD>
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                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> overseeing the external auditors&#146; independence and qualifications;</FONT></FONT> </P></TD>
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                                                                     <TD WIDTH="90%"><P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing and approving the general content of, and the Audit and Finance Committee&#146;s report on the financial aspects of, the Corporation&#146;s Annual Information Form, Annual Report, Management Proxy Circular, Management&#146;s Discussion and Analysis, prospectuses, offering memoranda, Forms 6-K (including Supplemental Disclosure) and 40-F, and any other document required to be disclosed or filed by the Corporation before their public disclosure or filing with regulatory authorities in Canada or the United States of America;</FONT></FONT> </P></TD>
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                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> overseeing the performance of the Corporation&#146;s internal audit functions;</FONT></FONT> </P></TD>
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                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> approving operating and capital budgets, the issue of securities and, subject to the schedule of authority of the Corporation, any transaction out of the ordinary course of business, including proposals on mergers, acquisitions or other major investments or divestitures;</FONT></FONT> </P></TD>
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                                                                       <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing the Corporation&#146;s plans for the purchase of cotton;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> determining dividend policies and procedures;</FONT></FONT> </P></TD>
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                                                                       <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> taking all reasonable steps to ensure that appropriate systems are in place to identify business risks and opportunities and overseeing the implementation of processes to manage these risks and opportunities;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> monitoring the Corporation&#146;s internal control and management information systems;</FONT></FONT> </P></TD>
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                                                                       <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> monitoring the Corporation&#146;s compliance with applicable legal and regulatory requirements;</FONT></FONT> </P></TD>
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                                                                       <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing at least annually the Corporation&#146;s communications policy and monitoring the Corporation&#146;s communications with analysts, investors, the media and the public.</FONT></FONT> </P></TD>
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  <FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><I>&nbsp;&nbsp;</I></FONT></FONT><FONT SIZE="2"><I>&nbsp;&nbsp;</I></FONT></FONT><FONT SIZE="2"><I></I></FONT></FONT><FONT SIZE="2"><I>(d) </I></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2"><I></I></FONT></FONT><FONT SIZE="2"><I></I></FONT></FONT><FONT SIZE="2"><I>With respect to corporate governance matters</I></FONT></FONT></div>
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                                                                       <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> overseeing management in the competent and ethical operation of the Corporation;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing, on a regular basis, appropriate corporate governance structures and procedures, including the identification of decisions requiring approval of the Board;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing, where appropriate, measures for receiving shareholder feedback, and the adequate public disclosure thereof;</FONT></FONT> </P></TD>
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          <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></TD>
          <TD WIDTH="90%"><P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> adopting and reviewing, on a regular basis, the Corporation&#146;s Code of Ethics and Business Conduct (the &#147;<B>Code</B>&#148;), and such other policies as may be approved by the Board from time to time (the &#147;<B>Policies</B>&#148;), monitoring compliance with the Code and the Policies, approving any waiver from compliance with the Code or the Policies for directors and officers and ensuring appropriate disclosure of any such waiver;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> adopting and reviewing, on a regular basis, the Corporation&#146;s Code of Ethics and Business Conduct (the &#147;<B>Code</B>&#148;), and such other policies as may be approved by the Board from time to time (the &#147;<B>Policies</B>&#148;), monitoring compliance with the Code and the Policies, approving any waiver from compliance with the Code or the Policies for directors and officers and ensuring appropriate disclosure of any such waiver;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> approving a policy that enables Committees of the Board and, subject to approval of the Corporate Governance Committee, an individual director, to engage external advisors at the expense of the Corporation in appropriate circumstances;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> ensuring the annual performance assessment of the Board, Board committees, Board and committee chairs and individual directors.</FONT></FONT> </P></TD>
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                                                                 <FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><I>&nbsp;&nbsp;</I></FONT></FONT><FONT SIZE="2"><I>&nbsp;&nbsp;</I></FONT></FONT><FONT SIZE="2"><I></I></FONT></FONT><FONT SIZE="2"><I>(e) </I></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></FONT><FONT SIZE="2"><I>With respect to environmental and social responsibility practices</I></FONT></FONT></div>
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                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> monitoring and reviewing, as appropriate, the Corporation&#146;s environmental and social responsibility practices.</FONT></FONT> </P></TD>
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                                                                   <FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>4. </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B>Method of Operation</B></FONT></FONT></P>
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                                                                       <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> meetings of the Board are held at least quarterly, and as required; in addition, a special meeting of the Board is held, at least annually, to review the Corporation&#146;s strategic plan;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif">&#8226;</FONT></TD>
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                                                                       <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> management develops the agenda for each meeting of the Board in consultation with the Chairman of the Board. The agenda and the appropriate materials are provided to directors of the Corporation on a timely basis prior to any meeting of the Board;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif">&#8226;</FONT></TD>
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                                                                       <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> non-management directors meet periodically without management present, under the oversight of the </FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Chairman of the Board</FONT></FONT><FONT SIZE="2">;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif">&#8226;</FONT></TD>
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                                                                       <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> directors who do not have interests in or relationships with either the Corporation or its significant shareholders meet periodically without management and other directors present;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif">&#8226;</FONT></TD>
                                                                       <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
                                                                       <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> the Corporate Governance Committee annually supervises the performance assessment of individual directors, the Board as a whole, the Board committees, and the Board and committee chairs.</FONT></FONT> </P></TD>
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      *<FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;</FONT></FONT></FONT></FONT>*<FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;</FONT></FONT></FONT></FONT>*<FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;</FONT></FONT></FONT></FONT>*<FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;</FONT></FONT></FONT></FONT>*</p>
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                                                                     <P ALIGN="center"><font size="2" face="Times New Roman, Times, serif">43</font></P>
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                                                                 <p align="center"><FONT FACE="Times New Roman, Times, Serif"><FONT size="2" FACE="Times New Roman, Times, serif"><B>SCHEDULE</B></FONT><FONT SIZE="2"><B>&#147;H&#148;</B></FONT></FONT></p>
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                                                               <P ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>MANDATE OF THE CORPORATE GOVERNANCE COMMITTEE</B></FONT></FONT></P>
                                                               <p align="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The following description of the mandate of the Corporate Governance Committee of the Corporation complies with applicable Canadian laws and regulation, such as the rules of the Canadian Securities Administrators, and with the disclosure and listing requirements and the corporate governance guidelines of the Toronto Stock Exchange, as amended (collectively, the &#147;<B>Canadian Corporate Governance Standards</B>&#148;), as they exist on the date hereof. In addition, this mandate complies with applicable U.S. laws and regulation, such at the <I>Sarbanes-Oxley Act of 2002</I> and rules adopted thereunder, and with the New&nbsp;York Stock Exchange&#146;s corporate governance standards, as amended<I> </I>(collectively, the &#147;<B>US Corporate Governance Standards</B>&#148;), as they exist on the date hereof. The mandate of the Corporate Governance Committee of the Corpora
tion (the &#147;<B>Corporate Governance Committee</B>&#148;) shall be reviewed annually by the Board in order to ensure on-going compliance with such standards.</FONT></FONT> </p>
                                                               <div align="justify"> </div>
                                                               <P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>1. </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B>Membership and Quorum</B></FONT></FONT></P>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif">&#8226;</FONT></TD>
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                                                                     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> a minimum of three directors;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif">&#8226;</FONT></TD>
                                                                     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> only &#147;unrelated&#148; (as contemplated by Canadian Corporate Governance Standards), &#147;independent&#148; (as contemplated by US Corporate Governance Standards) directors shall be appointed, the whole as determined by the Board;</FONT></FONT> </P></TD>
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                                                                     <TD WIDTH="94%"><P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> members of the Corporate Governance Committee shall be appointed annually by the Board upon the recommendation of the Corporate Governance Committee; such members may be removed or replaced, and any vacancies on the Corporate Governance Committee shall be filled, by the Board upon the recommendation of the Corporate Governance Committee; membership on the Corporate Governance Committee shall automatically end at such time the Board determines that a member ceases to be &#147;unrelated&#148; or &#147;independent&#148; as determined in the manner set forth above;</FONT></FONT> </P></TD>
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                                                                     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> quorum of majority of members.</FONT></FONT> </P></TD>
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                                                                 <FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>2.</B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B> Frequency and Timing of Meetings</B></FONT></FONT></div>
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                                                                     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> normally contemporaneously with the Corporation&#146;s Board meetings;</FONT></FONT> </P></TD>
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                                                                     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> at least twice a year and as necessary.</FONT></FONT> </P></TD>
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                                                                 <div align="justify">
                                                                   <P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>3.</B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B> Mandate</B></FONT></FONT></P>
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                                                                 <P ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The responsibilities of the Corporate Governance Committee include the following:</FONT></FONT> </P>
                                                                 <div align="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;</B></FONT></FONT></FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><I>(a) </I></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT F
ACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></FONT></FONT><FONT SIZE="2"><I>Monitoring the composition and performance of the Board and its committees</I></FONT></FONT></div>
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                                                                       <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> monitoring the size and composition of the Board and its committees to ensure effective decision-making;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                       <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> developing, reviewing and monitoring criteria, as well as establishing procedures, for selecting directors by regularly assessing the qualifications, personal qualities, geographical representation, business background and diversified experience of the Board and the Corporation&#146;s circumstances and needs;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                       <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> identifying candidates qualified to become Board members and selecting or recommending that the Board selects the director nominees for the next annual or special meeting of shareholders;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                       <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> retaining and replacing any independent recruiting firm to identify director candidates, including fixing such firm&#146;s fees and other retention terms;</FONT></FONT> </P></TD>
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                                                                 <p>&nbsp;</p>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> establishing performance-enhancing measures, and assessing and reviewing annually the performance and effectiveness of the Board, Board committees (subject to Board chair supervision for the Corporate Governance Committee), committee chairs and Board;</FONT></FONT> </P></TD>
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                                                                     <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> members, including the Chairman of the Board;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="89%"><P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing annually and making recommendations to the Board on the adequacy and form of the compensation for non-executive directors to ensure such compensation realistically reflects the responsibilities and risk involved, without compromising a director&#146;s independence; it being understood that directors who are executives of&nbsp; the Corporation receive no additional remuneration for their services as director;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing and making recommendations, on an annual basis, on the amount and form of the Board chair&#146;s and the committee chairs&#146; compensation;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> retaining and replacing any independent firm to advise on directors&#146; compensation, including fixing such firm&#146;s fees and other retention terms.</FONT></FONT> </P></TD>
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<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;</B></FONT></FONT></FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><I>(b) </I></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT F
ACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></FONT></FONT></FONT><FONT SIZE="2"><I>Overseeing Corporate Governance matters</I></FONT></FONT></div>
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                                                                     <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> developing and reviewing corporate governance principles applicable to the Corporation in light of applicable laws, rules and regulations, recommending to the Board any change that should be made thereto and monitoring the disclosure of such principles;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing the appropriateness of, and compliance by the Corporation with, the policies and practices of the Corporation relating to business ethics;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing, where appropriate, measures for receiving shareholder feedback, and the adequate public disclosure thereof;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> developing, reviewing and monitoring procedures for meeting the Board&#146;s information needs, including formal and informal access to officers of the Corporation and external advisors;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> developing, monitoring and reviewing, as applicable, the Corporation&#146;s orientation and continuing education programs for directors;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing and overseeing the disclosure of the Corporation&#146;s Code of Ethics and Business Conduct (the &#147;<B>Code</B>&#148;), and such other policies as may be approved by the Board from time to time (the &#147;<B>Policies</B>&#148;), and monitoring compliance and any waiver from compliance with the Code and the Policies, while ensuring ppropriate disclosure of such waiver;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing the Corporation&#146;s general policy on insider trading and insider reporting, taking all reasonable measures to ensure that such policy as well as the list of blackout periods are provided to every director and officer of the Corporation and overseeing the appropriate disclosure of same;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> recommending Board committee composition, as well as the appropriate mandate of each committee for submission to the Board;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> ensuring that a statement of corporate governance practices is included in the Corporation&#146;s annual report or management proxy circular.</FONT></FONT> </P></TD>
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                                                                   <FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;</B></FONT></FONT></FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><I>(c) </I></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roma
n, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></FONT></FONT></FONT><FONT SIZE="2"><I>Evaluating the performance of the Corporate Governance Committee</I></FONT></FONT></div>
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                                                                       <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> ensuring that processes are in place to annually evaluate the performance of the Corporate Governance Committee.</FONT></FONT> </P></TD>
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                                                                     <TD><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Other than provided herein and as appropriate, the Corporate Governance Committee may obtain advice and assistance from outside legal or other advisors.</FONT></FONT> </P></TD>
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                                                                     <TD><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The Corporate Governance Committee shall report annually to the Board on the adequacy of its mandate. In addition, the chair of the Corporate Governance Committee shall report regularly to the Board on the business of the Corporate Governance Committee.</FONT></FONT> </P></TD>
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                                                                     <TD><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The Board chair or, alternatively, a director designated by the Board, shall supervise the Corporate Governance Committee&#146;s annual performance assessment.</FONT></FONT> </P></TD>
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                                                                     <TD><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Nothing contained in the above mandate is intended to transfer to the Corporate Governance Committee the Board responsibility to ensure the Corporation&#146;s compliance with applicable laws or regulations or to expand applicable standards of liability under </FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">statutory or regulatory requirements for the directors or the members of the Corporate Governance Committee.</FONT></FONT> </FONT></P></TD>
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                                                                 <p align="center">*<FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;</FONT></FONT></FONT></FONT>*<FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;</FONT></FONT></FONT></FONT>*<FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;</FONT></FONT></FONT></FONT>*<FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;</FONT></FONT></FONT></FONT>*</p>
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      <div align="center"><FONT FACE="Times New Roman, Times, Serif"><FONT size="2" FACE="Times New Roman, Times, serif"><B>SCHEDULE</B></FONT><FONT SIZE="2"><B>&#147;I&#148;</B></FONT></FONT></div>
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                                                               <p align="center"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>MANDATE OF THE AUDIT AND FINANCE COMMITTEE</B></FONT></FONT></p>
                                                               <p>&nbsp;</p>
                                                               <P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The following description of the mandate of the Audit and Finance Committee of the Corporation complies with applicable Canadian laws and regulation, such as the rules of the Canadian Securities Administrators (the &#147;<B>CSA Rules</B>&#148;) and with the disclosure and listing requirements and the corporate governance guidelines of the Toronto Stock Exchange (The &#147;<B>TSX Standards</B>&#148;), as amended (collectively, the &#147;<B>Canadian Corporate Governance Standards</B>&#148;), as they exist on the date hereof. In addition, this mandate complies with applicable U.S. laws and regulation such as the <I>Sarbanes-Oxley Act of 2002 </I>and rules adopted thereunder, and with the New&nbsp;York Stock Exchange&#146;s corporate governance standards, as amended (collectively, the &#147;<B>US Corporate Governance Standards</B>&#148;), as they exist on the date hereof. Th
e mandate of the Audit and Finance Committee of the Corporation (the &#147;<B>Audit Committee</B>&#148;) shall be reviewed annually by the Board in order to ensure on-going compliance with such standards.</FONT></FONT> </P>
                                                               <div align="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>1.</B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B> Membership and Quorum</B></FONT></FONT></div>
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                                                                     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> a minimum of three directors;</FONT></FONT> </P></TD>
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                                                                     <TD WIDTH="94%"><P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> only &#147;unrelated&#148; (as contemplated by TSX Standards), &#147;independent&#148; (as contemplated by CSA Rules and US Corporate Governance Standards) directors may be appointed, the whole as determined by the Board; no affiliate of the Corporation or any of its subsidiaries (including any person who, directly or indirectly, controls or is controlled by, or is under common control with the Corporation, or any director, executive officer, partner, member, principal or designee of such affiliate) may serve on the Audit Committee; a member of the Audit Committee shall receive no compensation from the Corporation or any of its affiliates other than compensation as a director and committee member of the Corporation; prohibited compensation includes fees paid, directly or indirectly, for services as a consultant or as legal or financial advisor, reg
ardless of the amount;</FONT></FONT> </P></TD>
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                                                                     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> each member must be &#147;financially literate&#148; (as contemplated by Canadian Corporate Governance Standards and US Corporate Governance Standards) (as determined by the Board);</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif">&#8226;</FONT></TD>
                                                                     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> at least one member must be an &#147;audit committee financial expert&#148; (as contemplated by US Corporate Governance Standards) as determined by the Board;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif">&#8226;</FONT></TD>
                                                                     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD WIDTH="94%"><P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> members of the Audit Committee shall be appointed annually by the Board upon recommendation of the Corporation&#146;s Corporate Governance Committee; such members may be removed or replaced, and any vacancies on the Audit Committee shall be filled, by the Board upon recommendation of the Corporation&#146;s Corporate Governance Committee; membership on the Audit Committee shall automatically end at such </FONT></FONT></P></TD>
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                                                                 <div align="justify">                                                                     <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
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                                                                         <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif">&#8226;</FONT></TD>
                                                                         <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
                                                                         <TD WIDTH="94%"><P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> </FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">time the Board determines that a member ceases to be &#147;unrelated&#148; or &#147;independent&#148; as determined in the manner set forth above;</FONT></FONT> </FONT></P></TD>
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                                                                       <TR VALIGN="TOP">
                                                                         <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif">&#8226;</FONT></TD>
                                                                         <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
                                                                         <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> quorum of majority of members.</FONT></FONT> </P></TD>
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                                                                     <FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B><br>
  2.</B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B> Frequency and Timing of Meetings</B></FONT></FONT></div>
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                                                                       <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif">&#8226;</FONT></TD>
                                                                       <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
                                                                       <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> normally contemporaneously with the Corporation&#146;s Board meetings;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif">&#8226;</FONT></TD>
                                                                       <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
                                                                       <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> at least four times a year and as necessary.</FONT></FONT> </P></TD>
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                                                                 <P ALIGN="center"><font size="2" face="Times New Roman, Times, serif">47</font></P>
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  <FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>3.</B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B> Mandate</B></FONT></FONT></div>
                                                               <P ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The responsibilities of the Audit Committee include the following:</FONT></FONT> </P>
                                                               <div align="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;</B></FONT></FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><I>(a) </I></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roma
n, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT><FONT SIZE="2"><I>Overseeing financial reporting </I></FONT></FONT></div>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> monitoring the integrity and quality of the Corporation&#146;s accounting and financial reporting process, disclosure controls and procedures, and systems of internal control, through discussions with management, the external auditors and the internal auditors;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing, with management and the external auditors, the annual audited consolidated financial statements as well as the report of the auditors thereon to be included in the Annual Report of the Corporation, including the Corporation&#146;s MD&amp;A disclosure, prior to their release, filing and distribution;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing, with management and the external auditors, quarterly consolidated financial statements of the Corporation and accompanying information including the Corporation&#146;s MD&amp;A disclosure, prior to their release, filing and distribution;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing with management and external auditors the financial information contained in prospectuses, offering memoranda, Annual Information Form, Annual Report, Management Proxy Circular, Forms&nbsp;6-K (including Supplemental Disclosure) and 40-F and any other document required to be disclosed or filed by the Corporation before their public disclosure or filing with regulatory authorities in Canada or the United States of America;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing, with management, the level and type of financial information provided from time to time, to financial markets, including any earnings press releases, as well as financial information and earnings guidance provided to analysts and rating agencies;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> taking all reasonable steps to ensure that adequate procedures are in place for the review of the Corporation&#146;s disclosure of financial information extracted or derived from the Corporation&#146;s financial statements and periodically assessing the adequacy of those procedures;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing, with the external auditors and management, the quality, appropriateness and disclosure of the Corporation&#146;s accounting principles and policies, underlying assumptions and reporting practices, and any proposed changes thereto;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing any analysis or other written communications prepared by management, the internal auditors or external auditors setting forth significant financial reporting issues and judgments made in connection with the preparation of the financial statements, including analyses of the effect of alternative generally accepted accounting principles methods;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing the external auditors&#146; quarterly review engagement report;</FONT></FONT> </P></TD>
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                                                                   <TR VALIGN="TOP">
                                                                     <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing the compliance of management certification of financial reports with applicable legislation;</FONT></FONT> </P></TD>
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                                                                   <TR VALIGN="TOP">
                                                                     <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing the potential impact of any litigation, claim or other contingency and any regulatory or accounting initiatives that could have a material effect upon the financial position or operating results of the Corporation and the appropriateness of the disclosure thereof in the documents reviewed by the Audit Committee;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing the results of the external audit, any significant problems encountered in performing the audit, and management&#146;s response and/or action plan related to any Management Letter issued by the external auditors and any significant recommendations contained therein;</FONT></FONT> </P></TD>
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                                                                 <p>&nbsp;</p>
  <P ALIGN="center"><font size="2" face="Times New Roman, Times, serif">48</font></P>
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                                                                 <p>&nbsp;  </p>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing at least annually the Corporation&#146;s communications policy and monitoring the Corporation&#146;s communications with analysts, investors, the media and the public.</FONT></FONT> </P></TD>
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<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;</B></FONT></FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><I>(b) </I></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><
/FONT></FONT></FONT></FONT></FONT><FONT SIZE="2"><I>Monitoring risk management and internal controls</I></FONT></FONT></div>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> receiving periodically management&#146;s report assessing the adequacy and effectiveness of the Corporation&#146;s disclosure controls and procedures and systems of internal control</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing insurance coverage (annually and as may otherwise be appropriate);</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> taking reasonable measures to ensure that appropriate systems are in place to identify business risks and opportunities and overseeing the implementation of processes to manage these risks and opportunities;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing policy parameters for normal derivative transactions to hedge interest rate and foreign exchange risks and any transaction not within the parameters;</FONT></FONT> </P></TD>
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                                                                         <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                         <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                         <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> assisting the Board with the oversight of the Corporation&#146;s compliance with, and reviewing the Corporation&#146;s processes to ensure compliance with, applicable legal and regulatory requirements;</FONT></FONT> </P></TD>
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                                                                         <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                         <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> while ensuring confidentiality and anonymity, establishing procedures for the receipt, retention and treatment of complaints or concerns received by the Corporation regarding accounting, internal accounting controls or auditing matters or employee concerns regarding accounting or auditing matters;</FONT></FONT> </P></TD>
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                                                                         <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                         <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                         <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> requesting the performance of any specific audit, as required.</FONT></FONT> </P></TD>
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                                                                     <FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;</B></FONT></FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><I>(c) </I></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif
"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT><FONT SIZE="2"><I>Monitoring internal auditors</I></FONT></FONT></div>
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                                                                       <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> ensuring that the Vice-President, Internal Audit reports directly to the Audit Committee;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                       <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> regularly monitoring the internal audit function&#146;s performance, its responsibilities, staffing and budget;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> ensuring that the internal auditors are accountable to the Audit Committee and to the Board.</FONT></FONT> </P></TD>
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                                                                   <FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;</B></FONT></FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><I>(d) </I></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif">
<FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT><FONT SIZE="2"><I>Monitoring external auditors</I></FONT></FONT></div>
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                                                                       <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> recommending the retention and, if appropriate, the removal of external auditors (both subject to shareholder approval), their compensation, as well as evaluating and monitoring their qualifications, performance and independence</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="90%"><P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> overseeing all relationships between the external auditors and the Corporation including, determining which non-audit services the external auditors are prohibited from providing, approving, or pre-approving policies defining audit and permitted non-audit services provided by the external auditors, overseeing the disclosure of all audit and permitted non-audit services provided by the external auditors, and reviewing the total amount of fees paid by the Corporation to the external auditors for all audit and non-audit services;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> ensuring that the external auditors report directly to the Audit Committee and that they are accountable to the Audit Committee and to the Board;</FONT></FONT> </P></TD>
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                                                                 <p>&nbsp;</p>
  <P ALIGN="center"><font size="2" face="Times New Roman, Times, serif">49</font></P>
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                                                                     <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="90%"><P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> directly overseeing the external auditors and discussing with them the quality and not just the acceptability of the Corporation&#146;s accounting principles, including (i)&nbsp;all critical accounting policies and practices used, (ii)&nbsp;any alternative treatments of financial information that have been discussed with management, the ramification of their use and the treatment preferred by the external auditors, as well as (iii)&nbsp;any other material written communications between the Corporation and the </FONT></FONT></P></TD>
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                                                                           <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                           <TD WIDTH="90%"><P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> </FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">external auditors (including any disagreement with management and the resolution thereof);</FONT></FONT> </FONT></P></TD>
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                                                                       <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="90%"><P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing at least annually, a report by the external auditors describing their internal quality-control procedures; any material issues raised by their most recent internal quality-control review of their firm, or peer review, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years, respecting one or more audits carried out by them, to the extent available, and any steps taken to deal with any such issues;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                       <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing at least annually, the formal written statement from the external auditors stating all relationships the external auditors have with the Corporation and confirming their independence, and holding discussions with the external auditors as to any relationship or services that may impact their objectivity or independence;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                       <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing hiring policies for employees or former employees of the Corporation&#146;s firm of external auditors;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> taking all reasonable steps to ensure the rotation of lead, concurring and other audit partners, to the extent required by Canadian Corporate Governance Standards and US Corporate Governance Standards.</FONT></FONT> </P></TD>
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                                                                   <FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;</B></FONT></FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><I>(e) </I></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif">
<FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT><FONT SIZE="2"><I>Reviewing financings</I></FONT></FONT></div>
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                                                                       <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                       <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing the adequacy of the Corporation&#146;s financing, including terms and conditions.</FONT></FONT> </P></TD>
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                                                                   <FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;</B></FONT></FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><I>(f) </I></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif">
<FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT><FONT SIZE="2"><I>Evaluating the performance of the Audit Committee</I></FONT></FONT></div>
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                                                                       <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                       <TD ALIGN="LEFT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="90%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> ensuring that processes are in place to annually evaluate the performance of the Audit Committee.</FONT></FONT> </P></TD>
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                                                                       <TD WIDTH="3%">&nbsp;</TD>
                                                                       <TD><P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Because of the Audit Committee&#146;s demanding role and responsibilities, the Board chair, together with the Corporate Governance Committee chair, reviews any invitation to Audit Committee members to join the audit committee of another entity. Where a member of the Audit Committee simultaneously serves on the audit committee of more than three public companies, including the Corporation, the Board determines whether such simultaneous service impairs the ability of such member to effectively serve on the Audit Committee and either requires a correction to the situation or discloses in the Corporation&#146;s Management Proxy Circular that there is no such impairment.</FONT></FONT> </P></TD>
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                                                                       <TD WIDTH="3%">&nbsp;</TD>
                                                                       <TD><P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">As appropriate, the Audit Committee may obtain advice and assistance from outside legal, accounting or other advisors and so advise the Board chair and, if appropriate, the external auditors; the Audit Committee makes arrangements for the appropriate funding for payment of the external auditors and any advisors retained by it. In addition, the Corporation will provide appropriate funding for the Audit Committee.</FONT></FONT> </P></TD>
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                                                                       <TD WIDTH="3%">&nbsp;</TD>
                                                                       <TD><P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The internal auditors and the external auditors will have at all times a direct line of communication with the Audit Committee. In addition, each must meet separately with the Audit Committee, without management, twice a year and more frequently as required, during which the Corporation&#146;s financial statements and control environment must be discussed; the Audit Committee must also meet separately with management twice a year, and more frequently as required.</FONT></FONT> </P></TD>
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                                                                 <p>&nbsp;</p>
  <P ALIGN="center"><font size="2" face="Times New Roman, Times, serif">50</font></P>
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                                                                     <TD><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The Audit Committee shall report annually to the Board on the adequacy of its mandate. In addition, the chair of the Audit Committee shall report regularly to the Board on the business of the Audit Committee.</FONT></FONT> </P></TD>
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                                                                     <TD><P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Nothing contained in the above mandate is intended to transfer to the Audit Committee the Board&#146;s responsibility to ensure the Corporation&#146;s compliance with applicable laws or regulations or to expand applicable standards of liability under statutory or regulatory requirements for the directors or the members of the Audit Committee. Even though the Audit Committee has a specific mandate and its members may have financial experience, they do not have the obligation to act as auditors or to perform auditing, or to determine that the Corporation&#146;s financial statements are complete and accurate and are in accordance with generally accepted accounting principles. Such matters are the responsibility of management, the internal auditors and the external auditors. Members of the Audit Committee are entitled to rely, absent knowledge to the contrary, on (
i)&nbsp;the integrity of the persons and organizations from whom they receive information, (ii)&nbsp;the accuracy and completeness of the information provided, and (iii)&nbsp;representations made by management as to the non-audit services provided to the Corporation by the external auditors. The Audit Committee&#146;s oversight responsibilities are not established to provide an independent basis to determine that (i)&nbsp;management has maintained appropriate accounting and financial reporting principles or appropriate internal controls and procedures, or (ii)&nbsp;the Corporation&#146;s financial statements have been prepared and, if applicable, audited in accordance with generally accepted accounting principles.</FONT></FONT> </P></TD>
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                                                                   <p> </p>
                                                                   <p>&nbsp; </p>
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                                                                     <p align="center">*<FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;</FONT></FONT></FONT></FONT>*<FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;</FONT></FONT></FONT></FONT>*<FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;</FONT></FONT></FONT></FONT>*<FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;</FONT></FONT></FONT></FONT>*</p>
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                                                                 <P ALIGN="center"><font size="2" face="Times New Roman, Times, serif">51</font></P>
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                                                               <P ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>SCHEDULE&#147;J&#148;<br>
                                                               </B></FONT></FONT></P>
                                                               <div align="center"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>MANDATE OF THE COMPENSATION</B></FONT></FONT></div>
                                                               <div align="center"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>AND HUMAN RESOURCES COMMITTEE</B></FONT></FONT></div>
                                                               <P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The following description of the mandate of the Compensation and Human Resources Committee of the<B> </B>Corporation complies with applicable Canadian laws and regulation, such as the rules of the Canadian Securities Administrators, and with the disclosure and listing requirements and the corporate governance guidelines of the Toronto Stock Exchange, as amended (collectively, the &#147;<B>Canadian Corporate Governance Standards</B>&#148;), as they exist on the date hereof. In addition, this mandate complies with applicable U.S. laws and regulation, such as the <I>Sarbanes-Oxley Act of 2002</I> and rules adopted thereunder, and with the New&nbsp;York Stock Exchange&#146;s corporate governance standards, as amended (collectively, the &#147;<B>US Corporate Governance Standards</B>&#148;), as they exist on the date hereof. The mandate of the Compensation and Human Resources 
Committee of the Corporation (the &#147;<B>Compensation and Human Resources Committee</B>&#148;) shall be reviewed annually by the Board in order to ensure on-going compliance with such standards.</FONT></FONT><br>
                                                               </P>
                                                               <div align="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>1. </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B> </B></FONT></FONT><FONT SIZE="2"><B>Membership and Quorum</B></FONT></FONT></div>
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                                                                     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> a minimum of three directors;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif">&#8226;</FONT></TD>
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                                                                     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> only &#147;unrelated&#148; (as contemplated by Canadian Corporate Governance Standards), &#147;independent&#148; (as contemplated by US Corporate Governance Standards) directors shall be appointed, the whole as determined by the Board;</FONT></FONT> </P></TD>
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                                                                     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> members of the Compensation and Human Resources Committee shall be appointed annually by the Board upon recommendation of the Corporation&#146;s Corporate Governance Committee; such members may be removed or replaced, and any vacancies on the Compensation and Human Resources Committee shall be filled, by the Board upon the recommendation of the Corporation&#146;s Corporate Governance Committee; membership on the Compensation and Human Resources Committee shall automatically end at such time the Board determines that a member ceases to be &#147;independent&#148; or &#147;unrelated&#148; as determined in the manner set forth above;</FONT></FONT> </P></TD>
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                                                                     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> quorum of a majority of members.</FONT></FONT> </P></TD>
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                                                                 <FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>2.</B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B> </B></FONT></FONT><FONT SIZE="2"><B> Frequency and Timing of Meetings</B></FONT></FONT></div>
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                                                                     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> normally contemporaneously with the Corporation&#146;s Board meetings;</FONT></FONT> </P></TD>
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                                                                     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> at least twice a year and as necessary.</FONT></FONT> </P></TD>
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                                                                 <FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>3.</B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B> </B></FONT></FONT><FONT SIZE="2"><B> Mandate</B></FONT></FONT></div>
                                                               <br>
                                                               <P ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The responsibilities of the Compensation and Human Resources Committee include the following:</FONT></FONT> <br>
</P>
                                                               <div align="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B> </B></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;</B></FONT></FONT></FONT></FONT><FONT SIZE="2"><I>(a) </I></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT 
FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT><FONT SIZE="2"><I>Monitoring officers&#146; performance assessment, succession planning and compensation</I></FONT></FONT></div>
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                                                                     <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> taking all reasonable steps to ensure that appropriate mechanisms are in place regarding succession planning for the Corporation&#146;s officers;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> </FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">taking all reasonable steps to ensure</FONT></FONT><FONT SIZE="2"> that the Chief Executive Officer (&#147;<B>CEO</B>&#148;) has put into place succession planning systems and policies for management, including processes to identify, develop and retain the talent of outstanding personnel;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> recommending the appointment of officers, and approving the terms and conditions of their appointment and termination or retirement;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> in collaboration with the Chairman of the Board, reviewing corporate goals and objectives relevant to the CEO, evaluating the CEO&#146;s  performance in light of those goals and objectives and such other factors as the committee deems appropriate and in the best interest of the Corporation, and establishing the CEO&#146;s compensation based on this evaluation;</FONT></FONT> </P></TD>
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                                                               <P ALIGN="center"><font size="2" face="Times New Roman, Times, serif">52</font></P>
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                                                                   <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                   <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing the evaluation of the officers&#146; performance and recommending to the Board the officer&#146;s compensation;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> retaining and replacing any independent firm to advise on management recommendations concerning executive compensation, including fixing such firm&#146;s fees and other retention terms;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing any proposed change in the Corporation&#146;s benefit and incentive plans with respect to the Corporation&#146;s officers;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> examining each element of executive remuneration and reporting annually on compensation practices, including producing for review and approval by the Board a report on executive compensation for inclusion in the Corporation&#146;s managing proxy circular.</FONT></FONT> </P></TD>
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<FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B> </B></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;</B></FONT></FONT></FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><I>(b) </I></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New R
oman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT><FONT SIZE="2"><I>Reviewing Human Resources practices</I></FONT></FONT></div>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> taking reasonable measures to ensure that appropriate human resources systems, such as hiring policies, training and development policies and compensation structures are in place so that the Corporation can attract, motivate and retain executives and personnel who exhibit high standards of integrity as well as competence;</FONT></FONT> </P></TD>
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                                                                     <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                     <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                     <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> developing a compensation philosophy and policy that rewards the creation of shareholder value and reflects an appropriate balance between the short and longer-term performance of the Corporation;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                       <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> reviewing with the CEO and making recommendations to the Board, with respect to the design of incentive-compensation plans and equity-based plans;</FONT></FONT> </P></TD>
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                                                                       <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                       <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> advising the Board on policy with respect to the administration of the Corporation&#146;s Stock Option Plan and overseeing the administration thereof, including recommending to the Board grants of options thereunder;</FONT></FONT> </P></TD>
                                                                     </TR>
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                                                                   <BR>
                                                                   <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
                                                                     <TR VALIGN="TOP">
                                                                       <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                       <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> monitoring pension, strategic labour and social issues.</FONT></FONT> </P></TD>
                                                                     </TR>
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                                                                   <BR>
                                                                   <FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B></B></FONT></FONT><FONT SIZE="2"><B> </B></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B> </B></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;</B></FONT></FONT></FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><I>(c) </I></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"
><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT><FONT SIZE="2"><I>Evaluating the performance of the Compensation and Human Resources Committee</I></FONT></FONT></div>
                                                                 <br>
                                                                 <div align="justify">
                                                                   <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
                                                                     <TR VALIGN="TOP">
                                                                       <TD ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
                                                                       <TD ALIGN="LEFT" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">&#8226;</FONT></FONT></FONT></FONT></TD>
                                                                       <TD WIDTH="89%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> ensuring that processes are in place to annually evaluate the performance of the Compensation and Human Resources Committee.</FONT></FONT> </P></TD>
                                                                     </TR>
                                                                   </TABLE>
                                                                   <BR>
                                                                   <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
                                                                     <TR VALIGN="TOP">
                                                                       <TD WIDTH="3%">&nbsp;</TD>
                                                                       <TD><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The Compensation and Human Resources Committee chair or a member of the Compensation and Human Resources Committee will attend annual shareholder meetings and may be asked to respond directly to any questions shareholders may have on executive compensation.</FONT></FONT> </P></TD>
                                                                     </TR>
                                                                   </TABLE>
                                                                   <BR>
                                                                   <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
                                                                     <TR VALIGN="TOP">
                                                                       <TD WIDTH="3%">&nbsp;</TD>
                                                                       <TD><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Other than as provided herein and as appropriate, the Compensation and Human Resources Committee may obtain advice and assistance from outside legal or other advisors.</FONT></FONT> </P></TD>
                                                                     </TR>
                                                                   </TABLE>
                                                                   <BR>
                                                                   <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
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                                                                       <TD WIDTH="3%">&nbsp;</TD>
                                                                       <TD><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The Compensation and Human Resources Committee shall report annually to the Board on the adequacy of its mandate. In addition, the chair of the Compensation and Human Resources Committee shall report regularly to the Board on the business of the Compensation and Human Resources Committee.</FONT></FONT> </P></TD>
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                                                                 <P ALIGN="center"><font size="2" face="Times New Roman, Times, serif">53</font></P>
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                                                                       <TD><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Nothing contained in the above mandate is intended to transfer to the Compensation and Human Resources Committee the Board responsibility to ensure the Corporation&#146;s compliance with applicable laws or regulations or to expand applicable standards of liability under statutory or regulatory requirements for the directors or the members of the Compensation and Human Resources Committee.</FONT></FONT> </P></TD>
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                                                                       <p align="center">*<FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;</FONT></FONT></FONT></FONT>*<FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;</FONT></FONT></FONT></FONT>*<FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;</FONT></FONT></FONT></FONT>*<FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;</FONT></FONT></FONT></FONT>*</p>
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                                                                 <P ALIGN="center"><font size="2" face="Times New Roman, Times, serif">54</font></P>
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end

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