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<SEC-DOCUMENT>0000909567-05-002063.txt : 20051223
<SEC-HEADER>0000909567-05-002063.hdr.sgml : 20051223
<ACCEPTANCE-DATETIME>20051223130121
ACCESSION NUMBER:		0000909567-05-002063
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20051222
FILED AS OF DATE:		20051223
DATE AS OF CHANGE:		20051223

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:		051284732

	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>t19081e6vk.htm
<DESCRIPTION>6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e6vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, DC 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>Form&nbsp;6-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Report of Foreign Private Issuer<BR>
Pursuant to Rule&nbsp;13a-16 or 15d-16 of<BR>
the Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>For the month of: December, 2005</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Commission File Number: 1-14830</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>GILDAN ACTIVEWEAR INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(<I>Translation of Registrant&#146;s name into English</I>)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>725 Mont&#233;e de Liesse<BR>
Ville Saint-Laurent, Qu&#233;bec<BR>
Canada H4T 1P5</B><BR>
(<I>Address of Principal Executive Offices</I>)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F or Form 40-F:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="58%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form&nbsp;20-F&nbsp;<FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Form&nbsp;40-F&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(1): <FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark if the registrant is submitting the form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(7): <FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether by furnishing the information contained in this Form, the registrant
is also thereby furnishing the information to the Commission pursuant to Rule&nbsp;12g3-2(b) under the
Securities Exchange Act of 1934:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="58%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Yes&nbsp;<FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">No&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with
Rule&nbsp;12g3-2(b): N/A
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">&nbsp;&nbsp;<B>GILDAN ACTIVEWEAR INC.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">Date: December&nbsp;22, 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">&nbsp;&nbsp;/s/ Lindsay Matthews</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lindsay Matthews</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, Legal Services and</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Secretary</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description of Exhibit</TD>
</TR>
<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Annual and Special Meeting of Shareholders and
Management Proxy Circular</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>t19081exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT&nbsp;99.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="t19081t1908100.gif" alt="(GILDAN LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">To the shareholders of Gildan Activewear Inc. (the &#147;<B>Corporation</B>&#148;):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICE IS HEREBY GIVEN that the annual 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&#233;bec, Canada, on Thursday, February&nbsp;2, 2006 at 11:00&nbsp;a.m., local time, for the
purposes of:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>receiving the consolidated financial statements of the Corporation for the financial
year ended October&nbsp;2, 2005, together with the auditors&#146; report thereon;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>electing six (6)&nbsp;directors for the ensuing year;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>considering and, if deemed advisable, adopting a resolution (the full text of which is
reproduced as Schedule &#147;A&#148; to the accompanying management proxy circular) amending the
Corporation&#146;s Long Term Incentive Plan in order to, among others, fix the number of Common
Shares issuable thereunder at 3,000,158, the whole as described in the accompanying
management proxy circular;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>appointing auditors for the ensuing year; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>transacting such other business as may properly come before the Meeting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated at Montreal, Qu&#233;bec, Canada, December&nbsp;15, 2005.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By order of the Board of Directors,</TD>
</TR>
<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="t19081t1908101.gif" alt="-s- Lindsay Matthews"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lindsay Matthews, Director, Legal Services</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and Corporate Secretary</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>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 Investor Services Inc., 100
University Avenue, 9</B><SUP style="font-size: 85%; vertical-align: text-top"><B>th</B></SUP><B> Floor, Toronto, Ontario, Canada M5J 2Y1) no later than 5:00 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>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Les actionnaires qui pr&#233;f&#233;reraient recevoir la circulaire de sollicitation de procurations de la
direction en fran&#231;ais n&#146;ont qu&#146;&#224; en aviser le secr&#233;taire corporatif de la Soci&#233;t&#233;.</I></B>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="t19081t1908102.gif" alt="(GILDAN LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MANAGEMENT PROXY CIRCULAR<BR>
Table of Contents</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Solicitation of Proxies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Appointment of Proxy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revocation of Proxy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exercise of Discretion by Proxies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Voting Shares and Principal Holders Thereof</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-Registered Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Election of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2005 Compensation of Outside Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Corporation&#146;s Stock Ownership Policy for Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred Share Unit Plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Executive Compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Summary Compensation Table</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Short Term Incentive Program</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long Term Incentive Plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">RRSP/DPSP/SRSP Program</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Defined Benefit Plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Employment Agreements and Change of Control Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Composition of the Compensation and Human Resources Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Report on Executive Compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Performance Graph</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities Authorized for Issuance Under Equity Compensation Plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Employee Share Purchase Plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indebtedness of Directors and Officers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Statement of Corporate Governance Practices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Directors&#146; and Officers&#146; Liability Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Normal Course Issuer Bid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amendment of the Long Term Incentive Plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Appointment of Auditors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shareholder Proposals for 2007 Annual Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Approval of Management Proxy Circular</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Schedule &#147;A&#148; Resolution to Amend the Long Term Incentive Plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Schedule &#147;B&#148; Record of Attendance By Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Schedule &#147;C&#148; List of Committee Members</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Schedule &#147;D&#148; Statement of Corporate Governance Practices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Schedule &#147;E&#148; Mandate of the Board of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Schedule &#147;F&#148; Mandate of the Corporate Governance Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Schedule &#147;G&#148; Mandate of the Audit and Finance Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Schedule &#147;H&#148; Mandate of the Compensation and Human Resources Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Except as otherwise indicated, the information contained herein is given as of December
15, 2005. 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>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SOLICITATION OF PROXIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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
meeting of shareholders of the Corporation (the &#147;<B>Meeting</B>&#148;) to be held on Thursday, February&nbsp;2,
2006, at the time, place and for the purposes set forth in the Notice of Annual Meeting of
Shareholders (the &#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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">APPOINTMENT OF PROXY
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 other than the persons
designated in the enclosed form of proxy to represent such shareholder 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 Investor Services Inc., 100 University Avenue,
9<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor, Toronto, Ontario, Canada M5J 2Y1), no later than 5:00 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">REVOCATION OF PROXY
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A shareholder who executes and returns the accompanying form of proxy may revoke the same (a)
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 Mont&#233;e de Liesse, Montreal, Qu&#233;bec,
Canada H4T 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">EXERCISE OF DISCRETION BY PROXIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 shares 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 resolution amending the Corporation&#146;s Long Term Incentive Plan in order to,
among others, fix the number of common shares issuable thereunder at 3,000,158, the whole as
described in this Circular, and FOR the appointment of KPMG </B><FONT style="font-variant: SMALL-CAPS"><B>llp </B></FONT><B> 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.
</DIV>

<P align="center" style="font-size: 10pt">1
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">VOTING SHARES AND PRINCIPAL HOLDERS THEREOF
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;15, 2005, there were 60,003,169 common shares of the Corporation (the &#147;<B>Common
Shares</B>&#148;) issued and outstanding. Each Common Share entitles its holder to one vote with respect to
the matters voted at the Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of Common Shares whose names are registered on the lists of shareholders of the
Corporation as at the close of business, Montreal time, on December&nbsp;15, 2005, being the date fixed
by the Corporation for determination of the registered holders of Common Shares who are entitled to
receive notice of the Meeting (the &#147;<B>Record Date</B>&#148;), will be entitled to exercise the voting rights
attaching to the Common 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;15, 2005, there was
an aggregate of 60,003,169 votes attached to the Common Shares entitled to be voted at the Meeting
or any adjournment thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 Common Shares of the
Corporation is Fidelity Management &#038; Research Company, a wholly-owned subsidiary of FMR Corp.,
which, together with its affiliates, owns approximately 8,186,481 Common Shares, representing
approximately 13.6% of the voting rights attached to all Common Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">NON-REGISTERED SHAREHOLDERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 Common 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:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 Investor Services Inc. (Attention: Proxy
Department), 100 University Avenue, 9<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor, Toronto, Ontario M5J 2Y1.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 Common Shares that they beneficially own.
</DIV>

<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 Investor Services Inc. at the address set out above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Non-Registered Holder may revoke voting instructions that have been given to an Intermediary
at any time by written notice to the Intermediary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ELECTION OF DIRECTORS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The articles of the Corporation provide that the Board of Directors shall consist of not less
than five (5)&nbsp;and not more than ten (10)&nbsp;directors. <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>Each director
is elected for a one-year term ending at the next annual meeting of shareholders or when his or her
successor is elected, unless he or she resigns or his or her office otherwise becomes vacant. 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 Common 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, the number of deferred share units such person holds, as well as the
committees of the Board on which such person serves. Two of the Corporation&#146;s current directors,
Messrs.&nbsp;William H. Houston III and Gerald H.B. Ross, will be retiring from the Board and will
therefore not be standing for re-election. The Board has fixed at six (6)&nbsp;the number of directors
to be elected at the Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As you will note from the enclosed form of proxy or voting instruction form, shareholders may
vote for each director individually or collectively for a single slate of directors.
</DIV>

<P align="center" style="font-size: 10pt">3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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;2, 2005, is set out in Schedule &#147;B&#148; hereto and the list of
committee members for such period is set out in Schedule &#147;C&#148; hereto.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name, municipality of residence and principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Director</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position on committees</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="5">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>occupation</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>since</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>of the Board</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="5" style="border-bottom: 1px solid #000000"><B>Holdings</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Robert
M. Baylis, </B>born in 1938<BR>
Darien, Connecticut, United States
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February<BR>
1999
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board of
Directors<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Common Shares
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="right" valign="top">40,000
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Corporate Director.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Corporate<BR>Governance Committee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Options<BR>Deferred Share Units
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="right" valign="top">21,650<BR>Nil
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">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).
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Member of the Compensation
and Human Resources
Committee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="right" valign="top">&nbsp;
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Glenn
J. Chamandy, </B>born in 1961<BR>
Montreal, Qu&#233;bec, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May<BR>
1984
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Common Shares<SUP>(3)</SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="right" valign="top">5,526,400
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">President and Chief Executive Officer of the
Corporation.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Options
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="right" valign="top">Nil
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">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.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deferred Share Units
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="right" valign="top">Nil
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Sheila O&#146;Brien, </B>born in 1947<BR>
Calgary, Alberta, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June<BR>
2005
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Compensation
and Human Resources Committee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Common Shares
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="right" valign="top">3,200
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Special Advisor on student life to the
President of the University of Calgary.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Member of the Corporate Governance Committee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Options<BR>Deferred Share Units
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="right" valign="top">Nil<BR>160.12
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ms.&nbsp;O&#146;Brien previously pursued her career at
NOVA Chemicals Corporation, a producer of
commodity plastics and chemicals, where she
was Senior Vice-President, Human Resources,
Public Affairs, Investor and Government
Relations.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="right" valign="top">&nbsp;
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ms.&nbsp;O&#146;Brien also serves on the board of
directors of MaRS (Medical and Related
Sciences), a research and development centre
to promote research in life services, and
Vartana, an innovative bank concept to support
voluntary sector organizations.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name, municipality of residence and principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Director</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position on committees</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="5">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>occupation</B></TD>
    <TD  style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>since</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>of the Board</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="5" style="border-bottom: 1px solid #000000"><B>Holdings</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Pierre Robitaille, </B>born in 1943<BR>
St-Lambert, Qu&#233;bec, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February<BR>
2003
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Audit and
Finance Committee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Comman Share
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Business Advisor and Corporate Director.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Corporate Governance Committee</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Options
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">Nil
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mr.&nbsp;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 twenty&nbsp;years with the public accounting and
management consulting firm of Ernst&nbsp;&#038; Whinney,
where he held the positions of Managing Partner
of the Montreal Office, President of the firm in
Qu&#233;bec, and member of its national board of
directors.<BR><BR>
Mr. 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 &#038; Health
Co. Canada (global reinsurance company).
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deferred Share Units
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">Nil
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Richard
P. Strubel, </B>born in 1939<BR> Chicago,
Illinois, United States
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February<BR>
1999
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Compensation
and Human Resources Committee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Common Shares
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Vice Chairman and Director
of Cardean Learning Group, a provider of advanced
education over the Internet.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Audit and
Finance Committee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Options
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">22,288</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mr. Strubel also
serves on the board of directors of the Northern
Funds and Northern Institutional Funds of The
Northern Trust (financial services provider) and
the mutual funds of Goldman Sachs&nbsp;&#038; Co.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deferred Share Units
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">Nil
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Gonzalo&nbsp;F.
Valdes-Fauli, </B>born in 1946<BR>
Havana, Cuba
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">October<BR>
2004
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Audit and
Finance Committee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Common Shares
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13,210</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chairman of Broadspan Capital, an investment
banking firm specializing in financial advisory
services.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Corporate
Governance Committee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Options
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">Nil
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mr. Valdes-Fauli retired from Barclays Bank PLC
(a major UK-based global bank) in 2001 when he
held the position of Vice Chairman, Barclays
Capital, and Group CEO Latin America.
Mr.&nbsp;Valdes-Fauli 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 as Chairman of Republic Bank (financial
services provider), Dominican Republic. He is
also Trustee Emeritus of the University of Miami.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deferred Share Units
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">576.45</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The information as to Common Shares beneficially owned, controlled or directed by each
proposed nominee has been furnished by the respective nominees individually.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>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.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Of these Common Shares, 5,498,400 are registered in the name of Glenn Chamandy Holdings
Corporation.</TD>
</TR>

</TABLE>



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">5
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">2005 COMPENSATION OF OUTSIDE DIRECTORS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 fiscal year ended October&nbsp;2, 2005 (all amounts are in U.S. dollars):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#149; annual Board retainer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">47,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#149; the Chairman of the Board received an additional annual retainer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">47,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#149; each of the committee chairpersons received an additional annual retainer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#149; annual committee retainer (excluding committee chairpersons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#149; each Board or committee meeting attended</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,250</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outside Directors are reimbursed for travel and other out-of-pocket expenses incurred in
attending Board or committee meetings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Corporation&#146;s Stock Ownership Policy for Directors</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 Outside 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
(or deferred share units) which is equivalent in value to three (3)&nbsp;times the annual Board retainer
(based on the market value of the Common Shares on the New York Stock Exchange (the &#147;<B>NYSE</B>&#148;)).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Deferred Share Unit Plan</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 became effective as of the first quarter of fiscal 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 Common Shares on the NYSE 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.
</DIV>

<P align="center" style="font-size: 10pt">6
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">EXECUTIVE COMPENSATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Summary Compensation Table</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Summary Compensation Table shows certain compensation information for the Chief Executive
Officer, the Chief Financial Officer and the three (3)&nbsp;other most highly compensated executive
officers of the Corporation (collectively, the &#147;<B>Named Executive Officers</B>&#148;) for services rendered in
all capacities during the fiscal years ended October&nbsp;2, 2005, October&nbsp;3, 2004 and October&nbsp;5, 2003.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Long-Term Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Annual Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payouts </B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Annual</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares Under</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Restricted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>All Other</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Salary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Bonus</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options Granted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Share Units</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Principal Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Glenn J. Chamandy </FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">546,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">894,279</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">125,330</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(3)(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,325</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">President and</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">530,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">669,098</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">73,588</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(3)(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,525</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chief Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">515,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">428,480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15,022</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,378</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Laurence G. Sellyn </FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">426,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">697,914</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">52,456</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,325</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Executive Vice-President, Chief</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">414,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">522,162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1,983,000</TD>
    <TD nowrap>  <SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,832</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financial and Administrative
Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">350,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">224,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,299</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Benito Masi</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">256,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">322,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1,142,000</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,825</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Executive Vice-President,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,516</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">186,100</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Manufacturing<FONT style="font-variant: SMALL-CAPS"> </FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Georges Sam Yu Sum</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293,918</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,675</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Executive Vice-President,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">226,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">219,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,325</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">220,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Michael R. Hoffman </FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246,986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">213,790</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(8)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,811</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">President, Gildan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184,823</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">193,367</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">285,400</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,525</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px">Activewear SRL
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">116,099</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px">(All amounts in U.S. dollars)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>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.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>There were no long-term compensation payouts during the fiscal years ended October&nbsp;2, 2005,
October&nbsp;3, 2004 and October&nbsp;5, 2003 other than the exercise of options described hereinafter
in this Circular.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>These amounts include interest benefits, imputed at annual rates of 3.0%, 2.75%, and 3.25%
for fiscal 2005, 2004 and 2003 respectively, on loans made available to the Named Executive
Officer. These loans have been fully repaid.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>This amount also includes $52,608 under the flexible perquisites account.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>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 the Named Executive
Officer of the corporate aircraft.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>This amount includes $28,045 under the flexible perquisites account.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Laurence G. Sellyn, Benito Masi and Michael R. Hoffman held 100,000, 50,000 and
20,000 Restricted Share Units (RSUs) respectively, under the Corporation&#146;s Long Term Incentive
Plan, as of October&nbsp;2, 2005. 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
Common Shares.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>This amount includes a US$84,000 expatriate housing allowance and US$66,370 for an expatriate
tax equalization allowance made available to the Named Executive Officer.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>This amount includes a US$81,000 expatriate housing allowance and US$64,431 for an expatriate
tax equalization allowance made available to the Named Executive Officer.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>This amount includes a US$72,000 expatriate housing allowance made available to the Named
Executive Officer.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Short Term Incentive Program</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Annual Incentive Plan</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 Canadian and certain offshore salaried employees of the
Corporation, excluding employees of certain manufacturing facilities that instead have productivity
bonuses, are eligible for bonuses under SCORES.
</DIV>

<P align="center" style="font-size: 10pt">7
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 achieving or exceeding a
minimum return on assets established by the Compensation and Human Resources Committee for this
purpose (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;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 combination of both
factors (Corporate Financial Factor and Objectives) can result in bonuses ranging from zero to
twice the predetermined target percentage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporate Financial Factor is intended to ensure that management&#146;s incentive-based
compensation reflects not only its success in achieving the Corporation&#146;s targets for profitability
but also its effectiveness in managing the level of investment required to generate the forecasted
earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 financial performance. In fiscal 2005, under
SCORES, actual performance reflected in the Corporate Financial Factor of the Corporation has
resulted in approximately 95% of the maximum level.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 combination 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. Target percentages vary between 50% and 65% of base salary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is intended that senior management have the potential to be positioned in the top quartile
of annual cash compensation for comparable companies if superior financial performance is achieved
and Strategic Multiplier Objectives are met or exceeded. In 2005, the actual pay-out to the Named
Executive Officers under the combination of the Corporate Financial Factor and the Strategic
Multiplier was approximately 85% of the maximum level.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Long Term Incentive Plan</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation&#146;s Long Term Incentive Plan (the &#147;<B>LTIP</B>&#148;) came into effect in June&nbsp;1998. It is
intended to allow the Board of Directors to grant options and restricted share units (&#147;<B>RSUs</B>&#148;) 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 LTIP is administered by the Board of Directors. Grant levels of
options and RSUs are determined by the Board of Directors, primarily based on the expected impact
of the role of the employee on the Corporation&#146;s performance and strategic development.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price payable for each Common Share covered by an option is equal to the higher
of the closing prices of the Common Shares on the Toronto Stock Exchange (the &#147;<B>TSX</B>&#148;) and the NYSE
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)&nbsp;years
from the date of the grant. As at December&nbsp;15, 2005, an aggregate of 521,471 options are
outstanding, representing 0.87% of the issued and outstanding Common Shares of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 RSUs under the LTIP. The Board of Directors has discretion to establish the date on which
RSUs are granted, the date on which the award is fully vested and other particulars applicable to
such an award. All awards of RSUs are in part subject to performance objectives set by the Board
that must be attained for such awards to vest. An RSU represents the right of an individual to whom
a grant of such unit is made to receive one Common Share on the vesting date. At the end of the
vesting period, which is a maximum of ten (10)&nbsp;years, the Common Shares to which a holder of RSUs
is
</DIV>

<P align="center" style="font-size: 10pt">8
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">entitled will be issued from treasury under the share limit provided in the LTIP. Accordingly,
the RSUs contemplated by the foregoing amendment to the LTIP are dilutive. In fiscal 2005, the
Corporation granted RSUs with five (5)&nbsp;year vesting periods. For each such grant, 50% of the grant
was subject to the attainment of performance objectives and 50% was not. As at December&nbsp;15, 2005,
an aggregate of 373,500 RSUs are outstanding, representing 0.62% of the issued and outstanding
Common Shares of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;30, 2005, the Board of Directors approved, subject to shareholder and regulatory
approval, an amendment to the LTIP to allow the Board of Directors to grant non-dilutive RSUs under
the LTIP. Such RSUs have the same features as those described above except that (i)&nbsp;their vesting
period is a maximum of three (3)&nbsp;years and (ii)&nbsp;at the end of the vesting period, the Corporation
will direct a third party broker to deliver to the RSU holder the number of Common Shares
represented by such vested award purchased on the secondary market or pay to the RSU holder an
amount in cash equal to the average of the closing prices of the Common Shares on the TSX for the
five (5)&nbsp;trading days immediately preceding the vesting date. No Common Shares are issued from
treasury under such awards and they are therefore non-dilutive. No grants of non-dilutive RSUs have
been made so far under the LTIP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;30, 2005, the Board of Directors also approved, subject to shareholder and
regulatory approval, an amendment to the LTIP to fix at 3,000,158 (which represents approximately
5% of the outstanding Common Shares of the Corporation) the number of Common Shares that are
issuable pursuant to the exercise of options and the vesting of dilutive RSUs. Prior to the said
amendment, 71,500 Common Shares remained available for future grants under the LTIP. Should further
Common Shares become available under the LTIP as a result of the expiry or termination of options
or RSUs, such shares will then be available for issuance upon the exercise of options or the
vesting of dilutive RSUs, the whole without increasing the total number of Common Shares authorized
for issuance under the LTIP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The LTIP provides that (i)&nbsp;the number of Common Shares issuable pursuant to the exercise of
options or upon the vesting of dilutive RSUs, as well as under the Corporation&#146;s other share
compensation plans and arrangements, may not, at any time, exceed 10% of the Common Shares issued
and outstanding in the case of insiders of the Corporation or 2% of the Common Shares issued and
outstanding in the case of any one person, and (ii)&nbsp;the number of Common Shares issued pursuant to
the exercise of options or upon the vesting of dilutive RSUs, as well as under the Corporation&#146;s
other share compensation plans and arrangements, may not, in any one-year period, exceed 10% of the
Common Shares issued and outstanding in the case of insiders of the Corporation or 2% of the Common
Shares issued and outstanding in the case of any one person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore, the terms of the LTIP provide that, unless otherwise determined by the Board of
Directors, options granted to participants whose employment or office terminates will expire early
as follows: (i)&nbsp;immediately, should the participant be dismissed for cause; (ii)&nbsp;in the event of
resignation or dismissal without cause, options exercisable at such date may be exercised within a
period of sixty (60)&nbsp;days thereafter; or (iii)&nbsp;in the event of death, permanent disability or the
attainment of the retirement age established by the Corporation, options exercisable at such date
may be exercised within a period twelve (12)&nbsp;months thereafter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Similarly, unless otherwise determined by the Board of Directors, RSUs granted pursuant to the
LTIP will vest or expire early as follows: (i)&nbsp;all RSUs will expire immediately should the
participant be dismissed for cause; (ii)&nbsp;the portion of RSUs that is subject to the attainment of
performance objectives will expire on their vesting date if these objectives have not been attained
or will expire immediately should the participant resign or should the participant&#146;s employment or
office be terminated without cause or by reason of death, permanent disability or the attainment of
the retirement age established by the Corporation; and (iii)&nbsp;the portion of RSUs that is not
subject to the attainment of performance objectives will expire immediately should the participant
resign or will vest immediately should the participant&#146;s employment or office be terminated without
cause or by reason of death, permanent disability or the attainment of retirement age. In the event
of early vesting due to termination without cause, death, permanent disability or retirement, the
participant will be entitled to receive a number of Common Shares calculated taking into account
the number of days elapsed between the date of grant and the date such portion of the participant&#146;s
RSUs vested early as well as the duration of the original vesting period of the RSUs.
</DIV>

<P align="center" style="font-size: 10pt">9
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, upon the occurrence of a transaction that would result in a change of control, as
defined in the LTIP, all outstanding options and RSUs will become exercisable and will vest,
respectively, as of the date of the change of control, unless otherwise determined by the Board of
Directors prior to the occurrence thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The LTIP further provides that options and RSUs are not assignable, other than to a legal
representative in the case of a participant&#146;s death or permanent disability. The Board of Directors
may also, at any time, amend, suspend or terminate the LTIP, or any option or RSU granted
thereunder, provided that no such amendment, suspension or termination may be made without
regulatory approval, if required, and/or without the consent of the holders of options or RSUs
where such amendment, suspension or termination would alter or impair their rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finally, with the approval of the TSX, the Board of Directors approved the postponement of the
expiry dates of options granted to two insiders following their departure from the Corporation. In
one case, the expiry date for options to acquire 6,666 Common Shares at an exercise price of $40.89
per share (which, following the two-for-one stock split effective May&nbsp;20, 2005, became 13,332
Common Shares at an exercise price of $20.45 per share) was deferred from April&nbsp;11, 2005, the
termination date contemplated in the LTIP, to 5:00 p.m. on August&nbsp;10, 2005 to permit the holder
thereof to exercise such options for a two-month period following June&nbsp;10, 2005, the vesting date
of such options. In the other case, the expiry date for options to acquire 4,668 Common Shares at
an exercise price of $11.43 per share was deferred from November&nbsp;30, 2005, the termination date
contemplated in the LTIP, to 5:00 p.m. on April&nbsp;6, 2006 to permit the holder thereof to exercise
such options for a two-month period following February&nbsp;6, 2006, the vesting date of such options.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information about the amendments to the LTIP, please see the section of this Circular
entitled &#147;Amendment of the Long Term Incentive Plan&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Options Granted During the Financial Year</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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;2, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Aggregated Options Exercised During the Most Recently Completed Financial Year and Financial
Year-End Option Values</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 fiscal year ended October&nbsp;2, 2005, (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;2, 2005 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 Common
Shares on the TSX on September&nbsp;30, 2005, which was $44.31 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 exercised, and actual gains, if any, on exercise will depend on the value of the Common
Shares on the date of exercise. There can be no assurance that these values will be realized.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Value of Unexercised</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Unexercised Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>In-the-Money Options at</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>at Financial Year-end</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Financial Year-end</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Acquired on</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value Realized</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Unexercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Unexercisable</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Glenn J. Chamandy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,459</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,192,817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,973</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">791,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Laurence G. Sellyn</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">449,849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">416,960</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Georges Sam Yu Sum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,076,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Michael R. Hoffman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">582,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">768,633</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benito Masi</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">585,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,021,010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">10
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>RRSP/DPSP/SRSP Program</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Corporation&#146;s RRSP/DPSP/SRSP Program, the Named Executive Officers (other than
Michael R. Hoffman, who is not a Canadian citizen) and all other Canadian salaried employees
receive under the Deferred Profit Sharing Plan (DPSP)&nbsp;of the Corporation an amount equal to their
contribution to their Registered Retirement Savings Plan (RRSP)&nbsp;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
contributions, the additional amount is invested in a Supplemental Retirement Savings Plan (SRSP).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Defined Benefit Plan</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation has put in place a non-registered defined benefit plan for Edwin B. Tisch, who
retired as Executive Vice-President, Manufacturing on December&nbsp;31, 2004. The defined benefit plan
provides Mr.&nbsp;Tisch or his spouse, as the case may be, with an annual pension benefit from the date
of 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 is payable in monthly instalments and is equal to $111,252 per
year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Employment Agreements and Change of Control Agreements</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation has entered into employment agreements (the &#147;<B>Employment Agreements</B>&#148;) with each
of the Named Executive Officers. 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 (6)&nbsp;months&#146; written notice in the case of Mr.&nbsp;Chamandy and
upon at least two (2)&nbsp;months&#146; written notice in the case of Messrs.&nbsp;Sellyn, Sam Yu Sum, Masi and
Hoffman.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 and
Sellyn and twelve (12)&nbsp;months&#146; base salary in the case of Messrs.&nbsp;Sam Yu Sum, Masi and Hoffman
(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.
Chamandy and Sellyn, a one-time payment equal to twenty-four (24)&nbsp;months of the target annual bonus
established under the Annual Incentive Plan; (iii)&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 or RSUs 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 the Named Executive Officers. 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, Sam Yu Sum, Masi and Hoffman, by death, disability or for cause, or (c)
his termination of employment by the Corporation without cause or by the executive with good
reason.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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: (i)
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.&nbsp;Chamandy
</DIV>

<P align="center" style="font-size: 10pt">11
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and Sellyn and twenty-four (24)&nbsp;months&#146; base salary in the case of Messrs.&nbsp;Sam Yu Sum, Masi
and Hoffman (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 the 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Composition of the Compensation and Human Resources Committee</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the most recently completed year, the Corporation&#146;s Compensation and Human Resources
Committee was composed of five (5)&nbsp;directors, all of whom are independent directors, namely Messrs.
Richard P. Strubel (Chairman), William H. Houston III, Robert M. Baylis and Gerald H.B. Ross and
Ms.&nbsp;Sheila O&#146;Brien (who joined the committee in June&nbsp;2005).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Report on Executive Compensation</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General Principles of Executive Compensation</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to ensure that the Corporation is able to attract, motivate and retain
high-performing employees required to achieve superior financial results and build competitive
advantage, 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 American companies (the &#147;<B>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, including public companies that have an entrepreneurial culture. The policy is comprised
of three (3)&nbsp;components:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the short-term incentive program, namely the Corporation&#146;s Annual Incentive Plan (more
fully described on pages 8 and 9 of this Circular), which aims at providing total cash
compensation greater than the median of those offered by companies contained in the
Reference Market in cases where superior financial performance in excess of target
objectives is attained. The Annual Incentive Plan has been developed to encourage and
reward peak performance as the payouts occur only upon achieving or exceeding the
Corporation&#146;s target for return on investment as well as key strategic business objectives;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the long-term incentive program (namely the LTIP described on pages 9 and 10 of this
Circular), which aims at bringing the total compensation received by the Corporation&#146;s
executives to the 75<SUP style="font-size: 85%; vertical-align: text-top">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 developing and successfully
implementing the continuing growth strategy of the Corporation, 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. In order to
realize more than half of the value of RSUs, the Corporation must achieve returns on
investment in excess of those achieved of a benchmark group of companies identified by the
Compensation and Human Resources Committee of the Board. Selection of the benchmark
companies, and the determination of the Corporation&#146;s financial returns relative to this
group, are carried out by the Compensation and Human Resources Committee in conjunction
with external compensation consultants. The Corporation is proposing to increase the number</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">12
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of Common Shares reserved for issuance under the LTIP because the current reserve level
under the LTIP will not allow for enough grants going forward (see pages 16 and 17 of this
Circular for more details regarding the proposed amendments to the LTIP to meet the
Corporation&#146;s total compensation policy).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Shareholding Requirement for the Chief Executive Officer</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November&nbsp;2005, the Corporation established a minimum shareholding requirement for the
President and Chief Executive Officer. The President and Chief Executive Officer is required (i)&nbsp;to
hold, within five (5)&nbsp;years of his appointment to the position, Common Shares having a minimum
total share market value of four (4)&nbsp;times his base salary and (ii)&nbsp;to continue to hold such Common
Shares throughout his tenure as President and Chief Executive Officer. Mr Chamandy, as a founder
and significant shareholder, has a shareholding position that is significantly in excess of this
minimum shareholding requirement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compensation of the Chief Executive Officer</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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
2005 is below the range of the median value of the companies contained in the Reference Market. The
Compensation and Human Resources Committee of the Board has approved an increase in base salary for
the Chief Executive Officer from $546,500 to $700,000 per annum, with effect as of the beginning of
the 2006 fiscal year. This increase reflects the Board&#146;s assessment of the superior performance and
financial results achieved by the Chief Executive Officer since assuming his role and, in the
opinion of the Committee, with reference to advice from external compensation consultants,
positions the Chief Executive Officer&#146;s base salary at approximately the median level in relation
to the companies in the Reference Market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chief Executive Officer received a bonus based on the SCORES program and the strategic
multiplier for fiscal 2005, as determined pursuant to the Annual Incentive Plan of the Corporation
(see &#147;Executive Compensation &#151; Short Term Incentive Program
&#151; Annual Incentive Plan&#148; for a more
detailed description of the Corporation&#146;s Annual Incentive Plan as it relates to senior
executives). The annual bonus paid in 2005 reflected a return on net operating assets, as defined
for this purpose, of 34.5% compared with a target of 30.0%, as well as his performance in relation
to the strategic multiplier objectives established by the Committee for the Chief Executive Officer
and the senior executive management of the Corporation for the 2005 fiscal year. In fiscal 2005,
these strategic multiplier objectives related to the development and implementation of the
Corporation&#146;s sales growth strategy, the development and implementation of its manufacturing
capacity expansion plans, the successful execution of its plans for the closure and relocation of
its Canadian yarn spinning operations, the Corporation&#146;s progress in implementing key information
technology projects, the progress of its program to ensure full compliance with the requirements of
section 404 of the <I>Sarbanes-Oxley Act of 2002</I>, and its success in enhancing its reputation and
image for corporate social responsibility and corporate citizenship.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No options or RSUs were granted to the Chief Executive Officer during the financial year ended
October&nbsp;2, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On behalf of the Compensation and Human Resources Committee:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 40%">Richard P. Strubel, <I>Chairman</I><BR>
William H. Houston III<BR>
Robert M. Baylis<BR>
Gerald H.B. Ross<BR>
Sheila O&#146;Brien

</DIV>

<P align="center" style="font-size: 10pt">13
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">PERFORMANCE GRAPH
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following graph compares the cumulative total shareholder return on an investment of $100
in Common Shares made on October&nbsp;2, 2000 with the cumulative total shareholder return of the
S&#038;P/TSX Composite Index, assuming reinvestment of all dividends.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="t19081t1908103.gif" alt="(PERFORMANCE GRAPH)">
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="23" style="border-bottom: 1px solid #000000"><B>FINANCIAL YEARS ENDED</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">October 1,</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">September 30,</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">September 29,</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">October 5,</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">October 3,</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">October 2,</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2001</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2002</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2003</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2004</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2005</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">100.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">76.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">132.93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">153.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">143.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">358.06</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">S&#038;P/TSX Composite Index</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">100.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">66.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">60.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">76.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">90.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">115.73</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides, for fiscal 2005, with respect to the LTIP:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of securities to be issued upon the exercise of outstanding options,
warrants and rights;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the weighted-average exercise price of such outstanding options, warrants and rights;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">14
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of securities remaining</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of securities to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted-average exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>available for future issuance</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>be issued upon exercise of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price of outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>under equity compensation plans</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>outstanding options,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>options, warrants and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(excluding securities reflected in</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Plan category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>warrants and rights</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>rights</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>the second column)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px">Equity compensation
plan approved by
securityholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">- LTIP (options)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">568,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">12.62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Nil</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">- LTIP (RSUs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">356,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Employee Share Purchase Plan</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;29, 2000, the Corporation adopted a Share Purchase Plan (the &#147;<B>Plan</B>&#148;), which provides an
opportunity for full-time or regular part-time Canadian and U.S. employees of the Corporation to
participate in its ownership. Under the Plan, an employee may contribute between 1% and 10% of his
or her annual income for any given year toward the purchase of Common Shares. 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 participant, a number of Common Shares equal to the quotient obtained by dividing the
contributions made during a given month by 90% of the market price of the Common Shares at the end
of such month. At the Corporation&#146;s discretion, an equivalent number of Common 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 Common 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 death, 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">INDEBTEDNESS OF DIRECTORS AND OFFICERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As at December&nbsp;15, 2005, 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
2005 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 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Table of Indebtedness of Directors and Officers</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Involvement of the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Largest Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Corporation or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Outstanding for the year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Outstanding at</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name and Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Subsidiary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>ended October 2, 2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>December 15, 2005</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px">Glenn
J. Chamandy
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Lender</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">300,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Nil</TD>
</TR>

<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px">
President and Chief Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>

<TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">&nbsp;</SUP></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Glenn J. Chamandy received an interest-free loan of $750,000 on December&nbsp;8, 1999. This loan
was originally repayable in ten (10)&nbsp;equal and consecutive annual installments of $75,000
without interest but was fully re-paid in December&nbsp;2004.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">15
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 12pt">STATEMENT OF CORPORATE GOVERNANCE PRACTICES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors considers first-class corporate governance practices to be an important
factor in the overall success of the Corporation. Under the rules of the Canadian securities
regulators, the Corporation is required to disclose information relating to its system of corporate
governance with reference to certain corporate governance standards adopted by the Canadian
Securities Administrators (&#147;<B>CSA</B>&#148;) (the &#147;<B>CSA Standards</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 and exceed the corporate governance requirements
of Canadian securities regulators as well as the NYSE Corporate Governance 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 CSA Standards is set out in Schedule &#147;D&#148; to this Circular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">DIRECTORS&#146; AND OFFICERS&#146; LIABILITY INSURANCE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 that may be incurred by them in these
capacities. The current policy limit is US$60,000,000 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 that are usually
contained in policies of this nature. The total annual premium paid during the financial year ended
October&nbsp;2, 2005 in respect of this policy was US$1,491,666. 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">NORMAL COURSE ISSUER BID
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation has renewed, subject to regulatory approval, a normal course issuer bid for a
maximum of 1,000,000 Common Shares, representing approximately 1.67% of the total outstanding
Common Shares as at December&nbsp;15, 2005. Any purchases under the renewed bid will be made during the
period from December&nbsp;22, 2005 to December&nbsp;21, 2006, 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;15, 2005, there were 60,0003,169 Common Shares issued and
outstanding. In the event that, during the course of the normal course issuer bid, the Common
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 1,000,000 of its outstanding Common 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">AMENDMENT OF THE LONG TERM INCENTIVE PLAN
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Meeting, shareholders will be asked to consider, and, if deemed advisable, to approve
an ordinary resolution confirming certain amendments to the LTIP. On November&nbsp;30, 2005, the Board
of Directors approved, subject to shareholder and regulatory approval, an amendment to the LTIP to
fix at 3,000,158 (which represents approximately 5% of the outstanding Common Shares of the
Corporation) the number of Common Shares that are issuable pursuant to the exercise of options and
the vesting of dilutive RSUs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new reserve is consistent with the Corporation&#146;s reliance on long term incentive vehicles
and proven track record of using stock options and RSUs, adapting their features to its varying
business requirements. The Compensation and Human Resources Committee and the Board of Directors
believe that stock options, in combination with other incentive vehicles such as RSUs, have played
a significant role in the Corporation&#146;s achievement of strong results and enhanced shareholder
value. These vehicles align management&#146;s interest with shareholder value growth and help in
attracting and retaining key management talent necessary to support the Corporation&#146;s growth
strategy. As such, it is important that the Corporation holds sufficient Common Shares in reserve.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to provide more flexibility with respect to the granting of options or dilutive RSUs,
the Compensation and Human Resources Committee and the Board of Directors also recommend that the
Common Shares reserved
</DIV>

<P align="center" style="font-size: 10pt">16
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">for issuance under the LTIP be available for grants of either options or dilutive RSUs, at the
discretion of the Board. Accordingly, they recommend removing the existing limitation of 600,000
Common Shares reserved for issuance upon the vesting of dilutive RSUs, provided that the maximum
number of Common Shares that are issuable pursuant to the exercise of options and the vesting of
dilutive RSUs shall not exceed 3,000,158 Common Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Compensation and Human Resources Committee and the Board of Directors believe
that 25% of the options granted under the LTIP, going forward, should be exercisable on and after
the second, third, fourth and fifth anniversary of the Grant Date (as defined in the LTIP),
respectively. Hence, they recommend an amendment to the current text of the LTIP, which states that
one third of the options granted should be exercisable after the second, third and fourth
anniversary of the Grant Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore, the Compensation and Human Resources Committee and the Board of Directors
recommend that the LTIP be amended to allow the Board of Directors to grant non-dilutive RSUs under
the LTIP. The Compensation and Human Resources Committee and the Board of Directors believe that
such amendment will provide more flexibility to the Corporation and will decrease the dilutive
effect of RSU awards on shareholding. The Compensation and Human Resources Committee and the Board
of Directors also recommend that the LTIP be amended to remove the restriction that prohibits the
granting of RSUs to the members of management who are also significant shareholders of the
Corporation, namely Glenn J. Chamandy, the President and Chief Executive Officer of the
Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other amendments to the LTIP are of an administrative nature, including changes to reflect the
conversion of all Class&nbsp;A Subordinate Voting Shares and Class&nbsp;B Multiple Voting Shares into Common
Shares that was approved by the shareholders of the Corporation at the annual and special meeting
of shareholders held on February&nbsp;2, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information about the LTIP, please see the section of this Circular entitled
&#147;Executive Compensation &#151; Long Term Incentive Plan&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The resolution in respect of the amendment of the LTIP, the text of which is reproduced at
Schedule &#147;A&#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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">APPOINTMENT OF AUDITORS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KPMG <FONT style="font-variant: SMALL-CAPS">llp</FONT> (&#147;<B>KPMG</B>&#148;), Chartered Accountants, have served as auditors of the Corporation
since fiscal 1996. In fiscal 2005, 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)&nbsp;fiscal years, were as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Audit Fees </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 $687,287 for fiscal 2005 and $611,250 for fiscal 2004.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Audit-Related Fees </I>&#151; The aggregate audit-related fees billed by KPMG were $74,700 for fiscal
2005 and $55,042 for fiscal 2004. These services consisted of miscellaneous assurance
services.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Tax Fees </I>&#151; The aggregate tax fees billed by KPMG were $262,659 for fiscal 2005 and $218,505
for fiscal 2004. 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.
</DIV>

<P align="center" style="font-size: 10pt">17
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>All Other Fees </I>&#151; The aggregate fees billed by KPMG for all other professional services
rendered were $3,178 for fiscal 2005 for services associated with the assistance of statutory
filing requirements and were nil for fiscal 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All fees paid and payable by the Corporation to KPMG in fiscal 2005 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>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ADDITIONAL INFORMATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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&#038;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&#233;e de Liesse, Montreal, Qu&#233;bec, H4T 1P5 or at www.sedar.com
or www.sec.gov. Financial information is provided in the Corporation&#146;s comparative financial
statements and MD&#038;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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SHAREHOLDER PROPOSALS FOR 2007 ANNUAL MEETING
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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;18, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">APPROVAL OF MANAGEMENT PROXY CIRCULAR
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The contents and the sending of this Circular have been approved by the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated at Montreal, Qu&#233;bec, Canada, December&nbsp;15, 2005.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By order of the Board of Directors,</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="t19081t1908101.gif" alt="-s- Lindsay Matthews"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lindsay Matthews, Director, Legal Services</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and Corporate Secretary</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">18
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE &#147;A&#148;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">RESOLUTION TO AMEND THE LONG TERM INCENTIVE PLAN
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Upon motion, duly proposed and seconded, it was resolved:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>THAT</B>, subject to regulatory approval, the Corporation&#146;s Long Term Incentive Plan (the &#147;<B>LTIP</B>&#148;)
be amended to, among others (i)&nbsp;fix at 3,000,158 (which represents 5% of the outstanding
Common Shares of the Corporation) the number of Common Shares that are issuable pursuant to
the exercise of options and the vesting of dilutive RSUs, (ii)&nbsp;remove the limitation of
600,000 Common Shares reserved for issuance upon the vesting of dilutive RSUs, provided that
the maximum number of Common Shares that are issuable pursuant to the exercise of options and
the vesting of dilutive RSUs shall not exceed 3,000,158 Common Shares, (iii)&nbsp;state that 25% of
the options to be granted under the LTIP should generally be exercisable on and after the
second, third, fourth and fifth anniversary of the Grant Date (as defined in the LTIP),
respectively, (iv)&nbsp;provide for the granting of non-dilutive RSUs, and (v)&nbsp;make certain changes
of an administrative nature, the whole substantially as described in the Management Proxy
Circular of the Corporation dated December&nbsp;15, 2005, be, and it is hereby, approved and
ratified;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">19
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE &#147;B&#148;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">RECORD OF ATTENDANCE BY DIRECTORS
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>For the 12&nbsp;month period ended October&nbsp;2, 2005</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number of meetings attended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Directors</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Board</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Committees</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert M. Baylis
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10 of 10
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11 of 11</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William H. Houston III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10 of 10
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11 of 11</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sheila O&#146;Brien
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2 of 2
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2 of 2</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gerald H.B. Ross
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10 of 10
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10 of 10</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Richard P. Strubel
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10 of 10
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10 of 10</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pierre Robitaille
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10 of 10
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11 of 11</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Glenn J. Chamandy
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10 of 10
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N/A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gonzalo F. Valdes-Fauli
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8 of 9
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8 of 10</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Summary of Board and Committee meetings held</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Board (4 regular; 6 special)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Audit and Finance (4 regular; 1 special)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Corporate Governance (4 regular; 2 special)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Compensation and Human Resources (4 regular; 1 special)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* * *
</DIV>


<P align="center" style="font-size: 10pt">20
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE &#147;C&#148;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">LIST OF COMMITTEE MEMBERS
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>AUDIT AND FINANCE COMMITTEE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Pierre Robitaille, <I>Committee Chair</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Gerald H.B. Ross
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Richard P. Strubel
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Gonzalo F. Valdes-Fauli
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMPENSATION AND HUMAN RESOURCES COMMITTEE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Richard P. Strubel, <I>Committee Chair</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Robert M. Baylis
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">William H. Houston III
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Sheila O&#146;Brien<BR>
<I>(Was appointed to the committee on June&nbsp;2, 2005)</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Gerald H.B. Ross
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CORPORATE GOVERNANCE COMMITTEE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Robert M. Baylis, <I>Committee Chair</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">William H. Houston III
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Sheila O&#146;Brien<BR>
<I>(Was appointed to the committee on June&nbsp;2, 2005)</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Pierre Robitaille
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Gonzalo F. Valdes-Fauli
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* * *
</DIV>



<P align="center" style="font-size: 10pt">21
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE &#147;D&#148;
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">STATEMENT OF CORPORATE GOVERNANCE PRACTICES

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">In January&nbsp;2004, the Canadian Securities Administrators (the &#147;<B>CSAs</B>&#148;) adopted Multilateral
Instrument 52-110 (Audit Committees) and certain amendments were made to such instrument, effective
June&nbsp;30, 2005 (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 appropriate
disclosure is made, where applicable, in connection therewith in the following table. Reference is
also made to the section entitled &#147;Audit Committee Disclosure&#148; of the Annual Information Form of
the Corporation dated December&nbsp;22, 2005, available on www.sedar.com and which may be obtained free
of charge, on request, from the Corporate Secretary of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2005, the CSAs also adopted Multilateral Instrument 58-101 (Disclosure of Corporate Governance
Practices) (the &#147;<B>CSA Disclosure Instrument</B>&#148;) and National Policy 58-201 (Effective Corporate
Governance) (the &#147;<B>CSA Governance Policy</B>&#148;). The CSA Governance Policy provides guidance on
governance practices for Canadian issuers. The CSA Disclosure Instrument requires issuers to make
the prescribed disclosure regarding their governance practices. The Corporation believes that its
corporate governance practices meet and exceed the requirements of the CSA Disclosure Instrument
and the Corporate Governance Policy, as reflected in the disclosure made hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporation has also disclosed, where applicable in the following table, a comparison with
requirements of the New York Stock Exchange Corporate Governance Standards (the &#147;<B>NYSE Standards</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporation&#146;s 2005 Annual Information Form, 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporation is dedicated to amending its corporate governance practices on an ongoing basis in
order to respond to the evolution of best practices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please also refer to the Corporate Governance Guidelines of the Corporation available on its
website at www.gildan.com.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Required disclosure under the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Does the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Corporate Governance Practices</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>CSA Disclosure Instrument</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Corporation align?</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>at the Corporation</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px"><B>1.</B>&nbsp;<B>Board of Directors</B></DIV></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:8px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(a)&nbsp;Disclose
the identity of
directors who are
independent. </DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Of the current eight (8)
members of the board of
directors of the Corporation
(the &#147;<B>Board</B>&#148; or the &#147;<B>Board of
Directors</B>&#148;), seven (7)
directors are &#147;independent&#148;
within the meaning of the CSA
Disclosure Instrument. They
are Messrs.&nbsp;Robert M. Baylis,
William H. Houston III,
Pierre Robitaille, Gerald
H.B. Ross, Richard P. Strubel
and Gonzalo F. Valdes-Fauli
and Ms.&nbsp;Sheila O&#146;Brien.
Messrs.&nbsp;William H. Houston
III and Gerald H.B. Ross will
not be standing for
re-election at the upcoming
Meeting.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">22
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Required disclosure under the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Does the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Corporate Governance Practices</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>CSA Disclosure Instrument</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Corporation align?</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>at the Corporation</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:8px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(b)&nbsp;Disclose
the identity of
directors who are not
independent, and
describe the basis for
that determination.</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One (1)&nbsp;of the directors, Mr.
Glenn J. Chamandy, is an
officer of the Corporation
and therefore does not
qualify as &#147;independent&#148;
within the meaning of the CSA
Disclosure Instrument.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Under the NYSE
Standards, a majority
of the board members
should qualify as
&#147;independent
directors&#148;.</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Board has determined that
the seven (7)&nbsp;current
&#147;independent directors&#148;
qualify as &#147;independent
directors&#148;, as that
expression is defined in
Section&nbsp;303A(2) of the NYSE
Standards.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:8px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(c)&nbsp;Disclose
whether or not a
majority of directors
are independent. If a
majority of directors
are not independent,
describe what the
board of directors
does to facilitate its
exercise of
independent judgement
in carrying out its
responsibilities.</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Seven (7)&nbsp;of our eight (8)
current directors are
independent and five (5)&nbsp;of
the six (6)&nbsp;director nominees
are independent.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:8px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(d)&nbsp; If a
director is presently
a director of any
other issuer that is a
reporting issuer (or
the equivalent) in a
jurisdiction or a
foreign jurisdiction,
identify both the
director and the other
issuer.</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The directorships of all
director nominees are
described on pages 4, 5 and 6
of this Circular. The
directors retiring from the
Board prior to the Meeting
are not presently directors
of any other reporting
issuers.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:8px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(e)&nbsp;Disclose
whether or not the
independent directors
hold regularly
scheduled meetings at
which non-independent
directors and members
of management are not
in attendance. If the
independent directors
hold such meetings,
disclose the number of
meetings held since
the beginning of the
issuer&#146;s most recently
completed financial
year. If the
independent directors
do not hold such
meetings, describe
what the board does to
facilitate open and
candid discussion
among its independent
directors.</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The independent Board members
meet at each
regularly-scheduled Board
meeting without management
under the chairmanship of the
independent Chairman of the
Board. Four (4)&nbsp;such meetings
were held since the beginning
of the Corporation&#146;s most
recently completed financial
year. Interested parties may
communicate directly with the
Chairman of the Board or with
non-management directors as a
group regarding any concerns
by correspondence marked to
the attention of the Chairman
of the Board, care of the
Corporate Secretary at the
address of the Corporation&#146;s
head office: 725 Mont&#233;e de
Liesse, Montreal, Qu&#233;bec,
Canada, H4T 1P5.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">23
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Required disclosure under the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Does the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Corporate Governance Practices</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>CSA Disclosure Instrument</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Corporation align?</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>at the Corporation</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The members of the Audit and
Finance Committee, who are
all independent, also meet at
each regularly-scheduled
committee meeting without
management present. Four (4)
such meetings were held since
the beginning of the
Corporation&#146;s most recently
completed financial year.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Under the NYSE
Standards,
non-management
directors are required
to meet regularly
without management.</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Same as above.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:8px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(f)&nbsp;Disclose
whether or not the
chair of the board is
an independent
director. If the board
has a chair or lead
director who is an
independent director,
disclose the identity
of the independent
chair or lead
director, and describe
his or her role and
responsibilities. If
the board has neither
a chair that is
independent nor a lead
director that is
independent, describe
what the board does to
provide leadership for
its independent
directors. </DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Robert M. Baylis is the
Chairman of the Board of the
Corporation. Mr.&nbsp;Baylis is
independent within the
meaning of the CSA Disclosure
Instrument. 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)
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)
communicates to the Board any
comments, questions or
suggestions of such
directors.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:8px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(g)&nbsp; Disclose
the attendance record
of each director for
all board meetings
held since the
beginning of the
issuer&#146;s most recently
completed financial
year. </DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The record of attendance of
directors to Board and
committee meetings is set
forth as Schedule &#147;B&#148; of this
Circular.<br><br>
More information about each
director can be found on
pages 4, 5 and 6 of this
Circular.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">24
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Required disclosure under the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Does the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Corporate Governance Practices</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>CSA Disclosure Instrument</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Corporation align?</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>at the Corporation</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px"><B>2.</B>&nbsp;<B>Board Mandate </B>&#151; Disclose
the text of the board&#146;s
written mandate. If the
board does not have a
written mandate, describe
how the board delineates its
role and responsibilities.</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Board has adopted a
formal Board mandate, which
is attached hereto as
Schedule &#147;E&#148;.<br><br>
The mandate of the Board
states that the Board is
responsible for the
supervision of the management
of the Corporation&#146;s business
and affairs, with the
objective of ensuring that
management develops and
implements plans to increase
shareholder value. The Board
has a duty of stewardship and
regularly assesses and
monitors management&#146;s
performance.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>3. Position Descriptions</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:8px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(a)&nbsp;Disclose
whether or not the
board has developed
written position
descriptions for the
chair and the chair of
each board committee.
If the board has not
developed written
position descriptions
for the chair and/or
the chair of each
board committee,
briefly describe how
the board delineates
the role and
responsibilities of
each such position.</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Board has adopted formal
mandates for the Chairman of
the Board and Board committee
chairs. The mandate of the
Chairman of the Board states
that his key role is to
manage the Board and ensure
that the Board carries out
its mandate effectively and
clearly understands and
respects the boundaries
between Board and management
responsibilities. The Board
expects its Chairman to
provide leadership to enhance
Board effectiveness, ensuring
that the Board works as a
cohesive group. The Chairman
of the Board regularly
reviews with the Corporate
Governance Committee the size
and composition of the Board
and its committees to ensure
efficient decision-making.
The Chairman of the Board
also acts as a liaison
between the Board and
management, which involves
working with the Chief
Executive Officer (the &#147;<B>CEO</B>&#148;)
and the Corporate Governance
Committee to oversee the
development of corporate
governance principles
applicable to the
Corporation.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">25
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Required disclosure under the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Does the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Corporate Governance Practices</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>CSA Disclosure Instrument</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Corporation align?</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>at the Corporation</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The mandates of each
committee chair provide that
each chair&#146;s key role is to
manage his respective
committee and ensure that the
committee carries out its
mandate effectively. Like the
Chairman of the Board, each
committee chair is expected
to provide leadership to
enhance committee
effectiveness and must
oversee the committee&#146;s
discharge of its duties and
responsibilities. Committee
chairs must report regularly
to the Board on the business
of their committee.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:8px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(b)&nbsp; Disclose
whether or not the
board and CEO have
developed a written
position description
for the CEO. If the
board and CEO have not
developed such a
position description,
briefly describe how
the board delineates
the role and
responsibilities of
the CEO. </DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Board has adopted a
formal mandate for the CEO.
<br>
<br>
The Board expects the CEO and
his management team to be
responsible for the
management of the
Corporation&#146;s strategic and
operational agenda and for
the execution of the
decisions of the Board. 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, in keeping with
evolving business 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 delegated 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.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">26
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Required disclosure under the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Does the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Corporate Governance Practices</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>CSA Disclosure Instrument</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Corporation align?</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>at the Corporation</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Compensation and Human
Resources Committee, together
with the Chairman of the
Board and the CEO, develop
each year goals and
objectives that the CEO is
responsible for meeting. The
Compensation and Human
Resources Committee and the
Chairman of the Board
evaluate the CEO&#146;s
performance in light of such
goals and objectives and
establish the CEO&#146;s
compensation based on this
evaluation. The corporate
objectives that 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.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><B>4. Orientation and
Continuing Education</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:8px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(a)&nbsp;Briefly
describe what measures
the board takes to
orient new directors
regarding</DIV>
<br><DIV style="margin-left:42px; text-indent:-21px">(i)&nbsp;the role of
the board, its
committees and
its directors,
and </DIV>
<br><DIV style="margin-left:42px; text-indent:-21px">(ii)&nbsp;the nature
and operation
of the issuer&#146;s
business.</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Corporate Governance
Committee is responsible for
developing, monitoring and
reviewing the Corporation&#146;s
orientation and continuing
education programs for
directors.
<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 meet individually
with the CEO and other senior
executives to discuss these
matters.<br><br>
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.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:8px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(b)&nbsp; Briefly
describe what
measures, if any, the
board takes to provide
continuing education
for its directors. If
the board does not
provide continuing
education, describe
how the board ensures
that its directors
maintain the skill and
knowledge necessary to
meet their obligations
as directors.</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Chairman of the Board, in
consultation with the
Corporate Governance
Committee, monitors and
reviews the Corporation&#146;s
continuing education programs
for directors and ensures
that Board members have
access to education and
information on an ongoing
basis and as required. Senior
management makes regular
presentations to the Board on
the main areas of the
Corporation&#146;s business.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">27
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Required disclosure under the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Does the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Corporate Governance Practices</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>CSA Disclosure Instrument</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Corporation align?</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>at the Corporation</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>5. Ethical Business Conduct</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:8px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(a)&nbsp;Disclose
whether or not the
board has adopted a
written code for the
directors, officers
and employees. If the
board has adopted a
written code:</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Corporation adopted a
Code of Ethics and Business
Conduct in November&nbsp;2002 (the
&#147;<B>Code of Ethics</B>&#148;).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:24px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(i)&nbsp;disclose how
a person or
company may
obtain a copy of
the code;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Code of Ethics is
accessible on the
Corporation&#146;s website at
www.gildan.com. A paper copy
is also available upon
request from the Corporate
Secretary of the Corporation.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:24px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(ii)&nbsp;describe
how the board
monitors
compliance with
its code, or if
the board does
not monitor
compliance,
explain whether
and how the
board satisfies
itself regarding
compliance with
its code; and </DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Corporate Governance
Committee is responsible for
monitoring compliance with
the Code of Ethics. The Code
of Ethics is distributed to
and signed by each of the
Corporation&#146;s employees when
they are hired.
<BR>
<BR>
In addition, the Corporation
conducts an annual
certification process to
monitor compliance with the
Code of Ethics and the
Corporate Secretary reports
the results of such process
to the Board on an annual
basis.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:24px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(iii)&nbsp;provide a
cross-reference
to any material
change report
filed since the
beginning of the
issuer&#146;s most
recently
completed
financial year
that pertains to
any conduct of a
director or
executive
officer that
constitutes a
departure from
the code.</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No material change report has
been required or filed during
the Corporation&#146;s fiscal year
ending October&nbsp;2, 2005.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:8px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(b)&nbsp; Describe
any steps the board
takes to ensure
directors exercise
independent judgement
in considering
transactions and
agreements in respect
of which a director or
executive officer has
a material interest.</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In accordance with applicable
law, when a conflict of
interest arises, a director
is required to disclose his
or her interest and abstain
from voting on the matter. In
addition, the Chairman of the
Board will ask the director
to leave the room during any
discussion concerning such
matter.</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">28
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Required disclosure under the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Does the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Corporate Governance Practices</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>CSA Disclosure Instrument</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Corporation align?</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>at the Corporation</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:8px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(c)&nbsp; Describe
any other steps the
board takes to
encourage and promote
a culture of ethical
business conduct.</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In addition to monitoring
compliance with the Code of
Ethics, the Board has adopted
various corporate policies,
including the Reporting
Employee Concerns of
Questionable Acts Policy and
the Policy for the Receipt,
Retention and Treatment of
Complaints Received by Gildan
Activewear Inc. from
Non-Employees Regarding
Accounting, Internal
Accounting Controls or
Auditing Matters, that
provide both employees and
non-employees with a
mechanism for reporting
unethical or questionable
acts by the Corporation or
employees thereof.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>6. Nomination of Directors</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:8px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(a)&nbsp; Describe
the process by which
the board identifies
new candidates for
board nomination.</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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
competencies, skills,
personal qualities,
availability, 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
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 identify director
candidates and fix such
firm&#146;s fees and other
retention terms.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:8px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(b)&nbsp; Disclose
whether or not the
board has a nominating
committee composed
entirely of
independent directors.
If the board does not
have a nominating
committee composed
entirely of
independent directors,
describe what steps
the board takes to
encourage an objective
nomination process.</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Corporate Governance
Committee is currently
composed of five (5)
directors, all of whom are
&#147;independent&#148; within the
meaning of the CSA Disclosure
Instrument.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">29
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Required disclosure under the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Does the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Corporate Governance Practices</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>CSA Disclosure Instrument</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Corporation align?</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>at the Corporation</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Under the NYSE
Standards, the
nominating/corporate
governance committee
should be composed
solely of &#147;independent
directors&#148; and should
have its own charter.</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:8px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(c)&nbsp; If the
board has a nominating
committee, describe
the responsibilities,
powers and operation
of the nominating
committee. </DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Board has adopted a
formal mandate for the
Corporate Governance
Committee, which is attached
as Schedule &#147;F&#148; to this
Circular.<BR>
<BR>

The mandate of the Corporate
Governance Committee provides
that the committee is
responsible for monitoring
the composition and
performance of the Board and
its committees. The committee
identifies candidates
qualified to become Board
members and regularly
assesses the competencies,
skills, personal qualities,
availability, geographical
representation, business
background and diversified
experience of the Board
members and the Corporation&#146;s
circumstances and needs. The
committee also reviews
annually the performance and
effectiveness of the Board,
its committees, committee
chairs and Board members.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>7. Compensation</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:8px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(a)&nbsp; Describe
the process by which
the board determines
the compensation for
the issuer&#146;s directors
and officers. </DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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,
respectively. 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 6 of
this Circular for information
about the compensation
received by outside
directors.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">30
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Required disclosure under the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Does the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Corporate Governance Practices</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>CSA Disclosure Instrument</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Corporation align?</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>at the Corporation</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:8px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(b)&nbsp; Disclose
whether or not the
board has a
compensation committee
composed entirely of
independent directors.
If the board does not
have a compensation
committee composed
entirely of
independent directors,
describe what steps
the board takes to
ensure an objective
process for
determining such
compensation. </DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All members of the Corporate
Governance and Compensation
and Human Resources
Committees are &#147;independent&#148;
within the meaning of the CSA
Disclosure Instrument.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Under the NYSE
Standards, the
compensation committee
should be composed
solely of &#147;independent
directors&#148; and should
have its own charter.</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Board has determined that
the members of the
Compensation and Human
Resources Committee are
&#147;independent directors&#148;
within the meaning of Section
303A(2) of the NYSE
Standards.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:8px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(c)&nbsp; If the
board has a
compensation
committee, describe
the responsibilities,
powers and operation
of the compensation
committee. </DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Board has adopted a
formal mandate for the
Compensation and Human
Resources Committee, which is
attached as Schedule &#147;H&#148; to
this Circular.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The mandate of the
Compensation and Human
Resources Committee provides
that the committee is
responsible for monitoring
officers&#146; performance
assessment, succession
planning and compensation and
reviewing the Corporation&#146;s
human resources practices
generally. Hence, the
committee recommends the
appointment of officers,
including the terms and
conditions of their
appointment and termination,
and reviews the evaluation of
the performance of the
Corporation&#146;s officers,
including recommending their
compensation. In
collaboration with the
Chairman of the Board, the
committee also reviews the
CEO&#146;s corporate goals and
objectives and evaluates his
performance in light of such
goals and objectives.
Furthermore, the committee
must 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.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">31
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Required disclosure under the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Does the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Corporate Governance Practices</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>CSA Disclosure Instrument</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Corporation align?</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>at the Corporation</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:8px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(d)&nbsp; If a
compensation
consultant or advisor
has, at any time since
the beginning of the
issuer&#146;s most recently
completed financial
year, been retained to
assist in determining
compensation for any
of the issuer&#146;s
directors and
officers, disclose the
identity of the
consultant or advisor
and briefly summarize
the mandate for which
they have been
retained. If the
consultant or advisor
has been retained to
perform any other work
for the issuer, state
that fact and briefly
describe the nature of
the work. </DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">During fiscal 2005, the
committee retained the
services of Mercer Human
Resource Consulting
(&#147;<B>Mercer</B>&#148;) to provide advice
on the competitiveness and
appropriateness of
compensation programs for the
CEO, top executive officers
and directors, as required.
In addition, the Corporation
retained Mercer in fiscal
2005 to review and advise on
the Corporation&#146;s pension
arrangement for Canadian
salaried employees.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:8px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px"><B>8.</B>&nbsp;<B>Other Board Committees </B>&#151;
If the board has standing
committees other than the
audit, compensation and
nominating committees,
identify the committees and
describe their function.</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Schedule &#147;C&#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 &#147;F&#148;,
&#147;G&#148; and &#147;H&#148; to this Circular,
respectively. <br><br>
Each committee of the Board
is composed entirely of
&#147;independent&#148; directors
within the meaning of the CSA
Disclosure Instrument. 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.<br><br>
The record of attendance at
committee meetings is
attached hereto as Schedule
&#147;B&#148;.</TD>
</TR>
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</TABLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Required disclosure under the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Does the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Corporate Governance Practices</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>CSA Disclosure Instrument</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Corporation align?</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>at the Corporation</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px"><B>9.</B>&nbsp;<B>Assessments </B>&#151; Disclose
whether or not the board,
its committees and
individual directors are
regularly assessed with
respect to their
effectiveness and
contribution. If assessments
are regularly conducted,
describe the process used
for the assessments. If
assessments are not
regularly conducted,
describe how the board
satisfies itself that the
board, its committees, and
its individual directors are
performing effectively.</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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.
Questionnaires are
distributed to each director
for the purpose of (i)
evaluating the Board&#146;s
responsibilities and
functions, its operations,
how it compares with boards
of other companies on which
the directors serve and the
performance of the Board&#146;s
committees and (ii)&nbsp;inviting
directors to make suggestions
for improving the performance
of the Chairman of the Board,
committee chairs and
individual directors. The
results of the questionnaires
are compiled on a
confidential basis to
encourage full and frank
commentary and are discussed
at the next regular meeting
of the Corporate Governance
Committee. The Corporate
Governance Committee chair
then presents the committee&#146;s
findings and recommendations
to the Board.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>The CSA Audit
Committee Rules and
the NYSE Standards
state that the audit
committee must be
composed of a minimum
of three (3)&nbsp;members,
who must be
&#147;independent&#148;
directors (as defined
in those rules).</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Audit and Finance
Committee consists of four
(4)&nbsp;directors, namely Messrs.
Pierre Robitaille (Chairman),
Gerald H.B. Ross, Richard P.
Strubel and Gonzalo F.
Valdes-Fauli.<br><br>
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.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>The CSA Audit
Committee Rules state
that each audit
committee member must
be financially
literate.</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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.</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">33
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Required disclosure under the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Does the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Corporate Governance Practices</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>CSA Disclosure Instrument</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Corporation align?</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>at the Corporation</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>The CSA Audit
Committee Rules state
that the audit
committee must have a
written charter that
sets out its mandate
and responsibilities.</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The mandate of the Audit and
Finance Committee, attached
hereto as Schedule &#147;G&#148;,
describes explicitly the role
and oversight
responsibilities of the Audit
and Finance Committee.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>The CSA Audit
Committee Rules state
that an audit
committee must
recommend to the Board
of Directors: (a)&nbsp;the
external auditor to be
nominated for the
purposes of preparing
or issuing an
auditors&#146; report or
performing other
audit, review or
attest services for
the issuer; and (b)
the compensation of
the external auditor.</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>The CSA Audit
Committee Rules state
that the audit
committee must be
directly responsible
for overseeing the
work of the external
auditor engaged for
the purpose of
preparing or issuing
an auditors report or
performing other
audit, review or
attest services for
the issuer, including
the resolution of
disagreements between
management and the
external auditor
regarding financial
reporting.</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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 (which includes any
disagreement with management
and the resolution thereof).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>The CSA Audit
Committee Rules state
that an audit
committee must
pre-approve all
non-audit services to
be provided to the
issuer or its
subsidiary entities by
the issuer&#146;s external
auditor.</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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.</TD>
</TR>
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</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Required disclosure under the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Does the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Corporate Governance Practices</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>CSA Disclosure Instrument</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Corporation align?</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>at the Corporation</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>The CSA Audit
Committee Rules state
that an audit
committee must review
the issuer&#146;s financial
statements, MD&#038;A and
annual and interim
earnings press
releases before the
issuer publicly
discloses this
information. These
rules also mention
that the audit
committee must be
satisfied that
adequate procedures
are in place for the
review of the issuer&#146;s
public disclosure of
financial information
extracted or derived
from the issuer&#146;s
financial statements,
other than the public
disclosure referred to
in the preceding
sentence, and must
periodically assess
the adequacy of those
procedures.</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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&#038;A disclosure, prior to
their release, filing and
distribution. The committee
must also review with
management and the 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.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>The CSA Audit
Committee Rules state
that an audit
committee must
establish procedures
for: (a)&nbsp;the receipt,
retention and
treatment of
complaints received by
the issuer regarding
accounting, internal
accounting controls,
or auditing matters;
and (b)&nbsp;the
confidential,
anonymous submission
by employees of the
issuer of concerns
regarding questionable
accounting or auditing
matters.</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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
ensuring 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. A report on
complaints filed under these
policies is presented to the
Audit and Finance Committee
at each quarterly meeting.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>The CSA Audit
Committee Rules state
that the audit
committee must review
and approve the
issuer&#146;s hiring
policies regarding
partners, employees
and former partners
and employees of the
present and former
external auditor of
the issuer.</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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.</TD>
</TR>
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</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Required disclosure under the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Does the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Corporate Governance Practices</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>CSA Disclosure Instrument</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Corporation align?</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>at the Corporation</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>The CSA Audit
Committee Rules state
that the audit
committee must have
the authority: (a)&nbsp;to
engage independent
counsel and other
advisors as it
determines necessary
to carry out its
duties; (b)&nbsp;to set and
pay the compensation
for any advisors
employed by the audit
committee; and (c)&nbsp;to
communicate directly
with the internal and
external auditors.</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In performing its
responsibilities, the Board
or a committee of the Board
may, as required and 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
Chairman of the Board 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,
including the payment of all
outside legal, accounting and
other advisors retained by
the committee.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE &#147;E&#148;
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">MANDATE OF THE BOARD OF DIRECTORS

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">The Board of Directors (the &#147;<B>Board</B>&#148;) is responsible for the supervision of the management of the
Corporation&#146;s business and affairs, with the objective of increasing shareholder value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Directors are expected to attend all Board meetings and review all meeting materials in advance.
They are expected to take an active part in the Board decisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Membership and Quorum</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Board is composed of a minimum of 5 and a maximum of 10 members. The Board is
constituted with a majority of individuals who qualify as independent directors, as
determined by the Board.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The quorum at any meeting of the Board is a majority of directors in office.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Frequency of Meetings</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at least four times a year and as necessary.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Mandate</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The responsibilities of the Board include the following:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>(a)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>With respect to strategic planning</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>approving the Corporation&#146;s long-term strategy, taking into account, amongst
other matters, business opportunities and risks;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>approving and monitoring the implementation of the Corporation&#146;s annual business plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>advising management on strategic issues.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>(b)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>With respect to human resources and performance assessment</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>choosing the Chief Executive Officer (&#147;<B>CEO</B>&#148;) and approving the appointment of
other officers of the Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>approving the CEO&#146;s corporate objectives;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">37
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>taking reasonable measures 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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>monitoring management and Board succession planning process;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>monitoring the size and composition of the Board and its committees based on
competencies, skills and personal qualities sought in Board members;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>approving the list of Board nominees for election by shareholders.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>(c)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>With respect to financial matters and internal control</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>monitoring the integrity and quality of the Corporation&#146;s financial
statements and other documents providing financial information and the
appropriateness of their disclosure;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>overseeing the external auditors&#146; independence and qualifications;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>overseeing the performance of the Corporation&#146;s internal audit functions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing the Corporation&#146;s plans for the purchase of cotton;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>determining dividend policies and procedures;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>monitoring the Corporation&#146;s internal control and management information
systems;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>monitoring the Corporation&#146;s compliance with applicable legal and regulatory
requirements;</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">38
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>(d)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>With respect to corporate governance matters</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>taking reasonable measures to satisfy itself as to the integrity of
management and that management creates a culture of integrity throughout the
Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing, on a regular basis, appropriate corporate governance structures
and procedures, including the identification of decisions requiring approval of
the Board;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing, where appropriate, measures for receiving shareholder feedback,
and the adequate public disclosure thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensuring the annual performance assessment of the Board, Board committees,
Board and committee chairs and individual directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adopting and reviewing orientation and continuing education programs for
directors.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>(e)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>With respect to environmental and social responsibility practices</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>monitoring and reviewing, as appropriate, the Corporation&#146;s environmental and
social responsibility practices.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4. Method of Operation</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Chairman of the Board sets the agenda for each meeting of the Board in
consultation with the CEO, the Chief Financial Officer, the Corporate Secretary
and the independent directors. The agenda and the appropriate materials are
provided to directors of the Corporation on a timely basis prior to any meeting
of the Board;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>independent directors meet periodically without management and other
non-independent directors present, under the oversight of the Chairman of the
Board;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* * * * * * *
</DIV>



<P align="center" style="font-size: 10pt">39
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE &#147;F&#148;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">MANDATE OF THE CORPORATE GOVERNANCE COMMITTEE
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">The following description of the mandate of the Corporate Governance Committee of the Corporation
complies with applicable Canadian laws and regulations, such as the rules of the Canadian
Securities Administrators, and with the disclosure and listing requirements of the Toronto Stock
Exchange (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, such as the <I>Sarbanes-Oxley
Act of 2002</I>, and rules and regulations adopted thereunder, and with the New York Stock Exchange&#146;s
corporate governance standards (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 Corporation (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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1. Membership and Quorum</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a minimum of three directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>only &#147;independent&#148; (as contemplated by Canadian Corporate Governance Standards and
US Corporate Governance Standards) directors shall be appointed, the whole as
determined by the Board;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;independent&#148; as determined in the
manner set forth above;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>quorum of majority of members.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. Frequency and Timing of Meetings</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>normally contemporaneously with the Corporation&#146;s Board meetings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at least twice a year and as necessary.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3. Mandate</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The responsibilities of the Corporate Governance Committee include the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>(a)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Monitoring the composition and performance of the Board and its committees</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>monitoring the size and composition of the Board and its committees to ensure
effective decision-making;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>developing, reviewing and monitoring criteria, as well as establishing
procedures, for selecting directors by regularly assessing the competencies,
skills, personal qualities, availability, geographical representation, business
background and diversified experience of the Board members and the Corporation&#146;s
circumstances and needs;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">40
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>retaining and replacing any independent recruiting firm to identify director
candidates, including fixing such firm&#146;s fees and other retention terms;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 members, including the Chairman of the Board;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 the Corporation receive no additional
remuneration for their services as director;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>retaining and replacing any independent firm to advise on directors&#146;
compensation, including fixing such firm&#146;s fees and other retention terms.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>(b)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Overseeing corporate governance matters</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing the appropriateness of, and compliance by the Corporation with, the
policies and practices of the Corporation relating to business ethics;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing, where appropriate, measures for receiving shareholder feedback,
and the adequate public disclosure thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>developing, monitoring and reviewing, as applicable, the Corporation&#146;s
orientation and continuing education programs for directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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
appropriate disclosure of such waiver;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing the Corporation&#146;s general policy on insider trading and insider
reporting, taking 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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>recommending Board committee composition, as well as the appropriate mandate
of each committee for submission to the Board;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">41
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensuring that a statement of corporate governance practices is included in
the Corporation&#146;s management proxy circular.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>(c)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Evaluating the performance of the Corporate Governance Committee</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensuring that processes are in place to annually evaluate the performance of
the Corporate Governance Committee.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Other than provided herein and as appropriate, the Corporate Governance Committee may obtain
advice and assistance from outside legal or other advisors and set and pay their
compensation, subject to advising the Board chair thereof. The Corporation shall pay all
outside legal and other advisors so retained by the Corporate Governance Committee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The Board chair or, alternatively, a director designated by the Board, shall supervise the
Corporate Governance Committee&#146;s annual performance assessment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 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 statutory or
regulatory requirements for the directors or the members of the Corporate Governance
Committee.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* * * * * * *
</DIV>



<P align="center" style="font-size: 10pt">42
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE &#147;G&#148;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">MANDATE OF THE AUDIT AND FINANCE COMMITTEE
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">The following description of the mandate of the Audit and Finance Committee of the Corporation
complies with applicable Canadian laws and regulations, such as the rules of the Canadian
Securities Administrators, and with the disclosure and listing requirements of the Toronto Stock
Exchange (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, such as the <I>Sarbanes-Oxley
Act of 2002</I>, and rules and regulations adopted thereunder, and with the New York Stock Exchange&#146;s
corporate governance standards (collectively, the &#147;<B>US Corporate Governance Standards</B>&#148;), as they
exist on the date hereof. The 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1. Membership and Quorum</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a minimum of three directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>only &#147;independent&#148; (as contemplated by Canadian Corporate Governance Standards and US
Corporate Governance Standards) directors shall 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, regardless of the amount;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 time the Board
determines that a member ceases to be &#147;independent&#148; as determined in the manner set
forth above;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>quorum of majority of members.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2.&nbsp;Frequency and Timing of Meetings</B>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>normally contemporaneously with the Corporation&#146;s Board meetings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at least four times a year and as necessary.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">43
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3. Mandate</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The responsibilities of the Audit Committee include the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>(a)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Overseeing financial reporting</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 independent discussions with management, the external
auditors and the internal auditors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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&#038;A disclosure, prior to their release, filing and distribution;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing, with management and the external auditors, quarterly consolidated
financial statements of the Corporation and accompanying information including
the Corporation&#146;s MD&#038;A disclosure, prior to their release, filing and
distribution;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing with management and external auditors the financial information
contained in prospectuses, offering memoranda, Annual Information Form, Annual
Report, Management Proxy Circular, 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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing with management 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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing the external auditors&#146; quarterly review engagement report;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing the compliance of management certification of financial reports
with applicable legislation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">44
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>(b)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Monitoring risk management and internal controls</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing insurance coverage (annually and as may otherwise be appropriate);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing policy parameters for normal derivative transactions to hedge
interest rate and foreign exchange risks and any transaction not within the
parameters;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>requesting the performance of any specific audit, as required.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>(c)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Monitoring internal auditors</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensuring that the internal auditors have a functional reporting relationship
with the Audit Committee;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensuring that the internal auditors have access to all levels of management
in order to carry out their duties;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>regularly monitoring the internal audit function&#146;s performance, its
responsibilities, staffing and budget;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>approving the appointment and termination of the Corporation&#146;s chief internal
auditor;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensuring that the internal auditors are accountable to the Audit Committee
and to the Board.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>(d)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Monitoring external auditors</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">45
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensuring that the external auditors report directly to the Audit Committee
and that they are accountable to the Audit Committee and to the Board;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 external auditors (including any
disagreement with management and the resolution thereof);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing hiring policies for employees or former employees of the
Corporation&#146;s firm of external auditors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>(e)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Reviewing financings</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing the adequacy of the Corporation&#146;s financing, including terms and
conditions.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>(f)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Evaluating the performance of the Audit Committee</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensuring that processes are in place to annually evaluate the performance of
the Audit Committee.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 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 publicly-listed 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.
</DIV>

<P align="center" style="font-size: 10pt">46
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">As appropriate, the Audit Committee may obtain advice and assistance from outside legal,
accounting or other advisors and set and pay their compensation, 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,
including the payment of all outside legal, accounting and other advisors retained by the
Audit Committee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 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.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* * * * * * *
</DIV>



<P align="center" style="font-size: 10pt">47
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE &#147;H&#148;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">MANDATE OF THE COMPENSATION
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">AND HUMAN RESOURCES COMMITTEE
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">The following description of the mandate of the Compensation and Human Resources Committee of the
Corporation complies with applicable Canadian laws and regulations, such as the rules of the
Canadian Securities Administrators, and with the disclosure and listing requirements of the Toronto
Stock Exchange (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, such as the
<I>Sarbanes-Oxley Act of 2002</I>, and rules and regulations adopted thereunder, and with the New York
Stock Exchange&#146;s corporate governance standards (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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1. Membership and Quorum</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a minimum of three directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>only &#147;independent&#148; (as contemplated by Canadian Corporate Governance Standards and
US Corporate Governance Standards) directors shall be appointed, the whole as
determined by the Board;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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; as determined in the manner
set forth above;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>quorum of a majority of members.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. Frequency and Timing of Meetings</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>normally contemporaneously with the Corporation&#146;s Board meetings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at least twice a year and as necessary.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3. Mandate</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The responsibilities of the Compensation and Human Resources Committee include the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>(a)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Monitoring officers&#146; performance assessment, succession planning and compensation</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>taking reasonable measures to ensure that appropriate mechanisms are in place
regarding succession planning for the Corporation&#146;s officers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>taking reasonable measures to ensure 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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>recommending the appointment of officers, and approving the terms and
conditions of their appointment and termination or retirement;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">48
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 Compensation and Human
Resources Committee deems appropriate and in the best interest of the
Corporation, and establishing the CEO&#146;s compensation based on this evaluation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing the evaluation of the performance of the Corporation&#146;s officers and
recommending to the Board the officers&#146; compensation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing any proposed change in the Corporation&#146;s benefit and incentive
plans with respect to the Corporation&#146;s officers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 management
proxy circular.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>(b)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Reviewing human resources practices</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing with the CEO and making recommendations to the Board, with respect
to the design of incentive-compensation plans and equity-based plans;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>advising the Board on policy with respect to the administration of the
Corporation&#146;s long term incentive programs and overseeing the administration
thereof, including recommending to the Board grants of awards thereunder;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>monitoring pension, strategic labour and social issues.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>(c)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Evaluating the performance of the Compensation and Human Resources Committee</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensuring that processes are in place to annually evaluate the performance of
the Compensation and Human Resources Committee.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 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 and set and
pay their compensation, subject to advising the Board chair thereof. The Corporation shall
pay all outside legal and other advisors so retained by the Compensation and Human Resources
Committee.
</DIV>

<P align="center" style="font-size: 10pt">49
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 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.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* * * * * * *
</DIV>



<P align="center" style="font-size: 10pt">50
</DIV>


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