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<SEC-DOCUMENT>0001204459-07-001970.txt : 20071220
<SEC-HEADER>0001204459-07-001970.hdr.sgml : 20071220
<ACCEPTANCE-DATETIME>20071219175827
ACCESSION NUMBER:		0001204459-07-001970
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		20
CONFORMED PERIOD OF REPORT:	20070930
FILED AS OF DATE:		20071220
DATE AS OF CHANGE:		20071219

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:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14830
		FILM NUMBER:		071317293

	BUSINESS ADDRESS:	
		STREET 1:		725 MONT?E DE LIESSE
		STREET 2:		MONTREAL
		CITY:			CANADA
		STATE:			A8
		ZIP:			H4T 1P5
		BUSINESS PHONE:		5147352023

	MAIL ADDRESS:	
		STREET 1:		725 MONT?E DE LIESSE
		STREET 2:		MONTREAL
		CITY:			CANADA
		STATE:			A8
		ZIP:			H4T 1P5

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GILDAN ACTIVEWEAR INC
		DATE OF NAME CHANGE:	19980515
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-F
<SEQUENCE>1
<FILENAME>gildanf40f.htm
<DESCRIPTION>FORM 40-F
<TEXT>
<html>

<head>

<title>Gildan Activewear Inc.: Form 40-F - Prepared by TNT Filings Inc.</title>
</head>

<body>

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
       <hr color="#000000" size="5">
</div>
<b><font FACE="Times New Roman PS" size="5">
<p align="center">SECURITIES AND EXCHANGE COMMISSION <br>
</font><font FACE="Times New Roman PS" SIZE="2">Washington, D.C. 20549 </p>
</font><font FACE="Times New Roman PS" size="5">
<p align="center">FORM 40-F </p>
</font>
<dir>
       <dir>
              <dir>
                     <dir>
                            <dir>
                                   </b>
                                   <p>&nbsp;</p>
                            </dir>
                     </dir>
              </dir>
       </dir>
</dir>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
       <tr>
              <td WIDTH="25%"><font FACE="Wingdings" LANG="JA" SIZE="4">
              <p align="center">&#168;</font></td>
              <td WIDTH="75%"><font FACE="Times New Roman PSMT" SIZE="2">
              Registration statement pursuant to Section 12 of the Securities
              Exchange Act of 1934</font></td>
       </tr>
       <tr>
              <td WIDTH="100%" colspan="2" align="center">
              <font FACE="Times New Roman PSMT" SIZE="2">or</font></td>
       </tr>
       <tr>
              <td WIDTH="25%">
              <p align="center"><font FACE="Wingdings" LANG="JA" SIZE="4">&#254;</font></td>
              <td WIDTH="75%"><font FACE="Times New Roman PSMT" SIZE="2">Annual
              report pursuant to Section 13(a) or 15(d) of the Securities
              Exchange Act of 1934</font></td>
       </tr>
</table>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
       <tr>
              <td WIDTH="50%">&nbsp;</td>
              <td WIDTH="50%">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="50%"><font FACE="Times New Roman PS" SIZE="2"><b>For
              Fiscal year ended: September 30, 2007</b></font></td>
              <td WIDTH="50%"><font FACE="Times New Roman PS" SIZE="2"><b>
              <p align="right">Commission File number: 1-14830</b></font></td>
       </tr>
</table>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
       <tr>
              <td align="center">&nbsp;</td>
       </tr>
       <tr>
              <td align="center"><font SIZE="5"><b>GILDAN ACTIVEWEAR INC.</b></font></td>
       </tr>
       <tr>
              <td align="center"><font SIZE="2"><i>(Exact name of registrant as
              specified in its charter)</i></font></td>
       </tr>
       <tr>
              <td align="center">&nbsp;</td>
       </tr>
       <tr>
              <td align="center"><font SIZE="2"><b>Canada</b></font></td>
       </tr>
       <tr>
              <td align="center"><font SIZE="2"><i>(Province or other
              jurisdiction of incorporation or organization)</i></font></td>
       </tr>
       <tr>
              <td align="center">&nbsp;</td>
       </tr>
       <tr>
              <td align="center"><font SIZE="2"><b>2200, 2250, 2300</b></font></td>
       </tr>
       <tr>
              <td align="center"><font SIZE="2"><i>(Primary standard industrial
              classification code number, if applicable)</i></font></td>
       </tr>
       <tr>
              <td align="center">&nbsp;</td>
       </tr>
       <tr>
              <td align="center"><font SIZE="2"><b>Not Applicable</b></font></td>
       </tr>
       <tr>
              <td align="center"><font SIZE="2"><i>(I.R.S. employer
              identification number, if applicable)</i></font></td>
       </tr>
       <tr>
              <td align="center">&nbsp;</td>
       </tr>
       <tr>
              <td align="center"><font SIZE="2"><b>725 Mont&#233;e de Liesse,
              Montr&#233;al, Qu&#233;bec, Canada H4T 1P5, (514) 735-2023</b></font></td>
       </tr>
       <tr>
              <td align="center"><font SIZE="2"><i>(Address and telephone number
              of registrant's principal executive office)</i></font></td>
       </tr>
       <tr>
              <td align="center">&nbsp;</td>
       </tr>
       <tr>
              <td align="center"><font SIZE="2"><b>Puglisi &amp; Associates, 850
              Library Avenue, Suite 204, P.O. Box 885, Newark, Delaware 19715,
              (302) 738-6680</b></font></td>
       </tr>
       <tr>
              <td align="center"><font SIZE="2">(<i>Name, address and telephone
              number of agent for service in the United States</i>)</font></td>
       </tr>
       <tr>
              <td align="center">&nbsp;</td>
       </tr>
       <tr>
              <td align="center"><font SIZE="2">Securities registered pursuant
              to Section 12(b) of the Act:</font></td>
       </tr>
</table>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
       <tr>
              <td WIDTH="50%" align="center">&nbsp;</td>
              <td WIDTH="50%" align="center">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="50%" align="center">
              <font FACE="Times New Roman PSMT" SIZE="2">Title of each class</font></td>
              <td WIDTH="50%" align="center">
              <font FACE="Times New Roman PSMT" SIZE="2">Name of each exchange
              on which registered</font></td>
       </tr>
       <tr>
              <td WIDTH="50%" align="center">
              <font FACE="Times New Roman PS" SIZE="2"><b>Common Shares</b></font></td>
              <td WIDTH="50%" align="center">
              <font FACE="Times New Roman PS" SIZE="2"><b>New York Stock
              Exchange</b></font></td>
       </tr>
       <tr>
              <td WIDTH="50%" align="center">&nbsp;</td>
              <td WIDTH="50%" align="center">
              <font FACE="Times New Roman PS" SIZE="2"><b>Toronto Stock Exchange</b></font></td>
       </tr>
</table>
<font FACE="Times New Roman PSMT" SIZE="2">
<p align="center">Securities registered or to be registered pursuant to Section
12(g) of the Act:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font FACE="Times New Roman PS" SIZE="2"><b>None</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<br>
Securities for which there is a reporting obligation pursuant to Section 15(d)
of the Act:</font><font FACE="Times New Roman PS" SIZE="2"><b>&nbsp; None </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p align="center">For annual reports, indicate by check mark the information
filed with this form: </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
       <tr>
              <td WIDTH="9%" align="center">
              <font FACE="Wingdings" LANG="JA" SIZE="4">&#254;</font></td>
              <td WIDTH="41%" align="center">
              <font FACE="Times New Roman PSMT" SIZE="2">Annual Information Form</font></td>
              <td WIDTH="9%" align="center">
              <font FACE="Wingdings" LANG="JA" SIZE="4">&#254;</font></td>
              <td WIDTH="41%" align="center">
              <font FACE="Times New Roman PSMT" SIZE="2">Audited Annual
              Financial Statements</font></td>
       </tr>
</table>
<font FACE="Times New Roman PSMT" SIZE="2">
<p align="justify">Indicate the number of outstanding shares of each of the
issuer's classes of capital or common stock as of the close of the period
covered by the annual report: </p>
<b>
<p align="center">Common Shares: <br>
120,419,461 </p>
</b>
<p ALIGN="JUSTIFY">Indicate by check mark whether the registrant by filing the
information contained in this form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934 (the &quot;Exchange Act&quot;). If &quot;Yes&quot; is marked, indicate the file number assigned
to the registrant in connection with such rule. </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
       <tr>
              <td WIDTH="50%" align="center">
              <font FACE="Times New Roman PSMT" SIZE="2">Yes</font></td>
              <td WIDTH="50%" align="center">
              <font FACE="Times New Roman PSMT" SIZE="2">No
              <font FACE="Wingdings" LANG="JA" SIZE="4">&#254;</font></font></td>
       </tr>
</table>
<font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">Indicate by check mark whether the registrant: (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Exchange Act
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports); and (2) has been subject to such filing
requirements for the past 90 days. </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
       <tr>
              <td WIDTH="50%" align="center">
              <font FACE="Times New Roman PSMT" SIZE="2">Yes
              <font FACE="Wingdings" LANG="JA" SIZE="4">&#254;</font></font></td>
              <td WIDTH="50%" align="center">
              <font FACE="Times New Roman PSMT" SIZE="2">No </font></td>
       </tr>
</table>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<p align="center"><img border="0" src="aifht1.jpg" width="347" height="87"></p>
<b>
<font SIZE="5">
<p align="center">&nbsp;</p>
<p align="center">GILDAN ACTIVEWEAR INC. </p>
<p align="center">ANNUAL INFORMATION FORM </p>
</font>
<font SIZE="2">
<p align="center">for the year ended September 30, 2007</font></b><font SIZE="2"> </p>
</font><b><font SIZE="2">
<p align="center">December 19, 2007 </p>
<hr color="#000000" size="5"><p Style='page-break-before:always'></font><font FACE="Times New Roman PS" SIZE="2">
<p align="center">GILDAN ACTIVEWEAR INC. </p>
<p align="center">TABLE OF CONTENTS </font></p>
</b>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="5%">&nbsp;</td>
    <td WIDTH="80%" colspan="2">&nbsp;</td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>Page</b></font></td>
  </tr>
  <tr>
    <td WIDTH="5%" bgcolor="#ECF7FB"><font SIZE="2"><b>1.</b></font></td>
    <td WIDTH="80%" colspan="2" bgcolor="#ECF7FB"><font SIZE="2"><b>CORPORATE STRUCTURE</b></font></td>
    <td WIDTH="15%" align="right" bgcolor="#ECF7FB"><font SIZE="2"><b>1</b></font></td>
  </tr>
  <tr>
    <td WIDTH="5%">&nbsp;</td>
    <td WIDTH="5%"><font SIZE="2"><b>1.1</b> </font></td>
    <td WIDTH="75%"><font SIZE="2"><b>Name, Address and Incorporation</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>1</b></font></td>
  </tr>
  <tr>
    <td WIDTH="5%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="5%" bgcolor="#ECF7FB"><font SIZE="2"><b>1.2</b> </font></td>
    <td WIDTH="75%" bgcolor="#ECF7FB"><font SIZE="2"><b>Intercorporate Relationships</b></font></td>
    <td WIDTH="15%" align="right" bgcolor="#ECF7FB"><font SIZE="2"><b>2</b></font></td>
  </tr>
  <tr>
    <td WIDTH="5%"><font SIZE="2"><b>2.</b></font></td>
    <td WIDTH="80%" colspan="2"><font SIZE="2"><b>GENERAL DEVELOPMENT OF THE
    BUSINESS</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>2</b></font></td>
  </tr>
  <tr>
    <td WIDTH="5%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="5%" bgcolor="#ECF7FB"><font SIZE="2"><b>2.1</b> </font></td>
    <td WIDTH="75%" bgcolor="#ECF7FB"><font SIZE="2"><b>Developments in Fiscal 2007</b></font></td>
    <td WIDTH="15%" align="right" bgcolor="#ECF7FB"><font SIZE="2"><b>2</b></font></td>
  </tr>
  <tr>
    <td WIDTH="5%">&nbsp;</td>
    <td WIDTH="5%"><font SIZE="2"><b>2.2</b> </font></td>
    <td WIDTH="75%"><font SIZE="2"><b>Developments in Fiscal 2006</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>3</b></font></td>
  </tr>
  <tr>
    <td WIDTH="5%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="5%" bgcolor="#ECF7FB"><font SIZE="2"><b>2.3</b> </font></td>
    <td WIDTH="75%" bgcolor="#ECF7FB"><font SIZE="2"><b>Developments in Fiscal 2005</b></font></td>
    <td WIDTH="15%" align="right" bgcolor="#ECF7FB"><font SIZE="2"><b>4</b></font></td>
  </tr>
  <tr>
    <td WIDTH="5%"><font SIZE="2"><b>3.</b></font></td>
    <td WIDTH="80%" colspan="2"><font SIZE="2"><b>DESCRIPTION OF THE BUSINESS</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>5</b></font></td>
  </tr>
  <tr>
    <td WIDTH="5%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="5%" bgcolor="#ECF7FB"><font SIZE="2"><b>3.1</b> </font></td>
    <td WIDTH="75%" bgcolor="#ECF7FB"><font SIZE="2"><b>Business Overview</b></font></td>
    <td WIDTH="15%" align="right" bgcolor="#ECF7FB"><font SIZE="2"><b>5</b></font></td>
  </tr>
  <tr>
    <td WIDTH="5%">&nbsp;</td>
    <td WIDTH="5%"><font SIZE="2"><b>3.2</b> </font></td>
    <td WIDTH="75%"><font SIZE="2"><b>Risk Factors</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>11</b></font></td>
  </tr>
  <tr>
    <td WIDTH="5%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="5%" bgcolor="#ECF7FB"><font SIZE="2"><b>3.3</b> </font></td>
    <td WIDTH="75%" bgcolor="#ECF7FB"><font SIZE="2"><b>Employees</b></font></td>
    <td WIDTH="15%" align="right" bgcolor="#ECF7FB"><font SIZE="2"><b>11</b></font></td>
  </tr>
  <tr>
    <td WIDTH="5%"><font SIZE="2"><b>4.</b></font></td>
    <td WIDTH="80%" colspan="2"><font SIZE="2"><b>DIVIDEND POLICY</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>12</b></font></td>
  </tr>
  <tr>
    <td WIDTH="5%" bgcolor="#ECF7FB"><font SIZE="2"><b>5.</b></font></td>
    <td WIDTH="80%" colspan="2" bgcolor="#ECF7FB"><font SIZE="2"><b>CAPITAL STRUCTURE</b></font></td>
    <td WIDTH="15%" align="right" bgcolor="#ECF7FB"><font SIZE="2"><b>12</b></font></td>
  </tr>
  <tr>
    <td WIDTH="5%"><font SIZE="2"><b>6.</b></font></td>
    <td WIDTH="80%" colspan="2"><font SIZE="2"><b>MARKET FOR SECURITIES</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>13</b></font></td>
  </tr>
  <tr>
    <td WIDTH="5%" bgcolor="#ECF7FB"><font SIZE="2"><b>7.</b></font></td>
    <td WIDTH="80%" colspan="2" bgcolor="#ECF7FB"><font SIZE="2"><b>DIRECTORS AND OFFICERS</b></font></td>
    <td WIDTH="15%" align="right" bgcolor="#ECF7FB"><font SIZE="2"><b>14</b></font></td>
  </tr>
  <tr>
    <td WIDTH="5%"><font SIZE="2"><b>8.</b></font></td>
    <td WIDTH="80%" colspan="2"><font SIZE="2"><b>AUDIT COMMITTEE DISCLOSURE</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>17</b></font></td>
  </tr>
  <tr>
    <td WIDTH="5%" bgcolor="#ECF7FB"><font SIZE="2"><b>9.</b></font></td>
    <td WIDTH="80%" colspan="2" bgcolor="#ECF7FB"><font SIZE="2"><b>LEGAL PROCEEDINGS</b></font></td>
    <td WIDTH="15%" align="right" bgcolor="#ECF7FB"><font SIZE="2"><b>18</b></font></td>
  </tr>
  <tr>
    <td WIDTH="5%"><font SIZE="2"><b>10.</b></font></td>
    <td WIDTH="80%" colspan="2"><font SIZE="2"><b>TRANSFER AGENT AND REGISTRAR</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>18</b></font></td>
  </tr>
  <tr>
    <td WIDTH="5%" bgcolor="#ECF7FB"><font SIZE="2"><b>11.</b></font></td>
    <td WIDTH="80%" colspan="2" bgcolor="#ECF7FB"><font SIZE="2"><b>MATERIAL CONTRACTS</b></font></td>
    <td WIDTH="15%" align="right" bgcolor="#ECF7FB"><font SIZE="2"><b>18</b></font></td>
  </tr>
  <tr>
    <td WIDTH="5%"><font SIZE="2"><b>12.</b></font></td>
    <td WIDTH="80%" colspan="2"><font SIZE="2"><b>INTERESTS OF EXPERTS</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>18</b></font></td>
  </tr>
  <tr>
    <td WIDTH="5%" bgcolor="#ECF7FB"><font SIZE="2"><b>13.</b></font></td>
    <td WIDTH="80%" colspan="2" bgcolor="#ECF7FB"><font SIZE="2"><b>FORWARD - LOOKING INFORMATION</b></font></td>
    <td WIDTH="15%" align="right" bgcolor="#ECF7FB"><font SIZE="2"><b>18</b></font></td>
  </tr>
  <tr>
    <td WIDTH="5%"><font SIZE="2"><b>14.</b></font></td>
    <td WIDTH="80%" colspan="2"><font SIZE="2"><b>ADDITIONAL INFORMATION</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>19</b></font></td>
  </tr>
  <tr>
    <td WIDTH="63%" COLSPAN="3" bgcolor="#ECF7FB"><font SIZE="2"><b>APPENDIX A - MANDATE OF THE
    AUDIT AND FINANCE COMMITTEE</b></font></td>
    <td WIDTH="15%" align="right" bgcolor="#ECF7FB"><font SIZE="2"><b>21</b></font></td>
  </tr>
</table>
<hr color="#000000" size="5"><p Style='page-break-before:always'><font SIZE="2"><i>
<p align="justify">This Annual Information Form is dated December 19, 2007 and,
except as otherwise indicated, the information contained herein is given as of
December 19, 2007. </p>
<p align="justify">Unless otherwise indicated, all dollar amounts set forth
herein are expressed in U.S. dollars and all financial information set forth
herein is prepared in accordance with Canadian generally accepted accounting
principles. </p>
<p align="justify">Unless otherwise indicated, all references to share prices,
trading volumes and per share measures are adjusted, on a retroactive basis, to
reflect all stock splits, including the two-for-one stock split effective in May
2007. </p>
<p align="justify">In this Annual Information Form, &quot;Gildan&quot;, the &quot;Corporation&quot;,
or the words &quot;we&quot;, &quot;our&quot; and &quot;us&quot; refer, depending on the context, either to
Gildan Activewear Inc. or to Gildan Activewear Inc. together with its
subsidiaries and joint venture. </p>
<p align="justify">The information appearing in the extracts of the documents
listed below and specifically referred to in this Annual Information Form is
incorporated herein by reference: </p>
<p style="margin-left: 30" align="justify">-</i> <i>2007 Annual Report; </p>
</i>
<p style="margin-left: 30" align="justify">- <i>2007 Notice of Annual Meeting of
Shareholders and Management Proxy Circular (the &quot;Circular&quot;); and </p>
</i>
<p style="margin-left: 30" align="justify">- </font><i><font SIZE="2">Material
Change Report filed through SEDAR on September 27, 2007. </p>
<p align="justify">The foregoing documents are available on the SEDAR website at
www.sedar.com, on the EDGAR website at www.sec.gov and on the Corporation's
website at www.gildan.com. </p>
<p align="justify">This Annual Information Form contains certain forward-looking
statements, which are based on Gildan's current expectations, estimates,
projections and assumptions and were made by Gildan in light of its experience
and its perception of historical trends. Results indicated in forward-looking
statements may differ materially from the actual results. Please refer to the
cautionary statement at page 18 of this Annual Information Form for further
explanation. </p>
</font></i><b>
<p align="justify" style="margin-bottom: 0"><font size="2">1. </font></p>
<p align="justify" style="margin-left: 30; margin-top: -11pt"><font size="2">
CORPORATE STRUCTURE </font></p>
<p align="justify" style="margin-bottom: 0"><font size="2">1.1 </font></p>
<p align="justify" style="margin-left: 30; margin-top: -11pt"><font size="2">
Name, Address and Incorporation </p>
</font></b><font SIZE="2">
<p align="justify">We were incorporated on May 8, 1984 pursuant to the <i>Canada
Business Corporations Act</i> under the name of Textiles Gildan Inc. At our
inception, we focused our activities on the manufacture of textiles and produced
and sold finished fabric as a principal product-line. In 1992, we redefined our
operating strategy and, by 1994, our operations focused exclusively on the
manufacture and sale of activewear for the wholesale imprinted sportswear
market. In March 1995, we changed our name to Gildan Activewear Inc./Les
V&#234;tements de Sports Gildan Inc. In 2005, we changed our French name to Les
V&#234;tements de Sport Gildan Inc. </p>
<p align="justify">In June 1998, in conjunction with a planned initial public
offering, we filed Articles of Amendment to, among other things, remove the
private company restrictions contained in our charter documents and change the
structure of our authorized share capital. On June 17, 1998, we completed our
initial public offering of an aggregate of 3,000,000 Class A Subordinate Voting
shares at Cdn$10.29 per share, on a pre-split basis, for total gross proceeds of
Cdn$30,880,500. </p>
<p align="justify">On February 2, 2005, we filed Articles of Amendment in order
to, among other things, (i) create a new class of common shares (the &quot;Common
Shares&quot;), (ii) change each of the issued and outstanding Class A Subordinate
Voting shares into one of the newly-created Common Shares, and (iii) remove the
Class B Multiple Voting shares and the Class A Subordinate Voting shares as well
as the rights, privileges, restrictions and conditions attaching thereto. </p>
<p align="justify">Our principal executive offices and registered office are
located at 725 Mont&#233;e de Liesse, Montreal, Qu&#233;bec, Canada H4T 1P5, and our
telephone number at that address is (514) 735-2023. </p>
</font><hr color="#000000" size="5"><p Style='page-break-before:always'><font SIZE="2"><b>
<p style="margin-bottom: 0">1.2 </p>
<p style="margin-left: 30; margin-top: -11pt">Intercorporate Relationships </p>
</b>
<p>The following table indicates our principal subsidiaries, their jurisdiction
of incorporation and the percentage of voting securities that we beneficially
own or over which we exercise direct or indirect control: </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="3%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="32%" align="center" bgcolor="#E6E6E6"><b><font size="2">&nbsp;</font></b></td>
    <td WIDTH="32%" align="center" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="33%" align="center" bgcolor="#E6E6E6"><b><font size="2">Percentage of Voting
    Securities or</font></b></td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="32%" align="center" bgcolor="#E6E6E6"><b><font size="2">
    Subsidiary</font></b></td>
    <td WIDTH="32%" align="center" bgcolor="#E6E6E6"><b><font size="2">
    Jurisdiction of Incorporation</font></b></td>
    <td WIDTH="33%" align="center" bgcolor="#E6E6E6"><b><font size="2">Partnership Interest that
    Gildan held as</font></b></td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="32%" align="center" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="32%" align="center" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="33%" align="center" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">at December 19, 2007</font></b></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="32%" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">
    <p style="margin-left: 4">Gildan Activewear SRL</font></td>
    <td WIDTH="32%" align="center" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">Barbados</font></td>
    <td WIDTH="33%" align="center" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">100%</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="32%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">Kentucky Derby Hosiery Co., Inc.</font></td>
    <td WIDTH="32%" align="center" bgcolor="#ECF7FB"><font SIZE="2">Kentucky</font></td>
    <td WIDTH="33%" align="center" bgcolor="#ECF7FB"><font SIZE="2">100%</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="32%"><font SIZE="2">
    <p style="margin-left: 4">Gildan Choloma Textiles, S. de R.L.</font></td>
    <td WIDTH="32%" align="center"><font SIZE="2">Honduras</font></td>
    <td WIDTH="33%" align="center"><font SIZE="2">100%</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="32%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">Gildan Activewear Dominican Republic Textile</font></td>
    <td WIDTH="32%" align="center" bgcolor="#ECF7FB"><font SIZE="2">Barbados</font></td>
    <td WIDTH="33%" align="center" bgcolor="#ECF7FB"><font SIZE="2">100%</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="32%"><font SIZE="2">
    <p style="margin-left: 4">Company Inc.</font></td>
    <td WIDTH="32%" align="center">&nbsp;</td>
    <td WIDTH="33%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="32%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">Gildan Activewear Honduras Textiles</font></td>
    <td WIDTH="32%" align="center" bgcolor="#ECF7FB"><font SIZE="2">Honduras</font></td>
    <td WIDTH="33%" align="center" bgcolor="#ECF7FB"><font SIZE="2">100%</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="32%"><font SIZE="2">
    <p style="margin-left: 4">Company, S. de R.L.</font></td>
    <td WIDTH="32%" align="center">&nbsp;</td>
    <td WIDTH="33%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="32%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">Gildan Honduras Hosiery Factory, S. de R.L.</font></td>
    <td WIDTH="32%" align="center" bgcolor="#ECF7FB"><font SIZE="2">Honduras</font></td>
    <td WIDTH="33%" align="center" bgcolor="#ECF7FB"><font SIZE="2">100%</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="32%"><font SIZE="2">
    <p style="margin-left: 4">Gildan Activewear Properties (Dominican</font></td>
    <td WIDTH="32%" align="center"><font SIZE="2">Barbados</font></td>
    <td WIDTH="33%" align="center"><font SIZE="2">100%</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="32%"><font SIZE="2">
    <p style="margin-left: 4">Republic) Inc.</font></td>
    <td WIDTH="32%" align="center">&nbsp;</td>
    <td WIDTH="33%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="32%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">Gildan Activewear (Eden) Inc.</font></td>
    <td WIDTH="32%" align="center" bgcolor="#ECF7FB"><font SIZE="2">North Carolina</font></td>
    <td WIDTH="33%" align="center" bgcolor="#ECF7FB"><font SIZE="2">100%</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="32%"><font SIZE="2">
    <p style="margin-left: 4">Gildan Activewear (UK) Limited</font></td>
    <td WIDTH="32%" align="center"><font SIZE="2">United Kingdom</font></td>
    <td WIDTH="33%" align="center"><font SIZE="2">100%</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="32%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">V.I. Prewett &amp; Son, Inc.</font></td>
    <td WIDTH="32%" align="center" bgcolor="#ECF7FB"><font SIZE="2">Alabama</font></td>
    <td WIDTH="33%" align="center" bgcolor="#ECF7FB"><font SIZE="2">100%</font></td>
  </tr>
</table>
<font SIZE="2">
<p align="justify">The subsidiaries that have been omitted do not represent
individually more than 10% of the consolidated assets and the consolidated sales
and operating revenues of Gildan, and in the aggregate more than 20% of the
total consolidated assets and the consolidated sales and operating of revenues
as at September 30, 2007. </p>
</font><b>
<p style="margin-bottom: 0" align="justify"><font size="2">2.</font></b><font size="2">
</font></p>
<p style="margin-left: 30; margin-top: -11pt" align="justify"><b><font size="2">
GENERAL DEVELOPMENT OF THE BUSINESS </font></p>
</b><font SIZE="2">
<p align="justify">The following section describes how our business has evolved
in the last three completed financial years and lists key events that have
influenced the development of our business. </p>
</font><b><font SIZE="2">
<p style="margin-bottom: 0" align="justify">2.1 </p>
<p style="margin-left: 30; margin-top: -11pt" align="justify">Developments in
Fiscal 2007 </p>
<p align="justify">Growth Strategy </p>
</font></b><font SIZE="2">
<p align="justify">Over the past fiscal year, we have continued to achieve
higher market share gains in the U.S. wholesale screenprint market and in
international screenprint markets. We are also making progress in our plans to
penetrate the U.S. mass retail market for high-volume, basic, frequently
replenished, non-fashion family apparel. Our acquisition of Kentucky Derby
Hosiery Co., Inc. (&quot;Kentucky Derby&quot;) in July 2006 provided us with enhanced
distribution to major U.S. mass-market retailers, and permitted us to achieve,
in March 2007, our first national branded sock program for men's and boys' socks
with a U.S. national retailer. In June 2007, we began shipments of a major
private label sock program to a second U.S. national mass-market retailer. The
acquisition of V.I. Prewett &amp; Son, Inc. (&quot;Prewett&quot;) in October 2007, as
described below, is intended to further strengthen our positioning as a
full-product supplier of socks, activewear and underwear for the retail channel.
</p>
<b>
<p align="justify">Acquisition of U.S. Sock Manufacturer </p>
</b>
<p align="justify">On October 15, 2007, we acquired 100% of the common shares of
Prewett, a large U.S. supplier of basic family socks to U.S. mass-market
retailers. Prewett's corporate headquarters are located in Fort Payne, Alabama.
The initial purchase price was $125 million, subject to post-closing
adjustments, with further contingent payments of up to $10 million. The purchase
price was paid in cash at closing and was financed out of our revolving
long-term credit facility. With this acquisition, we are now one of the leading
suppliers of socks in the U.S. mass-market retail channel. </p>
</font><font FACE="Times New Roman PSMT" SIZE="2">
<p align="center">2 </p>
<hr color="#000000" size="5"><p Style='page-break-before:always'></font><font SIZE="2"><b>
<p>Manufacturing Operations </p>
</b>
<p ALIGN="JUSTIFY">In March 2007, consistent with our ongoing strategy to
enhance our overall cost structure by maximizing large-scale production of
T-shirts, fleece, sport shirts and underwear at our vertically-integrated
textile manufacturing operations in Honduras and the Dominican Republic, we
announced the restructuring of our Canadian manufacturing operations, which
included the closure of our two remaining textile facilities in Montreal and our
cutting facility in Bombay, New York, effective in the fourth quarter. We also
announced the immediate closure of our two sewing facilities in Mexico, which
had been supplied with fabric from our Canadian textile operations. Concurrent
with the restructuring of the Canadian textile operations, we announced plans to
relocate our corporate office, which is currently located in the same building
as was the Montreal knitting facility, into leased premises in the Montreal
area. In May 2007, consistent with our strategy to consolidate our sock
production at our new integrated facility in Honduras, we announced the closure
of two sock facilities in Mount Airy, North Carolina. </font>
<font FACE="Times New Roman PS" SIZE="2"><b></p>
</b></font><font SIZE="2">
<p ALIGN="JUSTIFY">In fiscal 2007, we began production at a new integrated
manufacturing facility in Rio Nance, Honduras for the large-scale production of
socks and we expect to ramp up this facility to full capacity by the third
quarter of fiscal 2008. In August 2007, we announced plans for a second sock
facility to support our projected continuing growth in sales, which is expected
to be constructed and ramped up over twenty-four months.<b> </p>
</b>
<p>We also began production, in the second half of fiscal 2007, at a new
large-scale integrated textile manufacturing facility for the production of
activewear in Rio Nance, Honduras, which we expect to fully ramp up by the third
quarter of fiscal 2008. </p>
<b>
<p>Distribution </p>
</b>
<p ALIGN="JUSTIFY">In fiscal 2007, we completed the consolidation of Kentucky
Derby's distribution facilities into our retail distribution centre located in
Martinsville, Virginia. This new distribution centre supports our retail
distribution for all product-lines. Our distribution centre in Eden, North
Carolina continues to be dedicated to supporting our customers in the wholesale
distribution channel. During fiscal 2007, we expanded our distribution
facilities by adding a distribution centre in our Caribbean Basin hub to
facilitate and service certain of our international markets more efficiently.
</p>
<p>In addition, in the fourth quarter, we opened a new third-party distribution
centre in Shenzhen, China to service customers in China and the Asia Pacific
region. </p>
<b>
<p>Stock Split </p>
</b>
<p ALIGN="JUSTIFY">On May 2, 2007, our Board of Directors approved a two-for-one
stock split effected in the form of a stock dividend. The split was applicable
to all shareholders of record on May 18, 2007. The Common Shares commenced
trading on a post-split basis on May 16, 2007 on the Toronto Stock Exchange and
on May 28, 2007 on the New York Stock Exchange, in accordance with the
respective requirements of these exchanges. </p>
<b>
<p>FLA Accreditation </p>
</b>
<p ALIGN="JUSTIFY">In June 2007, the Fair Labor Association (the &quot;FLA&quot;), a
leading labour rights organization, accorded us accreditation status on our
labour compliance program following an extensive three-year review of our
compliance with its workplace code of conduct requirements. Since its inception
in 1999, the FLA has only accredited ten labour compliance programs of various
companies worldwide, the majority of which are consumer apparel brands that
outsource their manufacturing. We are the first vertically-integrated
manufacturer of basic activewear apparel to receive this accreditation, which is
the FLA's most advanced recognition of a company's labour compliance program.
</p>
</font><b><font SIZE="2">
<p style="margin-bottom: 0">2.2 </p>
<p style="margin-left: 30; margin-top: -11pt">Developments in Fiscal 2006 </p>
</font></b><font FACE="Symbol MT" LANG="JA" SIZE="2">
<ul>
  <li>
  <p ALIGN="JUSTIFY"></font><font SIZE="2"><i>Retail Market Initiative</i>: We
  expanded our product-line of existing undecorated activewear products for sale
  to U.S. and Canadian regional retailers to include underwear and basic
  athletic socks. In July 2006, we acquired 100% of the common shares of
  Kentucky Derby, a U.S. sock manufacturer based in Hopkinsville, Kentucky, for
  a total purchase price of $20.4 million. </font></li>
</ul>
<ul>
  <li>
  <p ALIGN="JUSTIFY"><font SIZE="2"><i>Operations Restructuring</i>: We
  announced the restructuring of our Canadian and U.S. textile manufacturing
  operations, which included the closure of our textile manufacturing facility
  in Valleyfield, Qu&#233;bec and the reduction in the operations of our knitting
  facility in Montreal, Qu&#233;bec and in our cutting facility in Bombay, New York.
  We also announced the closure and downsizing of sock manufacturing capacity
  located in North Carolina and Virginia to take effect during the first half of
  fiscal 2007. </li>
</ul>
<p align="center">3</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'></font><font FACE="Symbol MT" LANG="JA" SIZE="2">
<ul>
  <li>
  <p ALIGN="JUSTIFY"></font><font SIZE="2"><i>Textile and Sock Manufacturing</i>:
  We completed the construction of a building for a sock manufacturing facility
  in Rio Nance, Honduras, and began the construction of an integrated
  manufacturing facility for the production of activewear at the same site.
  </font></li>
</ul>
<ul>
  <li>
  <p ALIGN="JUSTIFY"><font SIZE="2"><i>Sewing</i>: We commenced operations in a
  new sewing facility located in Villanueva, Honduras. During the last quarter
  of fiscal 2006, we signed lease agreements for an integrated cutting, sewing
  and distribution facility in Port-au-Prince, Haiti, as well as for a building
  in Rivas, Nicaragua. </font></li>
</ul>
<ul>
  <li>
  <p ALIGN="JUSTIFY"><font SIZE="2"><i>Distribution</i>: We added a new
  distribution centre in Choloma, Honduras to better serve our European
  customers, and two new third-party distribution centres located in Monterrey,
  Mexico and Mississauga, Ontario to better serve our Mexican and Canadian
  customers, respectively. In the fourth quarter, we announced the closure of
  our distribution centre located in Montreal, Qu&#233;bec effective October 2006. We
  also announced plans to relocate and consolidate Kentucky Derby's existing
  distribution centres, located at multiple sites in Danville, Virginia and
  Mount Airy, North Carolina, to a new 400,000 square foot retail distribution
  centre in Martinsville, Virginia. </li>
</ul>
<b>
<p style="margin-bottom: 0">2.3 </p>
<p style="margin-left: 30; margin-top: -11pt">Developments in Fiscal 2005 </p>
</b></font><font FACE="Symbol MT" LANG="JA" SIZE="2">
<ul>
  <li></font><font SIZE="2"><i>Initial Retail Market Initiative</i>: As an
  initial step into the retail market, we began selling our existing activewear
  products to U.S. and Canadian regional retailers for sale without logos or
  decoration. </font></li>
</ul>
<ul>
  <li>
  <p ALIGN="JUSTIFY"><font SIZE="2"><i>Yarn-Spinning</i>: We closed our Canadian
  yarn-spinning plants in Long Sault, Ontario and Montreal, Qu&#233;bec. Concurrent
  with the Canadian yarn-spinning plant closures, the yarn-spinning operations
  of CanAm Yarns, LLC (&quot;CanAm&quot;), our joint venture company with Frontier
  Spinning Mills, Inc. (&quot;Frontier&quot;), were expanded to include a new
  yarn-spinning facility in Clarkton, North Carolina. In conjunction with the
  development of the new Clarkton facility, CanAm acquired certain assets of our
  yarn-spinning facility in Long Sault, Ontario, the transfer of which occurred
  in the second quarter of fiscal 2005, and the new Clarkton facility became
  fully operational by the end of the third quarter of fiscal 2005. </font></li>
</ul>
<ul>
  <li>
  <p ALIGN="JUSTIFY"><font SIZE="2"><i>Textile and Sock Manufacturing</i>: We
  purchased additional land adjacent to our Rio Nance facility in Honduras for
  the purpose of constructing two new integrated world-scale facilities, one for
  the production of activewear, and one for the production of athletic socks.
  </font></li>
</ul>
<ul>
  <li><font SIZE="2"><i>Sewing</i>: We began production in three new sewing
  facilities located in Choloma, Honduras, Rivas, Nicaragua and Port-au-Prince,
  Haiti. </font></li>
</ul>
<ul>
  <li><font SIZE="2"><i>Distribution</i>: We completed a major expansion of our
  distribution centre in Eden, North Carolina. </font></li>
</ul>
<ul>
  <li>
  <p ALIGN="JUSTIFY"><font SIZE="2"><i>Stock Split</i>: Our Board of Directors
  approved a two-for-one stock split effected in the form of a stock dividend.
  The split was applicable to all shareholders of record on May 20, 2005. The
  Common Shares commenced trading on a post-split basis on May 18, 2005 on the
  Toronto Stock Exchange and on June 1, 2005 on the New York Stock Exchange.
  </font></li>
</ul>
<ul>
  <li>
  <p ALIGN="JUSTIFY"><font SIZE="2"><i>Share Structure</i>: At the annual and
  special meeting of the shareholders on February 2, 2005, our shareholders
  approved a special resolution to amend our Articles in order to change each of
  the issued and outstanding Class A Subordinate Voting shares into one
  newly-created Common Share and to remove the Class B Multiple Voting shares
  and the Class A Subordinate Voting shares, effectively eliminating our dual
  class voting structure. </li>
</ul>
<p align="center">4 </p>
<hr color="#000000" size="5"><p Style='page-break-before:always'></font><b>
<p style="margin-bottom: 0"><font size="2">3. </font></p>
<p style="margin-left: 30; margin-top: -11pt"><font size="2">DESCRIPTION OF THE
BUSINESS </font></p>
<p style="margin-bottom: 0"><font size="2">3.1 </font></p>
<p style="margin-left: 30; margin-top: -11pt"><font size="2">Business Overview
</p>
</font></b><font SIZE="2">
<p ALIGN="JUSTIFY">Gildan is a vertically-integrated marketer and manufacturer
of activewear, underwear and socks. The Corporation operates in one business
segment, being high-volume, basic, frequently replenished, non-fashion apparel.
We are the leading supplier of activewear for the wholesale imprinted sportswear
market in the U.S. and Canada, and also a leading supplier for this market in
Europe. As part of our growth strategy to sell our products into the mass-market
retail channel in North America, in 2006, we expanded our product-line to
include socks and underwear. We are now one of the leading suppliers of socks in
the U.S. mass-market retail channel. </p>
<p>Over the past several years, we have significantly increased our sales and
earnings. From fiscal 1993 through fiscal 2007, our sales have grown from $24.0
million to $964.4 million, representing a compounded annual growth rate of
30.2%. </p>
<b>
<p>Strategy and Objectives </p>
</b>
<p ALIGN="JUSTIFY">We believe that our success in developing our
vertically-integrated manufacturing hubs has allowed us to provide our customers
with low prices, consistent product quality and a reliable supply chain, and has
been the main reason that we have been able to continue to increase our market
presence and establish our market leadership in the imprinted sportswear market.
These are the same factors that management believes will support Gildan's
success in building a consumer brand in the retail channel. </p>
<p>We are able to price our products competitively because of our success in
reducing operating costs. We accomplish this by: </p>
</font>
<ul>
  <li><font SIZE="2">investing in modern, automated equipment and facilities;
  </font></li>
</ul>
<ul>
  <li><font SIZE="2">increasing our capacity through the development of
  integrated regional hubs in Central America and the Caribbean Basin, where we
  benefit from strategic locations and favourable international trade
  agreements; and </font></li>
</ul>
<ul>
  <li><font SIZE="2">focusing on producing a narrow range of basic, high-volume
  product-lines, which allows us to maximize production efficiencies. </li>
</ul>
<p>We intend to continue to expand capacity through the acquisition of modern,
automated equipment for all aspects of our manufacturing process to maximize
productivity and achieve high efficiency rates. </p>
<p>Our growth strategy comprises the following four initiatives: </p>
<i>
<p style="margin-bottom: 0">1.</i> </p>
<p style="margin-left: 30; margin-top: -11pt; margin-bottom: 0"><i>Continue to
increase market share in the U.S. wholesale imprinted sportswear market in all
product categories </p>
</i>
<p ALIGN="JUSTIFY">During fiscal 2007, we further increased our leading market
share position in the U.S. wholesale distributor network in the T-shirt and
sport shirts categories as reported in the S.T.A.R.S. report produced by
ACNielsen Market Decisions (the &quot;S.T.A.R.S. Report&quot;). In addition, we gained
significant market share in the fleece category, also reaching the leading
market share position in this category in fiscal 2007. We believe we will
continue to increase market share in this channel due to our competitive
strengths and the addition of low cost production capacity. </p>
<i>
<p style="margin-bottom: 0">2.</i> </p>
<p style="margin-left: 30; margin-top: -11pt"><i>Leverage our successful
business model to penetrate the mass-market retail channel and develop Gildan as
a consumer brand </p>
</i>
<p ALIGN="JUSTIFY">We plan to continue to sell the same basic undecorated
activewear apparel products into the retail channel, as well as our new
products, socks and underwear, which leverage our existing core competencies,
successful business model and competitive strengths. Our goal is to continue to
provide a value proposition, combining quality, service and competitive pricing.
We intend to follow the same pricing strategy as in the wholesale market, by
using our cost efficiencies to offer lower selling prices. Our main competitors
in the retail channel for basic family apparel products are essentially the same
as in the wholesale channel. </p>
<p>In fiscal 2006, we continued with our initial entry into the retail channel,
concentrating at that time on regional retailers that we were able to service
well with the production capacity that we had available. Our acquisition of
Kentucky Derby in July 2006 provided us with enhanced distribution to major U.S.
mass-market retailers. This allowed us to achieve our first national branded
program for men's and boys' socks with a U.S. national retailer, for which
shipments began in March 2007. In June 2007, we began shipments of a major
private label sock program to a second U.S. mass-market retailer. On October 15,
2007, we completed the acquisition of Prewett, a large U.S. supplier of basic
family socks to U.S. mass-market retailers. We expect that the acquisition of
Prewett will further strengthen Gildan's positioning as a full-product supplier
of socks, activewear and underwear for the retail channel. Furthermore, as we
ramp up our major capacity expansion projects in Central America, we are
increasingly better positioned to service large replenishment programs for major
mass-market customers. </p>
<p align="center">5</p>
</font><font FACE="Times New Roman PSMT" SIZE="2"><hr color="#000000" size="5"><p Style='page-break-before:always'>
</font><font SIZE="2"><i>
<p style="margin-bottom: 0">3.</i> </p>
<p style="margin-left: 30; margin-top: -11pt"><i>Pursue international growth
opportunities </p>
</i>
<p ALIGN="JUSTIFY">We expect to pursue further market penetration within our
existing wholesale markets in Europe, Mexico and Australia, in addition to
pursuing further international market expansion opportunities. During fiscal
2007, we achieved significant unit volume growth in Europe and other
international markets. We continue to see opportunities for growth in Europe as
additional production capacity comes on stream from the ramp up of our major
capacity expansion projects in Central America and as we expand our
product-lines for the European market. In Mexico, we continued to expand our
presence in the wholesale imprinted sportswear market and now service several
distributors. In fiscal 2007, we began to sell our products through a
distributor in Japan, which services the wholesale channel and is also selling
Gildan branded underwear and activewear products in the retail channel. In
addition, we established a distributor in China to position Gildan to service
both the imprinted and retail markets. </p>
<i>
<p style="margin-bottom: 0">4.</i> </p>
<p style="margin-left: 30; margin-top: -11pt"><i>Reinvest free cash flow to
pursue selective complementary acquisitions </p>
</i>
<p ALIGN="JUSTIFY">We will seek opportunities to reinvest our free cash flow in
organic capacity expansion and evaluate further selective acquisitions, which
could complement our organic strategic growth opportunities in the U.S. retail
market and in international markets. We will seek opportunities where we believe
we can lever our core competencies and which position us in markets that offer
the potential for superior economic returns. </p>
<p ALIGN="JUSTIFY">We are subject to a variety of business risks that may affect
our ability to maintain our current market share and profitability, as well as
our ability to achieve our long-term strategic objectives. These risks are
described in the &quot;Risks and Uncertainties&quot; section of our management's
discussion and analysis on pages 38 to 42 of the 2007 Annual Report. </p>
</font><b><font SIZE="2">
<p>Our Products<i> </p>
</i></font></b><font SIZE="2">
<p>We specialize in marketing and large-scale manufacturing of basic,
non-fashion apparel products for customers requiring an efficient supply chain
and consistent product quality for high-volume automatic replenishment programs.
</p>
<p ALIGN="JUSTIFY">We sell activewear, namely T-shirts, fleece and sport shirts,
in large quantities to wholesale distributors as undecorated &quot;blanks&quot;, which are
subsequently decorated by screenprinters with designs and logos. We sell our
products to wholesale distributors under the Gildan brand. Consumers ultimately
purchase the Corporation's products in venues such as sports, entertainment and
corporate events, and travel and tourism destinations. The Corporation's
products are also utilized for work uniforms and other end-uses to convey
individual, group and team identity. </p>
<p ALIGN="JUSTIFY">In the retail channel, we have complemented our activewear
product-line with a variety of styles of socks and men's and boys' underwear. We
sell these products to mass-market and regional retailers in North America under
the Gildan brand and under various retailer private label programs. </p>
<p>Activewear, which includes underwear, represented 86% of our sales in fiscal
2007 and 96% of our sales in fiscal 2006. Socks represented 14% of our sales in
fiscal 2007 and 4% of our sales in fiscal 2006.<b> </p>
</b>
<p ALIGN="JUSTIFY">For the first nine months of calendar 2007, we achieved the
leading overall market share in the U.S. wholesale distributor network of 47.8%.
In calendar 2006, our overall market share in this network was 42.9%. All U.S.
market share data is based on the S.T.A.R.S. Report. </p>
<p align="center">6</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><b>
<p align="justify">Market Overview </p>
</b>
<p ALIGN="JUSTIFY">Our target market for activewear, socks and underwear is
characterized by low fashion risk compared to many other apparel markets, since
our products are basic and produced in a limited range of sizes, colours and
styles, and since logos and designs for the screenprint market are not imprinted
or embroidered by Gildan. </p>
<p ALIGN="JUSTIFY">The apparel market for our products is highly competitive.
Competition is generally based upon price, with reliable quality and service
also being key requirements for success. Our primary competitors in North
America are the major U.S.-based manufacturers of basic family apparel for the
wholesale and retail channels, such as the Hanes, Fruit of the Loom and Jerzees
brands. The competition in the European wholesale imprinted activewear market is
similar to that in North America, as we compete primarily with the European
divisions of the larger U.S.-based manufacturers. In Europe, we also have large
competitors, which do not have integrated manufacturing operations and source
products from contractors in Asia. In addition, we face the threat of increasing
global competition. In particular, the U.S. sock industry is subject to global
competition, including significant imports from Asia. </p>
<p align="justify">We believe that growth for activewear products has been
driven by several market trends such as the following: </p>
<ul>
  <li>
  <p align="justify">continued use of activewear for event merchandising (such
  as concerts, festivals, etc.); </li>
</ul>
<ul>
  <li>
  <p align="justify">continued evolution of the entertainment/sports licensing
  and merchandising businesses; </li>
</ul>
<ul>
  <li>
  <p align="justify">the growing use of activewear for uniform applications;
  </li>
</ul>
<ul>
  <li>
  <p align="justify">the growing use of activewear for corporate promotions;
  </li>
</ul>
<ul>
  <li>
  <p align="justify">continued increase in use of activewear products for travel
  and tourism; </li>
</ul>
<ul>
  <li>
  <p align="justify">an increased emphasis on physical fitness; </li>
</ul>
<ul>
  <li>
  <p align="justify">and a greater use and acceptance of casual dress in the
  workplace. </li>
</ul>
<p ALIGN="JUSTIFY">In addition, reductions in manufacturing costs, combined with
quality enhancements in activewear apparel, such as preshrunk fabrics, improved
fabric weight, blends and construction, as well as an increased range of colours
and styles, have provided consumers with superior products at lower prices. </p>
<p ALIGN="JUSTIFY">We believe that providing a superior value proposition
predicated on reliable product quality and comfort, combined with efficient
customer service and competitive pricing, will continue to be key drivers of
success in both the wholesale and retail channels. </p>
<p ALIGN="JUSTIFY">Due to wholesaler and retailer consolidation, the customer
base to which we sell and are targeting to sell our products is composed of a
relatively small number of significant customers. This concentration is not
unusual in the mass-market retail channel. </p>
<p align="justify">The continued consolidation of the number of suppliers by
retailers looking for the convenience of a full-line supplier of a product
category for the entire family could create growth opportunities for our
products. </p>
<b>
<p align="justify">Marketing and Sales </p>
</b>
<p ALIGN="JUSTIFY">Our wholesale activewear marketing strategy concentrates
primarily on the wholesale distribution channel catering to screenprinters,
embroiderers and advertising specialty distributors. We also promote our
products through appearances at tradeshows and trade magazine advertising and
also engage in various forms of co-operative advertising with our major
customers, including print advertising, catalogues and mailings and product
sampling programs. Our competitive strategy in the retail channel is based on
delivering consistent, reliable product quality to our customers at competitive
prices. </p>
<p align="center">7</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><b>
<p>Customers </p>
</b>
<p ALIGN="JUSTIFY">In fiscal 2007, we sold our products in the United States,
Canada and Europe and other international markets, which accounted for 88.4%,
5.5% and 6.1% of total sales, respectively. For a breakdown of our total sales
by geographic market for each of the last three financial years, reference is
made to Note 20(b) (ii) to the audited annual consolidated financial statements
of the Corporation included in our 2007 Annual Report, which is incorporated
herein by reference. </p>
<p ALIGN="JUSTIFY">Our customer base is composed of a relatively small number of
significant customers. We currently sell our products to approximately 200<b>
</b>customers. In fiscal 2007, our largest customer accounted for 23.1% of total
sales, and our top ten customers accounted for 62.8% of total sales. </p>
<p ALIGN="JUSTIFY">The large majority of total sales in fiscal 2007 continued to
be made through our wholesale distributors. Although we have long-term ongoing
relationships with many of our wholesale distributor customers, our contracts
with our customers do not require them to purchase a minimum quantity of our
products. Instead, we ascertain their projected requirements and then plan our
production and marketing strategy accordingly. </p>
<b>
<p>Our Manufacturing and Distribution Facilities </p>
</b><i>
<p>Textile and Sock Manufacturing </p>
</i>
<p ALIGN="JUSTIFY">To support our sales in the various markets, we have built
and are continuing to build modern manufacturing facilities located in Central
America and the Caribbean Basin. Our largest manufacturing hub in Central
America includes our first integrated knitting, bleaching, dyeing, finishing and
cutting facility in Rio Nance, Honduras, which became operational in 2002. In
addition, during 2007, we commenced production at our new state-of-the-art
integrated sock manufacturing facility and at our new integrated textile
facility for the production of activewear, both in Rio Nance, Honduras. We
expect to ramp up our sock and activewear facilities to full capacity by the
third quarter of fiscal 2008. In August 2007, we announced plans for a second
sock facility to support our projected continuing growth in sales, which is
expected to be constructed and ramped up over twenty-four months. In addition,
we are also evaluating the timing and geographical location for future textile
capacity expansion to support our ongoing growth initiatives in the U.S.
mass-market retail and international markets. </p>
<p ALIGN="JUSTIFY">We also have established a vertically-integrated Caribbean
Basin manufacturing hub with a textile facility for the production of activewear
in Bella Vista, Dominican Republic, which began commercial operations in fiscal
2005 and is currently running at a comparable scale of production to our mature
textile facility in Honduras. </p>
<p>Our land and infrastructure in Central America and the Caribbean Basin can
accommodate further capacity expansion on the same sites. </p>
<p ALIGN="JUSTIFY">During the fourth quarter of fiscal 2007, we closed our
remaining textile facilities in Montreal, Qu&#233;bec, and our cutting facility in
Bombay, New York. In addition, we closed our two sewing facilities in Mexico in
March 2007, which had been supplied with fabric from our Canadian textile
operations. As a result, all of our manufacturing for T-shirts, fleece, sport
shirts and underwear has been consolidated into our vertically-integrated
manufacturing hubs in Central America and the Caribbean Basin, where we have
invested and continue to invest in major capacity expansion projects, as
described above. </p>
<p ALIGN="JUSTIFY">With the acquisition of Kentucky Derby in fiscal 2006, we now
operate a sock manufacturing facility in Hillsville, Virginia. Following the
Prewett acquisition in October 2007, we also operate sock manufacturing
facilities in Alabama and a sock finishing facility in Honduras. </p>
<i>
<p>Yarn-Spinning </p>
</i>
<p ALIGN="JUSTIFY">We currently conduct yarn-spinning operations at facilities
located in Cedartown, Georgia and Clarkton, North Carolina through CanAm, our
50%/50%-owned joint venture with Frontier. These yarn-spinning facilities supply
our textile manufacturing facilities with 100% cotton U.S. origin yarn. </p>
<i>
<p>Sewing </p>
</i>
<p ALIGN="JUSTIFY">We conduct our sewing operations primarily through four owned
facilities in Honduras, one owned facility in Haiti and two owned facilities in
Nicaragua. In addition to these seven sewing facilities, we supplement our
production by using third-party contractors, primarily in Haiti. </p>
<p align="center">8</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><i>
<p>Distribution </p>
</i>
<p ALIGN="JUSTIFY">We distribute our products to wholesale customers in the
United States from a company-owned distribution centre in Eden, North Carolina
as well as from a distribution centre operated by a third party in California.
The third-party warehouse in California was added in fiscal 2004 for the purpose
of providing next day service to customers on the U.S. west coast. </p>
<p ALIGN="JUSTIFY">In fiscal 2007, we completed the consolidation of Kentucky
Derby's distribution facilities into a new retail distribution centre located in
Martinsville, Virginia. This distribution centre is dedicated to supporting our
retail distribution for all of our product-lines. Our existing distribution
centre in Eden, North Carolina continues to be fully dedicated to supporting the
requirements of our customers in the wholesale distribution channel. </p>
<p ALIGN="JUSTIFY">Our Canadian wholesale and retail customers are serviced from
a third-party distribution centre located in Mississauga, Ontario. Customers in
Europe are serviced from distribution centres operated by third parties in Meer,
Belgium and Manchester, United Kingdom and, since the fourth quarter of fiscal
2006, from our distribution centre in Choloma, Honduras. Customers in Australia
and New Zealand are serviced with full container shipments from our Eden, North
Carolina distribution centre. Our Mexican customers are serviced from a
third-party distribution centre located in Tultitlan, Mexico and, in the fourth
quarter of fiscal 2007, a new third-party distribution centre was opened in
Shenzhen, China to support sales in China and Asia Pacific.</font><b><font SIZE="2">
</p>
<p>Raw Materials </p>
</font></b><font SIZE="2">
<p ALIGN="JUSTIFY">Cotton and polyester fibres are the main raw materials used
in the manufacturing of our products. Cotton is used in the manufacturing of
100% cotton yarn while polyester is added in the manufacturing of
cotton-polyester blend yarn. Polyester pricing is negotiated on an annual basis,
while cotton fibre pricing is fixed under futures contracts as deemed
appropriate by management. </p>
<p ALIGN="JUSTIFY">During fiscal 2007, all of our yarn requirements for the
production of our product-lines were met by our long-term supply agreements with
third-party suppliers, as well as by our jointly owned CanAm yarn-spinning
facilities in Cedartown, Georgia and Clarkton, North Carolina. We expect that
our yarn requirements will continue to be met by these sources. </p>
<p>We also purchase chemicals, dyestuffs and trims through a variety of
suppliers. These products have historically been available in sufficient supply.
</p>
<b>
<p>Quality Control </p>
</b>
<p ALIGN="JUSTIFY">Our quality control team has adopted strict standards and
procedures to ensure the quality of our products. This team enforces
plant-specific quality control standards at the facilities we own and monitors
quality control at the facilities run by third-party contractors. As a result of
our quality control team's efforts, we have not experienced any significant
quality claims from our customers or end users. </p>
<b>
<p>Management Information Systems </p>
</b>
<p ALIGN="JUSTIFY">Our Enterprise Resource Planning (&quot;ERP&quot;) system supports all
of our operations in the areas of finance, manufacturing and customer service.
This system is centralized and is accessed from all of our locations through
secure networks. Our ERP system is linked to servers supporting both local
processes and specialized applications, including payroll and distribution. We
continue to leverage our existing ERP system by adding new functionality in the
areas of Supply Chain Planning, Demand Forecasting and Business Intelligence.
Due to our increasing dependence on the availability of our computer systems to
support our operations, we plan to continue, in fiscal 2008, to implement
initiatives to enhance our information technology (&quot;IT&quot;) processes and
infrastructure based on the Information Technology Infrastructure Library, a
framework of best practices approaches intended to facilitate the delivery of
high quality IT services. </font></p>
<font SIZE="2"><b>
<p>Seasonality </p>
</b>
<p ALIGN="JUSTIFY">The activewear business is seasonal. Typically, demand for
T-shirts is highest in the third quarter of each fiscal year, when distributors
purchase inventory for the peak summer selling season, and lowest in the first
quarter of each fiscal year. Demand for fleece is typically highest, as a result
of cooler weather, in the third and fourth quarters of each fiscal year. Demand
for our sock products is typically highest in the first and fourth quarters of
each fiscal year, stimulated largely by the cooler weather, the need to support
requirements for the back-to-school period and the peak retail selling during
the Christmas holiday season. </p>
<p align="center">9</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><b>
<p>Trade and Regulatory Environment </p>
</b>
<p ALIGN="JUSTIFY">Although the textile and apparel industry worldwide has
historically been the subject of significant protection, in recent years, trade
liberalization, through the enactment of free trade agreements and trade
preference programs, has diminished this protection. For instance, Chinese
originating textiles and apparel products are expected to be granted
unrestricted access to the U.S. market as of January 1, 2009. Our increasingly
globalized production and sourcing as well as our increased global market
coverage has allowed us to leverage the benefits of the international regulatory
climate by shifting our manufacturing capabilities to strategic locations. </p>
<i>
<p>United States</p>
</i>
<p ALIGN="JUSTIFY">There exist a number of regional trade agreements and
programs, such as the North American Free Trade Agreement (&quot;NAFTA&quot;), the
Caribbean Basin Trade Partnership Act (&quot;CBTPA&quot;), the Dominican Republic-Central
America-United States Free Trade Agreement (&quot;CAFTA-DR&quot;) and the Haitian
Hemispheric Opportunity through Partnership Encouragement Act (&quot;HOPE&quot;) which
allow qualifying textiles and apparel from participating countries duty-free
access to developed countries' markets. Two of the newest programs, CAFTA-DR and
HOPE, were adopted to strengthen and develop economic relations among countries
which are party to the agreement. In addition, the above-mentioned international
trade legislation contains provisions that may apply tariffs, quotas and/or
safeguards, as necessary. Specifically, CAFTA-DR provides for the application of
safeguards in the form of reinstatement of normal duties if increased imports
cause or threaten to cause substantial injury to a domestic industry. The United
States is considering such a safeguard against socks imported from Honduras,
which, if enacted, could affect our imports of socks from our integrated
Honduran sock facility. Under the current legislation, a safeguard under CAFTA-DR
may be imposed for a period of up to three years and not extending beyond March
31, 2011. While we believe that there is no basis to support a conclusion that
sock imports from Honduras have caused or threatened to cause serious damage to
the U.S. domestic sock industry, there can be no assurance that the United
States will not make such a determination nor can there be any assurances that
safeguards under CAFTA-DR or other developments in trade legislation would not
adversely impact our business. </p>
<i>
<p>Canada</p>
</i>
<p ALIGN="JUSTIFY">Textile and apparel imports into Canada benefit from both
free trade agreements and trade preference programs, such as NAFTA and the
Canada's Least Developed Countries (&quot;LDC&quot;) initiative, which provides trade
benefits to 48 least developed countries. As such, apparel products originating
from Mexico and LDC member countries are eligible for import into Canada
duty-free and quota-free should the rules of origin provided in such trade
agreements and trade preference programs be met. </p>
<i>
<p>Mexico</p>
</i>
<p ALIGN="JUSTIFY">Imports into the Mexican market may qualify for trade
preferences from various free trade agreements such as NAFTA, the
Mexico-Nicaragua Free Trade Agreement, and the Mexico-Northern Triangle Regional
Trade Agreement which includes El Salvador, Guatemala and Honduras as member
countries. </p>
<i>
<p>European Union</p>
</i>
<p ALIGN="JUSTIFY">In addition to free trade arrangements among the individual
countries within the European Union, the European Union also has preferential
trade agreements with other European countries and with countries outside of
Europe, such as the free trade agreement between the European Union and Mexico.
Furthermore, the European Union also enacted a Generalized System of Preferences
and an Africa-Caribbean-Pacific program that allow duty-free and quota-free
entry into the European Union of qualifying articles, including apparel, from
developing countries and least developed countries such as Honduras, Nicaragua
and Haiti. </p>
<p>A safeguard agreement limiting imports of Chinese textile and apparel into
the European Union will expire at the end of 2007. </p>
<p align="center">10</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><i>
<p>Australia</p>
</i>
<p ALIGN="JUSTIFY">Australia has a free trade agreement with the United States.
Additionally, Australia has adopted legislation similar to the legislation in
force in Canada to allow duty-free and quota-free entry of textiles and apparel
articles from least developed countries, subject to meeting Australia's specific
set of rules of origin. </p>
<b>
<p>Intellectual Property </p>
</b>
<p ALIGN="JUSTIFY">We own several registered trademarks including, among others,
&quot;Gildan&quot; in Canada and the United States, the Gildan &quot;logo&quot; in Canada, and &quot;Gildan
Activewear&quot; in Canada, the United States and many countries in Europe, Central
America, South America and Asia, as well as in Australia. Applications for the
registration of a number of other trademarks, including &quot;Gildan Activewear&quot; and
&quot;Gildan&quot;, are pending in several countries. We have and intend to continue to
maintain our trademarks and the relevant registrations, and will actively pursue
the registration of trademarks in Canada, the United States and abroad. </p>
<b>
<p>Environmental Regulation</b> </p>
<p ALIGN="JUSTIFY">All of our operations are subject to various environmental
and occupational health and safety laws and regulations. Because we monitor,
control and manage environmental issues, we believe that we are in compliance in
all material respects with the regulatory requirements of those jurisdictions in
which our facilities are located. In line with our commitment to the environment
as well as to the health and safety of our employees, we will continue to make
expenditures to comply with these requirements, and we do not believe that
compliance will have a material adverse effect on our business. As is the case
with manufacturers in general, if a release of hazardous substances occurs on or
from our properties or any associated offsite disposal locations, or if
contamination from prior activities is discovered at any of our properties, we
may be held liable. While the amount of such liability could be material, we
endeavour to conduct our operations in a manner that reduces such risks.</font><b><font SIZE="2">
</p>
<p>Labour Practices </p>
</font></b><font SIZE="2">
<p ALIGN="JUSTIFY">We offer positive and beneficial working conditions for all
employees. We have implemented various mechanisms to monitor compliance with
local labour laws, as well as with internationally recognized labour standards.
In addition to having our own Code of Conduct, which is available on our website
at www.gildan.com, we have obtained WRAP (Worldwide Responsible Apparel
Production) certification for most of our company-owned sewing facilities in
Honduras and for our two sewing facilities in Nicaragua. We also actively
encourage and are in the process of contractually obligating all of our
third-party contractors to follow prescribed employment policies as well as our
Code of Conduct. By the end of fiscal 2007, 90% of our third-party sewing
contractors have contractually undertaken to abide by our social compliance
standards and 66% have obtained WRAP certification. </font>
<font FACE="Times New Roman PS" SIZE="2"><b></p>
</b></font><font SIZE="2">
<p ALIGN="JUSTIFY">In November 2003, we joined the FLA as a &quot;Participating
Company&quot;. The FLA is internationally recognized and respected as a non-profit
organization whose goal is to promote adherence to international labour
standards and to improve working conditions for employees worldwide. In June
2007, the FLA accorded accreditation status to our labour compliance program.
</p>
<p ALIGN="JUSTIFY">Until 2007, the majority of our social compliance monitoring
was performed by external third-party auditors. With the appointment of an
internationally respected Director of Social Compliance in 2006 and of two
internal auditors in 2007, we have successfully begun internal monitoring audits
that complement the external independent audits. </p>
<b>
<p style="margin-bottom: 0">3.2 </p>
<p style="margin-left: 30; margin-top: -11pt">Risk Factors </p>
</b>
<p>Please see the &quot;Risks and Uncertainties&quot; section of our management's
discussion and analysis on pages 38 to 42 of the 2007 Annual Report. </p>
<b>
<p style="margin-bottom: 0">3.3 </p>
<p style="margin-left: 30; margin-top: -11pt">Employees </p>
</b>
<p ALIGN="JUSTIFY">As at October 1, 2007, we employed 15,372 full-time employees
worldwide. We consider our relations with our employees to be very good and, as
of the date hereof, we have not experienced any work stoppages that have had a
material impact on our operations. </p>
</font><font FACE="Times New Roman PSMT" SIZE="2">
<p align="center">11</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'></font><b>
<p style="margin-bottom: 0"><font size="2">4.</font></b><font size="2"> </font>
</p>
<p style="margin-left: 30; margin-top: -11pt"><b><font size="2">DIVIDEND POLICY
</font></p>
</b><font SIZE="2">
<p ALIGN="JUSTIFY">We do not currently, and have not in the past three years,
paid dividends because we have chosen to retain all of our earnings to maximize
our financing capacity to develop and expand our business. The Board of
Directors periodically reviews the Corporation's policy towards paying
dividends. Although our revolving term credit facility requires compliance with
lending covenants in order to pay dividends, these covenants are not currently,
and are not expected to be, a constraint to the future payment of dividends. </p>
</font><b>
<p style="margin-bottom: 0"><font size="2">5. </font></p>
<p style="margin-left: 30; margin-top: -11pt"><font size="2">CAPITAL STRUCTURE
</font></p>
<p><font size="2">First Preferred Shares </p>
</font></b><font SIZE="2"><i>
<p>Issuance in Series </p>
</i>
<p ALIGN="JUSTIFY">The First Preferred shares are issuable in series and the
Board of Directors has the right, from time to time, to fix the number of, and
to determine the designation, rights, privileges, restrictions and conditions
attaching to, the First Preferred shares of each series subject to the
limitations, if any, set out in the Articles of the Corporation. </p>
<i>
<p>Rank </p>
</i>
<p ALIGN="JUSTIFY">The First Preferred shares rank senior to the Second
Preferred shares and the Common Shares with respect to the payment of dividends,
return of capital and the distribution of assets in the event of the
liquidation, dissolution or winding-up of Gildan. The First Preferred shares in
each series rank equally with the First Preferred shares of any other series.
</p>
<i>
<p>Voting Rights </p>
</i>
<p ALIGN="JUSTIFY">Unless the Articles otherwise provide with respect to any
series of the First Preferred shares, the holders of the First Preferred shares
are not entitled to receive any notice of or attend any meeting of the
shareholders of Gildan and are not entitled to vote at any such meeting. </p>
<b>
<p>Second Preferred Shares </p>
</b><i>
<p>Issuance in Series </p>
</i>
<p ALIGN="JUSTIFY">The Second Preferred shares are issuable in series and the
Board of Directors has the right, from time to time, to fix the number of, and
to determine the designation, rights, privileges, restrictions and conditions
attaching to, the Second Preferred shares of each series subject to the
limitations, if any, set out in the Articles of the Corporation. </p>
<i>
<p>Rank </p>
</i>
<p ALIGN="JUSTIFY">The Second Preferred shares are subject and subordinate to
the rights, privileges, restrictions and conditions attaching to the First
Preferred shares. The Second Preferred shares rank senior to the Common Shares
with respect to payment of dividends, return of capital and distribution of
assets in the event of the liquidation, dissolution or winding-up of Gildan. The
Second Preferred shares in each series rank equally with the Second Preferred
shares of any other series. </p>
<i>
<p>Voting Rights </p>
</i>
<p ALIGN="JUSTIFY">Unless the Articles otherwise provide with respect to any
series of the Second Preferred shares, the holders of the Second Preferred
shares are not entitled to receive any notice of or attend any meeting of the
shareholders of Gildan and are not entitled to vote at any such meeting. </p>
<b>
<p>Common Shares </p>
</b>
<p ALIGN="JUSTIFY">Following the conversion of all of the Corporation's Class B
Multiple Voting shares into Class A Subordinate Voting shares, the Corporation's
shareholders approved a special resolution on February 2, 2005 to amend the
Corporation's Articles in order to change each of the issued and outstanding
Class A Subordinate Voting shares into one newly-created Common Share and to
remove the Class B Multiple Voting shares and the Class A Subordinate Voting
shares.</font><b><font SIZE="2"> </p>
</font></b><font SIZE="2">
<p align="center">12</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<p ALIGN="JUSTIFY">The Common Shares are subject and subordinate to the rights,
privileges, restrictions and conditions attaching to the First Preferred shares
and the Second Preferred shares. Each holder of Common Shares shall have the
right to receive any dividend declared by the Corporation and the right to
receive the remaining property and assets of the Corporation on dissolution. </p>
<p ALIGN="JUSTIFY">Each holder of Common Shares is entitled to receive notice of
and to attend all meetings of shareholders of the Corporation, except meetings
of which only holders of another particular class or series shall have the right
to vote. Each Common Share entitles the holder thereof to one (1) vote. </p>
</font><b>
<p style="margin-bottom: 0"><font size="2">6.</font></b><font size="2"> </font>
</p>
<p style="margin-left: 30; margin-top: -11pt"><b><font size="2">MARKET FOR
SECURITIES </font></p>
</b><font SIZE="2">
<p ALIGN="JUSTIFY">The Common Shares are listed on the New York Stock Exchange
(the &quot;NYSE&quot;) and the Toronto Stock Exchange (the &quot;TSX&quot;) under the symbol &quot;GIL&quot;.
The Class A Subordinate Voting shares (now the Common Shares), which were issued
at an offering price of $0.88 (Cdn$1.29), began trading on the TSX, the Montreal
Exchange (the &quot;ME&quot;) and the American Stock Exchange (&quot;AMEX&quot;) on June 17, 1998.
Prior to that date, there was no public market for the Class A Subordinate
Voting shares. We delisted such shares from AMEX on August 31, 1999. On
September 1, 1999, the Class A Subordinate Voting shares (now the Common Shares)
commenced trading on the NYSE. As a result of a restructuring of Canada's stock
exchanges, which took effect on December 7, 1999, we are no longer listed on the
ME. </p>
<p>The table below shows the monthly price range per share and the trading
volume of the Common Shares for the fiscal year ended September 30, 2007 on the
TSX (in Cdn$) and on the NYSE (in US$). </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111" height="257">
  <tr>
    <td WIDTH="104%" colspan="8" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#E6E6E6">
    <b>
    <font size="2">COMMON SHARES</font></b></td>
  </tr>
  <tr>
    <td WIDTH="52%" colspan="4" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#E6E6E6">
    <b>
    <font size="2">Toronto Stock Exchange (TSX)</font></b></td>
    <td WIDTH="52%" colspan="4" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="16" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">New York Stock Exchange (NYSE)</font></b></td>
  </tr>
  <tr>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="33" bgcolor="#E6E6E6">
    <b>
    <font size="2">Month </font></b></td>
    <td WIDTH="12%" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="32" bgcolor="#E6E6E6">
    <b>
    <font size="2">High</font></b></td>
    <td WIDTH="12%" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="32" bgcolor="#E6E6E6">
    <b>
    <font size="2">Low</font></b></td>
    <td WIDTH="12%" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="32" bgcolor="#E6E6E6">
    <b>
    <font size="2">Trading Volume</font></b></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="33" bgcolor="#E6E6E6">
    <b>
    <font size="2">Month </font></b></td>
    <td WIDTH="13%" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="32" bgcolor="#E6E6E6">
    <b>
    <font size="2">High</font></b></td>
    <td WIDTH="13%" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="32" bgcolor="#E6E6E6">
    <b>
    <font size="2">Low</font></b></td>
    <td WIDTH="13%" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="32" bgcolor="#E6E6E6">
    <b>
    <font size="2">Trading Volume</font></b></td>
  </tr>
  <tr>
    <td WIDTH="12%" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">
    <p style="margin-left: 4">October 2006</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">30.00</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">26.75</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">6,905,600</font></td>
    <td WIDTH="13%" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">
    <p style="margin-left: 4">October 2006</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">26.35</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">23.88</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">6,003,400</font></td>
  </tr>
  <tr>
    <td WIDTH="12%" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-left: 4">November 2006</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">31.87</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">27.65</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">6,557,800</font></td>
    <td WIDTH="13%" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-left: 4">November 2006</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">27.90</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">24.45</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">5,075,200</font></td>
  </tr>
  <tr>
    <td WIDTH="12%" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">
    <p style="margin-left: 4">December 2006</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">31.50</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">26.75</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">9,576,400</font></td>
    <td WIDTH="13%" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">
    <p style="margin-left: 4">December 2006</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">27.58</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">23.23</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">6,480,400</font></td>
  </tr>
  <tr>
    <td WIDTH="12%" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-left: 4">January 2007</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">30.98</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">27.00</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">9,213,200</font></td>
    <td WIDTH="13%" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-left: 4">January 2007</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">26.38</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">23.11</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">9,420,200</font></td>
  </tr>
  <tr>
    <td WIDTH="12%" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">
    <p style="margin-left: 4">February 2007</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">31.56</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">28.97</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">5,723,600</font></td>
    <td WIDTH="13%" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">
    <p style="margin-left: 4">February 2007</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">27.00</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">24.60</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">6,981,000</font></td>
  </tr>
  <tr>
    <td WIDTH="12%" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-left: 4">March 2007</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">35.42</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">29.33</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">7,902,200</font></td>
    <td WIDTH="13%" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-left: 4">March 2007</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">30.39</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">24.94</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">8,897,800</font></td>
  </tr>
  <tr>
    <td WIDTH="12%" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">
    <p style="margin-left: 4">April 2007</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">37.07</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">33.83</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">7,272,200</font></td>
    <td WIDTH="13%" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">
    <p style="margin-left: 4">April 2007</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">32.82</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">29.29</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">8,967,600</font></td>
  </tr>
  <tr>
    <td WIDTH="12%" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-left: 4">May 2007</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">39.91</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">33.40</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">9,701,300</font></td>
    <td WIDTH="13%" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-left: 4">May 2007</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">36.59</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">30.22</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">13,287,300</font></td>
  </tr>
  <tr>
    <td WIDTH="12%" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">
    <p style="margin-left: 4">June 2007</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">40.43</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">35.67</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">4,596,100</font></td>
    <td WIDTH="13%" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">
    <p style="margin-left: 4">June 2007</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">37.68</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">33.59</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">5,982,700</font></td>
  </tr>
  <tr>
    <td WIDTH="12%" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-left: 4">July 2007</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">37.85</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">34.26</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">6,070,300</font></td>
    <td WIDTH="13%" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-left: 4">July 2007</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">36.01</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">32.52</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">7,115,600</font></td>
  </tr>
  <tr>
    <td WIDTH="12%" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">
    <p style="margin-left: 4">August 2007</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">38.21</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">31.44</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">7,035,900</font></td>
    <td WIDTH="13%" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">
    <p style="margin-left: 4">August 2007</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">36.21</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">29.32</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#FFFFFF">
    <font SIZE="2">11,978,600</font></td>
  </tr>
  <tr>
    <td WIDTH="12%" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-left: 4">September 2007</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">39.76</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">32.05</font></td>
    <td WIDTH="12%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">7,551,600</font></td>
    <td WIDTH="13%" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-left: 4">September 2007</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">39.99</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">31.10</font></td>
    <td WIDTH="13%" align="center" style="border-style: solid; border-width: 1" height="17" bgcolor="#ECF7FB">
    <font SIZE="2">7,860,400</font></td>
  </tr>
</table>
<font FACE="Times New Roman PSMT" SIZE="2">
<p align="center">13</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'></font><b>
<p style="margin-bottom: 0"><font size="2">7.</font></b><font size="2"> </font>
</p>
<p style="margin-left: 30; margin-top: -11pt"><b><font size="2">DIRECTORS AND
OFFICERS </font></p>
</b><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">Listed below is certain information about the current
directors of Gildan. The directors have served in their respective capacities
since their election and/or appointment and will continue to serve until the
next annual meeting of shareholders or until a successor is duly elected. </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="33%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <p style="margin-left: 4"><b><sup>Name and Municipality of Residence </sup>
    </b>
    </td>
    <td WIDTH="33%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <p style="margin-left: 4"><b><font size="2">Principal Occupation</font></b></td>
    <td WIDTH="34%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <p style="margin-left: 4"><b><font size="2">Director Since</font></b></td>
  </tr>
  <tr>
    <td WIDTH="33%" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="33%" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="34%" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%"><font SIZE="2">
    <p style="margin-left: 4">Robert M. Baylis <sup>(2)(3)(4)</sup></font></td>
    <td WIDTH="33%">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="34%">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">Darien, Connecticut, United States</font></td>
    <td WIDTH="33%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">Corporate Director</font></td>
    <td WIDTH="34%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">February 1999</font></td>
  </tr>
  <tr>
    <td WIDTH="33%">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="33%">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="34%">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">Glenn J. Chamandy</font></td>
    <td WIDTH="33%" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="34%" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%"><font SIZE="2">
    <p style="margin-left: 4">Westmount, Qu&#233;bec, Canada</font></td>
    <td WIDTH="33%"><font SIZE="2">
    <p style="margin-left: 4">President and Chief Executive Officer of the
    Corporation</font></td>
    <td WIDTH="34%"><font SIZE="2">
    <p style="margin-left: 4">May 1984</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="33%" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="34%" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%"><font SIZE="2">
    <p style="margin-left: 4">William D. Anderson<sup>(1)(3)</sup></font></td>
    <td WIDTH="33%">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="34%">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">Toronto, Ontario, Canada</font></td>
    <td WIDTH="33%" bgcolor="#ECF7FB">
    <p style="margin-left: 4"><font SIZE="2">Corporate Director</font></td>
    <td WIDTH="34%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">June 2006</font></td>
  </tr>
  <tr>
    <td WIDTH="33%">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="33%">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="34%">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">Sheila O'Brien (2)(3)</font></td>
    <td WIDTH="33%" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="34%" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%"><font SIZE="2">
    <p style="margin-left: 4">Calgary, Alberta, Canada</font></td>
    <td WIDTH="33%"><font SIZE="2">
    <p style="margin-left: 4">Corporate Director and Business Advisor</font></td>
    <td WIDTH="34%"><font SIZE="2">
    <p style="margin-left: 4">June 2005</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="33%" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="34%" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%"><font SIZE="2">
    <p style="margin-left: 4">Pierre Robitaille<sup>(1)(2)</sup></font></td>
    <td WIDTH="33%">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="34%">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">St-Lambert, Qu&#233;bec, Canada</font></td>
    <td WIDTH="33%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">Business Advisor and Corporate Director</font></td>
    <td WIDTH="34%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">February 2003</font></td>
  </tr>
  <tr>
    <td WIDTH="33%">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="33%">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="34%">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">Richard P. Strubel <sup>(1)(3)</sup></font></td>
    <td WIDTH="33%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">Corporate Director</font></td>
    <td WIDTH="34%" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%"><font SIZE="2">
    <p style="margin-left: 4">Chicago, Illinois, United States</font></td>
    <td WIDTH="33%">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="34%"><font SIZE="2">
    <p style="margin-left: 4">February 1999</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="33%" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="34%" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%"><font SIZE="2">
    <p style="margin-left: 4">Gonzalo F. Valdes-Fauli<sup>(1)(2)</sup></font></td>
    <td WIDTH="33%"><font SIZE="2">
    <p style="margin-left: 4">Chairman of BroadSpan Capital LLC (investment
    banking</font></td>
    <td WIDTH="34%">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">Key Biscayne, Florida, United States</font></td>
    <td WIDTH="33%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">firm)</font></td>
    <td WIDTH="34%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">October 2004</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="33%">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="34%">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">
    <p style="margin-left: 4">(1) Member of the Audit and Finance Committee.</font></td>
    <td WIDTH="33%">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="34%">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%"><font SIZE="2">
    <p style="margin-left: 4">(2) Member of the Corporate Governance Committee.</font></td>
    <td WIDTH="33%">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="34%">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="67%" COLSPAN="2"><font SIZE="2">
    <p style="margin-left: 4">(3) Member of the Human Resources and Compensation
    Committee.</font></td>
    <td WIDTH="34%">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%"><font SIZE="2">
    <p style="margin-left: 4">(4) Chairman of the Board.</font></td>
    <td WIDTH="33%">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="34%">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
</table>
<font FACE="Times New Roman PSMT" SIZE="2">
<p>Listed below is certain information about the current executive officers of
Gildan. </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="26%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <p style="margin-left: 4"><b><sup>Name and Municipality of Residence</sup></b></td>
    <td WIDTH="74%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <p style="margin-left: 4"><b><font size="2">Position Held Within the
    Corporation and Principal Occupation</font></b></td>
  </tr>
  <tr>
    <td WIDTH="26%" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="74%" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="26%"><font SIZE="2">
    <p style="margin-left: 4">Glenn J. Chamandy <sup>(1) (2)</sup></font></td>
    <td WIDTH="74%">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="26%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">Westmount, Qu&#233;bec, Canada</font></td>
    <td WIDTH="74%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">President, Chief Executive Officer and Director</font></td>
  </tr>
  <tr>
    <td WIDTH="26%">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="74%">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="26%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">Laurence G. Sellyn <sup>(1) (2)</sup></font></td>
    <td WIDTH="74%" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="26%"><font SIZE="2">
    <p style="margin-left: 4">Beaconsfield, Qu&#233;bec, Canada</font></td>
    <td WIDTH="74%"><font SIZE="2">
    <p style="margin-left: 4">Executive Vice-President, Chief Financial and
    Administrative Officer</font></td>
  </tr>
  <tr>
    <td WIDTH="26%" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="74%" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="26%"><font SIZE="2">
    <p style="margin-left: 4">Michael R. Hoffman <sup>(1)</sup></font></td>
    <td WIDTH="74%">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="26%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">St. James, Barbados</font></td>
    <td WIDTH="74%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">President, Gildan Activewear SRL</font></td>
  </tr>
  <tr>
    <td WIDTH="26%">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="74%">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="26%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">Georges Sam Yu Sum <sup>(1) (2)</sup></font></td>
    <td WIDTH="74%" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="26%"><font SIZE="2">
    <p style="margin-left: 4">Hampstead, Qu&#233;bec, Canada</font></td>
    <td WIDTH="74%"><font SIZE="2">
    <p style="margin-left: 4">Executive Vice-President, Operations</font></td>
  </tr>
  <tr>
    <td WIDTH="26%" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="74%" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="26%"><font SIZE="2">
    <p style="margin-left: 4">Benito Masi <sup>(1) (2)</sup></font></td>
    <td WIDTH="74%">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="26%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">Laval, Qu&#233;bec, Canada</font></td>
    <td WIDTH="74%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">Executive Vice-President, Manufacturing</font></td>
  </tr>
  <tr>
    <td WIDTH="26%">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="74%">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="26%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">Cam Gentile <sup>(1) (2)</sup></font></td>
    <td WIDTH="74%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">Executive Vice-President, Organizational
    Development and Change</font></td>
  </tr>
  <tr>
    <td WIDTH="26%"><font SIZE="2">
    <p style="margin-left: 4">Hudson, Qu&#233;bec, Canada</font></td>
    <td WIDTH="74%"><font SIZE="2">
    <p style="margin-left: 4">Management</font></td>
  </tr>
  <tr>
    <td WIDTH="26%" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="74%" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="26%"><font SIZE="2">
    <p style="margin-left: 4">Claude Guay <sup>(1) (2)</sup></font></td>
    <td WIDTH="74%">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="26%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">Westmount, Qu&#233;bec, Canada</font></td>
    <td WIDTH="74%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">Executive Vice-President, Chief Information
    Officer</font></td>
  </tr>
  <tr>
    <td WIDTH="26%">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="74%">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="26%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 4">Eric R. Lehman<sup>(1) (2)</sup></font></td>
    <td WIDTH="74%" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="26%"><font SIZE="2">
    <p style="margin-left: 4">Montreal, Qu&#233;bec, Canada</font></td>
    <td WIDTH="74%"><font SIZE="2">
    <p style="margin-left: 4">Executive Vice-President, Supply Chain</font></td>
  </tr>
  <tr>
    <td WIDTH="26%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
    <td WIDTH="74%" bgcolor="#ECF7FB">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="26%" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">
    <p style="margin-left: 4">(1) Executive Management Committee.</font></td>
    <td WIDTH="74%">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="26%"><font SIZE="2">
    <p style="margin-left: 4">(2) Officer of the Corporation.</font></td>
    <td WIDTH="74%">
    <p style="margin-left: 4">&nbsp;</td>
  </tr>
</table>
<font FACE="Times New Roman PSMT" SIZE="2">
<p align="center">14 </p>
<hr color="#000000" size="5"><p Style='page-break-before:always'></font><font SIZE="2"><i>
<p ALIGN="JUSTIFY">Glenn J. Chamandy </i>is one of the founders of the
Corporation and has devoted his business career to leading the development of
Gildan into an industry leader. Prior to February 2004, Mr. Chamandy held the
position of President and Chief Operating Officer. He was then named President
and Co-Chief Executive Officer and, in August 2004, he was appointed to the
position of President and Chief Executive Officer. </font><i></p>
<font SIZE="2">
<p ALIGN="JUSTIFY">Robert M. Baylis</font></i><font SIZE="2">, Chairman of the
Board of the Corporation, serves as a director of several large corporations,
including the New York Life Insurance Company (life insurance provider), Host
Hotels &amp; Resorts Inc<i>. </i>(luxury hotels and resorts) and PartnerRe Ltd.
(multi-line reinsurance provider). He is also a trustee of the Rubin Museum of
Art in New York City, a trustee of the Woods Hole Oceanographic Institution, an
overseer of the University of Pennsylvania Museum, and a member of the Advisory
Council of the Economics Department of Princeton University. He was formerly a
director of Gryphon Holdings, Inc. (insurance company) and of the Wharton
International Forum, an executive education program. Mr. Baylis retired from
Credit Suisse First Boston as Vice-Chairman in 1996, after thirty-three years
with this investment banking firm and its associated corporations, including a
term as the Chairman and Chief Executive Officer of Credit Suisse First Boston
(Pacific). Mr. Baylis was educated at Princeton University and Harvard Business
School and is a chartered financial analyst.</font><i><font SIZE="2"> </p>
<p ALIGN="JUSTIFY">William D. Anderson</font></i><font SIZE="2"> has had a
career as a business leader in Canada spanning over thirty years. Mr. Anderson
joined the Bell Canada organization in 1992, where from 1998 to 2001 he served
as Chief Financial Officer of BCE Inc., Canada's largest telecommunications
company. From 2001 to 2005, Mr. Anderson served as President of BCE Ventures
(the strategic investment unit of BCE Inc.) and he was previously, from 2001 to
2007, the Chairman and Chief Executive Officer of Bell Canada International Inc.
(a subsidiary of BCE that was formed to invest in telecommunications operations
outside Canada). Prior to joining the Bell Canada organization, Mr. Anderson was
in public practice for nearly twenty years with the accounting firm KPMG, where
he was a partner for eleven years. Mr. Anderson also serves on the boards of
directors of TransAlta Corporation (power generation and energy marketing firm)
and MDS Inc. (global life sciences company). Mr. Anderson was educated at the
University of Western Ontario and is a member of the Institute of Chartered
Accountants of Ontario. </font><i></p>
<font SIZE="2">
<p ALIGN="JUSTIFY">Sheila O'Brien, CM</font></i><font SIZE="2"> is President of
Belvedere 1 Investments Ltd., a private investment company, and is also a
business advisor and corporate director. She has had a thirty-year career as a
senior executive in the oil and gas and petrochemical sectors in the areas of
human resources, investor relations and public and government relations. Prior
to 2004, Ms. O'Brien was Senior Vice-President, Human Resources, Public Affairs,
Investor and Government Relations at NOVA Chemicals Corporation, a producer of
commodity plastics and chemicals, where she was the architect of a corporate
restructuring practice that was designated a world wide best practice by Watson
Wyatt Consulting Firm. She has also been active on the boards of directors of
over thirty public sector and not-for-profit organizations and was awarded the
Order of Canada for her community leadership in 1998. Ms. O'Brien also serves on
the boards of directors of MaRS (Medical and Related Sciences) (Toronto-based
biotechnology accelerator), Skye Resources Inc. (nickel mining company) and
Advantage Energy Income Fund (oil and gas royalty trust). In addition to her
corporate career, she has acted as special advisor to the president at the
University of Calgary. She is a graduate of the MTC program at the University of
Western Ontario and completed a one-year sabbatical on creativity and innovation
at various U.S. schools in 1990. </p>
<i>
<p ALIGN="JUSTIFY">Pierre Robitaille</i> is a business advisor and a corporate
director. Mr. Robitaille previously pursued his career at SNC-Lavalin Group
Inc., a global engineering-construction firm, where he was Executive
Vice-President and Chief Financial Officer from 1990 to 1998. Prior to this, Mr.
Robitaille was in public practice for more than twenty years with the public
accounting and management consulting firm of Ernst &amp; 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. Mr. Robitaille also
serves on the boards of directors of Nav Canada (civil air navigation services
provider), Swiss Re Company of Canada and Swiss Re Life &amp; Health Co. Canada
(reinsurance companies) and National Public Relations Capital Partnership Inc.
(national public relations consulting firm). Mr. Robitaille is a Fellow member
of the Qu&#233;bec Order of Chartered Accountants. He was educated at HEC-University
of Montreal and McGill Business School. </p>
<i>
<p ALIGN="JUSTIFY">Richard P. Strubel</i> is a corporate director and is
Vice-Chairman of the Board of Cardean Learning Group (formerly known as Unext),
a provider of advanced education over the Internet, where from 1999 to 2004 he
served as President and Chief Operating Officer. From 1990 to 1999, Mr. Strubel
was Managing Director of Tandem Partners, Inc., a privately-held management
services firm, and from 1984 to 1994, he served as President and Chief Executive
Officer of Microdot, Inc. Prior to that, Mr. Strubel served as President of
Northwest Industries, then a NYSE-listed company, which included Fruit of the
Loom and BVD among its operating entities. Mr. Strubel also serves on the boards
of directors of the mutual funds of Goldman Sachs &amp; Co., Goldman Sachs Hedge
Fund Partners and Mutual Funds of Northern Trust. Mr. Strubel is also Trustee of
the University of Chicago and Chairman of its Audit Committee. Mr. Strubel was
educated at Harvard Business School. </p>
<i>
<p align="justify">Gonzalo F. Valdes-Fauli</i> is Chairman of the Board of
BroadSpan Capital LLC, an investment banking firm specializing in financial
advisory services. Mr. Valdes-Fauli retired from Barclays Bank PLC (major
UK-based global bank) in 2001, where he held the position of Vice-Chairman,
Barclays Capital, and Group CEO, Latin America. Mr. Valdes-Fauli also serves on
the board of directors of Blue Cross Shield of Florida (health insurance
provider), where he is Lead Chairman. Mr. Valdes-Fauli also served as Chairman
of the Board of Republic Bank of Dominican Republic (financial services
provider) until November 2007. He is also Trustee Emeritus of the University of
Miami and Spring Hill College in Mobile, Alabama. Mr. Valdes-Fauli holds a
Master's Degree in international finance from Thunderbird Graduate School for
International Management.</p>
<p align="center">15 </p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><i>
<p ALIGN="JUSTIFY">Laurence G. Sellyn </i>was appointed to the position of
Executive Vice-President, Chief Financial and Administrative Officer of the
Corporation in November 2005. He joined Gildan as Executive Vice-President,
Finance and Chief Financial Officer of the Corporation in April 1999. He is a
Fellow of the Institute of Chartered Accountants of England and Wales. Prior to
joining Gildan, Mr. Sellyn served as Senior Vice-President, Finance and
Corporate Development and Chief Financial Officer of Wajax Limited, an
industrial distribution company, where he was employed from October 1992 to
March 1999. Prior to joining Wajax, he was employed by Domtar Inc., where he
held various positions, including Corporate Controller and Vice-President,
Business Planning and Development. </p>
<i>
<p ALIGN="JUSTIFY">Michael R. Hoffman</i> joined Gildan in November 1997. He
served as Vice-President, Sales and Marketing for the international division
until his appointment as President of Gildan Activewear SRL in February 2001.
Prior to joining Gildan, Mr. Hoffman was employed by Fruit of the Loom, Inc.,
where he last served as Divisional Vice-President of the Activewear Division.
</p>
<i>
<p ALIGN="JUSTIFY">Georges Sam Yu Sum</i> has been Executive Vice-President,
Operations of the Corporation since 2000. From 1998 to 2000, he served as
Vice-President, Operations of the Corporation and from 1995 to 1998, he served
as Director of Operations of the Corporation. Prior to joining Gildan in 1995,
Mr. Sam Yu Sum spent sixteen years with Dominion Textiles, where he served in
various managerial capacities, from manufacturing to sales. </p>
<i>
<p ALIGN="JUSTIFY">Benito Masi</i> has been involved in apparel manufacturing in
North America for over twenty-five years. He joined Gildan in 1986, where he
held various positions. He was appointed Vice-President, Apparel Manufacturing
in February 2001 and his title was changed to Vice-President, Corporate Apparel
Operations in September 2003. In August 2004, he was appointed Executive
Vice-President, Apparel Manufacturing and was appointed Executive
Vice-President, Manufacturing in January 2005. </p>
<i>
<p ALIGN="JUSTIFY">Cam Gentile</i> joined the Corporation in 2006 as Executive
Vice-President, Organizational Development and Change Management. He has over
thirty years of experience in the pulp and paper industry in senior management
positions at Domtar Inc., Transcontinental Printing Inc., Paperboard Industries
International Inc. and Uniboard Canada Inc. He is currently a member of the
Order of Engineers of Qu&#233;bec, President and Chairman of the Board of Directors
of the Qu&#233;bec Institute of Graphic Communications, a member of the External
Advisory Board to the Faculty of Arts and Science of Concordia University, as
well as Vice-President and member of the Board of Directors of Village Theatre
in Hudson, Qu&#233;bec. </p>
<i>
<p ALIGN="JUSTIFY">Claude Guay</i> joined the Corporation as Executive
Vice-President, Chief Information Officer in October 2006. His career spans more
than twenty years in international executive management at IBM Corporation and
Accovia Inc., as well as at MTI Services, a company he founded in 2005. Mr. Guay
is a graduate of Industrial Engineering from l'&#201;cole Polytechnique de Montr&#233;al
and has been a professional engineer since 1984. He also acts as the Networking
Officer for the Qu&#233;bec Chapter Board of Directors of the Young Presidents'
Organization. </p>
<i>
<p ALIGN="JUSTIFY">Eric R. Lehman</i> joined the Corporation in December 2006 as
Executive Vice-President, Supply Chain. He has over twenty years of experience
in the supply chain function with major national apparel brands. Prior to
joining Gildan, Mr. Lehman was employed by Russell Corporation, where he last
served as Vice President of Supply Chain. Prior to that, he held senior supply
chain planning positions at both Fruit of the Loom, Inc. and the Hanes Division
of Sara Lee Corporation. </p>
<p>As at December 19, 2007, the executive officers and directors of the
Corporation as a group own 7,625,196 Common Shares, which represents 6.3% of the
voting rights attached to all Common Shares. </p>
<p align="center">16 </p>
<hr color="#000000" size="5"><p Style='page-break-before:always'></font><b>
<p style="margin-bottom: 0"><font size="2">8. </font></p>
<p style="margin-left: 30; margin-top: -11pt"><font size="2">AUDIT COMMITTEE
DISCLOSURE </font></p>
<p><font size="2">Mandate of the Audit and Finance Committee </p>
</font></b><font SIZE="2">
<p>The mandate of the Audit and Finance Committee is included herewith as
Appendix A. </p>
<b>
<p>Composition of the Audit and Finance Committee </p>
</b>
<p ALIGN="JUSTIFY">The Audit and Finance Committee is composed of four
independent and financially literate directors, as those terms are defined in
the rules of the Canadian Securities Administrators and the U.S. Securities and
Exchange Commission as well as the standards of the NYSE. Their education and
experience that are relevant to the performance of their responsibilities as
members of the Audit and Finance Committee are as follows: </p>
<i><b>
<p ALIGN="JUSTIFY">Pierre Robitaille</b></i> - Mr. Robitaille is a business
advisor and corporate director. He is retired from SNC-Lavalin Group Inc., a
global engineering-construction firm, where he was Executive Vice-President and
Chief Financial Officer from 1990 to 1998. Prior to this, Mr. Robitaille was in
public practice for more than twenty years with the public accounting and
management consulting firm of Ernst &amp; Whinney, where he held the positions of
Managing Partner of the Montreal office, President of the firm in Qu&#233;bec and
member of the firm's national board of directors. Over the course of his career,
Mr. Robitaille has acquired competence in the audit of major public and private
companies and a familiarity with internal controls and financial reporting
procedures. Mr. Robitaille is a Fellow member of the Qu&#233;bec Order of Chartered
Accountants. He was educated at HEC-University of Montreal and McGill Business
School. </p>
<i><b>
<p ALIGN="JUSTIFY">William D. Anderson</b></i> - Mr. Anderson is a chartered
accountant and has had a business career spanning over thirty years. From 1998
to 2001, he served as Chief Financial Officer of BCE Inc., Canada's largest
telecommunications company. Most recently, Mr. Anderson served as President of
BCE Ventures (the strategic investment unit of BCE Inc.) and previously he was
the Chairman and Chief Executive Officer of Bell Canada International Inc. (a
subsidiary of BCE that was formed to invest in telecommunications operations
outside Canada). Prior to joining the Bell Canada organization in 1992, Mr.
Anderson was in public practice for nearly twenty years with the accounting firm
KPMG, where he was a partner for eleven years. Mr. Anderson was educated at the
University of Western Ontario and is a member of the Institute of Chartered
Accountants of Ontario. </p>
<i><b>
<p ALIGN="JUSTIFY">Richard P. Strubel</b></i> - Mr. Strubel is a corporate
director and is Vice-Chairman of the Board of Cardean Learning Group, where he
previously served as President and Chief Operating Officer. Prior to that, Mr.
Strubel served as Managing Director of Tandem Partners, Inc., a privately-held
management services firm, President and Chief Executive Officer of Microdot,
Inc. and President of Northwest Industries, then a NYSE-listed company with
sales in excess of $3 billion. Mr. Strubel also serves on the audit committees
of all the institutional and retail mutual funds managed by Goldman Sachs &amp; Co.,
as well as the institutional funds of the Northern Trust Company and he serves
as the Chairman of the Audit Committee of the University of Chicago. Mr. Strubel
has more than twenty-five years of experience in executive positions overseeing
large operating corporations. Mr. Strubel was educated at Harvard Business
School. </p>
<i><b>
<p ALIGN="JUSTIFY">Gonzalo F. Valdes-Fauli</b></i> - Mr. Valdes-Fauli is a
retired Vice-Chairman of Barclays Capital, the investment banking division of
Barclays Bank, London, England. Mr. Valdes-Fauli served as a member of the
management committee of Barclays Capital from 1988 to 2001. He was Group CEO of
Barclays Bank Latin America from 1988 to 2001. He is Chairman of BroadSpan
Capital LLC and served as Chairman of the Board of Republic Bank of Dominican
Republic until November 2007. Mr. Valdes-Fauli has more than thirty years of
experience in finance and holds a Master's Degree in international finance from
Thunderbird Graduate School for International Management. </p>
<b>
<p>Pre-Approval of Non-Audit Services </p>
</b>
<p ALIGN="JUSTIFY">In accordance with the Canadian Institute of Chartered
Accountants' independence standards for auditors, the <i>Sarbanes-Oxley Act of
2002</i> and rules of the U.S. Securities and Exchange Commission, the
Corporation is restricted from engaging the auditors to provide certain
non-audit services to the Corporation and its subsidiaries, including
bookkeeping or other services related to the accounting records or financial
statements, information technology services, valuation services, actuarial
services, internal audit services, corporate finance services, management
functions, human resources functions, legal services and expert services
unrelated to the audit. The Corporation does engage the auditors from time to
time to provide certain non-audit services other than the restricted services.
All non-audit services must be specifically pre-approved by the Audit and
Finance Committee. </p>
<p align="center">17</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><b>
<p>External Auditor Service Fees </p>
</b>
<p align="justify">The aggregate fees billed by KPMG LLP (&quot;KPMG&quot;), the
Corporation's external auditor, for various audit-related and non-audit services
rendered for the fiscal years 2007 and 2006 were as follows: </p>
<i>
<p align="justify">Audit Fees </i>&#151; The aggregate audit fees billed by KPMG for
professional services rendered for the annual audit of the Corporation's
consolidated financial statements, quarterly reviews of the Corporation's
financial statements and services provided in connection with statutory and
regulatory filings or engagements were Cdn$1,214,402 for fiscal 2007 and
Cdn$1,196,100 for fiscal 2006. The audit fees include fees relating to KPMG's
audit of the effectiveness of the Corporation's internal control over financial
reporting. </p>
<i>
<p align="justify">Audit-Related Fees </i>&#151; The aggregate audit-related fees
billed by KPMG were Cdn$112,800 for fiscal 2007 and Cdn$94,025 for fiscal 2006.
These services consisted of miscellaneous assurance services. </p>
<i>
<p align="justify">Tax Fees</i> &#151; The aggregate tax fees billed by KPMG were
Cdn$935,066 for fiscal 2007 and Cdn$322,785 for fiscal 2006. These services
consisted of tax compliance, including the review of tax returns, assistance
regarding income, capital and sales tax audits, the preparation of annual
transfer pricing studies, tax advisory services relating to domestic and
international taxation and customs and duties. </p>
<i>
<p align="justify">All Other Fees </i>&#151; The aggregate fees billed by KPMG for
all other professional services rendered were nil for fiscal 2007 and
Cdn$169,860 for fiscal 2006 for services associated with financial due
diligence. </p>
<b>
<p style="margin-bottom: 0" align="justify">9.</b> </p>
<p style="margin-left: 30; margin-top: -11pt" align="justify"><b>LEGAL
PROCEEDINGS </p>
</b>
<p align="justify">The Corporation is a party to claims and litigation arising
in the normal course of its operations. Management does not expect the
resolution of these matters to have a materially adverse effect on the financial
position or results of operations of the Corporation. <b>
<font FACE="Times New Roman PS" SIZE="2"></p>
</font>
<p style="margin-bottom: 0" align="justify">10. </p>
<p style="margin-left: 30; margin-top: -11pt" align="justify">TRANSFER AGENT AND
REGISTRAR </p>
</b>
<p align="justify">The transfer agent and registrar of the Corporation is
Computershare Investor Services Inc., having offices in Montreal and Toronto at
which the register of transfer of the Common Shares is held. The co-transfer
agent and co-registrar of the Corporation is Computershare Trust Company, N.A.,
having an office in Golden, Colorado.<b> </p>
<p style="margin-bottom: 0" align="justify">11. </p>
<p style="margin-left: 30; margin-top: -11pt" align="justify">MATERIAL CONTRACTS
</p>
</b>
<p align="justify">Other than the agreements entered into the normal course of
business, the only material agreements entered into in fiscal 2007, or before
fiscal 2007 and which are still in force are the following: </p>
<p style="margin-left: 30; margin-bottom: 0" align="justify">1. </p>
<p style="margin-left: 60; margin-top: -11pt" align="justify">The Agreement and
Plan of Merger dated September 17, 2007 among Gildan, Prewett, Prewett's
shareholders and two wholly-owned subsidiaries of Gildan, Gildan USA Inc. and
Swing Merger Sub, Inc. This agreement was filed through SEDAR on September 27,
2007. </p>
<p style="margin-left: 30; margin-bottom: 0" align="justify">2. </p>
<p style="margin-left: 60; margin-top: -11pt" align="justify">The Shareholder
Rights Plan Agreement approved by the Board of Directors on December 1, 2004 and
subsequently ratified by the Corporation's shareholders on February 2, 2005.
This agreement was filed through SEDAR on December 2, 2004. </p>
<b>
<p style="margin-bottom: 0" align="justify">12. </p>
<p style="margin-left: 30; margin-top: -11pt" align="justify">INTERESTS OF
EXPERTS </p>
</b>
<p align="justify">KPMG, the external auditors of the Corporation, reported on
the fiscal 2007 audited consolidated financial statements of the Corporation,
which were filed with the securities regulatory authorities. We are advised
that, as at the date hereof, the members of KPMG are independent in accordance
with the Code of Ethics of Chartered Accountants (Qu&#233;bec). </p>
<b>
<p style="margin-bottom: 0" align="justify">13. </p>
<p style="margin-left: 30; margin-top: -11pt" align="justify">FORWARD - LOOKING
INFORMATION </p>
</b>
<p align="justify">Certain statements included in this Annual Information Form
may constitute &quot;forward-looking statements&quot; within the meaning of the U.S. <i>
Private Securities Litigation Reform Act of 1995</i> and Canadian securities
legislation and regulations, and are subject to important risks, uncertainties
and assumptions. This forward-looking information includes, amongst others,
information with respect to our objectives and the strategies to achieve these
objectives, as well as information with respect to our beliefs, plans,
expectations, anticipations, estimates and intentions. Forward-looking
statements generally can be identified by the use of conditional or
forward-looking terminology such as &quot;may&quot;, &quot;will&quot;, &quot;expect&quot;, &quot;intend&quot;,
&quot;estimate&quot;, &quot;anticipate&quot;, &quot;plan&quot;, &quot;foresee&quot;, &quot;believe&quot; or &quot;continue&quot; or the
negatives of these terms or variations of them or similar terminology. We refer
you to the Corporation's filings with the Canadian securities regulatory
authorities and the U.S. Securities and Exchange Commission, as well as the
&quot;Risks and Uncertainties&quot; section of the management's discussion and analysis on
pages 38 to 42 of the 2007 Annual Report, for a discussion of the various
factors that may affect the Corporation's future results. Material factors and
assumptions that were applied in drawing a conclusion or making a forecast or
projection are also set out throughout this document. </p>
<p align="center">18</p>
<font FACE="Times New Roman PSMT" SIZE="2"><hr color="#000000" size="5"><p Style='page-break-before:always'></font>
<p align="justify">The results or events predicted in such forward-looking
information may differ materially from actual results or events. Material
factors, which could cause actual results or events to differ materially from a
conclusion, forecast or projection in such forward-looking information, include,
but are not limited to: </p>
</font><font FACE="Symbol MT" LANG="JA" SIZE="2">
<ul>
  <li>
  <p align="justify"></font><font size="2">general economic conditions such as
  currency exchange rates, credit risks,<b> </b>commodity prices and other
  factors over which we have no control; </font></li>
  <li>
  <p align="justify"><font size="2">the impact of economic, social and business
  conditions, industry trends and other external and political factors in the
  countries in which we operate; </font></li>
  <li>
  <p align="justify"><font size="2">the intensity of competitive activity;
  </font></li>
  <li>
  <p align="justify"><font size="2">changes in environmental, tax, trade, labour
  and other laws and regulations; </font></li>
  <li>
  <p align="justify"><font size="2">our ability to implement our strategies and
  plans; </font></li>
  <li>
  <p align="justify"><font size="2">our ability to complete and successfully
  integrate acquisitions; </font></li>
  <li>
  <p align="justify"><font size="2">our reliance on a small number of
  significant customers; </font></li>
  <li>
  <p align="justify"><font size="2">changes in consumer preferences, customer
  demand for our products and our ability to maintain customer relationships and
  grow our business; </font></li>
  <li>
  <p align="justify"><font size="2">our customers do not commit to minimum
  quantity purchases the seasonality of our business; </font></li>
  <li>
  <p align="justify"><font size="2">our ability to attract and retain key
  personnel; </font></li>
  <li>
  <p align="justify"><font size="2">high reliance on computerized information
  systems; </font></li>
  <li>
  <p align="justify"><font size="2">changes in accounting policies and
  estimates; </font></li>
  <li>
  <p align="justify"><font size="2">and disruption to manufacturing and
  distribution activities due to labour disruptions, bad weather, natural
  disasters and other unforeseen adverse events.<b> </li>
</ul>
</b>
<p align="justify">This may cause the Corporation's actual performance and
financial results in future periods to differ materially from any estimates or
projections of future performance or results expressed or implied by such
forward-looking statements. Forward-looking statements do not take into account
the effect that transactions or non-recurring or other special items announced
or occurring after the statements are made have on the Corporation's business.
For example, they do not include the effect of dispositions, acquisitions, other
business transactions, asset writedowns or other charges announced or occurring
after forward-looking statements are made. The financial impact of such
transactions and non-recurring and other special items can be complex and
necessarily depends on the facts particular to each of them. </p>
<p align="justify">We believe that the expectations represented by our
forward-looking statements are reasonable, yet there can be no assurance that
such expectations will prove to be correct. Furthermore, unless otherwise
stated, the forward-looking statements contained in this Annual Information Form
are made as of the date hereof, and we do not undertake any obligation to update
publicly or to revise any of the included forward-looking statements, whether as
a result of new information, future events or otherwise unless required by
applicable legislation or regulation. The forward-looking statements contained
in this Annual Information Form are expressly qualified by this cautionary
statement. </p>
</font><b>
<p align="justify" style="margin-bottom: 0"><font size="2">14. </font></p>
<p align="justify" style="margin-left: 30; margin-top: -11pt"><font size="2">
ADDITIONAL INFORMATION </font></p>
</b><font SIZE="2">
<p align="justify">Additional information, including directors' and officers'
remuneration and indebtedness, principal holders of the Corporation's securities
and securities authorized for insurance under the Corporation's equity
compensation plans is contained in the Circular, and additional financial
information is provided in the Corporation's comparative consolidated financial
statements and management's discussion and analysis for its most recently
completed financial year, both of which are contained in the 2007 Annual Report.
</p>
<p align="center">19</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">Copies of these documents and additional information relating
to Gildan may be found on the SEDAR website at www.sedar.com and the EDGAR
website at www.sec.gov and may also be obtained upon request to the Secretary of
Gildan at the following address: </p>
<p style="margin-left: 30">725 Mont&#233;e de Liesse <br>
Montreal, Qu&#233;bec <br>
H4T 1P5 <br>
Telephone: (514) 735-2023 </p>
<p>The documents mentioned above, as well as Gildan's news releases, are also
available on the Corporation's website at www.gildan.com. </p>
<p align="center">20 </p>
<hr color="#000000" size="5"><p Style='page-break-before:always'></font><b>
<p align="center"><font size="2">APPENDIX A - MANDATE OF THE AUDIT AND FINANCE
COMMITTEE </font></p>
</b><font SIZE="2">
<p ALIGN="JUSTIFY">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 &quot;<b>Canadian Corporate Governance Standards</b>&quot;), 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>,<i> </i>and rules and
regulations adopted thereunder, and with the New York Stock Exchange's corporate
governance standards (collectively, the &quot;<b>US Corporate Governance Standards</b>&quot;),
as they exist on the date hereof. The mandate of the Audit and Finance Committee
of the Corporation (the &quot;<b>Audit Committee</b>&quot;) shall be reviewed annually by
the Board in order to ensure on-going compliance with such standards. </p>
<b>
<p style="margin-bottom: 0">1.</b> </p>
<p style="margin-left: 30; margin-top: -11pt"><b>Membership and Quorum </p>
</b></font><font FACE="Symbol MT" LANG="JA" SIZE="2">
<ul>
  <li></font><font SIZE="2">a minimum of three directors; </font></li>
</ul>
<ul>
  <li>
  <p ALIGN="JUSTIFY"><font SIZE="2">only &quot;independent&quot; (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; </font></li>
</ul>
<ul>
  <li><font SIZE="2">each member must be &quot;financially literate&quot; (as contemplated
  by Canadian Corporate Governance Standards and US Corporate Governance
  Standards), as determined by the Board; </font></li>
</ul>
<ul>
  <li><font SIZE="2">at least one member must be an &quot;audit committee financial
  expert&quot; (as contemplated by US Corporate Governance Standards), as determined
  by the Board; </font></li>
</ul>
<ul>
  <li>
  <p ALIGN="JUSTIFY"><font SIZE="2">members of the Audit Committee shall be
  appointed annually by the Board upon recommendation of the Corporation'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's Corporate Governance Committee; membership
  on the Audit Committee shall automatically end at such time the Board
  determines that a member ceases to be &quot;independent&quot; as determined in the
  manner set forth above; </font></li>
</ul>
<ul>
  <li><font SIZE="2">quorum of majority of members. </li>
</ul>
<b>
<p style="margin-bottom: 0">2.</b> </p>
<p style="margin-left: 30; margin-top: -11pt"><b>Frequency and Timing of
Meetings </p>
</b></font><font FACE="Symbol MT" LANG="JA" SIZE="2">
<ul>
  <li></font><font SIZE="2">normally contemporaneously with the Corporation's
  Board meetings; </font></li>
</ul>
<ul>
  <li><font SIZE="2">at least four times a year and as necessary. </li>
</ul>
<b>
<p style="margin-bottom: 0">3.</b> </p>
<p style="margin-left: 30; margin-top: -11pt">&nbsp;<b>Mandate </p>
</b>
<p>The responsibilities of the Audit Committee include the following: </p>
</font><i><font SIZE="2">
<p style="margin-left: 30; margin-bottom: 0">(a) </p>
<p style="margin-left: 60; margin-top: -11pt">Overseeing financial reporting </p>
</font></i>
<blockquote>
  <ul>
    <li>
    <p ALIGN="JUSTIFY"><font SIZE="2">monitoring the integrity and quality of
    the Corporation'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; </li>
  </ul>
</blockquote>
<p align="center">21</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'></font><font FACE="Symbol MT" LANG="JA" SIZE="2">
<blockquote>
  <ul>
    <li>
    <p ALIGN="JUSTIFY"></font><font SIZE="2">reviewing, with management and the
    external auditors, the annual audited consolidated financial statements as
    well as the report of the auditors thereon to be included in the Annual
    Report of the Corporation, including the Corporation's MD&amp;A disclosure and
    annual earnings press release, prior to their release, filing and
    distribution; </font></li>
  </ul>
  <ul>
    <li>
    <p ALIGN="JUSTIFY"><font SIZE="2">reviewing, with management and the
    external auditors, quarterly consolidated financial statements of the
    Corporation and accompanying information, including the Corporation's MD&amp;A
    disclosure and quarterly earnings press release, prior to their release,
    filing and distribution; </font></li>
  </ul>
  <ul>
    <li>
    <p ALIGN="JUSTIFY"><font SIZE="2">reviewing, with management and external
    auditors, the financial information contained in prospectuses, offering
    memoranda, Annual Information Forms, Management Proxy Circulars, Forms 6-K
    (including Supplemental Disclosure) and 40-F and any other document required
    to be disclosed or filed by the Corporation before their public disclosure
    or filing with regulatory authorities in Canada or the United States of
    America; </font></li>
  </ul>
  <ul>
    <li>
    <p ALIGN="JUSTIFY"><font SIZE="2">reviewing, with management, the level and
    type of financial information (including earnings guidance and other
    material forward-looking information) provided from time to time to
    analysts, investors, rating agencies and other stakeholders; </font></li>
  </ul>
  <ul>
    <li>
    <p ALIGN="JUSTIFY"><font SIZE="2">reviewing, with management, that adequate
    procedures are in place for the review of the Corporation's disclosure of
    financial information extracted or derived from the Corporation's financial
    statements, such as annual reports and investor presentations, and
    periodically assessing the adequacy of those procedures; </font></li>
  </ul>
  <ul>
    <li>
    <p ALIGN="JUSTIFY"><font SIZE="2">reviewing, with the external auditors and
    management, the quality, appropriateness and disclosure of the Corporation's
    accounting principles and policies, underlying assumptions and reporting
    practices, and any proposed changes thereto; </font></li>
  </ul>
  <ul>
    <li>
    <p ALIGN="JUSTIFY"><font SIZE="2">reviewing any analysis or other written
    communications prepared by management, the internal auditors or external
    auditors setting forth significant financial reporting issues and judgments
    made in connection with the preparation of the financial statements,
    including analyses of the effect of alternative generally accepted
    accounting principles methods; </font></li>
  </ul>
  <ul>
    <li><font SIZE="2">reviewing the external auditors' quarterly review
    engagement report; </font></li>
  </ul>
  <ul>
    <li><font SIZE="2">overseeing the procedures to review management
    certifications filed with applicable securities regulators; </font></li>
  </ul>
  <ul>
    <li>
    <p ALIGN="JUSTIFY"><font SIZE="2">reviewing the potential impact of any
    litigation, claim or other contingency and any regulatory or accounting
    initiatives that could have a material effect upon the financial position or
    operating results of the Corporation and the appropriateness of the
    disclosure thereof in the documents reviewed by the Audit Committee; </font>
    </li>
  </ul>
  <ul>
    <li><font SIZE="2">overseeing the procedures to monitor the public
    disclosure of information by the Corporation; </font></li>
  </ul>
  <ul>
    <li><font SIZE="2">reviewing at least annually the Corporation's disclosure
    policy; </font></li>
  </ul>
  <ul>
    <li>
    <p ALIGN="JUSTIFY"><font SIZE="2">reviewing the results of the external
    audit, any significant problems encountered in performing the audit, and
    management's response and/or action plan related to any Management Letter
    issued by the external auditors and any significant recommendations
    contained therein. </li>
  </ul>
</blockquote>
</font><i><font SIZE="2">
<p style="margin-left: 30; margin-bottom: 0">(b) </p>
<p style="margin-left: 60; margin-top: -11pt">Monitoring risk management and
internal controls </p>
</font></i><font FACE="Symbol MT" LANG="JA" SIZE="2">
<blockquote>
  <ul>
    <li>
    <p ALIGN="JUSTIFY"></font><font SIZE="2">receiving periodically management's
    report assessing the adequacy and effectiveness of the Corporation's
    disclosure controls and procedures and systems of internal control over
    financial reporting; </li>
  </ul>
</blockquote>
</font><font FACE="Times New Roman PSMT" SIZE="2">
<p align="center">22 </p>
<hr color="#000000" size="5"><p Style='page-break-before:always'></font><font FACE="Symbol MT" LANG="JA" SIZE="2">
<blockquote>
  <ul>
    <li></font><font SIZE="2">reviewing insurance coverage (annually and as may
    otherwise be appropriate); </font></li>
  </ul>
  <ul>
    <li><font SIZE="2">overseeing the processes in place to identify business
    risks and opportunities and overseeing the implementation of processes to
    manage these risks and opportunities; </font></li>
  </ul>
  <ul>
    <li>
    <p ALIGN="JUSTIFY"><font SIZE="2">reviewing policies and their parameters
    regarding such items as interest rate, foreign exchange risks, commodity
    purchases and any similar transactions where the Corporation enters into
    derivatives contracts; </font></li>
  </ul>
  <ul>
    <li><font SIZE="2">assisting the Board with the oversight of the
    Corporation's compliance with, and reviewing the Corporation's processes for
    complying with, applicable legal and regulatory requirements; </font></li>
  </ul>
  <ul>
    <li>
    <p ALIGN="JUSTIFY"><font SIZE="2">overseeing the confidential, anonymous
    procedures for the receipt, retention and treatment of complaints or
    concerns received by the Corporation regarding accounting, internal
    accounting controls or auditing matters or employee concerns regarding
    accounting or auditing matters; </font></li>
  </ul>
  <ul>
    <li><font SIZE="2">requesting the performance of any specific audit, as
    required. </li>
  </ul>
</blockquote>
</font><i><font SIZE="2">
<p style="margin-left: 30; margin-bottom: 0">(c) </p>
<p style="margin-left: 60; margin-top: -11pt">Monitoring internal auditors </p>
</font></i><font FACE="Symbol MT" LANG="JA" SIZE="2">
<blockquote>
  <ul>
    <li></font><font SIZE="2">ensuring that the head of internal audit has a
    functional reporting relationship with the Audit Committee; </font></li>
  </ul>
  <ul>
    <li>
    <p ALIGN="JUSTIFY"><font SIZE="2">overseeing the access by internal auditors
    to all levels of management in order to carry out their duties; </font></li>
  </ul>
  <ul>
    <li>
    <p ALIGN="JUSTIFY"><font SIZE="2">regularly monitoring the internal audit
    function's performance, its responsibilities, staffing and budget; </font></li>
  </ul>
  <ul>
    <li>
    <p ALIGN="JUSTIFY"><font SIZE="2">approving the appointment and termination
    of the Corporation's chief internal auditor; </font></li>
  </ul>
  <ul>
    <li><font SIZE="2">ensuring the ongoing accountability of the internal audit
    function to the Audit Committee and to the Board. </li>
  </ul>
</blockquote>
</font><i><font SIZE="2">
<p style="margin-left: 30; margin-bottom: 0">(d) </p>
<p style="margin-left: 60; margin-top: -11pt">Monitoring external auditors </p>
</font></i><font FACE="Symbol MT" LANG="JA" SIZE="2">
<blockquote>
  <ul>
    <li>
    <p ALIGN="JUSTIFY"></font><font SIZE="2">recommending the retention and, if
    appropriate, the removal of external auditors (both subject to shareholder
    approval), their compensation, as well as evaluating and monitoring their
    qualifications, performance and independence; </font></li>
  </ul>
  <ul>
    <li>
    <p ALIGN="JUSTIFY"><font SIZE="2">overseeing all relationships between the
    external auditors and the Corporation including, determining which non-audit
    services the external auditors are prohibited from providing, approving, or
    pre-approving policies defining audit and permitted non-audit services
    provided by the external auditors, overseeing the disclosure of all audit
    and permitted non-audit services provided by the external auditors, and
    reviewing the total amount of fees paid by the Corporation to the external
    auditors for all audit and non-audit services; </font></li>
  </ul>
  <ul>
    <li><font SIZE="2">overseeing the direct reporting and accountability of the
    external auditors to the Audit Committee and to the Board; </font></li>
  </ul>
  <ul>
    <li>
    <p ALIGN="JUSTIFY"><font SIZE="2">directly overseeing the external auditors
    and discussing with them the quality and not just the acceptability of the
    Corporation's accounting principles, including (i) critical accounting
    policies and practices used, (ii) 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) other material written communications between the Corporation and the
    external auditors (including any disagreement with management and the
    resolution thereof); </li>
  </ul>
</blockquote>
<p align="center">23 </p>
<hr color="#000000" size="5"><p Style='page-break-before:always'></font><font FACE="Symbol MT" LANG="JA" SIZE="2">
<blockquote>
  <ul>
    <li>
    <p ALIGN="JUSTIFY"></font><font FACE="Times New Roman PSMT" SIZE="2">
    reviewing at least annually, representations by the external auditors
    describing their internal quality-control procedures, as well as significant
    results arising from regulatory and professional quality-control
    examinations; </font></li>
  </ul>
  <ul>
    <li>
    <p ALIGN="JUSTIFY"><font FACE="Times New Roman PSMT" SIZE="2">reviewing at
    least annually, the external auditors' representations as to independence
    and holding discussions with the external auditors as to any relationship or
    services that may impact their objectivity or independence; </font></li>
  </ul>
  <ul>
    <li><font FACE="Times New Roman PSMT" SIZE="2">reviewing hiring policies for
    employees or former employees of the Corporation's firm of external
    auditors; </font></li>
  </ul>
  <ul>
    <li><font FACE="Times New Roman PSMT" SIZE="2">overseeing the rotation of
    lead, concurring and other audit partners, to the extent required by
    Canadian and U.S. securities law standards. </li>
  </ul>
</blockquote>
</font><font FACE="Times New Roman PS" SIZE="2"><i>
<p style="margin-left: 30; margin-bottom: 0">(e) </p>
<p style="margin-left: 60; margin-top: -11pt">Reviewing financings </p>
</i></font><font FACE="Symbol MT" LANG="JA" SIZE="2">
<blockquote>
  <ul>
    <li></font><font FACE="Times New Roman PSMT" SIZE="2">reviewing the adequacy
    of the Corporation's financing, including terms and conditions of all new
    material financing arrangements. </li>
  </ul>
</blockquote>
</font><font FACE="Times New Roman PS" SIZE="2"><i>
<p style="margin-left: 30; margin-bottom: 0">(f) </p>
<p style="margin-left: 60; margin-top: -11pt">Evaluating the performance of the
Audit Committee </p>
</i></font><font FACE="Symbol MT" LANG="JA" SIZE="2">
<blockquote>
  <ul>
    <li></font><font FACE="Times New Roman PSMT" SIZE="2">overseeing the
    existence of processes to annually evaluate the performance of the Audit
    Committee. </li>
  </ul>
</blockquote>
<p ALIGN="JUSTIFY">Because of the Audit Committee'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's Management Proxy Circular that there is no such
impairment. </p>
<p ALIGN="JUSTIFY">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. </p>
<p ALIGN="JUSTIFY">The internal auditors and the external auditors will have at
all times a direct line of communication with the Audit Committee. In addition,
each meets separately with the Audit Committee, without management, at least
once a quarter, during which the Corporation's financial statements and control
environment must be discussed; the Audit Committee also meets separately with
management at least once a quarter, and more frequently as required. </p>
<p>The Audit Committee reports annually to the Board on the adequacy of its
mandate. In addition, the chair of the Audit Committee reports regularly to the
Board on the business of the Audit Committee. </p>
<p ALIGN="JUSTIFY">Nothing contained in the above mandate is intended to
transfer to the Audit Committee the Board's responsibility to ensure the
Corporation'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'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) the integrity of the persons and organizations
from whom they receive information, (ii) the accuracy and completeness of the
information provided, and (iii) representations made by management as to the
non-audit services provided to the Corporation by the external auditors. The
Audit Committee's oversight responsibilities are not established to provide an
independent basis to determine that (i) management has maintained appropriate
accounting and financial reporting principles or appropriate internal controls
and procedures, or (ii) the Corporation's financial statements have been
prepared and, if applicable, audited in accordance with generally accepted
accounting principles. </p>
<p align="center">* * * * * * * </p>
<p align="center">24</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'></font>

<font FACE="Times New Roman PS" SIZE="2"><b>
<p align="justify" style="margin-left: 30; margin-bottom: -11pt">A. </p>
<p align="justify" style="text-indent: 60; margin-top: -11pt">Undertaking </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY" style="text-indent: 60">Gildan Activewear Inc. (the
&quot;Registrant&quot;) undertakes to make available, in person or by telephone,
representatives to respond to inquiries made by the staff of the Securities and
Exchange Commission (&quot;SEC&quot;), and to furnish promptly, when requested to do so by
the SEC staff, information relating to the securities in relation to which the
obligation to file an annual report on Form 40-F arises or transactions in said
securities. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p align="justify" style="text-indent: 30; margin-bottom: -11pt">B. </p>
<p align="justify" style="text-indent: 60; margin-top: -11pt">Consent to Service
of Process </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p align="justify" style="text-indent: 60">The Registrant has previously filed
with the SEC a written irrevocable consent and power of attorney on Form F-X in
connection with the Class A Subordinate Voting Shares (now Common Shares). </p>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p align="justify" style="text-indent: 30; margin-bottom: -11pt">C. </p>
<p align="justify" style="text-indent: 60; margin-top: -11pt">Evaluation of
disclosure controls and procedures </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY" style="text-indent: 60">Our disclosure controls and
procedures are designed to ensure that information required to be disclosed in
our reports filed with the SEC is recorded, processed, summarized and reported
within the time periods specified in the SEC's rules and forms and is
accumulated and communicated to our management, including our principal
executive officer and our principal financial officer, as appropriate, to allow
timely decisions regarding required disclosure. </p>
<p ALIGN="JUSTIFY" style="text-indent: 60">An evaluation was carried out under
the supervision of, and with the participation of, our management, including our
principal executive officer and our principal financial officer, of the
effectiveness of our disclosure controls and procedures (as such term is defined
in the Securities Exchange Act of 1934 (the &quot;Exchange Act&quot;), as amended, Rules
13a-15(e) and 15d-15(e)) as of the end of the period covered by this Annual
Report on Form 40-F. Based on that evaluation, our principal executive officer
and our principal financial officer concluded that our disclosure controls and
procedures were effective as of the end of such period. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p align="justify" style="text-indent: 30; margin-bottom: -11pt">D. </p>
<p align="justify" style="text-indent: 60; margin-top: -11pt">Management's
annual report on internal control over financial reporting </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p align="justify" style="text-indent: 60">Our management is responsible for
establishing and maintaining adequate internal control over financial reporting,
as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act.
</p>
<p ALIGN="JUSTIFY" style="text-indent: 60">Our internal control over financial
reporting includes those policies and procedures that: (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of our assets; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting
principles, and that our receipts and expenditures are being made only in
accordance with authorizations of our management and directors; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of our assets that could have a material effect
on the financial statements. </p>
<p ALIGN="JUSTIFY" style="text-indent: 60">Under the supervision and with the
participation of our principal executive officer and our principal financial
officer, management conducted an evaluation of the effectiveness of our internal
control over financial reporting, as of September 30, 2007, based on the
framework set forth in</font><font FACE="Times New Roman PS" SIZE="2"><b> </b>
<i>Internal Control-Integrated Framework</i></font><font FACE="Times New Roman PSMT" SIZE="2">
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Based on its evaluation under this framework, management concluded that our
internal control over financial reporting was effective as of that date. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p align="justify" style="text-indent: 30; margin-bottom: -11pt">E. </p>
<p align="justify" style="text-indent: 60; margin-top: -11pt">Attestation report
of the registered public accounting firm. </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY" style="text-indent: 60">KPMG LLP (&quot;KPMG&quot;), an independent
registered public accounting firm, who audited and reported on our financial
statements attached as Exhibit 99.2 to this Annual Report on Form 40-F, has
issued an attestation report on the effectiveness of our internal control over
financial reporting as of September 30, 2007. The attestation report is included
on page 48 of the financial statements attached as Exhibit 99.2</font><font FACE="Times New Roman PSMT">
</font><font FACE="Times New Roman PSMT" SIZE="2">to this Annual Report on Form
40-F. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p align="justify" style="text-indent: 30; margin-bottom: -11pt">F. </p>
<p align="justify" style="text-indent: 60; margin-top: -11pt">Changes in
internal controls over financial reporting. </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p align="justify" style="text-indent: 60">There have been no changes during
fiscal year 2007 in our internal control over financial reporting that have
materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting. </p>
</font><hr color="#000000" size="5"><p Style='page-break-before:always'><font FACE="Times New Roman PSMT" SIZE="2">
<p align="justify" style="text-indent: 60">The design of any system of controls
and procedures is based in part upon certain assumptions about the likelihood of
certain events. There can be no assurance that any design will succeed in
achieving its stated goals under all potential future conditions, regardless of
how remote. </p>
<b>
<p align="justify" style="text-indent: 30; margin-bottom: -11pt">G. </p>
<p align="justify" style="text-indent: 60; margin-top: -11pt">Audit Committee
Financial Experts </p>
</b>
<p align="justify" style="text-indent: 60">The Registrant's board of directors
has determined that it has at least three (3) audit committee financial experts
serving on its audit committee. Mr. Pierre Robitaille, Mr. Gonzalo F. Valdes-Fauli
and Mr. William D. Anderson have been determined to be such audit committee
financial experts and are independent, as that term is defined by the New York
Stock Exchange's listing standards applicable to the Registrant. The SEC has
indicated that the designation of Mr. Robitaille, Mr. Valdes-Fauli and Mr.
Anderson as audit committee financial experts does not make Mr. Robitaille, Mr.
Valdes-Fauli and Mr. Anderson &quot;experts&quot; for any purpose, impose any duties,
obligations or liability on Mr. Robitaille, Mr. Valdes-Fauli and Mr. Anderson
that are greater than those imposed on members of the audit committee and board
of directors who do not carry this designation or affect the duties, obligations
or liability of any other member of the audit committee. </p>
<b>
<p align="justify" style="text-indent: 30; margin-bottom: -11pt">H. </p>
<p align="justify" style="text-indent: 60; margin-top: -11pt">Code of Ethics </p>
</b>
<p align="justify" style="text-indent: 60">The Registrant has adopted a Code of
Ethics and Business Conduct (the &quot;Code of Conduct&quot;) that applies to all
employees and officers, including its principal executive officer, principal
financial officer and principal accounting officer. The Code of Conduct is
available at the Registrant's Internet website, <font color="#0000FF"><u>
www.gildan.com</u></font>, and is available in print to any shareholder who
requests it. </p>
<b>
<p align="justify" style="text-indent: 30; margin-bottom: -11pt">I. </p>
<p align="justify" style="text-indent: 60; margin-top: -11pt">Principal
Accountant Fees and Services</b> </p>
<p align="justify" style="text-indent: 60">In addition to retaining KPMG to
report upon the annual consolidated financial statements of the Registrant, the
Registrant retained KPMG to provide various audit-related and non-audit services
in fiscal 2007. The aggregate fees billed for professional services by KPMG for
each of the last two (2) fiscal years, were as follows: </p>
<i>
<p align="justify" style="margin-left: 30">Audit Fees </i>&#151; The aggregate audit
fees billed by KPMG for professional services rendered for the annual audit of
the Registrant's consolidated financial statements, quarterly reviews of the
Registrant's financial statements and services provided in connection with
statutory and regulatory filings or engagements were CDN$1,214,402 for fiscal
2007 and CDN$1,196,100 for fiscal 2006. The audit fees include fees relating to
KPMG's audit of the effectiveness of the Registrant's internal control over
financial reporting. </p>
<i>
<p align="justify" style="margin-left: 30">Audit-Related Fees </i>&#151; The
aggregate audit-related fees billed by KPMG were CDN$112,800 for fiscal 2007 and
CDN$94,025 for fiscal 2006. These services consisted of miscellaneous assurance
services. </p>
<i>
<p align="justify" style="margin-left: 30">Tax Fees</i> &#151; The aggregate tax fees
billed by KPMG were CDN$935,066 for fiscal 2007 and CDN$322,785 for fiscal 2006.
These services consisted of tax compliance, including the review of tax returns,
assistance regarding income, capital and sales tax audits, the preparation of
annual transfer pricing studies, tax advisory services relating to domestic and
international taxation and customs and duties. </p>
<i>
<p align="justify" style="margin-left: 30">All Other Fees </i>&#151; The aggregate
fees billed by KPMG for all other professional services rendered were nil for
fiscal 2007 and CDN$169,860 for fiscal 2006 for services associated with
financial due diligence. </p>
<p align="justify" style="text-indent: 60">All fees billed to the Registrant by
KPMG in fiscal 2007 were pre-approved by the Registrant's Audit and Finance
Committee pursuant to the procedures and policies set forth in the Audit and
Finance Committee mandate and pursuant to applicable legislation. The mandate of
the Audit and Finance Committee is available on the Registrant's Internet
website at <u><font color="#0000FF">www.gildan.com</font></u>. </p>
<b>
<p align="justify" style="text-indent: 30; margin-bottom: -11pt">J. </p>
<p align="justify" style="text-indent: 60; margin-top: -11pt">Off-Balance Sheet
Arrangements </p>
</b><i>
<p align="justify" style="text-indent: 60">Operating leases and commitments </p>
</i>
<p align="justify" style="text-indent: 60">The Registrant has no commitments
that are not reflected in its balance sheets except for operating leases and
other purchase obligations, which are included in the table of contractual
obligations on page 34 of its MD&amp;A (see Exhibit 99.1). As disclosed in Note 13
to the Registrant's Consolidated Financial Statements (see Exhibit 99.2), the
Registrant has issued standby letters of credit and corporate guarantees
primarily from various servicing agreements amounting to $8.1 million at
September 30, 2007. </p>
</font><hr color="#000000" size="5"><p Style='page-break-before:always'><font FACE="Times New Roman PS" SIZE="2"><i>
<p align="justify" style="text-indent: 60">Derivative Financial Instruments </p>
</i></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY" style="text-indent: 60">From time to time, the Registrant
uses forward foreign exchange contracts, primarily in Canadian dollars, British
pounds and Euros, to hedge cash flows related to sales and operating expenses in
foreign currencies (non-U.S. dollar). A forward foreign exchange contract
represents an obligation to exchange a foreign currency with a counterparty at a
predetermined rate. Credit risk exists in the event of failure by a counterparty
to meet its obligations. The Registrant reduces this risk by dealing only with
highly rated counterparties, normally major North American and European
financial institutions. The Registrant's exposure to foreign currency
fluctuations is described in more detail in the &quot;Risks and Uncertainties&quot;
section of its MD&amp;A beginning on page 38 (see Exhibit 99.1). </p>
<p align="justify" style="text-indent: 60">The Registrant does not use
derivative financial instruments for speculative purposes. Forward foreign
exchange contracts are entered into with maturities not exceeding twenty-four
months. </p>
<p align="justify" style="text-indent: 60">For the years ended September 30,
2007 and October 1, 2006, net earnings included recognized gains relating to
derivative financial instruments of $1.9 million and $4.6 million, respectively.
</p>
<p align="justify" style="text-indent: 60">The following table summarizes the
Registrant's commitments to buy and sell foreign currencies as at September 30,
2007 and October 1, 2006: </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
       <tr>
              <td WIDTH="28%" style="border-left-style: solid; border-left-width: 1; border-top-style: solid; border-top-width: 1; padding-left: 10; padding-right: 10" bgcolor="#E6E6E6">&nbsp;</td>
              <td WIDTH="18%" align="right" style="border-top-style: solid; border-top-width: 1; padding-left: 10; padding-right: 10" bgcolor="#E6E6E6">
              <font SIZE="2">Notional</font></td>
              <td WIDTH="18%" align="right" style="border-top-style: solid; border-top-width: 1; padding-left: 10; padding-right: 10" bgcolor="#E6E6E6">
              <font SIZE="2">Exchange</font></td>
              <td WIDTH="18%" align="right" style="border-top-style: solid; border-top-width: 1; padding-left: 10; padding-right: 10" bgcolor="#E6E6E6">&nbsp;</td>
              <td WIDTH="18%" align="right" style="border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1; padding-left: 10; padding-right: 10" bgcolor="#E6E6E6">
              <font SIZE="2">Notional US dollar</font></td>
       </tr>
       <tr>
              <td WIDTH="28%" style="border-left-style: solid; border-left-width: 1; padding-left: 10; padding-right: 10" bgcolor="#E6E6E6">&nbsp;</td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10" bgcolor="#E6E6E6">
              <font SIZE="2">Amount</font></td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10" bgcolor="#E6E6E6">
              <font SIZE="2">Rate</font></td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10" bgcolor="#E6E6E6">
              <font SIZE="2">Maturity</font></td>
              <td WIDTH="18%" align="right" style="border-right-style: solid; border-right-width: 1; padding-left: 10; padding-right: 10" bgcolor="#E6E6E6">
              <font SIZE="2">Equivalent</font></td>
       </tr>
       <tr>
              <td WIDTH="28%" style="border-left-style: solid; border-left-width: 1; border-bottom-style: solid; border-bottom-width: 1; padding-left: 10; padding-right: 10" bgcolor="#E6E6E6">&nbsp;</td>
              <td WIDTH="18%" align="right" style="border-bottom-style: solid; border-bottom-width: 1; padding-left: 10; padding-right: 10" bgcolor="#E6E6E6">&nbsp;</td>
              <td WIDTH="18%" align="right" style="border-bottom-style: solid; border-bottom-width: 1; padding-left: 10; padding-right: 10" bgcolor="#E6E6E6">&nbsp;</td>
              <td WIDTH="18%" align="right" style="border-bottom-style: solid; border-bottom-width: 1; padding-left: 10; padding-right: 10" bgcolor="#E6E6E6">&nbsp;</td>
              <td WIDTH="18%" align="right" style="border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1; padding-left: 10; padding-right: 10" bgcolor="#E6E6E6">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="28%" style="border-left-style: solid; border-left-width: 1; border-top-style: solid; border-top-width: 1; padding-left: 10; padding-right: 10">&nbsp;</td>
              <td WIDTH="18%" align="right" style="border-top-style: solid; border-top-width: 1; padding-left: 10; padding-right: 10">
              <font SIZE="2">(in thousands)</font></td>
              <td WIDTH="18%" align="right" style="border-top-style: solid; border-top-width: 1; padding-left: 10; padding-right: 10">&nbsp;</td>
              <td WIDTH="18%" align="right" style="border-top-style: solid; border-top-width: 1; padding-left: 10; padding-right: 10">&nbsp;</td>
              <td WIDTH="18%" align="right" style="border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1; padding-left: 10; padding-right: 10">
              <font SIZE="2">(in thousands)</font></td>
       </tr>
       <tr>
              <td WIDTH="28%" style="border-left-style: solid; border-left-width: 1; padding-left: 10; padding-right: 10">
              <font SIZE="2"><b>2007:</b></font></td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10">&nbsp;</td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10">&nbsp;</td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10">&nbsp;</td>
              <td WIDTH="18%" align="right" style="border-right-style: solid; border-right-width: 1; padding-left: 10; padding-right: 10">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="28%" style="border-left-style: solid; border-left-width: 1; padding-left: 10; padding-right: 10">
              <font SIZE="2">Buy contracts:</font></td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10">&nbsp;</td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10">&nbsp;</td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10">&nbsp;</td>
              <td WIDTH="18%" align="right" style="border-right-style: solid; border-right-width: 1; padding-left: 10; padding-right: 10">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="28%" style="border-left-style: solid; border-left-width: 1; padding-left: 10; padding-right: 10" bgcolor="#ECF7FB">
              <font SIZE="2">
              <p style="margin-left: 26">Foreign exchange contracts:</font></td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10" bgcolor="#ECF7FB">
              <font SIZE="2">&#128;4,425</font></td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10" bgcolor="#ECF7FB">
              <font SIZE="2">1.3390 to 1.4222</font></td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10" bgcolor="#ECF7FB">
              <font SIZE="2">Oct. 2007 - Dec. 2007</font></td>
              <td WIDTH="18%" align="right" style="border-right-style: solid; border-right-width: 1; padding-left: 10; padding-right: 10" bgcolor="#ECF7FB">
              <font SIZE="2">$6,025</font></td>
       </tr>
       <tr>
              <td WIDTH="28%" style="border-left-style: solid; border-left-width: 1; padding-left: 10; padding-right: 10">
              <font SIZE="2">Sell contracts:</font></td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10">&nbsp;</td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10">&nbsp;</td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10">&nbsp;</td>
              <td WIDTH="18%" align="right" style="border-right-style: solid; border-right-width: 1; padding-left: 10; padding-right: 10">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="28%" style="border-left-style: solid; border-left-width: 1; padding-left: 10; padding-right: 10" bgcolor="#ECF7FB">
              <font SIZE="2">
              <p style="margin-left: 26">Foreign exchange contracts:</font></td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10" bgcolor="#ECF7FB">
              <font SIZE="2">&#128;13,980</font></td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10" bgcolor="#ECF7FB">
              <font SIZE="2">1.3410 to 1.3899</font></td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10" bgcolor="#ECF7FB">
              <font SIZE="2">Oct. 2007 - Oct. 2008</font></td>
              <td WIDTH="18%" align="right" style="border-right-style: solid; border-right-width: 1; padding-left: 10; padding-right: 10" bgcolor="#ECF7FB">
              <font SIZE="2">$19,096</font></td>
       </tr>
       <tr>
              <td WIDTH="28%" style="border-left-style: solid; border-left-width: 1; padding-left: 10; padding-right: 10">&nbsp;</td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10">
              <font SIZE="2">&#163;10,801</font></td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10">
              <font SIZE="2">1.9640 to 2.0331</font></td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10">
              <font SIZE="2">Oct. 2007 - Oct. 2008</font></td>
              <td WIDTH="18%" align="right" style="border-right-style: solid; border-right-width: 1; padding-left: 10; padding-right: 10">
              <font SIZE="2">$21,501</font></td>
       </tr>
       <tr>
              <td WIDTH="28%" style="border-left-style: solid; border-left-width: 1; padding-left: 10; padding-right: 10" bgcolor="#ECF7FB">&nbsp;</td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10" bgcolor="#ECF7FB">
              <font SIZE="2">CA$3,800</font></td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10" bgcolor="#ECF7FB">
              <font SIZE="2">0.9945</font></td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10" bgcolor="#ECF7FB">
              <font SIZE="2">Oct. 2007</font></td>
              <td WIDTH="18%" align="right" style="border-right-style: solid; border-right-width: 1; padding-left: 10; padding-right: 10" bgcolor="#ECF7FB">
              <font SIZE="2">$3,821</font></td>
       </tr>
       <tr>
              <td WIDTH="28%" style="border-left-style: solid; border-left-width: 1; padding-left: 10; padding-right: 10">
              <font SIZE="2"><b>2006:</b></font></td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10">&nbsp;</td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10">&nbsp;</td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10">&nbsp;</td>
              <td WIDTH="18%" align="right" style="border-right-style: solid; border-right-width: 1; padding-left: 10; padding-right: 10">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="28%" style="border-left-style: solid; border-left-width: 1; padding-left: 10; padding-right: 10">
              <font SIZE="2">Buy contracts:</font></td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10">&nbsp;</td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10">&nbsp;</td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10">&nbsp;</td>
              <td WIDTH="18%" align="right" style="border-right-style: solid; border-right-width: 1; padding-left: 10; padding-right: 10">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="28%" style="border-left-style: solid; border-left-width: 1; padding-left: 10; padding-right: 10" bgcolor="#ECF7FB">
              <font SIZE="2">
              <p style="margin-left: 26">Foreign exchange contracts:</font></td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10" bgcolor="#ECF7FB">
              <font SIZE="2">&#128;9,756</font></td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10" bgcolor="#ECF7FB">
              <font SIZE="2">1.2056 to 1.2696</font></td>
              <td WIDTH="18%" align="right" style="padding-left: 10; padding-right: 10" bgcolor="#ECF7FB">
              <font SIZE="2">Oct. 2006 - June 2007</font></td>
              <td WIDTH="18%" align="right" style="border-right-style: solid; border-right-width: 1; padding-left: 10; padding-right: 10" bgcolor="#ECF7FB">
              <font SIZE="2">$11,934</font></td>
       </tr>
       <tr>
              <td WIDTH="28%" style="border-left-style: solid; border-left-width: 1; border-bottom-style: solid; border-bottom-width: 1; padding-left: 10; padding-right: 10">&nbsp;</td>
              <td WIDTH="18%" align="right" style="border-bottom-style: solid; border-bottom-width: 1; padding-left: 10; padding-right: 10">
              <font SIZE="2">CA$6,250</font></td>
              <td WIDTH="18%" align="right" style="border-bottom-style: solid; border-bottom-width: 1; padding-left: 10; padding-right: 10">
              <font SIZE="2">0.8961</font></td>
              <td WIDTH="18%" align="right" style="border-bottom-style: solid; border-bottom-width: 1; padding-left: 10; padding-right: 10">
              <font SIZE="2">Oct. 2006</font></td>
              <td WIDTH="18%" align="right" style="border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1; padding-left: 10; padding-right: 10">
              <font SIZE="2">$5,600</font></td>
       </tr>
       <tr>
              <td WIDTH="28%" style="border-left-style: solid; border-left-width: 1; border-bottom-style: solid; border-bottom-width: 1; padding-left: 10; padding-right: 10">&nbsp;</td>
              <td WIDTH="18%" align="right" style="border-bottom-style: solid; border-bottom-width: 1; padding-left: 10; padding-right: 10">&nbsp;</td>
              <td WIDTH="18%" align="right" style="border-bottom-style: solid; border-bottom-width: 1; padding-left: 10; padding-right: 10">&nbsp;</td>
              <td WIDTH="18%" align="right" style="border-bottom-style: solid; border-bottom-width: 1; padding-left: 10; padding-right: 10">&nbsp;</td>
              <td WIDTH="18%" align="right" style="border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1; padding-left: 10; padding-right: 10">&nbsp;</td>
       </tr>
</table>
<font FACE="Times New Roman PSMT" SIZE="2">
<p style="text-indent: 60" align="justify">The fair value of the forward foreign
exchange contracts, based on quoted market values, was $(0.8) million as at
September 30, 2007 and $0.5 million as at October 1, 2006. </p>
</font><hr color="#000000" size="5"><p Style='page-break-before:always'><font FACE="Times New Roman PS" SIZE="2"><b>
<p align="justify" style="text-indent: 30; margin-bottom: -11pt">K. </p>
<p align="justify" style="text-indent: 60; margin-top: -11pt">Tabular Disclosure
of Contractual Obligations </p>
</b>
<p align="justify" style="text-indent: 60">See page 34 of Exhibit 99.1. </p>
<b>
<p align="justify" style="text-indent: 30; margin-bottom: -11pt">L. </p>
<p align="justify" style="text-indent: 60; margin-top: -11pt">Corporate
Governance Guidelines </p>
</b>
<p ALIGN="JUSTIFY" style="text-indent: 60">The Registrant has adopted Corporate
Governance Guidelines as well as mandates for its board of directors and each of
its three committees which are available at the Registrant's Internet website,
<u><font color="#0000FF">www.gildan.com</font></u>, and are available in print
to any shareholder who requests them. </p>
<b>
<p align="justify" style="text-indent: 30; margin-bottom: -11pt">M. </p>
<p align="justify" style="text-indent: 60; margin-top: -11pt">Identification of
the Audit Committee </p>
<p ALIGN="JUSTIFY" style="text-indent: 60"></b>The Registrant has a standing
Audit Committee established in accordance with Section 3 (a) (58) (A) of the
Exchange Act. The members of the Registrant's Audit Committee are Pierre
Robitaille, William D. Anderson, Richard P. Strubel and Gonzalo F. Valdez-Fauli.
See the Audit Committee Disclosure section of our Annual Information Form
included herein for additional information. </p>
</font>
<p>&nbsp;</p>
<p>&nbsp;</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><font SIZE="2"><b>
<p align="center">SIGNATURES </p>
</b>
<p ALIGN="JUSTIFY" style="text-indent: 60">Pursuant to the requirements of the
Exchange Act, the Registrant certifies that it meets all of the requirements for
filing on Form 40-F and has duly caused this annual report to be signed on its
behalf by the undersigned, thereto duly authorized. </p>
<p align="justify" style="text-indent: 60">DATED: December 19, 2007 </p>
</font>
<div align="right">
       <table CELLSPACING="0" BORDER="0" WIDTH="50%" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
              <tr>
                     <td COLSPAN="2" width="493">
                     <font FACE="Times New Roman PS" SIZE="2"><b>GILDAN
                     ACTIVEWEAR INC.</b></font></td>
              </tr>
              <tr>
                     <td WIDTH="37">&nbsp;</td>
                     <td WIDTH="456">&nbsp;</td>
              </tr>
              <tr>
                     <td WIDTH="37">&nbsp;</td>
                     <td WIDTH="456">&nbsp;</td>
              </tr>
              <tr>
                     <td WIDTH="37" style="border-bottom-style: solid; border-bottom-width: 1">
                     <font FACE="Times New Roman PSMT" SIZE="2">By: </font>
                     <font FACE="Times New Roman PS" SIZE="2"><i>/s/</i></font></td>
                     <td WIDTH="456" style="border-bottom-style: solid; border-bottom-width: 1">
                     <font FACE="Times New Roman PS" SIZE="2"><i>Lindsay
                     Matthews</i></font></td>
              </tr>
              <tr>
                     <td WIDTH="37" style="border-top-style: solid; border-top-width: 1">
                     <font FACE="Times New Roman PSMT" SIZE="2">Name:</font></td>
                     <td WIDTH="456" style="border-top-style: solid; border-top-width: 1">
                     <font FACE="Times New Roman PSMT" SIZE="2">Lindsay Matthews</font></td>
              </tr>
              <tr>
                     <td WIDTH="37"><font FACE="Times New Roman PSMT" SIZE="2">
                     Title:</font></td>
                     <td WIDTH="456"><font FACE="Times New Roman PSMT" SIZE="2">
                     Director, Legal Services and Corporate</font></td>
              </tr>
              <tr>
                     <td WIDTH="37">&nbsp;</td>
                     <td WIDTH="456"><font FACE="Times New Roman PSMT" SIZE="2">
                     Secretary</font></td>
              </tr>
       </table>
</div>
<p>&nbsp;</p>
<p>&nbsp;</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
       <tr>
              <td WIDTH="100%" colspan="2" align="center">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="100%" colspan="2" align="center" bgcolor="#FFFFFF">
              <font FACE="Times New Roman PS" SIZE="2"><b>EXHIBIT INDEX</b></font></td>
       </tr>
       <tr>
              <td WIDTH="15%">&nbsp;</td>
              <td WIDTH="85%">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="15%" bgcolor="#FFFFFF"><font FACE="Times New Roman PS" SIZE="2"><b><u>
              Exhibit No.</u></b></font></td>
              <td WIDTH="85%" bgcolor="#FFFFFF"><font FACE="Times New Roman PS" SIZE="2"><b>
              <p align="center"><u>Description</u></b></font></td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top">&nbsp;</td>
              <td WIDTH="85%">
              <p align="justify">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top" bgcolor="#ECF7FB">
              <font FACE="Times New Roman PSMT" SIZE="2">
              <a href="exh991.htm" style="text-decoration: none">99.1</a></font></td>
              <td WIDTH="85%" bgcolor="#ECF7FB"><font FACE="Times New Roman PSMT" SIZE="2">
              <p align="justify">
              <a href="exh991.htm" style="text-decoration: none">Management's Discussion and Analysis of the
              Registrant for the year ended September 30, 2007</a></font></td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top">&nbsp;</td>
              <td WIDTH="85%">
              <p align="justify">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top" bgcolor="#ECF7FB">
              <font FACE="Times New Roman PSMT" SIZE="2">
              <a href="exh992.htm" style="text-decoration: none">99.2</a></font></td>
              <td WIDTH="85%" bgcolor="#ECF7FB"><font FACE="Times New Roman PSMT" SIZE="2">
              <p align="justify">
              <a href="exh992.htm" style="text-decoration: none">Audited comparative consolidated financial
              statements of the Registrant as at and for the year ended
              September 30, 2007</a></font></td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top">&nbsp;</td>
              <td WIDTH="85%">
              <p align="justify">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top" bgcolor="#ECF7FB">
              <font FACE="Times New Roman PSMT" SIZE="2">
              <a href="exh993.htm" style="text-decoration: none">99.3</a></font></td>
              <td WIDTH="85%" bgcolor="#ECF7FB"><font FACE="Times New Roman PSMT" SIZE="2">
              <p align="justify">
              <a href="exh993.htm" style="text-decoration: none">Consent of KPMG LLP</a></font></td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top">&nbsp;</td>
              <td WIDTH="85%">
              <p align="justify">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top" bgcolor="#ECF7FB">
              <font FACE="Times New Roman PSMT" SIZE="2">99.4</font></td>
              <td WIDTH="85%" bgcolor="#ECF7FB"><font FACE="Times New Roman PSMT" SIZE="2">
              <p align="justify">Schedule &quot;D&quot; - Statement of Corporate
              Governance Practices to the Registrant's Notice of Annual Meeting
              of Shareholders and Management Proxy Circular dated as of December
              10, 2007 (incorporated by reference to Exhibit 99.1 of the
              Registrant's Form 6-K (file no. 001-14830) furnished to the
              Securities and Exchange Commission on December 19, 2007)</font></td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top">&nbsp;</td>
              <td WIDTH="85%">
              <p align="justify">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top" bgcolor="#ECF7FB">
              <font FACE="Times New Roman PSMT" SIZE="2">
              <a href="exh995.htm" style="text-decoration: none">99.5</a></font></td>
              <td WIDTH="85%" bgcolor="#ECF7FB"><font FACE="Times New Roman PSMT" SIZE="2">
              <p align="justify">
              <a href="exh995.htm" style="text-decoration: none">Reconciliation to United States GAAP</a></font></td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top">&nbsp;</td>
              <td WIDTH="85%">
              <p align="justify">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top" bgcolor="#ECF7FB">
              <font FACE="Times New Roman PSMT" SIZE="2">
              <a href="exh996.htm" style="text-decoration: none">99.6</a></font></td>
              <td WIDTH="85%" bgcolor="#ECF7FB"><font FACE="Times New Roman PSMT" SIZE="2">
              <p align="justify">
              <a href="exh996.htm" style="text-decoration: none">Officers' Certifications Required by Rule
              13a-14(a) or Rule 15d-14(a)</a></font></td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top">&nbsp;</td>
              <td WIDTH="85%">
              <p align="justify">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top" bgcolor="#ECF7FB">
              <font FACE="Times New Roman PSMT" SIZE="2">
              <a href="exh997.htm" style="text-decoration: none">99.7</a></font></td>
              <td WIDTH="85%" bgcolor="#ECF7FB"><font FACE="Times New Roman PSMT" SIZE="2">
              <p align="justify">
              <a href="exh997.htm" style="text-decoration: none">Officers' Certifications Required by Rule
              13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of
              Title 18 of the United States Code</a></font></td>
       </tr>
</table>
<p>&nbsp;</p>
<hr color="#000000" size="5">

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>

<HEAD><TITLE>Gildan Activewear Inc.: Exhibit 99.1 - Prepared by TNT Filings Inc.</TITLE></HEAD>
<BODY>



<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">



<hr color="#000000" size="5">



</div>



<P align=right><FONT FACE="Times New Roman" SIZE="1"><U>21</U> </FONT></P>

<center>

<div STYLE='position:relative;left:0;top:0;height:350px;width:720'>

<p style='position:absolute;top:0px;left:0px;'>
<font face="Times New Roman">
<img src="img001.jpg" width="670" height="390"></font></p>



<p style='position:absolute;top:165.3125px;left:76px;height:33.625px;width:698px; text-align:left;padding: 0in 0.1in 0in 0.1in;'>
<font style='font-family:Times New Roman;font-size:43pt;color:#FFFFFF'>MD&amp;A</font></p>

</div>


</center>




<font face="Times New Roman">




<BR><BR><BR><BR><BR>


</font>


<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:33%">
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="10%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A001">22</A></B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A001">OUR BUSINESS</A></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A002">24</A></B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A002">STRATEGY AND OBJECTIVES</A></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A003">25</A></B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A003">OPERATING RESULTS</A></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A004">30</A></B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A004">SUMMARY OF QUARTERLY RESULTS</A></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A005">31</A></B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A005">FINANCIAL CONDITION</A></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A006">32</A></B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A006">LIQUIDITY AND CAPITAL RESOURCES</A></B></FONT></P>
</TD>
</TR>
</TABLE>
</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:66%">

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="10%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A007">35</A></B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A007">CRITICAL ACCOUNTING ESTIMATES</A></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A008">36</A></B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A008">CHANGES IN ACCOUNTING POLICIES AND
 RECENT ACCOUNTING PRONOUNCEMENTS</A></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A009">37</A></B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A009">RELATED PARTY TRANSACTIONS</A></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A010">37</A></B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A010">DISCLOSURE CONTROLS</A></B></FONT></P>
</TD>
</TR>
</TABLE>
</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="10%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A011">38</A></B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A011">INTERNAL CONTROL OVER FINANCIAL REPORTING</A></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A012">38</A></B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A012">RISKS AND UNCERTAINTIES</A></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A013">42</A></B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A013">RECONCILIATION AND DEFINITION OF NON-GAAP MEASURES</A></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A014">44</A></B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><A HREF="#A014">FORWARD-LOOKING STATEMENTS</A></B></FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
</DIV>
<font face="Times New Roman">
<BR>
<BR CLEAR=ALL>
<BR>
</font>
<P STYLE=' TEXT-AUTOSPACE:NONE'><FONT SIZE=1 COLOR=BLACK FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT FACE="Times New Roman" SIZE="1"><U>20</U> </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2 face="Times New Roman">
<IMG SRC="img002.jpg" ALT="(GRAPHIC)" width="705" height="403"></FONT></P>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
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</TD>
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<TR>
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<HR SIZE=4 WIDTH="100%" NOSHADE COLOR=#00A5D9 ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT style="font-size:11pt" FACE="Times New Roman" COLOR=#00A5D9>&#147;WE
 CONTINUE TO HAVE SIGNIFICANT UNUSED DEBT FINANCING CAPACITY AND FINANCING
 FLEXIBILITY TO INVEST IN CAPITAL EXPENDITURES FOR FURTHER CAPACITY EXPANSION...</FONT><FONT style="font-size:11pt" FACE="Times New Roman" COLOR="#00A5D9"> AS WELL AS TO PURSUE OTHER POTENTIAL
 ACQUISITION OPPORTUNITIES.&#148; </FONT></P>
</TD>
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<TR>
<TD VALIGN=TOP>
<HR SIZE=4 WIDTH="100%" NOSHADE COLOR=#00A5D9 ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2 FACE="Times New Roman"><B>Laurence G. Sellyn<BR>
</B>Executive
Vice-President, <BR>
Chief Financial and Administrative Officer</FONT></P>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT FACE="Times New Roman" SIZE="1"><U>22</U> </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3 FACE="Times New Roman">MD&amp;A</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9>This Management&#146;s discussion and analysis (MD&amp;A) comments on Gildan&#146;s
operations, performance and financial condition as at and for the years ended
September 30, 2007 and October 1, 2006, compared to the preceding years. For a
complete understanding of our business environment, trends, risks and
uncertainties and the effect of accounting estimates on our results of
operations and financial condition, this MD&amp;A should be read together with
the audited Consolidated Financial Statements and the related notes. This
MD&amp;A is dated December 14, 2007. All amounts in this report are in U.S.
dollars, unless otherwise noted. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9>All financial information contained in this MD&amp;A and in the
Consolidated Financial Statements has been prepared in accordance with Canadian
generally accepted accounting principles (GAAP), except for certain information
discussed in the paragraph entitled &#147;Non-GAAP Financial Measures&#148; on page 25 of
this MD&amp;A. The audited Consolidated Financial Statements and this MD&amp;A
were reviewed by Gildan&#146;s Audit and Finance Committee and were approved by our
Board of Directors.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9>Additional information about Gildan, including our 2007 Annual Information
Form, is available on our website at www.gildan.com, on the SEDAR website at
www.sedar.com, and on the EDGAR section of the U.S. Securities and Exchange
Commission website (which includes the Annual Report on Form 40-F) at
www.sec.gov.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9>This document contains forward-looking statements, which are qualified by
reference to, and should be read together with the &#147;Forward-looking Statements&#148;
cautionary notice on page 44.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9>In this MD&amp;A, &#147;Gildan&#148;, the &#147;Company&#148;, or the words &#147;we&#148;,
&#147;us&#148;, &#147;our&#148;
refer, depending on the context, either to Gildan Activewear Inc. or to Gildan
Activewear Inc. together with its subsidiaries and joint venture.</FONT></P>

<P><font face="Times New Roman"><A NAME=A001></A></font>
<FONT SIZE=2 FACE="Times New Roman" COLOR=#00A5D9><B><U>OUR BUSINESS</U></B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Gildan is a vertically-integrated marketer and manufacturer of activewear,
underwear and socks. The Company operates in one business segment, being
high-volume, basic, frequently replenished, non-fashion apparel. We are the
leading supplier of activewear for the wholesale imprinted sportswear market in
the U.S. and Canada, and also a leading supplier for this market in Europe. As
part of our growth strategy to sell our products into the mass-market retail
channel in North America, in 2006, we expanded our product-line to include
socks and underwear. We are now one of the leading suppliers of socks in the
U.S. mass-market retail channel. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><B>Our Products</B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We specialize in marketing and large-scale manufacturing of basic,
non-fashion apparel products for customers requiring an efficient supply chain
and consistent product quality for high-volume automatic replenishment
programs. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We sell activewear, namely T-shirts, fleece and sport shirts, in large
quantities to wholesale distributors as undecorated &#147;blanks&#148;, which are
subsequently decorated by screenprinters with designs and logos. We sell our
products to wholesale distributors under the Gildan brand. Consumers ultimately
purchase the Company&#146;s products in venues such as sports, entertainment and
corporate events, and travel and tourism destinations. The Company&#146;s products
are also utilized for work uniforms and other end-uses to convey individual,
group and team identity. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">In the retail channel, we have complemented our activewear product-line
with a variety of styles of socks and men&#146;s and boys&#146; underwear. We sell these
products to mass-market and regional retailers in North America under the
Gildan brand and under various retailer private label programs. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><B>Our Manufacturing and Distribution Facilities</B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Textile and Sock Manufacturing</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">To support our sales in the various markets, we have built and are
continuing to build modern manufacturing facilities located in Central America
and the Caribbean Basin. Our largest manufacturing hub in Central America
includes our first integrated knitting, bleaching, dyeing, finishing and
cutting facility in Rio Nance, Honduras, which became operational in 2002. In
addition, during 2007, we commenced production at our new state-of-the-art
integrated sock manufacturing facility and at our new integrated textile
facility for the production of activewear, both in Rio Nance, Honduras. We
expect to ramp up our sock and activewear facilities to full capacity by the
third quarter of fiscal 2008. In August 2007, we announced plans for a second
sock facility to support our projected continuing growth in sales, which is
expected to be constructed and ramped up over twenty-four months. In addition,
we are also evaluating the timing and geographical location for future textile
capacity expansion, to support our ongoing growth initiatives in the U.S.
mass-market retail and international markets.</FONT></P>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman"><U>23</U></FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="3">MD&amp;A </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We also have established a vertically-integrated Caribbean Basin
manufacturing hub with a textile facility for the production of activewear in
Bella Vista, Dominican Republic, which began commercial operations in fiscal
2005 and is currently running at a comparable scale of production to our mature
textile facility in Honduras.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Our land and infrastructure in Central America and the Caribbean Basin
can accommodate further capacity expansion on the same sites.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">During the fourth quarter of the 2007 fiscal year, we closed our remaining
textile facilities in Montreal, Canada, and our cutting facility in Bombay, New
York. In addition, we closed our two sewing facilities in Mexico in March 2007,
which had been supplied with fabric from our Canadian textile operations. As a
result, all of our manufacturing for T-shirts, fleece, sport shirts and
underwear has been consolidated into our vertically-integrated manufacturing
hubs in Central America and the Caribbean Basin, where we have invested and
continue to invest in major capacity expansion projects, as described above.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">In addition to our integrated sock manufacturing facility located in our
Central America manufacturing hub, we have a U.S. sock manufacturing facility
in Hillsville, Virginia. Shortly after the end of our 2007 fiscal year, on
October 15, 2007, we completed the acquisition of all of the capital stock of
V.I. Prewett &amp; Son, Inc. (Prewett), a large U.S. supplier of basic family
socks to U.S. mass-market retailers, with sock manufacturing facilities in Fort
Payne, Alabama. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Yarn-Spinning</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">CanAm Yarns, LLC (CanAm), our joint-venture company with Frontier Spinning
Mills, Inc. (Frontier), operates yarn-spinning facilities in Georgia and North
Carolina. CanAm&#146;s yarn-spinning operations, together with supply agreements
currently in place with Frontier and other third-party yarn providers, serve to
meet our yarn requirements.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Sewing</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Our sewing facilities are located in Central America and the Caribbean
Basin. We also utilize third-party contractors, primarily in Haiti, to
complement our vertically-integrated production.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Distribution</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We distribute our products for the wholesale imprinted sports-wear market
in the U.S. primarily out of our company-owned distribution centre in Eden,
North Carolina, and also use third-party warehouses in the western United
States, Canada, Mexico, Europe and Asia to service our customers in these
markets. We also operate distribution centres in Martinsville, Virginia and
Fort Payne, Alabama dedicated to servicing the mass-market retail channel. We
are also developing facilities to enhance our ability to provide direct
shipments from our Central American and Caribbean Basin manufacturing hubs. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Corporate Head Office and Employees </U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Our corporate head office is located in Montreal, Canada and as of the end of this fiscal year we
employed more than 15,000 full-time employees worldwide.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><B>Market Overview</B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Our target market for activewear, socks and underwear is characterized by
low fashion risk compared to many other apparel markets, since our products are
basic and produced in a limited range of sizes, colours and styles, and since
logos and designs for the screenprint market are not imprinted or embroidered
by Gildan. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The apparel market for our products is highly competitive. Competition is
generally based upon price, with reliable quality and service also being key
requirements for success. Our primary competitors in North America are the
major U.S.-based manufacturers of basic family apparel for the wholesale and
retail channels, such as the Hanes, Fruit of the Loom, and Jerzees brands. The
competition in the European wholesale imprinted activewear market is similar to
that in North America, as we compete primarily with the European divisions of
the larger U.S.-based manufacturers. In Europe, we also have large competitors,
which do not have integrated manufacturing operations and source products from
contractors in Asia. In addition, we face the threat of increasing global
competition. In particular, the U.S. sock industry is subject to global
competition, including significant imports from Asia. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We believe that growth for activewear products has been driven by several
market trends such as the following:</FONT></P>

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</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">continued
 use of activewear for event merchandising (such as concerts, festivals, etc.);</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">continued
 evolution of the entertainment/sports licensing and merchandising businesses;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">the
 growing use of activewear for uniform applications;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">the
 growing use of activewear for corporate promotions;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">continued
 increase in use of activewear products for travel and tourism;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">an
 increased emphasis on physical fitness; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">a
 greater use and acceptance of casual dress in the workplace.</FONT></P>
</TD>
</TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">In addition, reductions in manufacturing costs, combined with quality
enhancements in activewear apparel, such as pre-shrunk fabrics, improved fabric
weight, blends and construction, as well as an increased range of colours and
styles have provided consumers with superior products at lower prices. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We believe that providing a superior value proposition predicated on
reliable product quality and comfort, combined with efficient customer service
and competitive pricing, will continue to be key drivers of success in both the
wholesale and retail channels. </FONT></P>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1 FACE="Times New Roman"><U>24</U></FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="3">MD&amp;A </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Due to wholesaler and retailer consolidation, the customer base to which
we sell and are targeting to sell our products is composed of a relatively
small number of significant customers. This concentration is not unusual in the
mass-market retail channel. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The continued consolidation of the number of suppliers by retailers
looking for the convenience of a full-line supplier of a product category for
the entire family could create growth opportunities for our products. </FONT></P>

<P align="justify"><font face="Times New Roman"><A NAME=A002></A></font>
<FONT SIZE=2 color="#00A5D9" FACE="Times New Roman"><B><U>STRATEGY AND
OBJECTIVES</U></B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We believe that our success in developing our vertically-integrated
manufacturing hubs has allowed us to provide our customers with low prices,
consistent product quality and a reliable supply chain, and has been the main
reason that we have been able to continue to increase our market presence and
establish our market leadership in the imprinted sportswear market. These are
the same factors that management believes will support Gildan&#146;s success in
building a consumer brand in the retail channel.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We are able to price our products competitively because of our success in
reducing operating costs. We accomplish this by:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">investing
 in modern, automated equipment and facilities;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">increasing
 our capacity through the development of integrated regional hubs in Central
 America and the Caribbean Basin, where we benefit from strategic locations and favourable international
 trade agreements; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">focusing
 on producing a narrow range of basic, high-volume product-lines, which allows
 us to maximize production efficiencies.</FONT></P>
</TD>
</TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We intend to continue to expand capacity through the acquisition of
modern, automated equipment for all aspects of our manufacturing process to
maximize productivity and achieve high efficiency rates.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Our growth strategy comprises the following four initiatives:</FONT></P>

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<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>1.</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><B>Continue to increase market share in the U.S. wholesale
 imprinted sportswear market in all product categories</B><BR><BR>During fiscal 2007, we further increased our
 leading market share position in the U.S. wholesale distributor network in
 the T-shirt and sport shirt categories as reported in the S.T.A.R.S. Report
 produced by ACNielsen Market Decisions. In addition, we gained significant
 share in the fleece category, also reaching the leading market share position
 in this category in fiscal 2007. We believe we will continue to increase
 market share in this channel due to our competitive strengths and the
 addition of low cost production capacity.</FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>2.</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><B>Leverage our successful business model to penetrate the
 mass-market retail channel and develop Gildan as a consumer brand<BR>
 <BR>
 </B></FONT><FONT FACE="Times New Roman" SIZE="2">We plan to continue to sell
 the same basic undecorated activewear apparel products into the retail
 channel, as well as our new products, socks and underwear, which leverage our
 existing core competencies, successful business model and competitive
 strengths. Our goal is to continue to provide a value proposition, combining
 quality, service and competitive pricing. We intend to follow the same
 pricing strategy as in the wholesale market, by using our cost efficiencies
 to offer lower selling prices. Our main competitors in the retail channel for
 basic family apparel products are essentially the same as in the wholesale
 channel.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align="justify"><FONT SIZE=2 FACE="Times New Roman">In
 2006, we continued with our initial entry into the retail channel,
 concentrating at that time on regional retailers which we were able to
 service well with the production capacity that we had available. Our
 acquisition of Kentucky Derby Hosiery Co., Inc. (Kentucky Derby) in July 2006
 provided us with enhanced distribution to major U.S. mass-market retailers.
 This allowed us to achieve our first national branded program for men&#146;s and
 boys&#146; socks with a U.S. national retailer, for which shipments began in March
 2007. In June 2007, we began shipments of a major private label sock program
 to a second U.S. mass-market retailer. On October 15, 2007, we completed the acquisition
 of Prewett, a large U.S. supplier of basic family socks to U.S. mass-market
 retailers. We expect that the acquisition of Prewett will further strengthen
 Gildan&#146;s positioning as a full-product supplier of socks, activewear
 and underwear for the retail channel. As we ramp up our
 major capacity expansion projects in Central America, we are increasingly
 better positioned to service large replenishment programs for major
 mass-market customers. </FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>3.</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><B>Pursue international growth opportunities</B></FONT><FONT  FACE="Times New Roman" SIZE="2"> <BR>
 <BR>
 We expect to pursue further market penetration within our existing wholesale
 markets in Europe, Mexico and Australia, in addition to pursuing further
 international market expansion opportunities. During fiscal 2007, we achieved
 significant unit volume growth in Europe and other international markets. We
 continue to see opportunities for growth in Europe, as additional production
 capacity comes on stream from the ramp up of our major capacity expansion
 projects in Central America and as we expand our product-lines for the
 European market. In Mexico, we continued to expand our presence in the
 wholesale imprinted sportswear market and now service several distributors.
 In fiscal 2007, we began to sell our products through a distributor in Japan,
 which services the wholesale channel and is also selling Gildan branded
 underwear and activewear products in the retail channel. In addition, we
 established a distributor in China to position Gildan to service both the
 imprinted and retail markets.</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman"><U>25</U></FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="3">MD&amp;A </FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>4.</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>Reinvest free cash flow to pursue selective
 complementary acquisitions</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We
 will seek opportunities to reinvest our free cash flow in organic capacity
 expansion and evaluate further selective acquisitions, which could complement
 our organic strategic growth opportunities in the U.S. retail market and in
 international markets. We will seek opportunities where we believe we can
 lever our core competencies and which position us in markets, which offer the
 potential for superior economic returns. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We
 are subject to a variety of business risks that may affect our ability to
 maintain our current market share and profitability, as well as our ability
 to achieve our long-term strategic objectives. These risks are described in
 the &#147;Risks and Uncertainties&#148; section of this MD&amp;A beginning on page 38. </FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT FACE="Times New Roman" COLOR="#00A5D9" SIZE="2"><B><U><A NAME=A003></A>OPERATING RESULTS</U></B> </FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman"><U>SELECTED ANNUAL INFORMATION</U></FONT><font face="Times New Roman"><BR><BR>
</font><FONT FACE="Times New Roman" style="font-size: 9pt">(in $ millions, except per share amounts)</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="56%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Sales</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>964.4</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">773.2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">653.9</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Cost of sales</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>655.3</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">521.1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">450.6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Gross profit</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>309.1</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">252.1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">203.3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Selling, general and
 administrative expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>110.9</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">84.4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">73.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Restructuring and other
 charges</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>28.0</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">20.4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">11.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>170.2</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">147.3</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">117.7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Depreciation and amortization</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>38.8</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">32.4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">25.6</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Interest, net</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>4.9</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">3.1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">4.6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Non-controlling interest in
 income of consolidated joint venture</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>1.3</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Earnings before income taxes</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>125.2</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">111.6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">87.4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Income tax (recovery) expense</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(4.8</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT FACE="Times New Roman" SIZE="2"><B>)</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">4.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1.4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Net earnings</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>130.0</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">106.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">86.0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Basic EPS<SUP>(1)</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>1.08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.72</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Diluted EPS<SUP>(1)</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>1.07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.88</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.72</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Total assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>874.5</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">723.3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">597.5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Total long-term liabilities<SUP>(2)</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>87.5</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">47.1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">64.1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT FACE="Times New Roman" style="font-size: 9pt" >Certain
 minor rounding variances exist between the financial statements and this
 summary.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT FACE="Times New Roman" style="font-size: 9pt" >(1)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT FACE="Times New Roman" style="font-size: 9pt" >All
 earnings per share data reflect the effect of the stock splits as described on
 page 35.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT FACE="Times New Roman" style="font-size: 9pt" >(2)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT FACE="Times New Roman" style="font-size: 9pt" >Includes
 long-term debt, future income taxes and non-controlling interest in
 consolidated joint venture.</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2 FACE="Times New Roman"><B>Operating results for the year ended September 30,
2007, compared to the year ended October 1, 2006</B></FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman"><U>Non-GAAP
Financial Measures</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We use
non-GAAP measures to assess our operating performance. Securities regulations
require that companies caution readers that earnings and other measures
adjusted to a basis other than GAAP do not have standardized meanings and are
unlikely to be comparable to similar measures used by other companies.
Accordingly, they should not be considered in isolation. We use non-GAAP
measures such as adjusted net earnings, adjusted diluted EPS, EBITDA, free cash
flow, total indebtedness and net indebtedness to measure our performance from
one period to the next without the variation caused by certain adjustments that
could potentially distort the analysis of trends in our operating performance,
and because we believe such measures provide meaningful information on the
Company&#146;s financial condition and
operating results. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We refer the reader to page 42 for the definition and complete
reconciliation of all non-GAAP financial measures used and presented by the
Company to the most directly comparable GAAP financial measures.</FONT></P>



<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Business
Acquisitions</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Effective
July 6, 2006, we acquired 100% of the common shares of Kentucky Derby, a U.S.
hosiery manufacturer with corporate headquarters in Hopkinsville, Kentucky. The
total purchase price of $20.4 million, including transaction costs, was paid in
cash except for approximately $0.5 million, which was settled through the
issuance of common shares of Gildan. We accounted for this acquisition using
the purchase method and the results of Kentucky Derby were consolidated with
those of Gildan from the date of acquisition. Accordingly, our results of
operations for fiscal 2007 include a full year of operations from Kentucky
Derby and those for 2006 include the results of operations for one quarter from
the date of acquisition. Please refer to Note 3 to the Consolidated Financial
Statements for a summary of the estimated fair value of the assets acquired and
liabilities assumed at the date of acquisition.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Subsequent to the end of fiscal 2007, on October 15, 2007, the Company
acquired 100% of the capital stock of Prewett, a large U.S. supplier of basic
family socks to U.S. mass-market retailers. Prewett&#146;s corporate headquarters
are located in Fort Payne, Alabama. The Company paid $125 million on closing,
and also placed $10 million in escrow to provide for a further contingent
increase in the purchase price of the acquisition. The funds were drawn under
the Company&#146;s revolving long-term credit facility. The Company has not yet
finalized the allocation of the purchase price for this acquisition. The
results of operations of Prewett will be included in the Company&#146;s fiscal 2008
results, from the date of acquisition.</FONT></P>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN
2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P><FONT SIZE=1 FACE="Times New Roman"><U>26</U></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3 FACE="Times New Roman">MD&amp;A</FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman"><U>Sales</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Sales for fiscal 2007 reached
$964.4 million, up 24.7% from $773.2 million in fiscal 2006. The increase in
sales was due to an increase of $108.2 million of sock sales for the year and
an increase of 11.3% in unit sales volumes for our activewear products,
combined with the impact of a higher-valued activewear product-mix, partially
offset by an approximate 1.6% decline in activewear unit selling prices
compared to last year. Fiscal 2007 included sock sales of $138.2 million
pursuant to the acquisition of Kentucky Derby. This compared to the inclusion
of only one fiscal quarter of sock sales in fiscal 2006, totalling $30.0
million. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Market growth and share data
presented for the U.S. wholesale distributor channel is based on the S.T.A.R.S.
Report produced by ACNielsen Market Decisions. The following table summarizes
the S.T.A.R.S. data for the nine months ended September 30, 2007:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="47%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" ROWSPAN="3" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2  FACE="Times New Roman"><B>Nine months ended<BR>
 September 30,<BR>
 2007 vs. 2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" ROWSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2  FACE="Times New Roman"><B>Nine months ended<BR>
 September 30,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2  FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2  FACE="Times New Roman"><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2  FACE="Times New Roman"><B>Unit Growth</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" ROWSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2  FACE="Times New Roman"><B>Market Share<BR>
 Gildan</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2  FACE="Times New Roman"><B>Gildan</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2  FACE="Times New Roman"><B>Industry</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman">All Products</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>14.8</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT FACE="Times New Roman" SIZE="2"><B>%</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT FACE="Times New Roman" SIZE="2">% </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>47.8</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT FACE="Times New Roman" SIZE="2"><B>%</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">42.6</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman">%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">T-shirts</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>13.9</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT FACE="Times New Roman" SIZE="2"><B>%</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">2.0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT FACE="Times New Roman" SIZE="2">% </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>48.5</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT FACE="Times New Roman" SIZE="2"><B>%</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">43.7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman">Fleece</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>52.4</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT FACE="Times New Roman" SIZE="2"><B>%</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">6.3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT FACE="Times New Roman" SIZE="2">% </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>43.7</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT FACE="Times New Roman" SIZE="2"><B>%</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">30.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman">%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Sport shirts</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>4.7</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT FACE="Times New Roman" SIZE="2"><B>%</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(4.5</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>35.1</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT FACE="Times New Roman" SIZE="2"><B>%</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">32.2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The increase in activewear unit
sales was primarily due to continuing market share penetration in all product
categories in the U.S. distributor channel. Growth in overall industry
shipments from U.S. distributors to screenprinters for the nine months ended
September 30, 2007 was 1.8%. In the T-shirt category, sales volumes of Gildan
T-shirts by U.S. distributors to screenprinters grew by 13.9% for the nine
months ended September 30, 2007, and our leading share in this category
increased to 48.5%. Unit volume growth of Gildan fleece products from U.S.
distributors to screenprinters totaled 52.4%, significantly exceeding that of
the industry and positioning Gildan as the market share leader in this category
with a share of 43.7%. We increased our leading brand position in sport shirts
by achieving a 35.1% market share, and sales volumes of Gildan sport shirts
from U.S. distributors to screenprinters grew by 4.7%, compared with an overall
decline of 4.5% for the industry. </FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman"><U>U.S. INDUSTRY GROWTH</U><BR><BR>
</FONT>
<FONT FACE="Times New Roman" size=1>(based
on unit sales (%))</FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman">
<IMG SRC="img003.jpg" ALT="(BAR CHART)" width="400" height="134"></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We also maintained a leading market
share position in Canada and experienced strong growth momentum in
international markets. In particular, unit shipments for activewear in Europe
increased 28.3% in fiscal 2007 compared to the same period last year. We
continued to expand our distributor network in the wholesale distributor market
in Mexico. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">In March of this year, we began
shipment of our first branded program for men&#146;s and boys&#146; socks to a national retailer and in
June we began shipment of a major private label sock program to a large
national retailer. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Gross Profit</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Gross profit is the result of our
sales less cost of sales. Gross margin reflects gross profit as a percentage of
sales. Our cost of sales includes all raw material costs, manufacturing
conversion costs, sourcing costs and transportation costs incurred until the
receipt of finished goods at our distribution facilities, but excludes
depreciation expense. Cost of sales also includes costs relating to purchasing,
receiving and inspection activities, manufacturing administration, third-party
manufacturing services, insurance, internal transfers of finished goods, and
customs and duties. Our reporting of gross margins may not be comparable to
this metric as reported by other companies, since some entities include
depreciation expense and distribution costs in cost of sales, whereas we report
these items in depreciation and amortization and in selling, general and
administrative expenses, respectively. </FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman"><U>GROSS MARGINS</U></FONT></P>

<P><FONT size=1 FACE="Times New Roman">(%)</FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman">
<IMG SRC="img004.jpg" ALT="(BAR CHART)" width="400" height="79"></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Gross profit for fiscal 2007 was $309.1
million, or 32.1% of sales, compared to $252.1 million, or 32.6% of sales
during fiscal 2006. Higher gross margins for activewear were offset by the
impact of lower margins from the sale of socks, which do not yet reflect the
cost synergies from the optimization of our sock manufacturing operations.
During fiscal 2007, our major new branded and </FONT></P>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">GILDAN
2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman"><U>27</U></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3 FACE="Times New Roman">MD&amp;A</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">private label retail sock programs
were priced based on the expected ramped-up cost structure for our new Honduran
sock facility. However, a large proportion of socks for these programs was
supplied from our higher-cost U.S. sock manufacturing facilities, which were
closed in August 2007, as well as high-cost outside contractors. We expect to
achieve improvement in gross margins for our sock product-line as we complete
the ramp-up of our new sock manufacturing facility in Honduras during fiscal
2008. Excluding the impact of sock sales, gross margins for fiscal 2007
increased to 35.0%, compared to 33.2% in fiscal 2006. The improvement in gross
margins was due primarily to manufacturing efficiencies as we continued to
reduce our overall manufacturing costs, largely as a result of the ramp-up of
the Dominican Republic textile facility and the rationalization of our Canadian
textile manufacturing which was announced in September 2006. This improvement
was partially offset by higher cotton costs compared to the low point in cotton
prices in the first half of fiscal 2006 and the non-recurrence of a $1.1
million reversal of a litigation reserve which positively impacted gross
margins in the second quarter of fiscal 2006. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Selling, General and Administrative
Expenses</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Our selling, general and administrative
(SG&amp;A) expenses include costs incurred subsequent to the receipt of
finished goods at our distribution facilities, excluding depreciation expense
and costs of inter-warehouse transfers of finished goods. The principal
components of our SG&amp;A expenses include warehousing and handling costs, the
cost of shipping goods to customers, selling and administrative personnel
costs, advertising and marketing expenses, leased facilities and equipment
costs, professional fees, and other general and administrative expenses. </FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman"><U>SG&amp;A</U><BR><BR>
</FONT>
<FONT size=1 FACE="Times New Roman">(percentage
of sales (%))</FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman">
<IMG SRC="img005.jpg" ALT="(BAR CHART)" width="351" height="69"></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">SG&amp;A expenses were $111.0
million, or 11.5% of sales during fiscal 2007, compared to $84.4 million, or
10.9% of sales during fiscal 2006. The increase in SG&amp;A expenses was due to
the impact of the acquisition of Kentucky Derby in the fourth quarter of fiscal
2006, higher distribution costs, and increased administration and information
technology costs to support our continuing growth. </FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman"><U>Restructuring and Other Charges</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The following table summarizes the
components of restructuring and other charges for the years ended September 30,
2007, October 1, 2006 and October 2, 2005:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="68%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">(in $ millions)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman">Accelerated depreciation (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>3.5</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">&#150;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">&#150;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Net gain on disposal of assets held
 for sale (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(1.5</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT FACE="Times New Roman" SIZE="2"><B>)</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">&#150;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">&#150;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman">Asset impairment loss and write-down
 of property, plant and equipment (a) (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>3.6</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">15.1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">6.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Severance (a) (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>13.6</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">2.1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">3.7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman">Charge to comply with employment
 contract (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">&#150;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1.5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1.1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Other (a) (e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>8.8</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1.7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>28.0</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">20.4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">11.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD COLSPAN="11" VALIGN=TOP>
<P><FONT FACE="Times New Roman" style="font-size: 9pt">Certain minor rounding variances
 exist between the financial statements and this summary.</FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">(a)</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">In September 2006, we announced a
 restructuring of our Canadian manufacturing operations, involving the closure
 of our textile manufacturing facility in Valleyfield, Quebec and the
 downsizing of our Montreal, Quebec knitting facility, to take effect in
 December 2006. In fiscal 2006, we recorded severance charges of $2.1
 million and other exit costs of $1.7 million relating to this
 restructuring. In addition, in September 2006, we recorded an impairment loss
 of $15.1 million on all Canadian textile and related manufacturing assets,
 and reduced our estimate of the remaining economic lives of these assets. The
 effect of this change in estimate, amounting to $3.5 million for fiscal 2007,
 was classified as accelerated depreciation and included in restructuring and other
 charges. We do not expect any further amounts to be incurred relating to
 accelerated depreciation in fiscal 2008.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">(b)</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">During the fourth quarter of fiscal
 2006, we announced the relocation and consolidation of our U.S. retail
 distribution centres and the closure of our Canadian distribution centre in
 Montreal, Quebec, effective October 2006. We also announced the closure and
 downsizing of sock manufacturing capacity located in North Carolina and
 Virginia. As at September 30, 2007, assets held for sale include land,
 building and equipment at these locations. We ceased recording depreciation
 on these assets, which are recorded at the lower of their net book value or
 fair value less costs to sell. During fiscal 2007, we sold some of the assets
 related to these facilities and recorded a gain of $1.5 million.</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1 FACE="Times New Roman"><U>28</U></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3 FACE="Times New Roman">MD&amp;A</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">(c)</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">On March 27, 2007, we announced plans
 to close our two remaining textile facilities in Montreal, Quebec and our
 cutting facility in Bombay, New York, in the fourth quarter of fiscal 2007.
 In addition, we closed two sewing facilities in Mexico in March 2007, which
 had been supplied with fabric from Gildan&#146;s Canadian textile operations.
 In fiscal 2007, we recorded severance costs of $13.6 million, primarily
 relating to these plant closures. As at September 30, 2007, assets held for
 sale include land, building and equipment at these locations.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">Concurrent with the restructuring of
 the Canadian textile operations, we also announced plans to relocate our
 corporate office, which is currently located in the same facility as was our
 Montreal knitting operations, into leased premises in the Montreal area. In
 March 2007, we recorded a $3.6 million asset impairment loss relating to our
 corporate head office facility.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">During fiscal 2005, we closed our two
 Canadian yarn-spinning facilities, and relocated a major portion of our
 yarn-spinning equipment to a North Carolina spinning facility operated by
 CanAm. The components of the charge primarily included a writedown to fair
 value of the fixed assets not transferred to CanAm of $6.8 million and
 employee severance of $3.7 million. The fixed assets not transferred to CanAm
 were classified as held for sale at their estimated fair values. Proceeds
 from these assets of $4.1 million and $5.0 million were received in fiscal
 2005 and in fiscal 2006, respectively. Severance costs were paid in full in fiscal 2005.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">We do not expect any further
 severance charges to be incurred relating to these closures in fiscal 2008.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">(d)</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">During fiscal 2004, we expensed $4.6
 million representing management&#146;s best estimate of the cost of
 financial obligations pursuant to an employment contract with the former
 Chairman and Co-Chief Executive Officer of the Company. The employment
 contract includes variable components related to the Company&#146;s financial and
operating
 performance to fiscal 2009. This resulted in charges of $1.5 million in
 fiscal 2006 and $1.1 million in fiscal 2005. Most of the payments under this
 contract are payable in Canadian dollars. No charges were incurred in fiscal
 2007 relating to this employment contract. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">(e)</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">Other costs relate primarily to exit
 costs incurred in connection with the closures noted above, including
 carrying and dismantling costs associated with assets held for sale. Other
 costs also include temporary incremental duties as a result of the closure of
 our Mexican sewing facilities. We expect to incur additional carrying costs
 relating to the assets held for sale, which will be accounted for as
 restructuring and other charges as incurred during fiscal 2008, until all
 assets related to the closures are disposed of. </FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2 FACE="Times New Roman"><U>Depreciation and Interest Expenses</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Depreciation and amortization
expense of $38.8 million in fiscal 2007 increased $6.4 million compared to
$32.4 million in fiscal 2006. The increase in depreciation expense in fiscal
2007 was due to continuing capital expenditures for organic capacity expansion.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Net interest expense amounted to
$4.9 million during fiscal 2007, up $1.8 million from $3.1 million in fiscal
2006. The increase in net interest expense resulted from lower investment
income and higher borrowings during fiscal 2007, mainly due to the use of funds
for the acquisition of Kentucky Derby and higher capital expenditure spending
during the year. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Income Taxes</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The Company recorded an income tax
recovery of $4.8 million compared to an income tax expense of $4.8 million in
fiscal 2006. The income tax recovery included the recognition of
previously unrecognized tax benefits in the amount of $7.6 million relating to
a prior taxation year, which became statute-barred during fiscal 2007. In addition,
in the fourth quarter of fiscal 2007, we determined that the criteria for
recognition of future tax assets in Kentucky Derby were met and we recorded an
income tax recovery of $3.1 million relating to the current year&#146;s operating loss of
Kentucky Derby.
Excluding the impact of these income tax recoveries, as well as the impact of
restructuring and other charges as discussed on page 27, the effective income
tax rate for the year ended September 30, 2007 was 3.8%, consistent with
 a 3.9% effective income tax rate for fiscal 2006. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Net Earnings</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Net earnings and earnings per share
on a diluted basis (EPS) were $130.0 million and $1.07, respectively, for
fiscal 2007 compared to net earnings of $106.8 million, or $0.88 per share on a
diluted basis in fiscal 2006. Net earnings included restructuring and other
charges of $27.3 million after tax, or $0.22 per share, in fiscal 2007 and
$20.0 million after-tax, or $0.17 per share, in fiscal 2006. Excluding the
impact of these restructuring and other charges, adjusted net earnings of
$157.3 million, or $1.29 per share on a diluted basis, for fiscal 2007 reflected
increases of 24.1% and 22.9%, respectively, compared to adjusted net earnings
of $126.8 million, or $1.05 per share on a diluted basis in fiscal 2006. The
increase in adjusted net earnings and adjusted diluted EPS resulted mainly from
favourable manufacturing efficiencies, growth in activewear unit sales volumes
and a higher-valued product mix for our activewear products, partially offset
by lower unit selling prices for activewear, higher cotton costs, increased
SG&amp;A, depreciation and interest expenses, and a $0.03 per share dilutive
impact for the year arising from the Kentucky Derby acquisition. In addition,
net earnings for fiscal 2007 were positively affected by income tax recoveries
in the third and fourth quarters totaling approximately $0.06 per share. </FONT></P>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">GILDAN
2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE="1"><U>29</U> </FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="3">MD&amp;A </FONT></P>

<P><FONT FACE="Times New Roman" SIZE="2"><U>NET EARNINGS</U></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>(1)</SUP><BR><BR>(in $ millions) </font>
</P>

<P><FONT SIZE=2 FACE="Times New Roman">
<IMG SRC="img006.jpg" ALT="(BAR CHART)" width="400" height="80"></FONT></P>

<P STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:0IN'>
<FONT FACE="Times New Roman" SIZE="2"><U>DILUTED EPS</U></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>(1)</SUP><BR><BR>(in $) </font>
</P>

<P ><FONT SIZE=2 FACE="Times New Roman">
<IMG SRC="img007.jpg" ALT="(BAR CHART)" width="400" height="80"></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px" >
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P  style="margin-top:-3px"><FONT FACE="Times New Roman" style="font-size: 9pt"><SUP>(1)</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT FACE="Times New Roman" style="font-size: 9pt">Adjusted
  net earnings and adjusted diluted EPS are before impact of restructuring and
  other charges. See page 42.</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2 FACE="Times New Roman"><B>Operating Results for the year ended October 1, 2006,
compared to the year ended October 2, 2005</B></FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman"><U>Sales</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Sales for fiscal 2006 reached $773.2 million, up 18.2% from $653.9 million
in fiscal 2005. The increase in sales was due mainly to a 14.5% increase in
unit sales volumes for our activewear products, combined with the impact of a
higher-valued product-mix, partially offset by a decline in activewear unit
selling prices compared to the prior year. In addition, sales in the fourth
quarter of fiscal 2006 included $30.0 million from the acquisition of Kentucky
Derby, which was effective July 6, 2006. Excluding the acquisition of Kentucky
Derby, sales were up 13.7%. The increase in unit sales volumes was due to
continuing market share penetration, primarily in the T-shirt and fleece
categories in the U.S. distributor channel and growth in overall industry unit
shipments from U.S. distributors to screenprinters.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We maintained a leading market share position in Canada and continued to
expand our international business. In Europe, our unit sales increased 9.3%
over fiscal 2005, and, in the fourth quarter of fiscal 2006, we added three
major new distributors in the U.K. During fiscal 2006, we introduced our
products in the wholesale distributor market in Mexico and continued to expand
our distributor network in this market.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Gross Profit</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Gross profit for fiscal 2006 was $252.1 million, or 32.6% of sales, compared to $203.3
million, or 31.1% of sales during fiscal 2005. The gross margin improvement in
fiscal 2006 was due primarily to manufacturing efficiencies, lower cotton
costs, and a favourable product-mix. In addition, the margin improvement
reflected the impact of a reversal of a prior year reserve of $1.1 million for
litigation related to cotton purchase contracts in fiscal 2001, which was resolved in
Gildan&#146;s favour in the second quarter of fiscal 2006. The positive variances in
gross margin in fiscal 2006 were partly offset by the impacts of lower net
selling prices, higher energy and transportation costs, and from the mix impact
of the higher proportion of the lower margin sock sales following the
acquisition of Kentucky Derby.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Selling, General and Administrative Expenses</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">SG&amp;A expenses were $84.4 million, or 10.9% of sales in fiscal 2006,
compared to $73.8 million, or 11.3% of sales in fiscal 2005. The increase in
SG&amp;A expenses in fiscal 2006 stemmed primarily from higher volume-driven
distribution costs, professional fees for the compliance with the requirements
of Section 404 of the U.S. <I>Sarbanes Oxley
Act of 2002</I>, and the impact of the stronger Canadian dollar,
combined with the cost of ongoing organizational development to support our
growth strategy. In addition, SG&amp;A expenses included the acquisition of
Kentucky Derby in the fourth quarter of fiscal 2006, which accounted for $4.4
million of the year-over-year increase. The increase in SG&amp;A expenses was
partially offset by an adjustment to the reserve for doubtful accounts in the
second quarter of fiscal 2006.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Depreciation and Interest Expenses</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Depreciation and amortization expense increased to $32.4 million in
fiscal 2006, compared to $25.6 million in fiscal 2005. The increase in depreciation expense in fiscal 2006 was due
to a higher capital asset base resulting from continued capital spending to
support capacity expansion, in particular the Dominican Republic facility. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Net interest expense amounted to $3.1 million during fiscal 2006, down
from $4.6 million in fiscal 2005. The decrease in net interest expense resulted
from higher investment income and the reduction in overall debt, following the
scheduled principal repayments made on the Company&#146;s Senior Notes. The increase
in investment income was due to higher average cash balances during fiscal 2006
combined with higher interest rate returns compared to fiscal 2005.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Income Taxes</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Income tax expense for the year ended October 1, 2006, was $4.8 million,
up $3.4 million from $1.4 million in fiscal 2005. The income tax expense for
fiscal 2006 and fiscal 2005 included an income tax recovery of $0.4 million and
$3.9 million, respectively, related to restructuring and other charges.
Excluding the impact of restructuring and other charges in both years, the
income tax provision for the year ended October 1, 2006 was $5.2
million, resulting in an effective income tax rate of 3.9%, compared to an
income tax provision of $5.3 million in fiscal 2005, reflecting an effective
income tax rate of 5.3%. The decline in the effective income tax rate was
mainly due to a higher proportion of our total sales being derived from our
international operations and sourced from our textile facilities outside of
North America.</FONT></P>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT FACE="Times New Roman" SIZE="1"><U>30</U> </FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="3">MD&amp;A </FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman"><U>Net Earnings</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Net earnings for fiscal 2006 were $106.8 million, or $0.88 per share on a
diluted basis, up respectively 24.2% and 22.2% compared to net earnings of
$86.0 million, or $0.72 per share on a diluted basis in fiscal 2005. Net
earnings for fiscal 2006 included restructuring and other charges of $20.0 million after
tax, or $0.17 per share. Net earnings for fiscal 2005 included restructuring
and other charges of $7.9 million after tax, or $0.06 per share. Excluding the
impact of these restructuring and other charges, adjusted net earnings of
$126.8 million, or $1.05 per share on a diluted basis in fiscal 2006, increased 35.0% and
34.0%, respectively, compared to adjusted net earnings of $93.9 million, or
$0.78 per share in fiscal 2005. The increase in adjusted net earnings and
adjusted diluted EPS resulted mainly from the continued strong growth in unit
sales volumes and higher gross margins, which more than offset increases in
SG&amp;A and depreciation expenses. </FONT></P>

<P><font face="Times New Roman"><A NAME=A004></A></font>
<FONT SIZE=2 COLOR="#00A5D9" FACE="Times New Roman"><B><U>SUMMARY OF QUARTERLY RESULTS</U></B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The table below sets forth certain summarized unaudited quarterly
financial data for the eight most recently completed quarters. This quarterly
information is unaudited but has been prepared on the same basis as the annual
audited Consolidated Financial Statements. The operating results for any
quarter are not necessarily indicative of the results to be expected for any
period.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The activewear business is seasonal and we have historically experienced
quarterly fluctuations in operating results. Typically, demand for our T-shirts
is highest in the third quarter of each fiscal year, when distributors purchase
inventory for the peak summer selling season, and lowest in the first quarter
of each fiscal year. Demand for fleece is typically highest, as a result of cooler
weather, in the third and fourth quarters of each fiscal
year. The seasonality of specific product-lines is consistent with that experienced by other companies in the
activewear industry. During the year, we operate our mature facilities at full
capacity in order to be cost efficient. Consequently, with the seasonal sales
trends of our business, we experience fluctuations in our inventory levels
throughout the year. For our sock products, demand is typically highest in the
first and fourth quarters of each fiscal year, stimulated largely by the cooler weather, the need to
support requirements for the back-to-school period and the peak retail selling
during the Christmas holiday season. Management anticipates that the
seasonality we have historically experienced will continue in the future,
although it is expected to  be somewhat mitigated by our product
diversification. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><B>Fourth Quarter Results</B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Sales in the fourth quarter amounted to $254.9 million, up 8.4% from
$235.2 million in the fourth quarter of last year. The increase in sales
revenues was due to an 8.9% increase  in unit sales volumes for activewear
and a 15.7% increase in unit sales volumes for socks, partially offset by a
1.4% reduction in unit selling prices for activewear compared to last year. The
growth in activewear unit sales was primarily due to continuing market share
penetration in all product categories in the U.S. distributor channel and a
2.4% increase in overall industry shipments from U.S. distributors to
screenprinters for the quarter ended September 30, 2007. Growth in Gildan&#146;s activewear
sales in international markets in the fourth quarter continued to be strong.
Unit shipments in Europe increased by 20.9% compared with the fourth quarter of
fiscal 2006. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Gross margins in the fourth quarter of fiscal 2007 were 32.2%, compared
with 30.6% in the fourth quarter of fiscal 2006. Higher gross margins for
activewear were partially offset by lower gross margins for socks. The increase
in gross margins for activewear compared to last year was primarily due to
further manufacturing efficiencies, partially offset by lower selling prices
and higher cotton costs. The lower gross margins for socks, compared to the
fourth quarter of last year, reflected the consumption of high-cost inventories
from outside contractors which were used to support major new retail programs
during the transition of manufacturing to Gildan&#146;s new sock factory in
Honduras. Virtually all of the basic men&#146;s and boys&#146; products for these sock
programs, as well as certain basic mass-market programs supplied by Prewett,
are now being manufactured at Gildan&#146;s new sock facility in Honduras.</FONT></P>

<P STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:0IN'>
<FONT SIZE=1 FACE="Times New Roman">(in $
millions, except per share amounts)</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR style="font-size:1px" >
<TD WIDTH="26%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="7" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="7" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="18" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>Q4</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>Q3</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>Q2</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>Q1</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">Q4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">Q3</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">Q2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">Q1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="18" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</tr>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman">Sales</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>254.9</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>291.6</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>232.1</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>185.8</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">235.2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">233.9</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">183.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">120.3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Net
  earnings</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>40.9</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>52.4</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>21.1</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>15.6</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">16.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">42.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">31.0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">16.2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman">Basic
  EPS</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>0.34</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>0.44</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>0.18</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>0.13</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">0.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">0.36</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">0.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">0.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Diluted
  EPS</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>0.34</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>0.43</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>0.17</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>0.13</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">0.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">0.35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">0.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">0.13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE="1"><U>31</U> </FONT></P>



<P ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="3">MD&amp;A </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">SG&amp;A expenses in the fourth quarter were $27.9 million, or 10.9% of
sales, compared to $23.6 million, or 10.1% of sales, in the fourth quarter of
last year. The increase in SG&amp;A expenses was primarily due to higher
distribution costs and increased administration and information technology
costs to support our continuing growth.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Depreciation and amortization expenses amounted to $10.3 million for the
fourth quarter of fiscal 2007, up $1.2 million from the same period last year
mainly due to our continuing investments in capacity expansion.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We recorded a tax recovery of $4.6 million in the fourth quarter which
included the recognition of an income tax benefit of $3.1 million relating to
the fiscal 2007 full year operating loss incurred by Kentucky Derby. The tax
benefit of operating losses may be recognized if there is sufficient assurance
that losses will be utilized against expected future profits within the
permitted time-frame. We also recognized tax benefits in the amount of $1.9
million relating to a prior taxation year, which became statute-barred during
fiscal 2007. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We achieved fourth quarter net earnings of $40.9 million and diluted EPS
of $0.34, after recording a restructuring charge in the quarter of $4.9 million
after-tax or $0.04 per share, which was primarily related to the previously
announced restructuring of our Canadian, Mexican and U.S. manufacturing
facilities. Before reflecting the restructuring charge, adjusted net earnings
and adjusted diluted EPS for the fourth quarter of fiscal 2007 amounted to
$45.8 million or $0.38, up respectively 24.5% and 26.7% from adjusted net
earnings of $36.8 million and adjusted diluted EPS of $0.30 in the fourth
quarter of fiscal 2006. The growth in EPS compared to last year was due to
higher gross margins for activewear, continuing growth in activewear unit sales
volumes and the impact of income tax recoveries, partially offset by lower
activewear selling prices, higher raw material costs and higher selling,
general and administrative and depreciation expenses. The impact of the
Kentucky Derby acquisition was $0.01 accretive to EPS in the fourth quarter, as
the negative impact of consuming higher-cost inventories manufactured by
external contractors was more than offset by the favourable impact of recognizing
the tax benefit of Kentucky Derby losses for the full fiscal year.</FONT></P>

<P align="justify"><font face="Times New Roman"><A NAME=A005></A></font>
<FONT SIZE=2 COLOR="#00A5D9" FACE="Times New Roman"><B><U>FINANCIAL CONDITION</U></B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Accounts receivable of $206.1 million, as at September 30, 2007, reflected
an increase of $40.2 million from accounts receivable of $165.9 million at the
end of fiscal 2006. The increase was primarily due to an 8.4% increase in sales
in the fourth quarter over the prior year and an increase in days sales
outstanding in our trade receivables. The increase in days sales outstanding in
our trade receivables resulted mainly from the increased proportion of fleece
sales, which traditionally reflect extended payment terms in the late spring
and summer months, in line with industry practice. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>ACCOUNTS RECEIVABLE AND INVENTORY VS. SALES TRENDS</U><BR><BR></font>
<FONT SIZE=1 FACE="Times New Roman">(in $ millions)</FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman">
<IMG SRC="img008.jpg" ALT="(BAR CHART)" width="400" height="170"></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Inventories were $240.0 million at the end of fiscal 2007, representing an
increase of $39.3 million from $200.7 million at the end of fiscal
2006. Higher inventories reflected our objective to maintain service levels to
customers in both our wholesale and retail channels during the relocation of
our manufacturing operations from Canada, U.S and Mexico to lower cost
facilities in Central America and the Caribbean Basin. In addition, activewear
inventories at the end of fiscal 2007 reflected new product lines and further geographical
expansion.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Property, plant and equipment, which are net of accumulated depreciation,
including asset impairment losses, amounted to $377.6 million at the end of
fiscal 2007, up $74.9 million from last year. This increase was primarily due
to net capital expenditures of $134.3 million, mainly for capacity expansion
projects in Honduras, partially offset by depreciation and asset impairment
losses of $43.9 million. </FONT></P>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P><FONT SIZE=1 FACE="Times New Roman"><U>32</U></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3 FACE="Times New Roman">MD&amp;A</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Intangible assets amounted to $2.0 million as at September 30, 2007
compared to $9.5 million at the end of fiscal 2006. Intangible assets
represented the unamortized value of customer contracts and customer
relationships included in the purchase price for Kentucky Derby in fiscal 2006.
The decline in intangible assets was primarily due to a $7.3 million drawdown
related to the recognition of the income tax benefit for pre-acquisition tax losses of Kentucky
Derby. In the fourth quarter of fiscal 2007, we concluded that the benefit of
these tax losses would likely be realized. Under Canadian GAAP, the recognition
of income tax benefits from tax losses of an acquired company relating to
taxation years prior to the acquisition date must first be applied to reduce
the value of any intangible assets recognized at time of acquisition. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Total assets were $874.5 million on September 30, 2007, compared to $723.3
million at the end of the previous year. Working capital was $342.5 million
compared to $261.0 million on October 1, 2006. The current ratio at the end of
fiscal 2007 was 3.8 compared to 2.8 at the end of fiscal 2006.</FONT></P>

<P><FONT FACE="Times New Roman" SIZE="2"><U>PROPERTY, PLANT AND EQUIPMENT ASSETS BY GEOGRAPHY</U> </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="Times New Roman">
<IMG SRC="img009.jpg" ALT="(PIE CHART)" width="160" height="122"></FONT></P>

<P><font face="Times New Roman"><A NAME=A006></A></font>
<FONT SIZE=2 COLOR="#00A5D9" FACE="Times New Roman"><B><U>LIQUIDITY AND CAPITAL RESOURCES </U></B></FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman"><B>Cash Flows</B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Cash flows from operating activities in fiscal 2007 were $91.2 million,
compared to $94.7 million for the previous year. This amount represents cash
flows from operating earnings less amounts required to finance increases in
accounts receivable and inventories. The net decline was mainly due to lower
accounts payable and accrued liabilities. The decrease in accounts payable and
accrued liabilities resulted primarily from the lower use of activewear
outside-contractors and increased usage of Asian sock contractors which require
shorter payment terms, as well as the payment of severance costs in fiscal 2007
related to restructuring activities announced in fiscal 2006. These factors
offset the impact of higher cash operating earnings. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Cash flows used in investing activities were $134.7 million in fiscal
2007, compared to cash outflows of $96.1 million in fiscal 2006 that included
$19.9 million related to the acquisition of Kentucky Derby in the fourth
quarter of fiscal 2006. The increase in cash used in investing activities was
mainly due to higher net capital expenditures. Net capital expenditures for
fiscal 2007 were $134.3 million, up $54.1 million from fiscal 2006. The
increase related to higher capital spending for our major
textile and sock manufacturing expansion projects in Honduras, our new U.S. retail
distribution centre, capital investments in our information technology systems
and the expansion of our sewing capacity. The major capital investment projects
for fiscal 2006 included the textile facility in the Dominican Republic, as
well as the sock manufacturing facility and the textile facility for the
production of activewear in Honduras. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We had negative free cash flow<SUP>(1)</SUP> of $43.5 million in fiscal
2007 compared to free cash flow of $18.5 million in fiscal 2006, mainly as
a result of higher capital expenditures and working capital requirements, which
more than offset higher cash operating earnings. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Cash flows from financing activities in fiscal 2007 amounted to $23.6
million, compared to cash outflows of $39.4 million in fiscal 2006. The difference
was primarily the result of a $49.0 million drawdown on our credit facilities
to support the acceleration of our capacity expansion plans and increased
working capital requirements, and a lower reduction of bank indebtedness in
fiscal 2007. During fiscal 2007, we repaid $23.2 million of long-term debt
consisting of the final $17.5 million principal repayment of our Senior Notes
and long-term debt repayments of our joint venture and our subsidiary Kentucky
Derby. In addition, we repaid $3.5 million of bank indebtedness related to our
joint venture. During fiscal 2006, the $23.9 million decrease in long-term debt
included a $17.5 million principal repayment on our Senior Notes and a $4.0
million repayment of Kentucky Derby long-term debt. In addition, after
acquiring Kentucky Derby, we repaid $17.3 million of its bank indebtedness in
the fourth quarter of fiscal 2006. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We ended fiscal 2007 with cash and cash equivalents of $9.3 million compared to $29.0 million at
the end of fiscal 2006. Total indebtedness as at September 30, 2007 amounted to
$59.7 million compared to $37.3 million at the end of fiscal 2006. The $22.3
million year-over-year increase in total indebtedness was mainly as a result of
the increase in long-term debt from the use of our long-term credit facility, partly
offset by the final principal repayment of $17.5 million on our Senior Notes,
which was made on May 31, 2007 and the repayment of our joint venture&#146;s bank
indebtedness. As at the end of fiscal 2007, we had drawn $49.0 million from our
revolving long-term credit facility. </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px" >
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT FACE="Times New Roman" style="font-size: 9pt">(1)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT FACE="Times New Roman" style="font-size: 9pt">Cash
  flows from operating activities, including net changes in non-cash working
  capital balances, less cash from investing activities excluding business
  acquisitions. See pages 42-43.</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman"><U>33</U></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3 FACE="Times New Roman">MD&amp;A</FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman"><B>Liquidity and Capital Resources</B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">In recent years, we have funded our operations and capital requirements
with cash generated from operations. A revolving credit facility has been
periodically utilized to finance seasonal peak working capital requirements. Our primary
use of funds on an ongoing basis is related to capital expenditures for new
manufacturing facilities, inventory financing, accounts receivable funding, and
business acquisitions. In fiscal 2007, we used our revolving long-term credit
facility, in addition to our cash flow from operations, to finance capital
expenditures due to the acceleration of our major capacity expansion projects
in Honduras. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">At the end of fiscal 2007, $49.0 million was drawn on our long-term credit
facility. No amounts were drawn under this facility as at October 1, 2006. On
October 30, 2007, we increased our long-term credit facility to $400 million,
on an unsecured basis, which matures in June 2012. We believe our cash flow
from operating activities together with our credit facilities will provide us
with sufficient liquidity and capital resources in fiscal 2008 to fund our
anticipated working capital and capital expenditure requirements. Furthermore,
we continue to have significant unused debt financing capacity and financing
flexibility to invest in capital expenditures for further capacity expansion in
excess of our current plans, as well as to pursue other potential acquisition
opportunities.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">On October 15, 2007, we paid $125 million on closing of the Prewett
acquisition and also placed $10 million in escrow to provide for a further
contingent increase in the purchase price of the acquisition. The funds were
drawn under our revolving long-term credit facility. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">In order to be able to support our opportunities for continuing sales
growth, we are continuing to invest in capacity expansion in Central America.
For fiscal 2008, we are now projecting capital expenditures of approximately
$140 million compared to our previous projection of $155 million announced in
August 2007. The reduction in projected capital spending for fiscal 2008 is due
to delays in the timing of a major energy cost reduction project in Honduras
combined with below budget spending for the new activewear facility currently
being ramped up to full capacity in Honduras. The projected capital investments
for fiscal 2008 primarily include the expenditures to complete the ramp-up of
the activewear and sock facilities in Honduras, the energy and chemical cost
reduction projects, which we announced in May 2007, investments in our
information technology systems and the construction of a second sock facility
to be completed over twenty-four months. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">In order to maximize flexibility to finance our ongoing growth and
expansion and to be able to take advantage of additional new opportunities, we
do not currently pay a dividend. Periodically, the merits of introducing a
dividend are re-evaluated by our Board of Directors. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><B>Off-Balance Sheet Arrangements</B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We have no commitments that are not reflected in our balance sheets except
for operating leases and other purchase obligations, which are included in the
table of contractual obligations below. As disclosed in Note 13 to our
Consolidated Financial Statements, we have granted corporate guarantees,
irrevocable standby letters of credit and surety bonds to third parties to
indemnify them in the event the Company and some of its subsidiaries do not
perform its contractual obligations. As at September 30, 2007, the maximum
potential liability under these guarantees was $13.6 million, of which $5.5
million was for surety bonds and $8.1 million was for corporate guarantees and
standby letters of credit. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Derivative Financial Instruments</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">From time to time, we use forward foreign exchange contracts, primarily in
Canadian dollars, British pounds and Euros, to hedge cash flows related to
sales and operating expenses denominated in foreign currencies (non-U.S.
dollar). </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">A forward foreign exchange contract represents an obligation to buy or
sell foreign currency with a counterparty. Credit risk exists in the event of
failure by a counterparty to meet its obligations. We reduce this risk by
dealing only with highly rated counterparties, normally major European and
North American financial institutions. Our exposure to foreign currency
fluctuations is described in more detail in the &#147;Risks and Uncertainties&#148;
section of this MD&amp;A.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We do not use derivative financial instruments for speculative purposes.
Forward foreign exchange contracts are entered into with maturities not
exceeding twenty-four months.</FONT></P>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1 FACE="Times New Roman"><U>34</U></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3 FACE="Times New Roman">MD&amp;A</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px" >
<TD WIDTH="27%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="17%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="30%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT FACE="Times New Roman" SIZE="2">(in thousands) </FONT> </P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE="2" face="Times New Roman">&nbsp; </FONT> </P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE="2">Notional<BR>
amount </FONT> </P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE="2" face="Times New Roman">&nbsp; </FONT> </P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE="2">Exchange rate </FONT> </P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE="2" face="Times New Roman">&nbsp; </FONT> </P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE="2">Maturity </FONT> </P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE="2" face="Times New Roman">&nbsp; </FONT> </P>
</TD>
<TD VALIGN=BOTTOM colspan=2>
<P ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE="2">Notional U.S.<BR>
equivalent </FONT> </P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<tr>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</tr>

<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>Buy contracts:</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=2 FACE="Times New Roman"><B>Foreign exchange contracts</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>&#128;</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>4,425</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>1.3390 to 1.4222</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>October 2007 to December
  2007</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>6,025</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>Sell contracts:</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=2 FACE="Times New Roman"><B>Foreign exchange contracts</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>&#128;</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>13,980</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>1.3410 to 1.3899</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>October 2007 to October
  2008</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>19,096</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman"><B>&pound;</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>10,801</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>1.9640 to 2.0331</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>October 2007 to October
  2008</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>21,501</B></FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>CA$</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>3,800</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>0.9945</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>October 2007</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>3,821</B></FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">Buy
  contracts:</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=2 FACE="Times New Roman">Foreign
  exchange contracts</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">&#128;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">9,756</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">1.2056 to 1.2696</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">October 2006 to June 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">11,934</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">CA$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">6,250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">0.8961</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">October 2006</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">5,600</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">For fiscal 2007 and 2006, net earnings included recognized gains relating
to derivative financial instruments of $1.9 million and $4.6 million,
respectively, which primarily related to hedging activities as discussed above.
</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The table above summarizes our commitments to buy and sell foreign
currencies as at September 30, 2007 and October 1, 2006.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><B>Contractual Obligations</B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">In the normal course of business, we enter into contractual obligations
that will require us to disburse cash over future periods. The following table
sets forth our contractual obligations for the following items as at September
30, 2007:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px" >
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">PAYMENTS
  DUE BY PERIOD</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">(in
  $ millions)</FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px" >
<TD WIDTH="45%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>Total</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>Less than<BR>
  1 year</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>1 to 3<BR>
  years</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>4 to 5<BR>
  years</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>After<BR>
  5 years</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="17" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<tr>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>



<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Long-term
  debt</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">59.7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">3.7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">5.2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">50.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">&#150;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Operating
  leases</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">49.0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">6.9</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">13.1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">9.9</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">19.1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Purchase
  obligations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">132.1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">131.9</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">0.2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">&#150;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">&#150;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Other
  obligations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">50.4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">50.4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">&#150;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">&#150;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">&#150;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="17" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>Total Contractual Obligations</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>291.2</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>192.9</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>18.5</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>60.7</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>19.1</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="17" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We expect that cash flow from our operating earnings, together with our
year-end cash balances and unutilized bank facilities, will be sufficient to
meet foreseeable cash needs for fiscal 2008.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><B>Settlement of Contingent Liability</B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">In November 2002, one of our Mexican subsidiaries (Gildan Mexico) received
a tax assessment from a regional taxation office relating to duties for the
2000 fiscal year for approximately $6.0 million. The substance of the
assessment was that the Mexican taxation authorities adopted the position that Canadian-made
textiles shipped to Gildan Mexico for sewing processing had not subsequently
been exported from Mexico. Gildan Mexico appealed the assessment and was
successful in obtaining a judgment in its favour. Notwithstanding the judgment,
the regional Mexican taxation office issued a new assessment in March 2005, and
increased the assessed amount to approximately $7.1 million, primarily
comprised of interest and late payment penalties. Shortly after receiving the
second assessment, Gildan Mexico again filed an appeal. In July 2006, Gildan
Mexico received notification that its appeal of the second assessment for
fiscal 2000 was unsuccessful. We received legal opinions that the tax
assessment was without merit under Mexican law governing re-export from
maquiladora operations. Additionally, Gildan Mexico, a maquiladora operation,
provided documentation to establish that the textiles imported into Mexico for
sewing were subsequently exported to the United States and Canada. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">In April 2007, a new law, which was passed by the Mexican Congress in
December 2006, was formally enacted. The provisions of this law allowed Gildan
Mexico to apply for the forgiveness of all of the interest and penalties and a
substantial amount of the principal related to this tax assessment. In May
2007, Gildan Mexico filed an application requesting that the provisions of the
new law be applied to its outstanding tax assessment. The Mexican taxation
authorities accepted the application in May 2007 and Gildan Mexico settled the
assessment with a payment of $0.4 million during the third quarter of fiscal
2007. We had previously recorded a charge for this amount, which was reflected
in selling, general and administrative expenses in the second quarter of fiscal
2007. Gildan Mexico has been released from all previously tax-assessed amounts
by the Mexican taxation authorities.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><B>Outstanding Share Data</B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Our common shares are listed on the New York Stock Exchange and the
Toronto Stock Exchange (GIL).</FONT></P>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman"><U>35</U></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3 FACE="Times New Roman">MD&amp;A</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">As at November 30, 2007, there were 120,426,127 common shares issued and
outstanding along with 975,539 stock options and 924,000 dilutive restricted
share units (Treasury RSUs) outstanding. Each stock option entitles the holder
to purchase one common share at the end of the vesting period at a
predetermined option price. Each Treasury RSU entitles the holder to receive
one common share from treasury at the end of the vesting period, without any
monetary consideration being paid to the Company. However, the vesting of 50%
of the restricted share grant is dependent upon the financial performance of
the Company relative to a benchmark group of Canadian publicly-listed
companies. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Stock Split</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">On May 2, 2007, our Board of Directors approved a two-for-one stock split
effected in the form of a stock dividend. The split was applicable to all
shareholders of record on May 18, 2007. The Company&#146;s shares commenced trading
on a post-split basis on May 16, 2007 on the Toronto Stock Exchange (TSX), and
on May 28, 2007 on the New York Stock Exchange (NYSE), in accordance with the
respective requirements of these exchanges. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">On May 4, 2005, our Board of Directors declared a two-for-one stock split
effected in the form of a stock dividend. The split was applicable to all
shareholders of record on May 20, 2005. The common shares commenced trading on
a post-split basis on May 18, 2005 on the TSX, and on June 1, 2005 on the NYSE.
</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">All share and per share data in this MD&amp;A are stated after the
above-noted stock splits.</FONT></P>

<P align="justify"><font face="Times New Roman"><A NAME=A007></A></font>
<FONT SIZE=2 COLOR="#00A5D9" FACE="Times New Roman"><B><U>CRITICAL ACCOUNTING ESTIMATES</U></B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Our significant accounting policies are described in Note 2 to our audited
Consolidated Financial Statements. The preparation of financial statements in
conformity with Canadian GAAP requires estimates and assumptions that affect
our results of operations and financial position. By their nature, these judgments are
subject to an inherent degree of uncertainty and are based upon historical
experience, trends in the industry and information available from outside
sources. On an ongoing basis, management reviews its estimates and actual
results could differ materially from those estimates.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Management believes that the following accounting estimates are most
significant to assist in understanding and evaluating our financial results.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><B>Sales Promotional Programs</B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">At the time of sale, estimates are made for customer price discounts and
rebates based upon existing programs. Accruals required for new programs, which
relate to prior sales, are recorded at the time the new program is introduced.
Sales are recorded net of these program costs and a provision for estimated
sales returns, which is based on historical experience and other known factors,
and exclude sales taxes. If actual price discounts, rebates or returns differ
from estimates, significant adjustments to net sales could be required in future periods.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><B>Trade Accounts Receivable</B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Trade accounts receivable consist of amounts due from our normal business
activities. Our extension of credit and our determination of the allowance for
doubtful accounts involve judgment and are based on an evaluation of each
customer&#146;s financial condition and payment history. We regularly monitor our
credit risk exposure to our customers and take steps to mitigate the risk of
loss. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">If the financial condition of our customers were to deteriorate causing an
impairment of their ability to make payments, additional provisions for bad
debts may be required in future periods. On the other hand, if our ultimate
recovery on the accounts we have reserved or written off exceeds our estimates,
we may decrease our reserves.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><B>Property, plant and equipment</B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Our property, plant and equipment are stated at cost less accumulated
depreciation, including asset impairment losses. Depreciation is calculated
using the straight-line method over the estimated useful lives of the assets.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">On a regular basis, we review the estimated useful lives of our property,
plant and equipment. Assessing the reasonableness of the estimated useful lives
of property, plant and equipment requires judgment and is based on currently
available information. We also review our property, plant and equipment for
potential impairment whenever events and changes in circumstances indicate that
the carrying amounts of such assets may not be recoverable. Impairment losses
are recognized when the estimated undiscounted future cash flows expected to
result from the use of an asset and its eventual disposition are less than its
carrying amount. The amount of impairment loss recognized is measured as the
amount by which the carrying value for an asset exceeds the fair value of the
asset, with fair value being determined based upon discounted cash flows or
appraised values, depending on the nature of the asset. In estimating future
cash flows, the Company uses its best estimates based on internal plans, which
incorporate management&#146;s judgments as to the remaining service potential of the
property, plant and equipment. Changes in circumstances, such as technological
advances and changes to our business strategy can result in actual useful lives
and future cash flows differing significantly from our estimates. Revisions to
the estimated useful lives of property, plant and equipment or future cash
flows constitute a change in accounting estimate and are applied prospectively.</FONT></P>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1 FACE="Times New Roman"><U>36</U></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3 FACE="Times New Roman">MD&amp;A</FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman"><B>Cotton and Yarn Procurements</B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We contract to buy cotton and yarn with future delivery dates at fixed
prices in order to mitigate the effects of fluctuations in the prices of cotton
used in the manufacture of our products. These contracts are not used for
trading purposes. We commit to fixed prices on a percentage of our cotton and
yarn requirements up to eighteen months in the future. If market prices for
cotton and yarn fall significantly below the committed future purchase prices, we estimate the costs of
cotton and yarn that are not recoverable in future sales of finished goods, and
record a charge to earnings.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><B>Income Taxes</B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We utilize the asset and liability method for accounting for income taxes
which requires the establishment of future tax assets and liabilities, measured
at substantively enacted tax rates, for all temporary differences caused when
the tax bases of assets and liabilities differ from those reported in our
audited Consolidated Financial Statements. We recognize future income tax
assets only to the extent that, in management&#146;s opinion, it is more likely than
not that the future income tax assets will be realized. Our assessment of
whether a future income tax asset is more likely than not to be realized is
based on estimates of future taxable income in certain jurisdictions and other
assumptions.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Our income tax provision is based on domestic laws in the various
countries in which we operate as well as applicable international tax treaties.
These rules and regulations are subject to interpretation and require estimates
and assumptions that may be challenged by taxation authorities. We periodically
review our estimates relating to income tax assets and liabilities, and record
adjustments as circumstances warrant, such as changes to tax laws and
administrative guidance, and the resolution of uncertainties through either the
conclusion of tax audits or expiration of prescribed time limits within the
relevant statutes. The final results of government tax audits and other events
may vary materially compared to estimates and assumptions used by management in
determining the provision for income taxes and in valuing income tax assets and
liabilities, and in such eventualities we may be required to reduce or increase
the value of income tax assets and liabilities resulting in a material income
tax expense or recovery in future periods.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><B>Business Acquisitions</B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We account for business acquisitions using the purchase method.
Accordingly, the purchase price of a business acquisition is allocated to its
identifiable net assets including identifiable intangible assets, on the basis
of estimated fair values as at the date of purchase, with any excess being
assigned to goodwill. We estimate the fair value of assets and liabilities
acquired at date of acquisition using a projected discounted cash flow method
and other valuation methods. We make a number of significant estimates when
calculating fair value using a projected discounted cash flow method. These
estimates include projected future cash flows, the number of years used, the
discount rate and others. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We believe that our estimates and valuation methods are reasonable. They
are consistent with our inherent planning and reflect our best estimates, but
they have inherent uncertainties that management may not be able to control. </FONT></P>

<P align="justify"><font face="Times New Roman"><A NAME=A008></A></font>
<FONT SIZE=2 COLOR="#00A5D9" FACE="Times New Roman"><B><U>CHANGES IN ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS</U></B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><B>Changes in Accounting Policies</B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Effective at the commencement of our 2007 fiscal year, we adopted the
Canadian Institute of Chartered Accountants (CICA) Handbook Sections 1530,
Comprehensive Income, 3251, Equity, 3855, Financial Instruments &#150; Recognition and
Measurement, 3861, Financial Instruments &#150; Disclosure and Presentation, and 3865,
Hedges. These new Handbook Sections, which apply to fiscal years beginning on
or after October 1, 2006 on a prospective basis, provide comprehensive
requirements for the recognition and measurement of financial instruments, as
well as standards on when and how hedge accounting may be applied. Handbook
Section 1530 also establishes standards for reporting and displaying
comprehensive income. Comprehensive income is defined as the change in equity
from transactions and other events from non-owner sources. Other comprehensive
income refers to items recognized in comprehensive income but that are excluded
from net earnings calculated in accordance with generally accepted accounting
principles.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Under these new standards, all financial instruments are classified into
one of the following five categories: held-for-trading, held-to-maturity
investments, loans and receivables, available-for-sale financial assets or
other financial liabilities. All financial instruments, including derivatives,
are included on the consolidated balance sheet and are measured at fair market
value with the exception of loans and receivables, held-to-maturity investments
and other financial liabilities, which are measured at amortized cost. Subsequent
measurement and recognition of changes in fair value of financial instruments
depend on their initial classification. Held-for-trading financial investments
are measured at fair value and all gains and losses are included in net
earnings in the period in which they arise. Available-for-sale financial
instruments are measured at fair value with revaluation gains and losses
included in other comprehensive income until the asset is removed from the
balance sheet.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The standards require derivative instruments to be recorded as either
assets or liabilities measured at their fair value unless exempted from
derivative treatment as a normal purchase and sale. Certain derivatives
embedded in other contracts must also be measured at fair value. All changes in
the fair value of derivatives are recognized in earnings unless specific hedge
criteria are met, which requires that a company must formally document,
designate and assess the effectiveness of transactions that receive hedge accounting.
Derivatives that qualify as hedging instruments must be designated as either a
&#147;cash flow hedge,&#148; </FONT></P>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman"><U>37</U></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3 FACE="Times New Roman">MD&amp;A</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">when the hedged item is a future cash flow, or a &#147;fair value hedge,&#148; when
the hedged item is a recognized asset or liability. The unrealized gains and
losses related to a cash flow hedge are included in other comprehensive income.
For a fair value hedge, both the derivative and the hedged item are recorded at
fair value in the consolidated balance sheet and the unrealized gains and
losses from both items are included in earnings. Any derivative instrument that
does not qualify for hedge accounting is marked-to-market at each reporting
date and the gains or losses are included in net earnings.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">As a result of the adoption of these standards, we have classified our
cash equivalents as available for sale. We have also classified our accounts
receivable as loans and receivables, and our accounts payable and long-term
debt as other financial liabilities, all of which are measured at amortized
cost. The adoption of these new standards also resulted in the reclassification
of an amount of $26.2 million previously recorded in &#147;Cumulative translation
adjustment&#148; to &#147;Accumulated other comprehensive income&#148; on the consolidated
balance sheets. As at October 1, 2006 and September 30, 2007, all outstanding
forward foreign exchange contracts were reported on a mark-to-market basis and
the gains or losses were included in earnings, because we elected not to follow
hedge accounting for these derivatives. The adoption of these standards had no
impact on the consolidated statement of earnings.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><B>Recent Accounting Pronouncements</B></FONT></P>


<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Capital Disclosures</U><BR><BR>In
December 2006, the CICA issued Section 1535, Capital Disclosures. This Section
established standards for disclosing information about an entity&#146;s capital and
how it is managed. This Section is effective for fiscal periods beginning on or
after October 1, 2007. This new standard relates to disclosure only and will
not impact our financial results.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Financial Instruments &#150; Disclosure and Presentation</U><BR><BR>
In December 2006, the CICA
issued Section 3862, Financial Instruments &#150; Disclosure, and Section 3863,
Financial Instruments &#150; Presentation. These Sections are effective for fiscal
periods beginning on or after October 1, 2007. These sections replace existing
Section 3861, Financial Instruments &#150; Disclosure and Presentation. Disclosure
standards are enhanced and expanded to complement the changes in accounting
policy adopted in accordance with Section 3855, Financial Instruments &#150; Recognitions and Measurement. These new standards relate to disclosure and
presentation only and will not impact our financial results.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Inventories</U><BR><BR>
In June 2007, the CICA issued
Section 3031, Inventories, which replaces Section 3030 and harmonizes the
Canadian standards related to inventories with International Financial
Reporting Standards (IFRS). This Section provides changes to the measurement
and more extensive guidance on the determination of cost, including allocation of overhead; narrows the permitted cost
formulas; requires impairment testing; and expands the disclosure requirements
to increase transparency. This Section applies to interim and annual financial
statements beginning on or after January 1, 2008. We have not yet determined
what the impact of adopting this standard will have on our consolidated
financial statements.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>International Financial Reporting Standards<BR><BR>
</U>In 2005 the Accounting Standards
Board of Canada (AcSB) announced that accounting standards in Canada are to
converge with IFRS. In May 2007, the CICA published an updated version of its
&#147;Implementation Plan for Incorporating International Financial Reporting
Standards into Canadian GAAP&#148;. This plan includes an outline of the key
decisions that the CICA will need to make as it implements the Strategic Plan
for publicly accountable enterprises that will converge Canadian generally
accepted accounting standards with IFRS. It is anticipated that the decision on
the changeover date from current Canadian GAAP to IFRS will be made by the CICA
by March 31, 2008. While IFRS uses a conceptual framework similar to Canadian
GAAP, there are significant differences in accounting policy which must be
addressed. We are currently assessing the future impact of these new standards
on our consolidated financial statements.</FONT></P>

<P align="justify"><font face="Times New Roman"><A NAME=A009></A></font>
<FONT FACE="Times New Roman" SIZE="2" COLOR="#00A5D9"><U><B>RELATED PARTY TRANSACTIONS</B></U><BR><BR></FONT>
<FONT SIZE=2 FACE="Times New Roman">We have transactions with
Frontier, which manages the operations of CanAm. These transactions are in the
normal course of operations and are measured at the exchange amount, which is
the amount of consideration established and agreed to by the related parties.
Total purchases of yarn from Frontier were $103.9 million in fiscal 2007 (2006 &#150; $100.4 million), along with $0.8 million relating to management fees (2006 &#150; $0.8
million). As at September 30, 2007, we had an outstanding payable to Frontier
of $20.1 million (2006 &#150; $18.9 million). </FONT></P>

<P align="justify"><font face="Times New Roman"><A NAME=A010></A></font>
<FONT COLOR="#00A5D9" SIZE=2 FACE="Times New Roman"><B><U>DISCLOSURE
CONTROLS<BR><BR>
</U></B></FONT><FONT SIZE=2 FACE="Times New Roman">Our disclosure controls and
procedures are designed to ensure that information required to be disclosed in
our reports filed with securities regulatory authorities is recorded,
processed, summarized, and reported within prescribed time periods and is
accumulated and communicated to our management, including our Chief Executive
Officer and our Chief Financial Officer, as appropriate, to allow timely
decisions regarding required disclosure.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">An evaluation was carried out under the supervision of, and with the
participation of, our management, including our Chief Executive Officer and our
Chief Financial Officer, of the effectiveness of our disclosure controls and
procedures as of September 30, 2007. Based on that evaluation, our Chief
Executive Officer and our Chief Financial Officer concluded that our disclosure
controls and procedures were effective as of the end of such period.</FONT></P>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1 FACE="Times New Roman"><U>38</U></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3 FACE="Times New Roman">MD&amp;A</FONT></P>

<P><font face="Times New Roman"><A NAME=A011></A></font>
<FONT COLOR="#00A5D9"  SIZE=2 FACE="Times New Roman"><B><U>INTERNAL
CONTROL OVER FINANCIAL REPORTING</U></B></FONT></P>

<P align="justify"><FONT FACE="Times New Roman" SIZE="2"><B>Management&#146;s Annual Report on Internal Control Over Financial Reporting</B><BR><BR>Our
management is responsible for establishing and maintaining adequate internal
control over financial reporting, as such term is defined in Rules 13(a)-15(f)
and 15(d)-15(f) under the U.S. Securities Exchange Act of 1934. </FONT> </P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Our internal control over financial reporting includes those policies and
procedures that: (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of our
assets; (2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that our receipts and
expenditures are being made only in accordance with authorizations of our
management and directors; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or disposition
of our assets that could have a material effect on the financial statements. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Under the supervision and with the participation of our Chief Executive
Officer and our Chief Financial Officer, management conducted an evaluation of
the effectiveness of our internal control over financial reporting, as of
September 30, 2007, based on the framework set forth in <I>Internal Control-Integrated Framework</I>
issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO). Based on its evaluation under this framework, management concluded that
our internal control over financial reporting was effective as of that date. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><B>Attestation Report of Independent Registered Public Accounting Firm</B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">KPMG
LLP, an independent registered public accounting firm, which audited and
reported on our financial statements in this Annual Report, has issued an
unqualified attestation report on the effectiveness of our internal control
over financial reporting as of September 30, 2007.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><B>Changes in Internal Controls Over Financial Reporting</B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">There
have been no changes during fiscal 2007 in our internal control over financial
reporting that have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The design of any system of controls and procedures is based in part upon
certain assumptions about the likelihood of certain events. There can be no
assurance that any design will succeed in achieving its stated goals under all
potential future conditions, regardless of how remote.</FONT></P>

<P align="justify"><font face="Times New Roman"><A NAME=A012></A></font>
<FONT COLOR="#00A5D9" SIZE=2 FACE="Times New Roman"><B><U>RISKS AND
UNCERTAINTIES</U></B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The Company is subject to a variety of business risks. The risks described
below are risks that could materially affect our business, financial condition
and results of operations, but are not necessarily the only ones facing the
Company. Additional risks that are not currently known to us or that we
currently deem immaterial, could also materially and adversely affect our
business. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Our ability to implement our strategies and plans</U></FONT><font face="Times New Roman"><BR><BR>
</font>
<FONT SIZE=2 FACE="Times New Roman">While we believe we can leverage
our existing core competencies and successful business model in the mass-market
retail channel, we cannot assure you that we will be successful in the retail
channel or in penetrating other international markets.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">In addition to our acquisitions of Kentucky Derby and Prewett, we may
invest in business acquisitions that we assess to be complementary to our
business or that could contribute to the acceleration of our growth strategy,
and from which we would expect to realize economic benefits through the
integration of such acquisitions into our operations. There can be no assurance
that we would be successful in completing such acquisitions or that we would realize
the anticipated benefits from acquisitions. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Our industry is competitive</U></FONT><font face="Times New Roman"><BR><BR>
</font>
<FONT SIZE=2 FACE="Times New Roman">The apparel market for our
products is highly competitive. Competition is generally based upon price, with
reliable quality and service also being key requirements for success. Our
primary competitors in North America are the major U.S.-based manufacturers for
the wholesale and retail channels, such as the Fruit of the Loom, Hanes  and
Jerzees brands. The competition in the European wholesale imprinted activewear
market is similar to that in North America, as we compete primarily with the
European divisions of the larger U.S.-based manufacturers. In Europe, we also
have large competitors that do not have integrated manufacturing operations and
source products from contractors in Asia. In addition, we face the threat of
increasing global competition. In particular, the U.S. sock industry is subject
to global competition, including significant imports from Asia.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Our ability to remain competitive in the areas of price, quality, service,
marketing, product development, manufacturing and distribution will, in large
part, determine our future success. We cannot assure you that we will be able
to continue to compete successfully. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Our industry is subject to pricing pressures<BR><BR>
</U>Prices in our industry have been
declining over the past several years primarily as a result of passing cost
reductions through into lower selling prices. In the future, our financial
performance may be negatively affected if we are forced to reduce our prices
without a corresponding decrease in production costs, or if our production
costs, including the cost of raw materials, increase and we cannot raise our
prices.</FONT></P>

<P align=right><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman"><U>39</U></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3 FACE="Times New Roman">MD&amp;A</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Our success depends on our ability to anticipate evolving consumer preferences and trends
<br>
<BR>
</U></FONT><FONT FACE="Times New Roman" SIZE="2">While we currently focus on
basic, non-fashion products, the apparel industry, particularly within the
retail channel, is subject to evolving consumer preferences and trends. Our
success may be impacted by changes in consumer preferences which do not fit
with Gildan&#146;s core competency of marketing and large-scale manufacturing of
basic, non-fashion apparel products. This could have a material adverse effect
on our business, results of operations and financial condition. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Our operations are subject to environmental regulation<BR><BR>
</U></FONT><FONT FACE="Times New Roman" SIZE="2">We are subject to various
environmental and occupational health and safety laws and regulations in our
operations in the United States and other jurisdictions in which we operate.
Future events, such as:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">a
 change in existing laws and regulations; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">the enactment of new laws and
 regulations;</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">a
 release of hazardous substances on or from our properties or any associated
 offsite disposal location; or </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">the
 discovery of contamination from current or prior activities at any of our
 properties</FONT></P>
</TD>
</TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">may give rise to compliance requirements such as manufacturing
interruption or environmental remediation costs that could have a material
adverse effect on our business. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>We rely on a relatively small number of significant customers <BR><BR>
</U>We sell our products to a
relatively small number of significant customers totaling approximately 200. In
fiscal 2007 our largest customer accounted for 23.1% (2006 &#150; 28.2%) of sales, and
our top ten customers accounted for 62.8% (2006 &#150; 66.0%) of total sales. We
expect that these customers will continue to represent a significant portion of
our sales in the future. If any of our significant customers substantially
reduce their purchases or cease to buy from us and we cannot replace that
business with sales to other customers on similar terms, our business could be
materially adversely affected. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Our customers do not commit to purchase minimum quantities</U><BR><BR>
Our contracts with our customers do not require them to purchase a minimum
quantity of our products. If any of our customers experience a significant
business downturn or fail to remain committed to our products, they may reduce or discontinue purchases
from us. Although we have maintained long-term relationships with many of our
wholesale distributor customers, there can be no assurance that historic levels
of business from any of our customers will continue or increase in the future.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>We are exposed to concentrations of credit risk<BR><BR>
</U>The Company&#146;s financial
instruments that are exposed to concentrations of credit risk consist primarily
of cash equivalents and trade receivables. The Company invests available cash
in short-term deposits with major North American and European financial
institutions.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The Company&#146;s extension of credit involves considerable judgment and is
based on an evaluation of each customer&#146;s financial condition and payment
history. Adverse changes in our customers&#146; financial position could cause us to
limit or discontinue business with that customer, require us to assume more
credit risk relating to that customer&#146;s future purchases or result in
uncollectible accounts receivable from that customer, all of which could have a
material adverse effect on our business, results of operations and financial
condition. The Company regularly monitors its credit risk exposure to its
customers and takes steps to mitigate the risk of loss. As at September 30,
2007, the Company&#146;s top ten customers accounted for approximately 61.4% (2006 &#150; 57.0%) of the trade receivable balance of which one customer represented 15.6%
(2006 &#150; 18.1%). The remaining trade receivable balance is comprised of a large
number of debtors across many geographic areas including the United States,
Canada, Europe, Mexico and Australasia. An allowance for doubtful accounts is
maintained for credit losses consistent with the credit risk, historical
trends, general economic conditions and other available information.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>We are subject to international trade regulation<BR><BR>
</U>There exist a number of regional
trade agreements and programs, such as the North American Free Trade Agreement
(NAFTA), the Caribbean Basin Trade Partnership Act (CBTPA), the Dominican
Republic-Central America-United States Free Trade Agreement (CAFTA-DR) and the
Haitian Hemispheric Opportunity through Partnership Encouragement Act (HOPE)
which allow qualifying textiles and apparel from participating countries
duty-free access to developed countries&#146; markets. Two of the newest programs,
CAFTA-DR and HOPE, were adopted to strengthen and develop economic relations
among countries which are party to the agreement. In addition, the
above-mentioned international trade legislation contains provisions that may
apply tariffs, quotas and/or safeguards, as necessary.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We have situated our manufacturing facilities in strategic locations to
take advantage of these trade liberalization measures, which are intended to
position us to be globally competitive. However, any changes to existing
international trade legislation, which the Company is currently relying on in
conducting its manufacturing operations, may negatively impact our business. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">There also exist a number of trade agreements involving various countries
engaged in textile manufacturing activities in which the Company currently does
not have any operations. Any changes to such agreements or any new trade
agreements or legislation, which would allow duty free and/or quota free access
of apparel into developed countries, may also negatively impact our operations
by enabling the Company&#146;s competitors to have a more effective cost structure.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The textile and apparel industries of developed countries such as Canada,
the United States and the European community, have historically received a
relatively higher degree of trade protection than other industries. However, since January 2005, quotas on imports of
textiles and apparel from member countries of the World Trade Organization
(WTO) have been eliminated with the exception of China, which will continue to
be subject to quotas on its textile and apparel exports until the end of the
2008 calendar year.</FONT></P>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1 FACE="Times New Roman"><U>40</U></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3 FACE="Times New Roman">MD&amp;A</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">CAFTA-DR provides for the application of safeguards in the form of
reinstatement of normal duties if increased imports cause or threaten to cause
substantial injury to a domestic industry. The United States is considering such
a safeguard against socks imported from Honduras, which, if enacted, could
affect our imports of socks from our Honduran sock facility. Under the current
legislation, a safeguard under CAFTA-DR may be imposed for a period of up to
three years, and may not extend beyond March 31, 2011. While we believe that
there is no basis to support a conclusion that sock imports from Honduras have
caused or threatened to cause serious damage to the U.S. domestic sock
industry, there can be no assurance that the United States will make such a
determination nor can there be any assurances that safeguards under CAFTA-DR or
other developments in trade legislation would not adversely impact our
business.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">In addition, the Company is subject to customs audits in the various
countries in which it operates. Although we believe that our customs compliance
programs are effective, we cannot predict the outcome of any governmental
audit.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>We currently pay income tax at a comparatively low effective rate, which could change in the future</U><BR><BR>
The Company&#146;s structure for managing its global sales, marketing, manufacturing
and product sourcing operations results in the income generated from its global
activities being subject to relatively low income tax rates. The structure is
supported by current domestic laws in the countries in which the Company
operates, as well as through the application of income tax treaties between
various countries in which the Company operates. The Company also conducts
annual transfer pricing studies to substantiate the transactions between the
various related parties within the Company. Although we believe we are in
compliance with the underlying rules and regulations with respect to our
transfer pricing in the various countries in which we operate, this area of
taxation is subject to interpretation and may be challenged by the taxation
authorities. We cannot predict the outcome of governmental audits related to
this area. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The Company is subject to and is regularly undergoing government audits in
the various countries in which it operates. The final result of any audits
undertaken by taxation authorities may vary compared to the estimates and
assumptions used by management in determining the Company&#146;s consolidated income
tax provision. Depending on the ultimate outcome of any such audit, there may
be a material impact on the Company&#146;s consolidated income tax provision and its
income tax assets and liabilities. The Company operates under free trade and
export processing zones in various countries in Central America and the Caribbean Basin.
Under the free trade zone rules, the Company is not subject to income tax in
these countries. Any changes to the free trade zone rules or the free trade
zone status of any one of the countries in which we operate may adversely
impact the effective income tax rate of the Company. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Any unanticipated changes to either current domestic laws in the countries
in which the Company operates, or any changes to the income tax treaties the
Company currently relies on, may also adversely impact the effective income tax
rate of the Company. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>The price of the raw materials we buy is prone to significant fluctuations and volatility</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Cotton
and polyester fibres are the primary raw materials used in the manufacture of
our products. We also purchase chemicals, dyestuffs and trims through a variety
of suppliers. The Company purchases cotton and polyester fibres through its
yarn-spinning joint venture, and also purchases processed cotton yarn and
blended yarn from outside vendors, at prices that are correlated with the price
of cotton and polyester fibres. The price of cotton fluctuates and is affected
by weather, consumer demand, speculation on the commodities market, the
relative valuations and fluctuations of the currencies of producer versus
consumer countries and other factors that are generally unpredictable and
beyond our control. In addition, fluctuations in crude oil or petroleum prices
affect our energy consumption costs and can also influence the prices of
related items used in our business, such as polyester fibres, chemicals,
dyestuffs and trims. The Company enters into futures contracts and makes other
arrangements to establish firm prices for cotton and cotton yarn for which it
will ultimately take delivery in advance in order to mitigate the effect of
price fluctuations. For future deliveries with a fixed price, the Company will
not be able to benefit from price decreases but will be protected against price increases.
Conversely, in the event that we have not entered into sufficient cotton
futures contracts or made other arrangements to lock in the price of cotton
yarn in advance of delivery, we will not be protected against price increases,
but will be in a position to benefit from any price decreases.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Without taking into account the impact of futures contracts, a change of
$0.01 per pound in cotton prices would affect the Company&#146;s annual raw material
costs by approximately $3.9 million, at estimated current production levels.
The ultimate effect of this change on the Company&#146;s earnings cannot be
quantified, as the relationship between movements in cotton prices and
movements in industry selling prices cannot be predicted with any certainty.
However, a dramatic increase in the price of cotton could have a material
adverse effect on our business, results of operations and financial condition
if the increase or part of the increase could not be mitigated through higher
industry selling prices. </FONT></P>

<P align=right><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman"><U>41</U></FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="3">MD&amp;A </FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman"><U>Our operations are subject to political, social and economic risks</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The majority of our products are now manufactured and sewn in Central
America and the Caribbean Basin. Some of the countries in which we operate have
experienced political, social and economic instability in the past, and we
cannot be certain of their future stability. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Events that could disrupt our supply chain, interrupt production at our
facilities, increase our cost of sales or result in capital expenditures
include:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">political
 instability, labour unrest, war or terrorism; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">disruptions
 in shipping and freight forwarding services; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">interruptions
 in the availability of basic services and infrastructure, including power and
 water shortages; and </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">fire
 or natural disasters, such as hurricanes, floods and earthquakes.</FONT></P>
</TD>
</TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Such conditions or events, whether or not covered by our insurance
policies, could have material adverse effects on our business, results of
operations and financial condition. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Our industry is subject to fluctuations in sales demand</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Demand for our products may vary from year to year. We must appropriately
balance our inventory with our ability to meet market demand. Based on
discussions with our customers and internally generated projections reflecting
our analysis of factors impacting industry demand at the beginning of each
fiscal year, we produce and store finished goods inventory to meet the expected
demand for delivery. If, after producing and storing inventory in anticipation
of deliveries, demand is significantly less than expected, we may have to hold inventory for extended periods of time,
or sell excess inventory at reduced prices. In either case, our profits would
be reduced. Excess inventory could also result in slower production, lower
plant and equipment utilization and lower fixed operating cost absorption, all
of which would have a negative impact on our business, results of operations or
financial condition. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">On the other hand, we are also exposed to loss of sales opportunities if
we underestimate market demand and produce too little inventory for any
particular period to satisfy our customers&#146; demand for our products. Customers
could seek to fulfill their product needs from competitors and reduce the
amount of business they do with us, which would have a negative impact on our
business, results of operations or financial condition. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Our business operations significantly rely on our information systems</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We depend on information systems to purchase raw materials and supplies,
schedule and manage production, process transactions, respond to customer
inquiries, manage inventories and ship goods on a timely basis to our
customers. There can be no assurance that we will not experience operational
problems with our information systems as a result of system failures, viruses,
security breaches or other causes. In addition, there can be no assurance that
we will be able to timely modify or adapt our systems to meet evolving
requirements for our business. Any material disruption or slowdown of our
systems could cause operational delays that could have a material adverse
effect on our business, results of operation and financial condition. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Foreign currency risk</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The functional and reporting currency of the Company is the US dollar. The
majority of the Company&#146;s sales revenues are denominated in US dollars, while a
significant portion of its manufacturing operations are located outside the United States, and
its corporate head office is located in Canada. The Company is therefore exposed to the effects of
changes in foreign currency (non-U.S. dollar) exchange rates. The Company&#146;s exposure
relates primarily to changes in the U.S. dollar versus the Canadian dollar, the
Honduras Lempira, the Dominican Republic Peso, the British Pound and the Euro
exchange rates. Significant fluctuations in these exchange rates versus the
U.S. dollar could materially impact our future results of operations.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>Our operations could be affected by changes in our relationship with our
employees or changes to domestic and foreign employment regulations </U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We employ more than 15,000 employees worldwide. As a result, changes in
domestic and foreign laws governing our relationships with our employees,
including wage and hour laws and regulations, fair labour standards, overtime
pay, unemployment tax rates, workers&#146; compensation rates and payroll taxes,
would likely have a direct impact on our operating costs. The majority of our
employees are employed outside of Canada and
the United States. A significant increase in wage rates in the countries in
which we operate could have a material impact on our operating costs.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The Company has historically been able to operate in a productive manner
in all of its manufacturing facilities without experiencing labour disruptions,
such as strikes or work stoppages. If labour relations were to change or
deteriorate, this could adversely affect the productivity and cost structure of
the Company&#146;s manufacturing operations.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman"><U>We may suffer negative publicity if we, or our third-party contractors,
violate labour laws or engage in practices that are viewed as unethical</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We are committed to ensuring that all of our manufacturing facilities
comply with our strict internal Code of Conduct, local and international laws,
and the codes to which we subscribe, including those of Worldwide Responsible
Apparel Production (WRAP) and the Fair Labor Association (FLA). While the
majority of our manufacturing operations are conducted through company-owned
facilities, we also utilize third-party contractors to complement our
vertically-integrated production. We have an internationally respected Director
of Corporate Social Responsibility who is developing and implementing the Company&#146;s compliance programs, including a comprehensive program of
training and auditing at our Company-owned and contractor facilities. However,
if one of our own manufacturing operations or one of our third-party
contractors violates or is accused of violating local or international labour
laws or other applicable regulations, or engages in labour or other practices
that would be viewed, in any market in which our products are sold, as
unethical, we could suffer negative publicity which could tarnish our
reputation or result in a loss of sales that could have a material adverse
effect on our business, results of operations and financial condition. </FONT></P>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1 FACE="Times New Roman"><U>42</U></FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="3">MD&amp;A </FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman"><U>We depend on key management</U></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Our success depends upon the continued contributions of our key
management, some of whom have unique talents and experience and would be
difficult to replace. The loss or interruption of the services of a key executive
could have a material adverse effect on our business during the transitional
period that would be required for a successor to assume the responsibilities of
the key management position. Our future success will also depend on our ability
to attract and retain key managers, sales people and others. We may not be able
to attract or retain these employees, which could adversely affect our
business. </FONT></P>

<P><font face="Times New Roman"><A NAME=A013></A></font>
<FONT SIZE=2 COLOR="#00A5D9" FACE="Times New Roman"><B><U>RECONCILIATION AND DEFINITION OF NON-GAAP
MEASURES</U></B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We use non-GAAP measures to assess our operating performance and financial
condition. The terms and definitions of the non-GAAP measures used in this report
and a reconciliation of each non-GAAP measure to the most directly comparable
GAAP measure are provided below. The non-GAAP measures are presented on a consistent
basis for all periods presented in this MD&amp;A. These non-GAAP measures do
not have any standardized meanings prescribed by Canadian GAAP and are
therefore unlikely to be comparable to similar measures presented by other
companies. Accordingly, they should not be considered in isolation. </FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman"><B>Adjusted Net Earnings and Adjusted Diluted EPS</B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">To measure our performance from one period to the next, without the
variations caused by the impacts of restructuring and other charges as
discussed on page 27, management uses adjusted net earnings and adjusted
diluted earnings per share, which are calculated as net earnings and earnings
per share excluding these items. We exclude these items because they affect the
comparability of our financial results and could potentially distort the
analysis of trends in our business performance. Excluding these items does not
imply they are necessarily non-recurring.</FONT></P>

<P><FONT FACE="Times New Roman" style="font-size: 9pt">(in $ millions, except per share amounts)</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="65%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman"><B>Audited</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman"><B>Adjusted</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Sales</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>964.4</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>964.4</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Cost of sales</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>655.3</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>655.3</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Gross profit</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>309.1</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>309.1</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Selling, general and
 administrative expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>110.9</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>110.9</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Restructuring and other
 charges</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>28.0</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(28.0</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman"><B>)<SUP>(1)</SUP></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>&#150;</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>170.2</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>28.0</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>198.2</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Depreciation and amortization</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>38.8</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>38.8</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Interest, net</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>4.9</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>4.9</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Non-controlling interest in
 income of consolidated joint venture</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>1.3</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>1.3</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Earnings before income taxes</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>125.2</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>28.0</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>153.2</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Income tax (recovery) expense</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(4.8</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman"><B>)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>0.7</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman"><SUP><B>(1)</B></SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(4.1</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman"><B>)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Net earnings</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>130.0</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>27.3</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>157.3</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Basic EPS</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>1.08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>0.22</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>1.30</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Diluted EPS</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>1.07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>0.22</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>1.29</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P><FONT FACE="Times New Roman" style="font-size: 9pt">Certain minor rounding variances exist between the financial statements
and this summary.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT FACE="Times New Roman" style="font-size: 9pt">(1)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT FACE="Times New Roman" style="font-size: 9pt">Adjustment
 to remove restructuring and other charges, and the income tax effect thereon.
 See page 27.</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT FACE="Times New Roman" style="font-size: 9pt">(in $ millions, except per share amounts)</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="65%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">Audited</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">Adjusted</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Sales</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">773.2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">773.2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Cost of sales</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">521.1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">521.1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Gross profit</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">252.1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">252.1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Selling, general and
 administrative expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">84.4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">84.4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Restructuring and other
 charges</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">20.4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(20.4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman">)<sup>(1)</sup></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">&#150;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">147.3</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">20.4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">167.7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Depreciation and amortization</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">32.4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">32.4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Interest, net</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">3.1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">3.1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Non-controlling interest in
 income of consolidated joint venture</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Earnings before income taxes</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">111.6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">20.4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">132.0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Income tax expense</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">4.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman"><sup>(1)</sup></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">5.2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Net earnings</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">106.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">20.0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">126.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Basic EPS</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.17</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Diluted EPS</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.88</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.17</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P><FONT FACE="Times New Roman" style="font-size: 9pt">Certain minor rounding variances exist between the financial statements
and this summary.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT FACE="Times New Roman" style="font-size: 9pt">(1)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT FACE="Times New Roman" style="font-size: 9pt">Adjustment
 to remove restructuring and other charges, and the income tax effect thereon.
 See page 27.</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman"><U>43</U></FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="3">MD&amp;A </FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman"><B>Adjusted Net Earnings and Adjusted Diluted EPS</B><BR><BR></font>
<FONT FACE="Times New Roman" style="font-size: 9pt">(in $ millions, except per share amounts)</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="64%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">Audited</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">Adjusted</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Sales</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">653.9</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">653.9</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Cost of sales</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">450.6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">450.6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Gross profit</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">203.3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">203.3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Selling, general and
 administrative expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">73.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">73.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Restructuring and other
 charges</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">11.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(11.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman">)<SUP>(1)</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">&#150;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">117.7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">11.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">129.5</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Depreciation and amortization</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">25.6</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">25.6</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Interest, net</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">4.6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">4.6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Non-controlling interest in
 income of consolidated joint venture</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Earnings before income taxes</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">87.4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">11.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">99.2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Income tax expense</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1.4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">3.9</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman"><SUP>(1)</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">5.3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Net earnings</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">86.0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">7.9</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">93.9</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Basic EPS</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.72</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.78</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Diluted EPS</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.72</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.78</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P><FONT FACE="Times New Roman" style="font-size: 9pt">Certain minor rounding variances exist between the financial statements
and this summary. </FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT FACE="Times New Roman" style="font-size: 9pt">(1)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT FACE="Times New Roman" style="font-size: 9pt">Adjustment
 to remove restructuring and other charges, and the income tax effect thereon.
 See page 27.</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2 FACE="Times New Roman"><B>EBITDA</B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">EBITDA is calculated as earnings before interest, taxes and depreciation
and amortization and excludes the impacts of restructuring and other charges,
as discussed on page 27. We use EBITDA, among other measures, to assess the
operating performance of our business. We also believe this measure is commonly
used by investors and analysts to measure a company&#146;s ability to service debt
and to meet other payment obligations, or as a common valuation measurement. We
exclude depreciation and amortization expenses, which are non-cash in nature
and can vary significantly depending upon accounting methods or non-operating
factors such as historical cost. Excluding these items does not imply they are
necessarily non-recurring. </FONT></P>

<div><FONT FACE="Times New Roman" style="font-size: 9pt">(in $ millions)</FONT></div>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="68%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Net earnings</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>130.0</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">106.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">86.0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Restructuring and other
 charges</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>28.0</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">20.4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">11.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Depreciation and amortization</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>38.8</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">32.4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">25.6</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Interest, net</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>4.9</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">3.1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">4.6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Income tax (recovery) expense</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(4.8</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT FACE="Times New Roman" SIZE="2"><B>)</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">4.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1.4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Non-controlling interest in
 income of consolidated joint venture</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>1.3</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">EBITDA</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>198.2</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">167.7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">129.5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P><FONT FACE="Times New Roman" style="font-size: 9pt">Certain minor rounding variances exist between the financial statements
and this summary.</FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman"><B>Free Cash Flow</B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Free cash flow is defined as cash from operating activities including net
changes in non-cash working capital balances, less cash flow used in investing
activities excluding business acquisitions. We consider free cash flow to be an
important indicator of the financial strength and performance of our business,
because it shows how much cash is available after capital expenditures to repay
debt and to reinvest in our business. We believe this measure is commonly used
by investors and analysts when valuing a business and its underlying assets.</FONT></P>

<P><FONT FACE="Times New Roman" style="font-size: 9pt">(in $ millions)</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="68%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman">Cash
 flows from operating activities</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>91.2</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">94.7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">93.2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Cash
 flows used in investing activities</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(134.7</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(96.1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(83.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman">Add
 back:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Acquisition of Kentucky Derby</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE="2"><B>&#150;</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">19.9</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">&#150;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman">Free
 cash flow</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(43.5</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman"><B>)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">18.5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">9.4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P><FONT FACE="Times New Roman" style="font-size: 9pt">Certain minor rounding variances exist between the financial statements
and this summary.</FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman"><B>Total Indebtedness and (Net Indebtedness) <BR><BR>
Cash in Excess of Debt</B></FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman">We consider total indebtedness and net indebtedness to be important indicators
of the financial leverage of the Company.</FONT></P>

<P><FONT FACE="Times New Roman" style="font-size: 9pt">(in $ millions)</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="68%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Bank indebtedness</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>&#150;</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(3.5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(4.0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Current portion of long-term
 debt</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(3.7</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(21.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(19.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Long-term debt</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(56.0</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman"><B>)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(12.0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(27.3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Total indebtedness</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(59.7</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(37.3</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(51.1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Cash and cash equivalents</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>9.3</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">29.0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">69.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">(Net indebtedness) Cash in
 excess of debt</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(50.4</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(8.3</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">18.7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P><FONT FACE="Times New Roman" style="font-size: 9pt">Certain minor rounding variances exist between the financial statements
and this summary.</FONT></P>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1 FACE="Times New Roman"><U>44</U></FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="3">MD&amp;A </FONT></P>

<P><font face="Times New Roman"><A NAME=A014></A></font>
<FONT SIZE=2 COLOR="#00A5D9" FACE="Times New Roman"><B><U>FORWARD-LOOKING STATEMENTS</U></B></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Certain statements included in this MD&amp;A may constitute &#147;forward-looking
statements&#148; within the meaning of the U.S. <I>Private
Securities Litigation Reform Act of 1995</I> and Canadian securities
legislation and regulations, and are subject to important risks, uncertainties
and assumptions. This forward-looking information includes amongst others,
information with respect to our objectives and the strategies to achieve these
objectives, as well as information with respect to our beliefs, plans,
expectations, anticipations, estimates and intentions. Forward-looking
statements generally can be identified by the use of conditional or
forward-looking terminology such as &#147;may&#148;, &#147;will&#148;, &#147;expect&#148;, &#147;intend&#148;, &#147;estimate&#148;,
&#147;anticipate&#148;, &#147;plan&#148;, &#147;foresee&#148;, &#147;believe&#148; or &#147;continue&#148; or the negatives of
these terms or variations of them or similar terminology. We refer you to the
Company&#146;s filings with the Canadian securities regulatory authorities and the
U.S. Securities and Exchange Commission, as well as the &#147;Risks and
Uncertainties&#148; section of this MD&amp;A, beginning on page 38, for a discussion
of the various factors that may affect the Company&#146;s future results. Material
factors and assumptions that were applied in drawing a conclusion or making a
forecast or projection are also set out throughout this document.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The results or events predicted in such forward-looking information may differ
materially from actual results or events. Material factors, which could cause
actual results or events to differ materially from a conclusion, forecast or
projection in such forward-looking information, include, but are not limited
to:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">general
 economic conditions such as currency exchange rates, commodity prices and
 other factors over which we have no control; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">the
 impact of economic and business conditions, industry trends and other
 external and political factors in the countries in which we operate; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">the
 intensity of competitive activity; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">changes
 in environmental, tax, trade and other laws and regulations; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">our
 ability to implement our strategies and plans; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">our
 ability to complete and successfully integrate acquisitions; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">our
 reliance on a small number of significant customers; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">changes
 in consumer preferences, customer demand for our products and our ability to
 maintain customer relationships and grow our business; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">our
 customers do not commit to minimum quantity purchases; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">the
 seasonality of our business; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">our
 ability to attract and retain key personnel; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">high
 reliance on computerized information systems; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">changes
 in accounting policies and estimates; and </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">disruption
 to manufacturing and distribution activities due to labour disruptions, bad
 weather, natural disasters and other unforeseen adverse events.</FONT></P>
</TD>
</TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">This may cause the Company&#146;s actual performance and financial results in
future periods to differ materially from any estimates or projections of future
performance or results expressed or implied by such forward-looking statements.
Forward-looking statements do not take into account the effect that
transactions or non-recurring or other special items announced or occurring
after the statements are made have on the Company&#146;s business. For example, they
do not include the effect of business dispositions, acquisitions, other
business transactions, asset writedowns or other charges announced or occurring
after forward-looking statements are made. The financial impact of such
transactions and non-recurring and other special items can be complex and
necessarily depends on the facts particular to each of them. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We believe that the expectations represented by our forward-looking
statements are reasonable, yet there can be no assurance that such expectations
will prove to be correct. Furthermore, unless otherwise stated, the
forward-looking statements contained in this report are made as of the date of
this report, and we do not undertake any obligation to update publicly or to
revise any of the included forward-looking statements, whether as a result of
new information, future events or otherwise unless required by applicable
legislation or regulation. The forward-looking statements contained in this
report are expressly qualified by this cautionary statement.</FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman">December 14, 2007</FONT></P>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5">

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exh992.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>

<HEAD><TITLE>Gildan Activewear Inc.: Exhibit 99.2 - Prepared by TNT Filings Inc.</TITLE></HEAD>
<BODY>



<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">

<hr color="#000000" size="5">
</div>
<PAGE>




<center>

<div STYLE='position:relative;left:0;top:0;height:750px;width:720'>

<p style='position:absolute;top:0px;left:15px;'>
<font face="Times New Roman">
<img src="img010.jpg" width="655" height="765"></font></p>

<p style='position:absolute;top:155.3125px;left:68.5px;height:33.625px;width:362px; text-align:left;padding: 0in 0.1in 0in 0.1in;'>
<font style='font-family:Times New Roman;font-size:38pt; color:#00a5d9'>&nbsp;CONSOLIDATED<BR>&nbsp;FINANCIAL<BR>&nbsp;STATEMENTS</FONT><font face="Times New Roman">
<BR><BR><BR><BR><BR>
</font>
<FONT SIZE=3 FACE="Times New Roman" color=white>&nbsp;&nbsp;GILDAN ACTIVEWEAR INC.</FONT><font face="Times New Roman"><BR>
</font>
<FONT SIZE=1 FACE="Times New Roman" color=white>&nbsp;&nbsp;&nbsp;&nbsp;(EXPRESSED IN US DOLLARS)</FONT></P>
</div>
</center>

<font face="Times New Roman">

<BR>
<BR>

</font>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT FACE="Times New Roman" SIZE="1"><U>46</U> </FONT></P>

 <P style="margin-left:15%"><FONT SIZE=3 FACE="Times New Roman">MANAGEMENT&#146;S
 RESPONSIBILITY<BR>
 FOR FINANCIAL REPORTING</FONT></P>


<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The accompanying consolidated financial statements have been prepared by
management and approved by the Board of Directors of the Company. The
consolidated financial statements were prepared in accordance with accounting
principles generally accepted in Canada and, where appropriate, reflect
management&#146;s best estimates and judgments. Where alternative accounting methods
exist, management has chosen those methods deemed most appropriate in the
circumstances. Management is responsible for the accuracy, integrity and
objectivity of the consolidated financial statements within reasonable limits
of materiality, and for the consistency of financial data included in the text
of the Annual Report with that contained in the consolidated financial
statements. To assist management in the discharge of these responsibilities,
the Company maintains a system of internal controls over financial reporting as
described in &#147;Management&#146;s Annual Report of Internal Control Over Financial
Reporting&#148; on page 38 of this Annual Report.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The Company&#146;s Audit and Finance Committee is appointed by the Board of
Directors annually and is comprised exclusively of outside, independent
directors. The Audit and Finance Committee meets with management as well as
with the independent auditors and internal auditors to satisfy itself that
management is properly discharging its financial reporting responsibilities and
to review the consolidated financial statements and the independent auditors&#146;
report. The Audit and Finance Committee reports its findings to the Board of
Directors for consideration in approving the consolidated financial statements
for presentation to the shareholders. The Audit and Finance Committee
considers, for review by the Board of Directors and approval by the
shareholders, the engagement or reappointment of the independent auditors. KPMG
LLP have direct access to the Audit and Finance Committee of the Board of
Directors.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The consolidated financial statements have been independently audited by
KPMG LLP, Chartered Accountants, on behalf of the shareholders, in accordance
with Canadian generally accepted auditing standards and, with respect to the
consolidated financial statements for the years ended September 30, 2007 and
October 1, 2006, in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Their report outlines the nature of
their audit and expresses their opinion on the consolidated financial
statements of the Company. In addition, our auditors have issued an attestation
report on management&#146;s assessment of the Company&#146;s internal controls over
financial reporting as of September 30, 2007.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><font face="Times New Roman">[Signed:
 Glenn J. Chamandy]</font></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="Times New Roman">[Signed:
 Laurence G. Sellyn]</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE="Times New Roman"><B>Glenn J. Chamandy</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE="Times New Roman"><B>Laurence G. Sellyn</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE="Times New Roman">President
 and Chief Executive Officer</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE="Times New Roman">Executive
 Vice-President,</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE="Times New Roman">Chief
 Financial and Administrative Officer</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE="Times New Roman">December
 6, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE="1"><U>47</U> </FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE="Times New Roman">REPORT
 OF INDEPENDENT REGISTERED<BR>
 PUBLIC ACCOUNTING FIRM</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">To the Shareholders and Board of Directors of Gildan Activewear Inc.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We have audited the accompanying consolidated balance sheets of Gildan
Activewear Inc. (the &#147;Company&#148;) and subsidiaries as of September 30, 2007 and
October 1, 2006 and the related consolidated statements of earnings and
comprehensive income, shareholders&#146; equity and cash flows for the years ended
September 30, 2007, October 1, 2006 and October 2, 2005. These consolidated financial
statements are the responsibility of the Company&#146;s management. Our
responsibility is to express an opinion on these consolidated financial
statements based on our audits.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We conducted our audits in accordance with Canadian generally accepted
auditing standards. With respect to the consolidated financial statements for
the years ended September 30, 2007 and October 1, 2006, we also conducted our
audits in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of the Company
and subsidiaries as of September 30, 2007 and October 1, 2006, and the results
of their operations and their cash flows for the years ended September 30,
2007, October 1, 2006 and October 2, 2005, in conformity with Canadian
generally accepted accounting principles. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We have also audited, in accordance with the standards of the Public Company
Accounting Oversight Board (United States), the Company&#146;s internal control over
financial reporting as of September 30, 2007, based on criteria established in<I> Internal Control
- - Integrated Framework issued by the Committee of
Sponsoring Organizations
of the Treadway Commission</I> (COSO), and our report dated December 6,
2007 expressed an unqualified opinion on the effectiveness of the Company&#146;s
internal control over financial reporting.</FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman">(Signed: KPMG <small>LLP</small>)</FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman"><B>Chartered Accountants<BR>
</B>Montr&eacute;al,
Canada</FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman">December 6, 2007</FONT></P>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT FACE="Times New Roman" SIZE="1"><U>48</U> </FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE="Times New Roman">REPORT
 OF INDEPENDENT REGISTERED<BR>
 PUBLIC ACCOUNTING FIRM</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">To the Shareholders and Board of Directors of Gildan Activewear Inc.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We have audited Gildan Activewear Inc.&#146;s (the &#147;Company&#148;) internal control
over financial reporting as of September 30, 2007, based on the criteria established in <I>Internal Control
- - Integrated Framework
issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO).</I> The Company&#146;s
management is responsible for maintaining effective internal control over financial
reporting and for its assessment of the effectiveness of internal control over
financial reporting as presented in the section entitled &#147;Management&#146;s Annual Report on
Internal Control over Financial Reporting&#148; included in Management&#146;s Discussion
and Analysis of Financial Condition and Results of Operations. Our
responsibility is to express an opinion on the Company&#146;s internal control over
financial reporting based on our audit.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We conducted our audit in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
effective internal control over the financial reporting was maintained in all
material respects. Our audit included obtaining an understanding of internal
control over financial reporting, assessing the risk that a material weakness
exists, and testing and evaluating the design and operating effectiveness of
internal control based on the assessed risk. Our audit also included performing
such other procedures as we considered necessary in the circumstances. We
believe that our audit provides a reasonable basis for our opinion.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">A company&#146;s internal control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company&#146;s internal
control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets
of the company; (2) provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of
the Company are being made only in accordance with authorizations of management
and directors of the Company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition
of the Company&#146;s assets that could have a material effect on the financial
statements.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures may deteriorate.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">In our opinion, the Company maintained, in all material respects,
effective internal control over financial reporting as of September 30, 2007,
based on criteria established in <I>Internal
Control - Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO).</I></FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">We also have conducted our audits on the consolidated financial statements
in accordance with Canadian generally accepted auditing standards. With respect
to the consolidated financial statements for the years ended September 30, 2007
and October 1, 2006, we also have
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Our report dated December 6, 2007
expressed an unqualified opinion on those consolidated financial statements.</FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman">(Signed: KPMG <small>LLP</small>)</FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman"><B>Chartered Accountants<BR>
</B>Montr&eacute;al, Canada</FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman">December 6, 2007</FONT></P>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>




<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman"><U>49</U></FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="28%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="71%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT FACE="Times New Roman" SIZE="3">CONSOLIDATED
BALANCE SHEETS </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">SEPTEMBER
 30, 2007 AND OCTOBER 1, 2006 <BR>
 (IN THOUSANDS OF US DOLLARS)</FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="70%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=CENTER style="margin-right: 3">&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9; border-top: 1px solid #00A5D9; ">
<P ALIGN=CENTER><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-top: 1px solid #00A5D9; ">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-top: 1px solid #00A5D9; ">
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2 FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE="2" FACE="Times New Roman">2006 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Assets</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Current
 assets:</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Cash and cash equivalents</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>9,250</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">29,007</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Accounts receivable</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>206,088</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">165,870</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Inventories</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>239,963</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">200,653</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Prepaid expenses and deposits</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>7,959</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">5,757</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Future income taxes (note 14)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>2,610</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">5,298</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>465,870</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">406,585</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Property,
 plant and equipment (note 4)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>377,617</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">302,677</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Other
 assets (note 6)</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>11,426</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">4,501</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Assets
 held for sale (note 16)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>6,610</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Intangible
 assets (note 5)</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>2,024</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">9,513</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Future
 income taxes (note 14)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>10,939</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>874,486</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">723,276</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Liabilities and Shareholders&#146; Equity</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Current
 liabilities:</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Bank indebtedness (note 7)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>-</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT FACE="Times New Roman" SIZE="2">$ </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE="2">3,500 </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Accounts payable and accrued
 liabilities</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>116,683</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">117,984</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Income taxes payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>2,949</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">2,269</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Current portion of long-term
 debt (note 8)</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>3,689</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">21,820</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>123,321</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">145,573</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Long-term
 debt (note 8)</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>55,971</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">12,041</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Future
 income taxes (note 14)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>24,612</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">29,443</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Non-controlling
 interest in consolidated joint venture</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>6,932</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">5,654</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Shareholders&#146; equity (note 9):</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Share capital</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>88,061</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">86,584</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Contributed surplus</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>3,953</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">2,365</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Accumulated other
 comprehensive income</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>26,248</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">26,248</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Retained earnings</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>545,388</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">415,368</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>571,636</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">441,616</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Total
 shareholders&#146; equity</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>663,650</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">530,565</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Commitments
 and contingent liabilities (note 12)<BR>
 Subsequent event (note 21)</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT style="margin-right: 3"><FONT SIZE=2  FACE="Times New Roman"><B>874,486</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">723,276</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9; border-bottom: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-bottom: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-bottom: 2px solid #00A5D9">
<HR SIZE=1 NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P><FONT FACE="Times New Roman" style="font-size: 9pt"><I>See accompanying notes to consolidated financial
statements.</I></FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="25%" VALIGN=TOP colspan="2">
<P>&nbsp;</P>
</TD>
<TD WIDTH="25%" VALIGN=TOP colspan="2">
<P>&nbsp;</P>
</TD>
</TR>


<TR>
<TD VALIGN=BOTTOM colspan="2" width="5025%">
<P><FONT SIZE=2 FACE="Times New Roman">On behalf of the Board:<BR><BR>
/s/ Glenn J. Chamandy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
<TD VALIGN=BOTTOM colspan="2" width="5025%">
<P><font face="Times New Roman" size="2">/s/ Pierre Robitalle</font></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP width="25%" style="border-top-style: solid; border-top-width: 1">
&nbsp;</TD>
<TD VALIGN=TOP width="25%">
&nbsp;</TD>
<TD VALIGN=TOP width="25%" style="border-top-style: solid; border-top-width: 1">
&nbsp;</TD>
<TD VALIGN=TOP width="25%">
&nbsp;</TD>
</TR>

<TR>
<TD VALIGN=TOP colspan="2" width="5025%">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Glenn J. Chamandy</B></FONT></P>
</TD>
<TD VALIGN=TOP colspan="2" width="5025%">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Pierre Robitaille</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP colspan="2" width="5025%">
<P><FONT SIZE=2 FACE="Times New Roman">Director</FONT></P>
</TD>
<TD VALIGN=TOP colspan="2" width="5025%">
<P><FONT SIZE=2 FACE="Times New Roman">Director</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1 FACE="Times New Roman"><U>50</U></FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="25%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="75%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT FACE="Times New Roman" SIZE="3">CONSOLIDATED
STATEMENTS OF <BR>
EARNINGS AND COMPREHENSIVE INCOME </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">YEARS
 ENDED SEPTEMBER 30, 2007, OCTOBER 1, 2006 AND OCTOBER 2, 2005 <BR>
 (IN THOUSANDS OF US DOLLARS, EXCEPT PER SHARE AMOUNTS)</FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="56%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM style="border-right:2px solid #00A5D9; ">
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM align="right">
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9; border-top: 2px solid #00A5D9">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-top: 2px solid #00A5D9">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-top: 2px solid #00A5D9">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right:2px solid #00A5D9; border-top:2px solid #00A5D9; ">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE="2" FACE="Times New Roman">2006 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE="2" FACE="Times New Roman">2005 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right:2px solid #00A5D9; ">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Sales</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>964,429</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right:2px solid #00A5D9; ">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">773,190</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">653,851</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Cost
 of sales</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>655,280</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right:2px solid #00A5D9; ">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">521,095</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">450,570</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-right:2px solid #00A5D9; ">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP align="right">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Gross
 profit</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>309,149</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right:2px solid #00A5D9; ">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">252,095</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">203,281</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right:2px solid #00A5D9; ">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Selling,
 general and administrative expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>110,979</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right:2px solid #00A5D9; ">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">84,388</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">73,846</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Restructuring
 and other charges (note 16)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>28,012</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right:2px solid #00A5D9; ">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">20,386</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">11,776</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-right:2px solid #00A5D9; ">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP align="right">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Earnings
 before the undernoted items</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>170,158</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right:2px solid #00A5D9; ">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">147,321</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">117,659</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right:2px solid #00A5D9; ">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Depreciation
 and amortization</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>38,777</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right:2px solid #00A5D9; ">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">32,383</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">25,615</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Interest,
 net</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>4,898</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right:2px solid #00A5D9; ">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">3,067</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">4,615</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Non-controlling
 interest in income of consolidated joint venture</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>1,278</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right:2px solid #00A5D9; ">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">260</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">34</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-right:2px solid #00A5D9; ">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP align="right">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>44,953</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right:2px solid #00A5D9; ">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">35,710</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">30,264</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-right:2px solid #00A5D9; ">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP align="right">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right:2px solid #00A5D9; ">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Earnings
 before income taxes</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>125,205</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right:2px solid #00A5D9; ">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">111,611</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">87,395</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Income
 tax (recovery) expense (note 14)</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(4,815</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right:2px solid #00A5D9; ">
<P><FONT FACE="Times New Roman" SIZE="2"><B>)</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">4,782</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1,352</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-right:2px solid #00A5D9; ">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP align="right">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right:2px solid #00A5D9; ">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Net
 earnings and comprehensive income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>130,020</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right:2px solid #00A5D9; ">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">106,829</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">86,043</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-right:2px solid #00A5D9; ">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP align="right">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right:2px solid #00A5D9; ">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Earnings
 per share (note 15):</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right:2px solid #00A5D9; ">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Basic</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>1.08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right:2px solid #00A5D9; ">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.72</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Diluted</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>1.07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right:2px solid #00A5D9; ">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.88</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.72</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9; border-bottom: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-bottom: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-bottom: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-right:2px solid #00A5D9; border-bottom:2px solid #00A5D9; ">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP align="right">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P><FONT FACE="Times New Roman" style="font-size: 9pt"><I>See accompanying notes to consolidated financial
statements.</I></FONT></P>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman"><U>51</U></FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="25%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="75%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT FACE="Times New Roman" SIZE="3">CONSOLIDATED
STATEMENTS <BR>
OF SHAREHOLDERS&#146; EQUITY </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">YEARS
 ENDED SEPTEMBER 30, 2007, OCTOBER 1, 2006 AND OCTOBER 2, 2005 <BR>
 (IN THOUSANDS OF US DOLLARS, EXCEPT SHARE AMOUNTS)</FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="27%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  FACE="Times New Roman" style="font-size: 9pt">Accumulated</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT  FACE="Times New Roman" style="font-size: 9pt">Common Shares</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  FACE="Times New Roman" style="font-size: 9pt">other</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  FACE="Times New Roman" style="font-size: 9pt">Total</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=RIGHT>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  FACE="Times New Roman" style="font-size: 9pt">Contributed</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  FACE="Times New Roman" style="font-size: 9pt">comprehensive</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  FACE="Times New Roman" style="font-size: 9pt">Retained</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  FACE="Times New Roman" style="font-size: 9pt">shareholders&#146;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  FACE="Times New Roman" style="font-size: 9pt">Number</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  FACE="Times New Roman" style="font-size: 9pt">Amount</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  FACE="Times New Roman" style="font-size: 9pt">surplus</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  FACE="Times New Roman" style="font-size: 9pt">income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  FACE="Times New Roman" style="font-size: 9pt">earnings</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  FACE="Times New Roman" style="font-size: 9pt">equity</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT face="Times New Roman" style="font-size: 9pt">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Balance, October 3, 2004</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">118,794,824</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">78,170</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">681</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">26,248</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">222,496</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">327,595</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Stock-based compensation related to stock
 options and restricted share units</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1,050</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1,050</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Shares issued under employee share
 purchase plan</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">19,832</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">200</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">200</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Shares issued pursuant to exercise of stock
 options</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1,094,404</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">5,672</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">5,672</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Ascribed value credited to share capital
 from exercise of stock options</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">135</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(135</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Net earnings</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">86,043</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">86,043</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Balance, October 2, 2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">119,909,060</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">84,177</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1,596</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">26,248</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">308,539</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">420,560</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Stock-based compensation related to stock
 options and restricted share units<BR>(note 10 (b))</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">908</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">908</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Shares issued pursuant to business acquisition
 (note 3)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">20,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">460</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">460</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Shares issued under employee share
 purchase plan<BR>(note 10 (a))</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">16,642</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">360</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">360</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Shares issued pursuant to exercise of
 stock options (note 10 (b))</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">281,966</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1,448</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1,448</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Ascribed value credited to share capital
 from exercise of stock options</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">139</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(139</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Net earnings</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">106,829</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">106,829</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Balance, October 1, 2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">120,227,668</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">86,584</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">2,365</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">26,248</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">415,368</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">530,565</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Stock-based compensation related to stock
 options and restricted share units<BR>(note 10 (b))</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1,814</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1,814</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Shares issued under employee share
 purchase plan<BR>(note 10 (a))</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">18,279</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">530</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">530</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Shares issued pursuant to exercise of
 stock options (note 10 (b))</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">149,034</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">786</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">786</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Shares issued pursuant to exercise of
 restricted share units (note 10 (b))</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">26,917</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#ECF7FB">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Ascribed value credited to share capital
 from exercise of stock options and Treasury restricted share units</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">226</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(226</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Share repurchases</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(2,437</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(65</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(65</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#ECF7FB">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Net earnings</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">130,020</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">130,020</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT  SIZE=2 FACE="Times New Roman"><B>Balance,
 September 30, 2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>120,419,461</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>88,061</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>3,953</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>26,248</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>545,388</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>663,650</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P><FONT FACE="Times New Roman" style="font-size: 9pt"><I>See accompanying notes to consolidated financial
statements.</I></FONT></P>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1 FACE="Times New Roman"><U>52</U></FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="25%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="75%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT FACE="Times New Roman" SIZE="3">CONSOLIDATED
STATEMENTS <BR>OF CASH FLOWS </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">YEARS
 ENDED SEPTEMBER 30, 2007, OCTOBER 1, 2006 AND OCTOBER 2, 2005 <BR>
 (IN THOUSANDS OF US DOLLARS)</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2 FACE="Times New Roman">&nbsp;</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="56%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM style="border-right: 2px solid #00A5D9">
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM align="right"    >
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9; border-top: 2px solid #00A5D9">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-top: 2px solid #00A5D9">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-top: 2px solid #00A5D9">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right: 2px solid #00A5D9; border-top: 2px solid #00A5D9">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Cash flows from (used in) operating
 activities:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Net earnings</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>130,020</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">106,829</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">86,043</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Adjustments for:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Depreciation and amortization</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>42,270</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">32,383</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">25,615</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Impairment loss and write-down
 of property, plant and equipment (note 16)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>3,560</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">15,149</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">6,783</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">(Gain) loss on disposal of assets
 held for sale and property, plant and equipment</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(1,198</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right: 2px solid #00A5D9">
<P><FONT FACE="Times New Roman" SIZE="2"><B>)</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1,197</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">590</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Stock-based compensation costs</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>1,814</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">908</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1,050</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Future income taxes</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(8,919</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right: 2px solid #00A5D9">
<P><FONT FACE="Times New Roman" SIZE="2"><B>)</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1,764</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">176</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Non-controlling interest</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>1,278</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">260</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">34</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Unrealized foreign exchange loss</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>3,226</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">843</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">2,552</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Changes in non-cash working
 capital balances:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Accounts receivable</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(36,392</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right: 2px solid #00A5D9">
<P><FONT FACE="Times New Roman" SIZE="2"><B>)</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(41,058</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(22,694</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Inventories</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(39,310</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right: 2px solid #00A5D9">
<P><FONT FACE="Times New Roman" SIZE="2"><B>)</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(35,435</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(17,790</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Prepaid expenses and deposits</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(2,202</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right: 2px solid #00A5D9">
<P><FONT FACE="Times New Roman" SIZE="2"><B>)</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(1,082</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Accounts payable and accrued
 liabilities</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(3,327</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right: 2px solid #00A5D9">
<P><FONT FACE="Times New Roman" SIZE="2"><B>)</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">11,046</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">11,979</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Income taxes payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>343</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">740</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-right: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP align="right">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>91,163</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">94,721</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">93,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Cash flows from (used in) financing
 activities:</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Increase in amounts drawn
 under revolving long-term credit facility</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>49,000</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Repayment of other long-term
 debt</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(23,201</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right: 2px solid #00A5D9">
<P><FONT FACE="Times New Roman" SIZE="2"><B>)</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(23,866</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(24,739</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Increase in other long-term
 debt</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE="2"><B>-</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">691</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">12,086</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">(Decrease) increase in bank
 indebtedness</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(3,500</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right: 2px solid #00A5D9">
<P><FONT FACE="Times New Roman" SIZE="2"><B>)</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(17,830</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">3,980</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Repayment of capital leases</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE="2"><B>-</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman" >&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(186</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">(157</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Proceeds from the issuance of
 shares</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>1,316</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1,808</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">5,872</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Repurchase of shares</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(65</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right: 2px solid #00A5D9">
<P><FONT FACE="Times New Roman" SIZE="2"><B>)</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Contribution by
 non-controlling interest</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>-</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-right: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP align="right">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>23,550</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(39,383</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(458</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Cash flows from (used in) investing
 activities:</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Purchase of property, plant
 and equipment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(134,282</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right: 2px solid #00A5D9">
<P><FONT FACE="Times New Roman" SIZE="2"><B>)</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(80,183</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(86,124</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Acquisition of Kentucky Derby
 Hosiery Co., Inc. (note 3)</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>-</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(19,911</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Proceeds from the sale of assets
 held for sale</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>6,668</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">5,027</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">4,087</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Net increase in other assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(7,075</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right: 2px solid #00A5D9">
<P><FONT FACE="Times New Roman" SIZE="2"><B>)</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(986</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(1,811</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-right: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP align="right">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(134,689</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right: 2px solid #00A5D9">
<P><FONT FACE="Times New Roman" SIZE="2"><B>)</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(96,053</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(83,848</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Effect of exchange rate changes on cash
 and cash equivalents denominated in foreign currencies</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>219</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(80</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">187</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-right: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP align="right">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Net (decrease) increase in cash and cash
 equivalents during the year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(19,757</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right: 2px solid #00A5D9">
<P><FONT FACE="Times New Roman" SIZE="2"><B>)</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(40,795</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">9,131</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Cash and cash equivalents, beginning of
 year</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>29,007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">69,802</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">60,671</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-right: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP align="right">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Cash and cash equivalents, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>9,250</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB" align="right">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">29,007</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">69,802</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-right: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP align="right">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.25IN;TEXT-INDENT:-.25IN'>
<FONT SIZE=2  FACE="Times New Roman">Supplemental disclosure of cash flow
 information (note 17 (c))</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-left: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-right: 2px solid #00A5D9">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="right">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-left: 2px solid #00A5D9; border-bottom: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-bottom: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-bottom: 2px solid #00A5D9">
<HR SIZE=1 NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP style="border-right: 2px solid #00A5D9; border-bottom: 2px solid #00A5D9">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP align="right">
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P><FONT FACE="Times New Roman" style="font-size: 9pt"><I>See accompanying notes to consolidated financial
statements.</I></FONT></P>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P align=right><FONT SIZE=1 FACE="Times New Roman"><U>53</U></FONT></P>



<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="25%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="75%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman">NOTES TO
 CONSOLIDATED <BR>
 FINANCIAL STATEMENTS</font><font face="Times New Roman" size="2"><BR>YEARS ENDED SEPTEMBER 30, 2007, OCTOBER 1, 2006 AND OCTOBER 2, 2005<BR>
 (IN THOUSANDS OF US DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS)</font></P>
</TD>
</TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Gildan Activewear Inc. (the &#147;Company&#148;) is incorporated under the Canada
Business Corporations Act. Its principal business activity is the manufacture
and sale of activewear, socks and underwear. The Company&#146;s fiscal year ends on
the first Sunday following September 28. All references to 2007, 2006 and 2005
represent the fiscal years ended September 30, 2007, October 1, 2006 and
October 2, 2005, respectively. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">All share and per share data in these consolidated financial statements
reflect the effect of the two-for-one stock splits declared in May 2005 and May
2007. See note 9 (b).</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 COLOR="#00A5D9" FACE="Times New Roman"><B><U>1</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>ACCOUNTING CHANGES</U></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(a)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>2007 Accounting changes:</B></FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</tr>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">Effective at the commencement of its 2007 fiscal
 year, the Company adopted the Canadian Institute of Chartered
 Accountants (&#147;CICA&#148;) Handbook Sections 1530, &#147;Comprehensive Income&#148;, 3251,
 &#147;Equity&#148;, 3855, &#147;Financial Instruments - Recognition and Measurement&#148;, 3861,
 &#147;Financial Instruments - Disclosure and Presentation&#148;, and 3865, &#147;Hedges&#148;.
 These new Handbook Sections, which apply to fiscal years beginning on or
 after October 1, 2006 on a prospective basis, provide comprehensive
 requirements for the recognition and measurement of financial instruments, as
 well as standards on when and how hedge accounting may be applied. Handbook Section
 1530 also establishes standards for reporting and displaying comprehensive
 income. Comprehensive income is defined as the change in equity from
 transactions and other events from non-owner sources. Other comprehensive
 income refers to items recognized in comprehensive income but that are
 excluded from net earnings calculated in accordance with generally accepted
 accounting principles.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">Under
 these new standards, all financial instruments are classified into one of the
 following five categories: held-for-trading, held-to-maturity investments, loans and
 receivables, available-for-sale financial assets or other financial
 liabilities. All financial instruments, including derivatives, are included
 on the consolidated balance sheet and are measured at fair market value with
 the exception of loans and receivables, held-to-maturity investments and
 other financial liabilities, which are measured at amortized cost. Subsequent
 measurement and recognition of changes in fair value of financial instruments
 depend on their initial classification. Held-for-trading financial
 investments are measured at fair value and all gains and losses are included
 in net earnings in the period in which they arise. Available-for-sale
 financial instruments are measured at fair value with revaluation gains and
 losses included in other comprehensive income until the asset is removed from
 the balance sheet.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The
 standards require derivative instruments to be recorded as either assets or
 liabilities measured at their fair value unless exempted from derivative
 treatment as a normal purchase and sale. Certain derivatives embedded in
 other contracts must also be measured at fair value. All changes in the fair
 value of derivatives are recognized in earnings unless specific hedge
 criteria are met, which requires that a company must formally document,
 designate and assess the effectiveness of transactions that receive hedge
 accounting. Derivatives that qualify as hedging instruments must be
 designated as either a &#147;cash flow hedge,&#148; when the hedged item is a future
 cash flow, or a &#147;fair value hedge,&#148; when the hedged item is a recognized
 asset or liability. The unrealized gains and losses related to a cash flow
 hedge are included in other comprehensive income. For a fair value hedge,
 both the derivative and the hedged item are recorded at fair value in the
 consolidated balance sheet and the unrealized gains and losses from both
 items are included in earnings. Any derivative instrument that does not
 qualify for hedge accounting is marked-to-market at each reporting date and
 the gains or losses are included in net earnings.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">As a
 result of the adoption of these standards, the Company has classified its
 cash equivalents as available for sale. The Company has also classified its
 accounts receivable as loans and receivables, and its accounts payable and
 long-term debt as other financial liabilities, all of which are measured at
 amortized cost. The adoption of these new standards also resulted in the
 reclassification of an amount of $26.2 million previously recorded in
 &#147;Cumulative translation adjustment&#148; to &#147;Accumulated other comprehensive
 income&#148; on the consolidated balance sheets. As at October 1, 2006 and
 September 30, 2007, all outstanding forward foreign exchange contracts were
 reported on a mark-to-market basis and the gains or losses were included in
 earnings, because the Company elected not to follow hedge accounting for
 these derivatives. The adoption of these standards had no impact on the
 consolidated statements of earnings.</FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1 FACE="Times New Roman"><U>54</U></FONT></P>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="25%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="75%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman">NOTES TO
 CONSOLIDATED <BR>
 FINANCIAL STATEMENTS</font><font face="Times New Roman" size="2"><BR>YEARS ENDED SEPTEMBER 30, 2007, OCTOBER 1, 2006 AND OCTOBER 2, 2005 <BR>
 (IN THOUSANDS OF US DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS)</font></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=3 COLOR="#00A5D9" FACE="Times New Roman"><B><U>1</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>ACCOUNTING CHANGES (CONTINUED) </U></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(b)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>Future accounting changes:</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B><I>Capital Disclosures</I></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">In
 December 2006, the CICA issued Section 1535, &#147;Capital Disclosures&#148;. This
 section established standards for disclosing information about an entity&#146;s
 capital and how it is managed. This Section is effective for fiscal periods
 beginning on or after October 1, 2007. This new standard relates to
 disclosure only and will not impact the financial results of the Company.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B><I>Financial Instruments - Disclosure and Presentation</I></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">In
 December 2006, the CICA issued Section 3862, &#147;Financial Instruments -
 Disclosure&#148;, and Section 3863, &#147;Financial Instruments - Presentation&#148;. These
 sections replace the existing Section 3861, &#147;Financial Instruments - Disclosure
 and Presentation&#148;. These sections are effective for fiscal periods beginning
 on or after October 1, 2007. Disclosure standards are enhanced and expanded
 to complement the changes in accounting policy adopted in accordance with
 Section 3855, &#147;Financial Instruments - Recognition and Measurement&#148;. These new
 standards relate to disclosure only and will not impact the financial results
 of the Company.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B><I>Inventories</I></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">In
 June 2007, the CICA issued Section 3031, &#147;Inventories&#148;, which replaces
 Section 3030 and harmonizes the Canadian standards related to inventories
 with International Financial Reporting Standards (&#147;IFRS&#148;). This Section
 provides changes to the measurement and more extensive guidance on the
 determination of cost, including allocation of overhead; narrows the
 permitted cost formulas; requires impairment testing; and expands the
 disclosure requirements to increase transparency. This Section applies to
 interim and annual financial statements beginning on or after January 1,
 2008. The Company has not yet determined what the impact of adopting this
 standard will have on its consolidated financial statements.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B><I>International Financial Reporting
 Standards</I></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">In
 2005, the Accounting Standards Board of Canada (&#147;AcSB&#148;) announced that
 accounting standards in Canada are to converge with IFRS. In May 2007, the
 CICA published an updated version of its &#147;Implementation Plan for
 Incorporating International Financial Reporting Standards into Canadian
 GAAP&#148;. This plan includes an outline of the key decisions that the CICA will
 need to make as it implements the Strategic Plan for publicly accountable
 enterprises that will converge Canadian generally accepted accounting
 standards with IFRS. It is anticipated that the decision on the changeover
 date from current Canadian GAAP to IFRS will be made by the CICA by March 31,
 2008. While IFRS uses a conceptual framework similar to Canadian GAAP, there
 are significant differences in accounting policy which must be addressed. The
 Company is currently assessing the future impact of these new standards on
 its consolidated financial statements.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=3 COLOR="#00A5D9" FACE="Times New Roman"><B><U>2</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>SIGNIFICANT ACCOUNTING POLICIES</U></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The
 consolidated financial statements are expressed in U.S. dollars and have been
 prepared in accordance with accounting principles generally accepted in
 Canada. The principal accounting policies of the Company are summarized as
 follows:</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(a)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Basis of presentation:</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The
 accompanying consolidated financial statements include the accounts of the
 Company and its subsidiaries and a joint venture for which the Company is
 considered the primary beneficiary. All significant intercompany balances and
 transactions have been eliminated on consolidation.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(b)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Cash and cash equivalents:</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The
 Company considers all liquid investments with maturities of three months or
 less when acquired to be cash equivalents.</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman"><U>55</U></FONT></P>



<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="25%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="75%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman">NOTES TO
 CONSOLIDATED <BR>
 FINANCIAL STATEMENTS</font><font face="Times New Roman" size="2"><BR>YEARS ENDED SEPTEMBER 30, 2007, OCTOBER 1, 2006 AND OCTOBER 2, 2005 <BR>
 (IN THOUSANDS OF US DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS)</font></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 COLOR="#00A5D9" FACE="Times New Roman"><B><U>2</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</U></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(c)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>Inventories:</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">Inventories
 are stated at the lower of cost and market value. Cost is established based
 on the first-in, first-out method. Market value is defined as replacement
 cost for raw materials and net realizable value for work in process and
 finished goods.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(d)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Property, plant and equipment:</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">Property,
 plant and equipment are recorded at cost. Depreciation is calculated on a
 straight-line basis at the following annual rates:</FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="78%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="14%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT FACE="Times New Roman" SIZE="2">Asset </FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE="2">Rate </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">Buildings
 and improvements</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">2 1/2% to 20</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">Equipment</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">6 2/3% to 25</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Assets
 not in service include expenditure incurred to-date for plant expansions which
 are still in process and equipment not yet in service as at the balance sheet
 date. Depreciation on these assets commences when the assets are put into
 service.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(e)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Intangible assets:</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">Intangible
 assets, which represent customer contracts and customer relationships
 included in the acquisition of Kentucky Derby Hosiery Co., Inc., are being
 amortized on a straight-line basis over a period of fifteen years.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(f)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Impairment of long-lived assets:</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">Long-lived
 assets, consisting of property, plant and equipment and intangible assets
 with finite lives, are reviewed for potential impairment whenever events and
 changes in circumstances indicate that the carrying amounts of such assets
 may not be recoverable. An impairment loss would be recognized when the
 estimated undiscounted future cash flows expected to result from the use of
 an asset and its eventual disposition are less than its carrying amount. The
 amount of the impairment loss recognized is measured as the amount by which
 the carrying value for an asset exceeds the fair value of the asset, with
 fair value being determined based upon discounted cash flows or appraised
 values, depending on the nature of the asset.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(g)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Deferred charges:</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">Plant
 start-up costs are deferred and amortized on a straight-line basis over two
 years. The amortization of these charges is included in &#147;Depreciation and
 amortization&#148;.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(h)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Foreign currency translation:</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">Monetary
 assets and liabilities of the Canadian and foreign operations denominated in
 currencies other than U.S. dollars are translated at the rates of exchange at
 the balance sheet date. Other balance sheet items, denominated in currencies
 other than U.S. dollars, are translated at the rates prevailing at the
 respective transaction dates. Income and expenses, denominated in currencies
 other than U.S. dollars, are translated at average rates prevailing during
 the year. Gains or losses on foreign exchange are recorded in the
 consolidated statements of earnings.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The
 foreign subsidiaries are considered to be integrated foreign operations, and
 their accounts have been translated using the temporal method with
 translation gains and losses included in the consolidated statements of
 earnings.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(i)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Revenue recognition:</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">Sales
 are recognized upon shipment of products to customers, since title passes
 upon shipment. At the time of sale, estimates are made for customer price
 discounts and rebates based upon existing programs. Accruals required for new
 programs, which relate to prior sales, are recorded at the time the new
 program is introduced. Sales are recorded net of these program costs and a
 provision for estimated sales returns, which is based on historical
 experience and other known factors, and exclude sales taxes.</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1 FACE="Times New Roman"><U>56</U></FONT></P>



<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="25%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="75%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman">NOTES TO
 CONSOLIDATED <BR>
 FINANCIAL STATEMENTS</font><FONT FACE="Times New Roman" size=1> </FONT>
<FONT FACE="Times New Roman" size=2> <BR>
 YEARS ENDED SEPTEMBER 30, 2007, OCTOBER 1, 2006 AND OCTOBER 2, 2005<BR>
 (IN THOUSANDS OF US DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS)</FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="99%">
<TR style="font-size:1px">
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=3 COLOR="#00A5D9" FACE="Times New Roman"><B><U>2</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) </U></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(j)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Cost of sales and gross profit:</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">Cost
 of sales includes all raw material costs, manufacturing conversion costs,
 sourcing costs and transportation costs incurred until the receipt of
 finished goods at the Company&#146;s distribution facilities, but excludes
 depreciation expense. Cost of sales also includes costs relating to
 purchasing, receiving and inspection activities, manufacturing
 administration, third-party manufacturing services, insurance, internal
 transfers of finished goods, and customs and duties. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">Gross
 profit is the result of sales less cost of sales. The Company&#146;s gross margins
 may not be comparable to this metric as reported by other companies, since
 some entities include depreciation expense and distribution costs in cost of
 sales, whereas the Company includes them in depreciation and amortization and
 selling, general and administrative expenses, respectively.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(k)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Selling, general and administrative expenses:</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">Selling,
 general and administrative (SG&amp;A) expenses include costs incurred
 subsequent to the receipt of finished goods at the Company&#146;s distribution
 facilities, excluding depreciation expense and costs of inter-warehouse
 transfers of finished goods. The principal components of SG&amp;A expenses
 include warehousing and handling costs, the cost of shipping goods to
 customers, selling and administrative personnel costs, advertising and
 marketing expenses, leased facilities and equipment cost, professional fees,
 and other general and administrative expenses.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(l)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Product introduction expenditures:</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">Product
 introduction expenditures are one-time fees paid to retailers to allow the
 Company&#146;s products to be placed on store shelves. These fees are recognized
 as a reduction in revenue when incurred unless the Company receives a benefit
 over a period of time and certain other criteria are met, such as
 recoverability and enforceability. In this case, these fees are recorded as
 an asset and are amortized as a reduction of revenue over the term of the
 arrangement. The Company evaluates the recoverability of these assets on a
 quarterly basis.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(m)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Cotton and yarn procurements:</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The
 Company contracts to buy cotton and yarn with future delivery dates at fixed
 prices in order to reduce the effects of fluctuations in the prices of cotton
 used in the manufacture of its products. These contracts are not used for
 trading purposes. The Company commits to fixed prices on a percentage of its
 cotton and yarn requirements up to eighteen months in the future. If market
 prices for cotton and yarn fall significantly below the committed future
 purchase prices, the Company estimates the costs of cotton and yarn that are
 not recoverable in future sales of finished goods, and records a charge to
 earnings.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(n)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Financial instruments and hedging relationships:</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The
 Company may periodically use derivative financial instruments, such as
 forward foreign exchange contracts, to manage risks related to fluctuations
 in exchange rates. Derivative financial instruments are not used for trading
 purposes. Forward foreign exchange contracts are entered into with maturities
 not exceeding twenty-four months. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">When
 the Company utilizes derivatives in hedge accounting relationships, the
 Company formally documents all relationships between hedging instruments and
 hedged items, as well as its risk management objective and strategy for
 undertaking various hedge transactions. This process includes linking all
 derivatives to specific assets and liabilities on the balance sheet or to
 specific firm commitments or anticipated transactions. The Company also formally
 assesses, both at the hedge&#146;s inception and on an ongoing basis, whether the
 derivatives that are used in hedging transactions are effective in offsetting
 cash flows of hedged items. When hedging instruments become ineffective
 before their maturity or the hedging relationship is terminated, deferred
 gains or losses on such instruments continue to be deferred and charged to
 earnings in the same period as the corresponding gains or losses for the
 hedged items; gains and losses realized subsequently as a result of
 marking-to-market are charged directly to earnings. If the hedged item ceases
 to exist due to its maturity, expiry, cancellation or exercise before the
 hedging instrument expires, deferred gains or losses are charged to earnings.
 Any derivative instrument that does not qualify for hedge accounting is
 marked-to-market at each reporting date and the gains or losses are included
 in earnings.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">As at
 October 1, 2006 and September 30, 2007, all outstanding forward foreign
 exchange contracts were reported on a mark-to-market basis, and the gains or
 losses were included in earnings. The Company elected not to apply hedge
 accounting for these derivatives.</FONT></P>
</TD>
</TR>
</TABLE>



<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman"><U>57</U></FONT></P>

<P style="margin-left:25%"><FONT SIZE=3 FACE="Times New Roman">NOTES TO
CONSOLIDATED<BR>
FINANCIAL STATEMENTS</FONT><font face="Times New Roman">
<BR></font><FONT SIZE=2 FACE="Times New Roman">YEARS ENDED SEPTEMBER 30, 2007, OCTOBER 1, 2006 AND OCTOBER 2, 2005<BR>
(IN THOUSANDS OF US DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS)</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman" COLOR=#00A5D9><B><U>2</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</U></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(o)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Income taxes:<BR><BR></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The
  Company utilizes the asset and liability method for accounting for income
  taxes which requires the establishment of future tax assets and liabilities,
  measured at substantively enacted tax rates, for all temporary differences
  caused when the tax bases of assets and liabilities differ from those
  reported in the financial statements. Future income tax assets are evaluated
  and, if realization is not considered to be more likely than not, a valuation
  allowance is recorded. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The
  Company&#146;s income tax provision is based on domestic laws in the various
  countries in which it operates as well as applicable international tax
  treaties. These tax rules and regulations are subject to interpretation and
  require estimates and assumptions that may be challenged by taxation
  authorities. The Company&#146;s estimates of income tax assets and liabilities are
  periodically reviewed and adjusted as circumstances warrant, such as changes
  to tax laws and administrative guidance, and the resolution of uncertainties
  through either the conclusion of tax audits or expiration of prescribed time
  limits within the relevant statutes. The final results of government tax
  audits and other events may vary materially compared to estimates and
  assumptions used by management in determining the provision for income taxes
  and in valuing income tax assets and liabilities.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(p)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Stock-based compensation and other stock-based payments:<BR><BR></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">Effective
  the commencement of its 2004 fiscal year, the Company follows the fair
  value-based method to account for all transactions where services are
  received in exchange for stock-based compensation and other stock-based
  payments. For stock options and Treasury restricted share units, compensation
  cost is measured at the fair value at the date of grant and is expensed over
  the award&#146;s vesting period. For non-Treasury restricted share units, the
  compensation cost is ultimately measured based on the market price of the
  Company&#146;s shares at the vesting date and is recognized by amortizing the cost
  over the vesting period. The offsetting liability is marked-to-market until
  the vesting date with any changes in the market value of the Company&#146;s shares
  resulting in a change in the measure of compensation cost for these awards,
  which is recorded in the periods in which these changes occur.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">In
  fiscal 2006, the Company changed its accounting policy to estimate
  forfeitures of stock options and restricted share units when determining
  stock-based compensation. In prior years, the Company accounted for
  forfeitures as they occurred. This change in accounting policy had no
  significant impact on the financial position of the Company or on the results
  of its operations.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">For
  employee share purchase plans, the Company&#146;s contribution, on the employee&#146;s
  behalf, is recognized as compensation expense with an offset to share
  capital, and consideration paid by employees on purchase of stock is also
  recorded as an increase to share capital.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(q)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Employee future benefits:<BR><BR></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The
  Company offers group defined contribution plans to eligible employees whereby
  the Company matches employees&#146; contributions up to a fixed percentage of the
  employee&#146;s salary. Contributions by the Company to trustee-managed investment
  portfolios or employee associations are expensed as incurred. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(r)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Earnings per share:<BR><BR></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">Basic
  earnings per share are computed by dividing net earnings by the weighted
  average number of common shares outstanding for the year. Diluted earnings
  per share are computed in the same manner, except that the weighted average
  number of common shares outstanding for the period is increased to include
  additional shares from the assumed exercise of options, if dilutive, and the
  issuance of restricted share units. The number of additional shares is
  calculated by assuming that outstanding options are exercised and that the
  proceeds from such exercises, as well as the amount of unrecognized
  stock-based compensation are used to repurchase common shares at the average
  share price for the period.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(s)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Environmental expenditures:<BR><BR></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">Environmental
  expenditures that relate to current operations are expensed or capitalized as
  appropriate. Expenditures that relate to an existing condition caused by past
  operations and which are not expected to contribute to current or future
  operations are expensed. Liabilities are recorded when environmental
  assessments and/or remedial efforts are likely, and when the costs, based on
  a specific plan of action in terms of the technology to be used and the
  extent of the corrective action required, can be reasonably estimated.</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1 FACE="Times New Roman"><U>58</U></FONT></P>

<P style="margin-left:25%"><FONT SIZE=3 FACE="Times New Roman">NOTES TO
CONSOLIDATED<BR>
FINANCIAL STATEMENTS</FONT><font face="Times New Roman"><BR></font>
<FONT SIZE=1 FACE="Times New Roman">YEARS ENDED SEPTEMBER 30, 2007, OCTOBER 1, 2006 AND OCTOBER 2, 2005<BR>
(IN THOUSANDS OF US DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS)</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman" COLOR=#00A5D9><B><U>2</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</U></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(t)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Business acquisitions:<BR><BR></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The
  Company accounts for business acquisitions using the purchase method.
  Accordingly, the purchase price of a business acquisition is allocated to its
  identifiable net assets including identifiable intangible assets, on the
  basis of estimated fair values as at the date of purchase, with any excess
  being assigned to goodwill. When the amounts assigned to identifiable net
  assets exceed the cost of the purchase, resulting in negative goodwill, the
  excess is applied, to the extent possible, to certain non-current assets,
  with the balance recorded as an extraordinary gain. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(u)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Use of estimates:<BR><BR></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The
  preparation of financial statements in conformity with generally accepted
  accounting principles requires management to make estimates and assumptions
  that affect the reported amounts of assets and liabilities and disclosure of
  contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and
  expenses during the reporting period. Financial results as determined by actual events could differ materially from
  those estimates.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">Significant
  areas requiring the use of management estimates and assumptions include the
  allowance for doubtful accounts, inventory obsolescence, income tax assets
  and liabilities, stock-based compensation costs, the fair value of
  identifiable tangible and intangible assets in a business combination and the
  useful life and recoverability of property, plant and equipment and
  intangible assets.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman" COLOR=#00A5D9><B><U>3</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>BUSINESS ACQUISITION</U></B></FONT></P>
</TD>
</TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Effective July 6, 2006, the Company acquired 100% of the common shares of
Kentucky Derby Hosiery Co., Inc. (&#147;Kentucky Derby&#148;), a U.S. hosiery
manufacturer with corporate headquarters in Hopkinsville, Kentucky. The total
purchase price of $20,371, including transaction costs, was paid in cash,
except for $460 which was settled through the issuance of common shares of the
Company. The purpose of the acquisition was to enhance and accelerate the
Company&#146;s strategy to enter the North American mass-market retail channel as a
supplier of socks, underwear and activewear.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The Company accounted for this acquisition using the purchase method and
the results of Kentucky Derby have been consolidated with those of the Company
from the date of acquisition. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The following table summarizes the estimated fair value of the assets
acquired and liabilities assumed at the date of acquisition:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="85%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Assets acquired:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Accounts receivable</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">15,081</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Income taxes receivable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">775</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Inventory</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">30,357</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Prepaid expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">1,458</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Property, plant and equipment</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">6,993</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Customer contracts and
  customer relationships</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">9,866</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">64,530</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#ECF7FB">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Liabilities assumed:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Bank indebtedness</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">17,350</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#ECF7FB">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Accounts payable and accrued
  liabilities</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">16,734</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Long-term debt</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">10,075</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
<TR BGCOLOR="#ECF7FB">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">44,159</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Net assets acquired</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">20,371</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
<TR BGCOLOR="#ECF7FB">
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Consideration:</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Cash</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">19,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#ECF7FB">
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">20,000 common shares</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">460</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Transaction costs</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">911</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
<TR BGCOLOR="#ECF7FB">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">20,371</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P align=right><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman"><U>59</U></FONT></P>

<P style="margin-left:25%"><FONT SIZE=3 FACE="Times New Roman">NOTES TO
CONSOLIDATED<BR>
FINANCIAL STATEMENTS</FONT><font face="Times New Roman"><BR></font>
<FONT SIZE=2 FACE="Times New Roman">YEARS ENDED SEPTEMBER 30, 2007, OCTOBER 1, 2006 AND OCTOBER 2, 2005<BR>
(IN THOUSANDS OF US DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS)</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman" COLOR=#00A5D9><B><U>3</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>BUSINESS ACQUISITION (CONTINUED)</U></B></FONT></P>
</TD>
</TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Immediately following the acquisition, the Company repaid the entire
amount of bank indebtedness and $3,987 of long-term debt.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The value of the shares issued as consideration for the business
acquisition was $23.00 per share, which was determined using the Company&#146;s
average closing share price on the New York Stock Exchange over a reasonable
period before and after the date on which the terms of the purchase
consideration were agreed to and announced.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Included in the purchase price allocation was an accrual of $1,500 for
estimated costs, which includes severance and other employee related costs for the
restructuring and integration of the operations of Kentucky Derby. During
fiscal 2007, $775 was paid relating to severance and other employee related costs. The
restructuring and integrating process is expected to be completed during the
first half of fiscal 2008. As at September 30, 2007, the balance of $725 is
included in &#147;Accounts payable and accrued liabilities&#148;.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman" COLOR=#00A5D9><B><U>4</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>PROPERTY, PLANT AND EQUIPMENT</U></B></FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="59%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>Cost</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>Accumulated<BR>
  depreciation</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>Net book<BR>
  value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Land</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>22,951</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>-</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>22,951</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Buildings
  and improvements</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>125,916</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>22,503</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>103,413</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Equipment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>315,841</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>103,218</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>212,623</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Assets
  not in service</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>38,630</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>-</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>38,630</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>503,338</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>125,721</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>377,617</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">Cost</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">Accumulated<BR>
  depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">Net book<BR>
  value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Land</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">21,669</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">21,669</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Buildings
  and improvements</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">109,949</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">19,442</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">90,507</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Equipment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">264,020</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">107,530</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">156,490</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Assets
  not in service</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">34,011</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">34,011</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">429,649</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">126,972</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">302,677</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Assets not in service include expenditures incurred to-date for plant
expansions which are still in process and equipment not yet in service as at
the balance sheet date.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman" COLOR=#00A5D9><B><U>5</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>INTANGIBLE ASSETS</U></B></FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="72%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Customer
  contracts and customer relationships (note 3)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>9,866</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">9,866</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Less
  reversal of valuation allowance on acquired future tax assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>(7,340</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT FACE="Times New Roman" SIZE="2"><B>)</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Less
  accumulated amortization</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>(502</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">(353</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>2,024</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">9,513</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">In the fourth quarter of fiscal 2007, the Company determined that it was
more likely than not that it would be able to realize the future income tax
assets with respect to its wholly-owned subsidiary, Kentucky Derby, which were
not originally recognized at the date of acquisition. In accordance with
generally accepted accounting principles, this benefit was recorded as a
reduction of the unamortized intangible asset related to this acquisition.</FONT></P>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1 FACE="Times New Roman"><U>60</U></FONT></P>

<P style="margin-left:25%"><FONT SIZE=3 FACE="Times New Roman">NOTES TO
CONSOLIDATED<BR>
FINANCIAL STATEMENTS</FONT><font face="Times New Roman"><BR></font>
<FONT SIZE=2 FACE="Times New Roman">YEARS ENDED SEPTEMBER 30, 2007, OCTOBER 1, 2006 AND OCTOBER 2, 2005<BR>
(IN THOUSANDS OF US DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS)</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman" COLOR=#00A5D9><B><U>6</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>OTHER ASSETS</U></B></FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="72%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Long-term
  prepaid expenses and other</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>5,482</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">1,131</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Plant
  start-up costs, net of accumulated amortization of $1,603 (2006 - $808)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>2,548</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">1,590</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Long-term
  receivable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>2,251</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">758</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Deferred
  corporate transaction costs in connection with acquisition (note 21)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>1,070</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Deposits</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>75</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">581</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Prepaid
  equipment rental</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">441</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>11,426</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">4,501</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman" COLOR=#00A5D9><B><U>7</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>BANK INDEBTEDNESS</U></B></FONT></P>
</TD>
</TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The Company&#146;s joint venture, CanAm, has a revolving line of credit in the
amount of $4,000. The borrowings are due on demand and bear interest at 30-day
LIBOR plus 2.0% (7.12% at September 30, 2007; 7.58% at October 1, 2006). The
line of credit is secured by a first ranking security interest on the assets of
the joint venture. </FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">As at October 1, 2006, the joint venture had utilized $3,500 of its line
of credit. The balance was paid in full during fiscal 2007.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman" COLOR=#00A5D9><B><U>8</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>LONG-TERM DEBT</U></B></FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="72%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Secured:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Senior
  notes (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>-</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">17,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Term loan, repayable in
  monthly instalments, bearing interest at 30-day LIBOR plus 2.50% (7.62% at
  September 30, 2007; 8.07% at October 1, 2006), maturing in September 2012;
  secured by assets (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>6,659</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">9,657</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Term loan, repayable in
  monthly instalments, bearing interest at a fixed rate of 6%, maturing in
  December 2008; secured by equipment (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>407</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">734</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Municipal bonds, repayable in
  annual instalments, bearing interest at variable rates (4.15% at September
  30, 2007; 3.85% at October 1, 2006), maturing in January 2010; secured by
  building and equipment (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>2,144</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">2,860</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Notes payable to bank due in
  monthly instalments, bearing interest at fixed rates ranging from 4.39% to
  5.38%, maturing from December 2007 to June 2009; secured by equipment (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>974</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">2,128</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Note payable to bank due in
  monthly instalments, bearing interest at a fixed rate of 4.84%, maturing in
  October 2009; secured by equipment (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>438</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">647</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Note payable to bank due in
  monthly instalments, bearing interest at NY Prime plus 0.25% (8.50% at
  October 1, 2006) (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>-</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">195</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
<TR BGCOLOR="#ECF7FB">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>10,622</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">33,721</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Current portion of secured
  debt</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>3,652</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">21,712</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
<TR BGCOLOR="#ECF7FB">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>6,970</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">12,009</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=black ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P ALIGN="RIGHT"><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>




<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman"><U>61</U></FONT></P>

<div STYLE="MARGIN-LEFT:25%"><FONT SIZE=3  FACE="Times New Roman">NOTES TO CONSOLIDATED<BR>
FINANCIAL STATEMENTS</FONT></div>

<div STYLE="MARGIN-LEFT:25%"><FONT SIZE=2  FACE="Times New Roman">YEARS ENDED SEPTEMBER
30, 2007, OCTOBER 1, 2006 AND OCTOBER 2, 2005 <BR>
(IN THOUSANDS OF US DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS)</FONT></div>
<font face="Times New Roman">
<BR>
</font>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px" >
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 COLOR="#00A5D9" FACE="Times New Roman"><B><U>8</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2  FACE="Times New Roman"><B><U>LONG-TERM
  DEBT (CONTINUED)</U></B></FONT></P>
</TD>
</TR>
</TABLE>



<font face="Times New Roman">



<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px" >
<TD WIDTH="76%" VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT FACE="Times New Roman"  SIZE=2><B>Unsecured:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT FACE="Times New Roman"  SIZE=2>Revolving term credit facility (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman"><B>49,000</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT FACE="Times New Roman"  SIZE=2>Term loans, bearing interest at rates up to 5% per
annum,<BR>maturing at
  various dates through 2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman"><B>38</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">140</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman"><B>49,038</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">140</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT FACE="Times New Roman"  SIZE=2>Current portion of unsecured debt</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman"><B>37</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">108</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman"><B>49,001</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">32</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT FACE="Times New Roman"  SIZE=2>Total secured and unsecured long-term debt</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman"><B>55,971</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">12,041</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px" >
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(a)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The notes bore interest
  at 9.51% on $13,750 and 9.88% on $3,750, and were secured by tangible and
  intangible property of the Company. The combined effective interest rate on
  the senior notes for fiscal 2007 and 2006 was 9.59%. The notes were repaid in
  May 2007.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(b)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The Company has a
  committed revolving long-term credit facility for a maximum of $300,000,
  which matures in June 2012. The facility is unsecured. As at September 30,
  2007, $49,000 was drawn under this facility bearing a combined effective
  interest rate of 6.16%. There were no amounts drawn under this facility at
  October 1, 2006. On October 30, 2007, the Company increased its revolving
  long-term credit facility to a maximum of $400,000.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(c)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">These term loans have
  been entered into by CanAm, the Company&#146;s joint venture with Frontier
  Spinning Mills, Inc.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The fixed assets of
  CanAm serve as collateral for the long-term borrowings of CanAm. Other creditors of CanAm do not have any recourse to the
  general credit of the Company.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(d)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">As a result of the
  acquisition of Kentucky Derby, described in note 3, the Company assumed the
  obligations entered into by Kentucky Derby. </FONT></P>
</TD>
</TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Under various financing
arrangements with its bankers and other long-term lenders, the Company is
required to meet certain covenants. The Company was in compliance with all of
these covenants as at September 30, 2007 and October 1, 2006.</FONT></P>

<P><FONT SIZE=2 FACE="Times New Roman">Principal payments due on
long-term debt are as follows:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px" >
<TD WIDTH="87%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Fiscal year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">3,689</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">2009</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">2,843</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">2010</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">2,371</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">2011</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">1,634</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">2012</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">49,123</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">59,660</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1 FACE="Times New Roman"><U>62</U></FONT></P>

<DIV STYLE="MARGIN-LEFT:25%"><FONT SIZE=3 FACE="Times New Roman">NOTES TO CONSOLIDATED <BR>
FINANCIAL STATEMENTS</FONT></DIV>

<DIV STYLE="MARGIN-LEFT:25%"><FONT SIZE=2 FACE="Times New Roman">YEARS ENDED SEPTEMBER
30, 2007, OCTOBER 1, 2006 AND OCTOBER 2, 2005 <BR>
(IN THOUSANDS OF US DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS)</FONT></DIV>
<font face="Times New Roman">
<BR>
</font>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px" >
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 COLOR="#00A5D9" FACE="Times New Roman"><B><U>9</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman" ><B><U>SHAREHOLDERS&#146;
  EQUITY</U></B></FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px" >
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(a)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">On December 1, 2004, the
  Board of Directors adopted a shareholder rights plan, which became effective
  that same day. At the annual and special meeting of the shareholders on
  February 2, 2005, the shareholders approved a resolution confirming the
  ratification of the shareholder rights plan. The objectives of the
  shareholder rights plan are to provide the Board of Directors and the shareholders with
  additional time to assess any unsolicited take-over bid for the Company and,
  where appropriate, pursue other alternatives for maximizing shareholder
  value.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(b)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">On May 4, 2005, the
  Board of Directors of the Company declared a two-for-one stock split,
  effected in the form of a stock dividend, applicable to all of its issued and
  outstanding common shares, to shareholders of record on May 20, 2005. On May
  2, 2007, the Board of Directors of the Company declared a two-for-one stock
  split, effected in the form of a stock dividend, applicable to all of its
  issued and outstanding common shares, to shareholders of record on May 18,
  2007. All share and per share data in these consolidated financial statements
  reflect the effect of the stock splits on a retroactive basis.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(c)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Accumulated
  other comprehensive income:</B></FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">At the commencement of
  fiscal 2004, the Company adopted the U.S. dollar as its functional and
  reporting currency. The change in the functional currency for the prior
  periods resulted in a currency translation adjustment of $26,248, which is reflected
  in the accumulated other comprehensive income.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(d)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Share
  capital:</B></FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><U>Authorized</U></FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>



<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">First preferred shares,
  without limit as to number and without par value, issuable in series and
  non-voting. Second preferred shares, without limit as to number and without
  par value, issuable in series and non-voting. As at September 30, 2007 and
  October 1, 2006 none of the first and second preferred shares were issued.
  Common shares authorized without limit as to number and without par value.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><U>Issued</U></FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">As at September 30, 2007
  there were 120,419,461 (2006 - 120,227,668) common shares issued and
  outstanding. </FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px" >
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 COLOR="#00A5D9" FACE="Times New Roman"><B><U>10</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>STOCK-BASED
  COMPENSATION</U></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(a)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>Employee
  share purchase plans:</B></FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The Company has an employee share purchase
  plans which allow eligible employees to authorize payroll deductions of up to
  10% of their salary to purchase from Treasury, common shares of the Company
  at a price of 90% of the then current stock price as defined in the plans. Employees purchasing shares under the plans
  must hold the shares for a minimum of one year. The Company has reserved
  2,800,000 common shares for issuance under the plans. As at September 30,
  2007, a total of 140,433 (2006 - 122,154) shares were issued under these plans.
  Included as compensation costs in &#147;Selling, general and administrative
  expenses&#148; is $51 (2006 - $31) relating to the employee share purchase plans.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(b)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Stock
  options and restricted share units:</B></FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The Company&#146;s Long Term
  Incentive Plan (the &#147;LTIP&#148;) includes stock options and restricted share
  units. The LTIP allows the Board of Directors to grant stock options,
  dilutive restricted share units (&#147;Treasury RSUs&#148;) and non-dilutive restricted
  share units (&#147;non-Treasury RSUs&#148;) to officers and other key employees of the
  Company and its subsidiaries. On February 2, 2006, the shareholders of the Company
  approved an amendment to the LTIP to fix at 6,000,316 the number of common
  shares that are issuable pursuant to the exercise of stock options and the
  vesting of Treasury RSUs. As at September 30, 2007, 3,843,140 common shares
  remained authorized for future issuance under this plan.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The exercise price
  payable for each common share covered by a stock option is determined by the
  Board of Directors at the date of the grant, but may not be less than the
  closing price of the common shares of the Company on the trading day
  immediately preceding the effective date of the grant. Stock options vest
  equally over a two to five-year period from the date of grant, and expire no
  more than ten years after the date of the grant.</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman" ><U>63</U></FONT></P>

<DIV STYLE="MARGIN-LEFT:25%"><FONT SIZE=3 FACE="Times New Roman">NOTES TO CONSOLIDATED<BR>
FINANCIAL STATEMENTS</FONT></DIV>

<DIV STYLE="MARGIN-LEFT:25%"><FONT SIZE=2 FACE="Times New Roman">YEARS ENDED SEPTEMBER
30, 2007, OCTOBER 1, 2006 AND OCTOBER 2, 2005<BR>(IN THOUSANDS OF US DOLLARS,
EXCEPT SHARE AND PER SHARE AMOUNTS)</FONT></DIV>
<font face="Times New Roman">
<BR>
</font>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px" >
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 COLOR="#00A5D9" FACE="Times New Roman"><B><U>10</U></B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>STOCK-BASED
  COMPENSATION (CONTINUED) </U></B></FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  Stock options and restricted share units (continued)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">Changes in outstanding
  stock options were as follows:</FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" STYLE="MARGIN-LEFT:5%">
<TR style="font-size:1px" >
<TD WIDTH="68%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">Number</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">Weighted<BR>
  average<BR>
  exercise price</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM nowrap>
<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">(in Canadian dollars)<BR><BR></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Options outstanding,
  October 2, 2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">1,137,556</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">6.31</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Exercised</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">(281,966</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">6.19</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Options outstanding,
  October 1, 2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">855, 590</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">6.35</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Granted</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">180,632</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">27.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Exercised</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">(149,034</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">5.54</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Forfeited</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">(34,630</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">27.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Options
  outstanding, September 30, 2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman"><B>852,558</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman"><B>10.08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P STYLE="MARGIN-LEFT:5%" align="justify"><FONT SIZE=2 FACE="Times New Roman">The weighted average fair
value of each option granted in fiscal 2007 was estimated on the date of grant
using the Black-Scholes pricing model with the following weighted average
assumptions:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" STYLE="MARGIN-LEFT:5%">
<TR style="font-size:1px" >
<TD WIDTH="81%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR BGCOLOR="#ECF7FB">
<TD VALIGN=BOTTOM >
<P><FONT SIZE=2 FACE="Times New Roman">Risk free interest rate</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">3.9</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Expected volatility</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">29.0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">%</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#ECF7FB">
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Expected life</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">4.66 years</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Expected dividend yield</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">nil</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P STYLE="MARGIN-LEFT:5%"><FONT SIZE=2 FACE="Times New Roman">The grant date weighted
average fair value of options granted in fiscal 2007 was CA$8.57.</FONT></P>

<P STYLE="MARGIN-LEFT:5%"><FONT SIZE=2 FACE="Times New Roman">The following table
summarizes information about stock options outstanding and exercisable at
September 30, 2007:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" STYLE="MARGIN-LEFT:5%">
<TR style="font-size:1px" >
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="25%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="14%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="14%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="18" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">Options outstanding</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">Options exercisable</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Range of<BR>
  exercise<BR>
  prices</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">Number</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">Weighted<BR>
  average<BR>
  exercise<BR>
  price</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">Weighted<BR>
  average<BR>
  remaining<BR>
  contractual<BR>
  life (yrs)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">Number</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">Weighted<BR>
  average<BR>
  exercise<BR>
  price</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="18" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">(in Canadian dollars)<BR><BR></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">(in Canadian dollars)<BR><BR></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">(in Canadian dollars)<BR><BR></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">1.29&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;2.44</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">77,576</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">2.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">1.29</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">77,576</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">2.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">5.00&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;5.39</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">65,060</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">5.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">4.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">65,060</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">5.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">6.06&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;6.88</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">338,778</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">6.35</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">3.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">338,778</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">6.35</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">8.50&nbsp;&nbsp;-&nbsp;10.22</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">225,142</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">8.68</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">3.52</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">225,142</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">8.68</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">27.17 - 30.67</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">146,002</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">27.29</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">6.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="18" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">852,558</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">10.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">706,556</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">6.52</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="18" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P><FONT FACE="Times New Roman" SIZE="1"><U>64</U> </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px" >
<TD WIDTH="25%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="75%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=LEFT><FONT SIZE=3 FACE="Times New Roman">NOTES TO
CONSOLIDATED<BR>
FINANCIAL STATEMENTS</FONT><font face="Times New Roman"><BR></font>
<FONT SIZE=2 FACE="Times New Roman">YEARS ENDED SEPTEMBER 30, 2007, OCTOBER 1, 2006
AND OCTOBER 2, 2005<BR>
(IN THOUSANDS OF US DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS)</FONT></P>
</TD>
</TR>
</TABLE>
<font face="Times New Roman">
<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px" >
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 COLOR="#00a5d9" FACE="Times New Roman"><B><U>10</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>STOCK-BASED COMPENSATION (CONTINUED) </U></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock options and restricted share units (continued)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align="justify"><FONT SIZE=2 FACE="Times New Roman">A
  Treasury RSU represents the right of an individual to receive one common
  share on the vesting date without any monetary consideration being paid to
  the Company. With the exception of a special, one-time award, which vests at
  the end of an eight-year period, all other Treasury RSUs awarded to date vest
  at the end of a five-year vesting period. The vesting of 50% of the Treasury
  RSUs are dependent upon the financial performance of the Company relative to
  a benchmark group of Canadian publicly listed companies. Compensation expense
  relating to the Treasury RSUs is recognized in the financial statements over
  the vesting period based on the fair value of the Treasury RSUs on the date
  of the grant and estimates relating to forfeitures and the probability of the
  performance objectives being met. The fair value of the Treasury RSUs granted
  is equal to the market price of the common shares of the Company at the time
  of grant.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">Changes
  in outstanding Treasury RSUs were as follows:</FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" STYLE="MARGIN-LEFT:5%">
<TR style="font-size:1px" >
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="17%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE="2">Number </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE="2">Weighted<BR>
average fair<BR>
value per unit </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE="1">(in Canadian dollars) </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Treasury
  RSUs outstanding, October 2, 2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">712,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">11.74</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Granted</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">241,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">22.86</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Forfeited</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">(120,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">12.78</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Treasury
  RSUs outstanding, October 1, 2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">833,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">14.81</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Granted</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">240,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">31.22</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Settled
  through the issuance of common shares</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">(26,917</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">10.61</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Forfeited</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">(104,768</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">14.19</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>Treasury RSUs outstanding, September 30, 2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>941,315</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>18.83</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px" >
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align="justify"><FONT SIZE=2 FACE="Times New Roman">As of
  September 30, 2007, none of the outstanding Treasury RSUs were vested. The
  compensation expense included in &#147;Selling, general and administrative
  expenses&#148; and &#147;Costs of sales&#148;, in respect of the options and Treasury RSUs,
  was $1,814 (2006 - $908). The counterpart has been recorded as contributed
  surplus. When the shares are issued to the employees, the amounts previously
  credited to contributed surplus are transferred to share capital.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">Changes
  in outstanding non-Treasury RSUs were as follows:</FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" STYLE="MARGIN-LEFT:5%">
<TR style="font-size:1px" >
<TD WIDTH="82%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE="2">Number </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Non-Treasury
  RSUs outstanding, October 1, 2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Granted</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">69,628</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Settled</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">(88</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Forfeited</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">(13,264</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Non-Treasury RSUs outstanding, September 30, 2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>56,276</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px" >
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Non-Treasury
  RSUs have the same features as Treasury RSUs, except that their vesting
  period is a maximum of three years and they will be settled in cash at the
  end of the vesting period. The settlement amount is based on the Company&#146;s
  stock price at the vesting date. As of September 30, 2007, the weighted
  average fair value per non-Treasury RSU was CA$39.39. No common shares are
  issued from treasury under such awards and they are, therefore, non-dilutive.
  As of September 30, 2007, none of the outstanding non-Treasury RSUs were
  vested.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The
  compensation expense included in &#147;Selling, general and administrative
  expenses&#148; and &#147;Costs of sales&#148;, in respect of the non-Treasury RSUs, was $440
  (2006 - nil).</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE="1"><U>65</U> </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px" >
<TD WIDTH="25%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="75%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=LEFT><FONT SIZE=3 FACE="Times New Roman">NOTES TO
CONSOLIDATED<BR>
FINANCIAL STATEMENTS</FONT><font face="Times New Roman"><BR></font>
<FONT SIZE=2 FACE="Times New Roman">YEARS ENDED SEPTEMBER 30, 2007, OCTOBER 1, 2006
AND OCTOBER 2, 2005<BR>
(IN THOUSANDS OF US DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS)</FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px" >
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 COLOR="#00a5d9" FACE="Times New Roman"><B><U>11</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>DEFERRED SHARE UNIT PLAN</U></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The
  Company has a deferred share unit plan for independent members of the
  Company&#146;s Board of Directors who must receive 50% of their annual board
  retainers in the form of deferred share units (&#147;DSUs&#148;). The value of these
  DSUs is the market price of the Company&#146;s common shares at the time of
  payment of the retainers or fees. DSUs granted under the plan will be
  redeemable and the value thereof payable in cash only after the director
  ceases to act as a director of the Company. As at September 30, 2007, there
  were 11,504 (2006 - 3,982) DSUs outstanding at a value of $453 (2006 - $96). This
  amount is included in &#147;Accounts payable and accrued liabilities&#148;. The DSU
  obligation is adjusted each quarter based on the market value of the
  Company&#146;s common shares. The Company includes the cost of the DSU plan in
  &#147;Selling, general and administrative expenses&#148;.</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">Changes
  in outstanding DSUs were as follows:</FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px" >
<TD WIDTH="86%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE="2">Number </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">DSUs
  outstanding, October 2, 2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">5,332</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Granted</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">2,994</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Settled</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">(4,344</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">DSUs
  outstanding, October 1, 2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">3,982</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Granted</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">7,522</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>DSUs outstanding, September 30, 2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>11,504</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px" >
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 COLOR="#00a5d9" FACE="Times New Roman"><B><U>12</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>COMMITMENTS AND CONTINGENT LIABILITIES</U></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(a)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">The
  minimum annual lease payments under operating leases for premises, equipment
  and aircraft are approximately as follows:</FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px" >
<TD WIDTH="85%" VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=2 FACE="Times New Roman"><B>Fiscal year</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">6,881</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">2009</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">6,910</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">2010</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">6,236</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">2011</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">5,670</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">2012</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">4,186</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Thereafter</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">19,120</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">49,003</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px" >
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(b)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">As at
  September 30, 2007, there were contractual obligations outstanding of
  approximately $40,507 for the acquisition of property, plant and equipment
  (2006 - $46,882).</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(c)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The
  Company is a party to claims and litigation arising in the normal course of
  operations. The Company does not expect the resolution of these matters to
  have a materially adverse effect on the financial position or results of
  operations of the Company.</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT FACE="Times New Roman" SIZE="1"><U>66</U> </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px" >
<TD WIDTH="25%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="75%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=LEFT><FONT SIZE=3 FACE="Times New Roman">NOTES TO
CONSOLIDATED<BR>
FINANCIAL STATEMENTS</FONT><font face="Times New Roman"><BR></font>
<FONT SIZE=2 FACE="Times New Roman">YEARS ENDED SEPTEMBER 30, 2007, OCTOBER 1, 2006
AND OCTOBER 2, 2005<BR>
(IN THOUSANDS OF US DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS)</FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px" >
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 COLOR="#00a5d9" FACE="Times New Roman"><B><U>12</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>COMMITMENTS AND CONTINGENT LIABILITIES (CONTINUED)</U></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(d)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">In
  November 2002, one of the Company&#146;s Mexican subsidiaries (&#147;Gildan Mexico&#148;)
  received a tax assessment from a regional taxation office relating to duties
  for the 2000 fiscal year for approximately $6,000. The substance of the
  assessment was that the Mexican taxation authorities adopted the position
  that Canadian-made textiles shipped to Gildan Mexico for sewing processing
  had not subsequently been exported from Mexico. Gildan Mexico appealed the
  assessment and was successful in obtaining a judgment in its favor.
  Notwithstanding the judgment, the regional Mexican taxation office issued a
  new assessment in March 2005 and increased the assessed amount to
  approximately $7,100, primarily comprised of interest and late payment
  penalties. Shortly after receiving the second assessment, Gildan Mexico again
  filed an appeal. In July 2006, Gildan Mexico received notification that its
  appeal of the second assessment for fiscal 2000 was unsuccessful. The Company
  received legal opinions that the tax assessment was without merit under
  Mexican law governing re-export for maquiladora operations. Additionally,
  Gildan Mexico, a maquiladora operation, provided documentation to establish
  that the textiles imported into Mexico for sewing were subsequently exported
  to the United States and Canada. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">In
  April 2007, a new law, which was passed by the Mexican Congress in December
  2006, was formally enacted. The provisions of this law allowed Gildan Mexico
  to apply for the forgiveness of all of the interest and penalties and a
  substantial amount of the principal related to this tax assessment. In May
  2007, Gildan Mexico filed an application requesting that the provisions of
  the new law be applied to its outstanding tax assessment. The Mexican
  taxation authorities accepted the application in May 2007 and Gildan Mexico
  settled the assessment with a payment of $400 during the third quarter of
  fiscal 2007. The Company had previously recorded a charge for this amount,
  which was reflected in &#147;Selling, general and administrative expenses&#148; in the
  second quarter of fiscal 2007. Gildan Mexico has been released from all
  previously tax assessed amounts by the Mexican taxation authorities.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 COLOR="#00a5d9" FACE="Times New Roman"><B><U>13</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>GUARANTEES</U></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The Company,
  and some of its subsidiaries, have granted corporate guarantees, irrevocable
  standby letters of credit and surety bonds to third parties to indemnify them
  in the event the Company and some of its subsidiaries do not perform its
  contractual obligations. As at September 30, 2007, the maximum potential
  liability under these guarantees was $13,600, of which $5,500 was for surety
  bonds and $8,100 was for corporate guarantees and standby letters of credit.
  The standby letters of credit mature at various dates during fiscal 2008, the
  surety bonds are automatically renewed on an annual basis and the corporate
  guarantees mature at various dates up to fiscal 2010.</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">As at
  September 30, 2007, the Company has recorded no liability with respect to
  these guarantees, as the Company does not expect to make any payments for the
  aforementioned items. Management has determined that the fair value of the
  non-contingent obligations requiring performance under the guarantees in the
  event that specified triggering events or conditions occur approximates the
  cost of obtaining the standby letters of credit and surety bonds.</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman"><U>67</U></FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="25%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="75%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman">NOTES TO CONSOLIDATED</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman">FINANCIAL STATEMENTS</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">YEARS
 ENDED SEPTEMBER 30, 2007, OCTOBER 1, 2006 AND OCTOBER 2, 2005</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">(IN
 THOUSANDS OF US DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS)</FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=3 COLOR="#00A5D9" FACE="Times New Roman"><B><U>14</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>INCOME TAXES</U></B></FONT></P>
</TD>
</TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The income tax provision differs
from the amount computed by applying the combined Canadian federal and
provincial tax rates to earnings before income taxes. The reasons for the
difference and the related tax effects are as follows:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="66%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Combined basic Canadian federal and
 provincial income taxes</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>40,291</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">35,459</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">27,075</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Increase (decrease) in income taxes
 resulting from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Effect
 of different tax rates on earnings of foreign subsidiaries</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(38,288</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(33,664</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(29,016</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Effect
 of income tax recovery</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(7,601</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Effect
 of non-deductible expenses and other</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>783</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">2,987</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">3,293</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(4,815</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">4,782</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1,352</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">For fiscal 2007, the income tax
recovery of $7,601 relates to previously unrecognized tax benefits of a prior
taxation year.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">For fiscal 2005, the effect of
different tax rates on earnings of foreign subsidiaries was greater than the
amount computed by applying the combined Canadian tax rates to consolidated
earnings before income taxes. This occurred due to a combination of losses
incurred in the Canadian parent company that generated a recovery of income
taxes at statutory Canadian rates, and earnings in the Company&#146;s subsidiaries
that generated income tax expense at relatively low tax rates.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The components of income tax
expense (recovery) are as follows:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="68%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Current income taxes</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>4,104</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">3,018</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1,176</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Future income taxes</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(8,919</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1,764</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">176</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(4,815</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">4,782</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1,352</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The Company has not recognized a
future income tax liability for the undistributed earnings of its subsidiaries
in the current or prior years because the Company currently does not expect to
sell those investments, and for those undistributed earnings that would become
taxable, there is no intention to repatriate the earnings.</FONT></P>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1 FACE="Times New Roman"><U>68</U></FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="25%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="75%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman">NOTES TO CONSOLIDATED</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman">FINANCIAL STATEMENTS</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">YEARS ENDED SEPTEMBER 30, 2007,
 OCTOBER 1, 2006 AND OCTOBER 2, 2005</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">(IN THOUSANDS OF US DOLLARS, EXCEPT
 SHARE AND PER SHARE AMOUNTS)</FONT></P>
</TD>
</TR>
</TABLE>
<font face="Times New Roman">
<BR>
</font>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=3 COLOR="#00A5D9" FACE="Times New Roman"><B><U>14</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>INCOME TAXES
 (CONTINUED)</U></B></FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2 FACE="Times New Roman">Significant components of the
Company&#146;s future income tax assets and liabilities are as follows:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="75%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Future income tax assets
 (liabilities):</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Non-capital
 losses and research and development expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>11,872</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">5,495</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Reserves
 and accruals</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>2,263</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">5,561</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Other</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>321</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">3,665</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>14,456</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">14,721</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Less
 valuation allowance</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(907</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT FACE="Times New Roman" SIZE="2"><B>)</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(7,340</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>13,549</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">7,381</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Property,
 plant and equipment and other</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(24,612</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT FACE="Times New Roman" SIZE="2"><B>)</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(31,526</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Net future income tax liability</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(11,063</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT FACE="Times New Roman" SIZE="2"><B>)</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(24,145</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Presented as:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Current
 assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>2,610</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">5,298</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Long-term
 assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>10,939</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Long-term
 liabilities</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(24,612</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT FACE="Times New Roman" SIZE="2"><B>)</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(29,443</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(11,063</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT FACE="Times New Roman" SIZE="2"><B>)</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(24,145</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">In fiscal 2006, the Company
recorded a valuation allowance of $7,340, due to the uncertainty of recognizing
the tax benefits of unused tax losses and deductible temporary differences
arising from the acquisition of Kentucky Derby. During fiscal 2007, the Company concluded that these tax benefits
are more likely than not to be realized.
Accordingly, the valuation allowance has been reversed and applied to
reduce the unamortized portion of the intangible assets relating to the
Kentucky Derby acquisition, as indicated in note 5 to the consolidated
financial statements.</FONT></P>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">GILDAN
2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman"><U>69</U></FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="25%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="75%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman">NOTES TO CONSOLIDATED</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman">FINANCIAL STATEMENTS</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">YEARS ENDED SEPTEMBER 30, 2007,
 OCTOBER 1, 2006 AND OCTOBER 2, 2005</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">(IN THOUSANDS OF US DOLLARS, EXCEPT
 SHARE AND PER SHARE AMOUNTS)</FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=3 COLOR="#00A5D9" FACE="Times New Roman"><B><U>15</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>EARNINGS PER SHARE</U></B></FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2 FACE="Times New Roman">A reconciliation between basic and
diluted earnings per share is as follows:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="57%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Basic earnings per share:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Basic
 weighted average number of common shares outstanding</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>120,339,830</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">120,103,366</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">119,381,932</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Basic
 earnings per share</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>1.08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.72</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Diluted earnings per share:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Basic
 weighted average number of common shares outstanding</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>120,339,830</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">120,103,366</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">119,381,932</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Plus
 impact of stock options and Treasury RSUs</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>1,198,482</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1,148,402</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">887,820</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Diluted
 weighted average number of common shares outstanding</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>121,538,312</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">121,251,768</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">120,269,752</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT  SIZE=2 FACE="Times New Roman">Diluted
 earnings per share</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>1.07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.88</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">0.72</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2 FACE="Times New Roman">All stock options and Treasury RSUs
outstanding for fiscal 2007, 2006 and 2005 were dilutive.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=3 COLOR="#00A5D9" FACE="Times New Roman"><B><U>16</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>RESTRUCTURING AND
 OTHER CHARGES</U></B></FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2 FACE="Times New Roman">The following table summarizes the
components of restructuring and other charges:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="68%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Accelerated depreciation (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>3,493</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Net gain on disposal of assets held
 for sale (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>(1,530</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT FACE="Times New Roman" SIZE="2"><B>)</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Asset impairment loss and write-down
 of property, plant and equipment (a) (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>3,560</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">15,149</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">6,783</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Severance (a) (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>13,619</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">2,141</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">3,688</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Charge to comply with employment
 contract (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>-</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1,456</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1,050</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Other (a)(e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>8,870</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1,640</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">255</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>28,012</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">20,386</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">11,776</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>
<font face="Times New Roman">
<BR>
</font>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(a)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">In September 2006, the Company
 announced a restructuring of its Canadian manufacturing operations, involving
 the closure of its textile manufacturing facility in Valleyfield, Quebec and
 the downsizing of its Montreal, Quebec knitting facility, to take effect in
 December 2006. In fiscal 2006, the Company recorded severance charges of
 $2,141 and other exit costs of $1,640 relating to this restructuring. In
 addition, in September 2006, the Company recorded an impairment loss of
 $15,149 on all Canadian textile and related manufacturing assets, and reduced
 its estimate of the remaining economic lives of these assets. The effect of
 this change in estimate, amounting to $3,493 for fiscal 2007, was classified
 as accelerated depreciation and included in &#147;Restructuring and other
 charges&#148;. The Company does not expect any further amounts to be incurred
 relating to accelerated depreciation in fiscal 2008.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(b)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">During the fourth quarter of fiscal
 2006, the Company announced the relocation and consolidation of its U.S.
 retail distribution centres and the closure of its Canadian distribution
 centre in Montreal, Quebec, effective October 2006. The Company also
 announced the closure and downsizing of the sock manufacturing capacity
 located in North Carolina and Virginia. As at September 30, 2007, assets held
 for sale include land, building and equipment at these locations. The Company
 ceased recording depreciation on these assets, which are recorded at the
 lower of their net book value or fair value less costs to sell. During fiscal
 2007, the Company sold some of the assets related to these facilities and
 recorded a net gain of $1,530. </FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1 FACE="Times New Roman"><U>70</U></FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="25%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="75%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman">NOTES TO CONSOLIDATED</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman">FINANCIAL STATEMENTS</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">YEARS ENDED SEPTEMBER 30, 2007,
 OCTOBER 1, 2006 AND OCTOBER 2, 2005</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">(IN THOUSANDS OF US DOLLARS, EXCEPT
 SHARE AND PER SHARE AMOUNTS)</FONT></P>
</TD>
</TR>
</TABLE>
<font face="Times New Roman">
<BR>
</font>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=3 COLOR="#00A5D9" FACE="Times New Roman"><B><U>16</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>RESTRUCTURING AND
 OTHER CHARGES (CONTINUED)</U></B></FONT></P>
</TD>
</TR>
</TABLE>
<font face="Times New Roman">
<BR>
</font>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(c)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">On March 27, 2007, the Company
 announced plans to close its two remaining textile facilities in Montreal,
 Canada and its cutting facility in Bombay, New York, in the fourth quarter of
 fiscal 2007. In addition, the Company closed two sewing facilities in Mexico
 in March 2007, which had been supplied with fabric from Gildan&#146;s Canadian
 textile operations. In fiscal 2007, the Company recorded severance costs of
 $13,619, primarily relating to these plant closures. As at September 30,
 2007, assets held for sale include land, building and equipment at these
 locations.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">Concurrent with the restructuring of
 the Canadian textile operations, the Company also announced plans to relocate
 its corporate office, which is currently located in the same facility as was
 its Montreal knitting operations, into leased premises in the Montreal area.
 In March 2007, the Company recorded a $3,560 asset impairment loss relating
 to its corporate head office facility.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">During fiscal 2005, the Company
 closed its two Canadian yarn-spinning facilities, and relocated a major portion of its yarn-spinning equipment
 to a North Carolina spinning facility operated by CanAm. The components of
 the charge primarily included a write-down to fair value of the fixed assets
 not transferred to CanAm of $6,783 and employee severance of $3,688. The
 fixed assets not transferred to CanAm were classified as held for sale at
 their estimated fair values. Proceeds from these assets of $4,087 and $5,027
 were received in fiscal 2005 and in fiscal 2006, respectively. Severance
 costs were paid in full in fiscal 2005.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The Company does not expect any
 further severance charges to be incurred relating to these closures in fiscal
 2008.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(d)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">During fiscal 2004, the Company
 expensed $4,614 ($3,184 after tax) representing management&#146;s best estimate of
 the cost of financial obligations pursuant to an employment contract with the
 former Chairman and Co-Chief Executive Officer of the Company. The employment
 contract includes variable components related to the Company&#146;s financial and
 operating performance to fiscal 2009. This resulted in charges of $1,456 in
 fiscal 2006 and $1,050 in fiscal 2005. Most of the payments under this
 contract are payable in Canadian dollars. No charges were incurred in fiscal
 2007 relating to this employment contract.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(e)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">Other costs relate primarily to exit
 costs incurred in connection with the closures noted above, including
 carrying and dismantling costs associated with assets held for sale. Other
 costs also include temporary incremental duties incurred as a result of the
 closure of the Company&#146;s Mexican sewing facilities. The Company expects to
 incur additional carrying costs relating to the assets held for sale, which
 will be accounted for as restructing charges as incurred during fiscal 2008,
 until all assets related to the closures are disposed of.</FONT></P>
</TD>
</TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">Accounts payable and accrued
liabilities include amounts for severance costs relating to restructuring
activities and charges to comply with the employment contract, as follows:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="87%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Balance, October 2, 2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="Times New Roman">2,782</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Severance costs</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">2,141</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Adjustments related to variable
 components of contractual obligations</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">1,456</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Foreign exchange adjustment</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">114</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Payments</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(1,064</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Balance, October 1, 2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">5,429</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Severance costs</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">13,619</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Foreign exchange adjustment</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">234</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Payments</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman">(15,034</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>Balance, September
 30, 2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE="Times New Roman"><B>4,248</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">GILDAN
2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman"><U>71</U></FONT></P>

<P STYLE="MARGIN-LEFT:25%"><FONT SIZE=3 FACE="Times New Roman">NOTES TO
CONSOLIDATED<BR>
FINANCIAL STATEMENTS</FONT><font face="Times New Roman"><BR></font>
<FONT SIZE=2 FACE="Times New Roman">YEARS ENDED SEPTEMBER 30, 2007, OCTOBER 1, 2006 AND OCTOBER 2, 2005<BR>
(IN THOUSANDS OF US DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS)</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman" COLOR="#00A5D9"><B><U>17</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>OTHER INFORMATION</U></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(a)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>The following items were included in the determination of
  the Company&#146;s net earnings:</B></FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" STYLE="MARGIN-LEFT:5%">
<TR style="font-size:1px">
<TD WIDTH="54%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Depreciation expense of
  property, plant and equipment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>36,891</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">31,006</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">24,677</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Accelerated depreciation
  expense of property, plant and equipment</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>3,493</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Interest expense on long-term
  debt</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>4,997</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">4,253</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">4,805</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Interest expense on short-term
  indebtedness</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>361</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">280</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">260</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Foreign exchange gain (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>717</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">1,578</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">(1,113</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Defined contribution plan
  expense</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>1,360</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">1,035</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">688</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Amortization expense of
  deferred start-up costs</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>1,509</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">770</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">502</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Amortization of intangible
  assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>149</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">353</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Amortization of deferred
  financing costs</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>228</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">254</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">436</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>460</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">1,466</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">450</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Research and development tax
  credits</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>646</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">1,290</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">761</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(b)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P align="justify"><FONT SIZE=2 FACE="Times New Roman">During fiscal 2007, the Company expensed $4,693 (2006 - $3,229; 2005 - $4,448) in &#147;Cost of sales&#148;, representing
  managements&#146; best estimate of the cost of statutory severance and pre-notice
  benefit obligations relating to employees located in the Caribbean Basin and
  Central America. As at September 30, 2007, an amount of $9,373 (2006 -
  $6,658) has been included in &#147;Accounts payable and accrued liabilities&#148;. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(c)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>Supplemental cash flow disclosure:</B></FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" STYLE="MARGIN-LEFT:5%">
<TR style="font-size:1px">
<TD WIDTH="54%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Cash paid during the year for:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Interest</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>5,447</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">4,771</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">4,516</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Income taxes</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>4,780</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">2,031</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">1,557</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Non-cash transactions:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Additions to property, plant
  and equipment included in accounts payable and accrued liabilities</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>2,566</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">2,979</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">740</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Issuance of shares on
  acquisition of Kentucky Derby</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>-</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">460</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Ascribed value accredited to
  share capital from issuance of stock options and Treasury RSUs</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>226</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">139</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">135</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Reversal of valuation
  allowance on acquired future tax assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>7,340</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Proceeds on disposal of
  long-lived assets in long-term receivable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>1,855</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Proceeds on disposal of
  long-lived assets in accounts receivable</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>1,050</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Cash and cash equivalents
  consist of:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Cash balances with banks</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>9,250</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">27,810</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">38,802</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Short-term investments,
  bearing interest at 4.90% in 2006 and 3.67% in 2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>-</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">1,197</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">31,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>9,250</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">29,007</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">69,802</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1 FACE="Times New Roman"><U>72</U></FONT></P>

<P STYLE="MARGIN-LEFT:25%"><FONT SIZE=3 FACE="Times New Roman">NOTES TO
CONSOLIDATED<BR>
FINANCIAL STATEMENTS</FONT><font face="Times New Roman"><BR></font>
<FONT SIZE=2 FACE="Times New Roman">YEARS ENDED SEPTEMBER 30, 2007, OCTOBER 1, 2006 AND OCTOBER 2, 2005<BR>
(IN THOUSANDS OF US DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS)</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman" COLOR="#00A5D9"><B><U>18</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>RELATED PARTY TRANSACTIONS</U></B></FONT></P>
</TD>
</TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The Company has transactions with Frontier Spinning Mills, Inc., which
manages the operations of CanAm. These transactions are in the normal course of
operations and are measured at the exchange amount, which is the amount of
consideration established and agreed to by the related parties. The following
is a summary of the related party transactions and balances owed:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="59%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Transactions:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Yarn purchases</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>103,902</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">100,432</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">106,820</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Management fee expense</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>750</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">750</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">562</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Balances outstanding:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Accounts payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>20,130</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">18,877</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">15,631</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2 FACE="Times New Roman">During fiscal 2005, Frontier Spinning Mills, Inc. contributed $2,500 in cash
to CanAm.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman" COLOR="#00A5D9"><B><U>19</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>FINANCIAL INSTRUMENTS</U></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(a)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>Foreign currency risk management:<BR><BR></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">A
  portion of the Company&#146;s sales and operating expenses are denominated in
  currencies other than U.S. dollars. From time to time, the Company uses
  forward foreign exchange contracts to hedge its foreign exchange exposure on
  cash flows related to sales and expenses.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The
  following table summarizes the Company&#146;s commitments to buy and sell foreign
  currencies as at September 30, 2007 and October 1, 2006:</FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" STYLE="MARGIN-LEFT:5%">
<TR style="font-size:1px">
<TD WIDTH="27%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="14%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="17%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="12" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">Notional amount</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">Exchange rate</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">Maturity</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">Notional<BR>
  US dollar<BR>
  equivalent</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="12" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Buy contracts:</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Foreign exchange contracts:</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>&#128;</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>4,425</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>1.3390 to 1.4222</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB" nowrap>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>Oct. 2007 - Dec. 2007</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>6,025</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Sell contracts:</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Foreign exchange contracts:</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>&#128;</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>13,980</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>1.3410 to 1.3899</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>Oct. 2007 - Oct. 2008</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>19,096</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>&pound;</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>10,801</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>1.9640 to 2.0331</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>Oct. 2007 - Oct. 2008</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>21,501</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>CA$</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>3,800</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>0.9945</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>Oct. 2007</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>3,821</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Buy contracts:</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>
<FONT   SIZE=2 FACE="Times New Roman">Foreign exchange contracts:</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">&#128;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">9,756</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">1.2056 to 1.2696</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">Oct. 2006 - June 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">11,934</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>
<FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">CA$</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">6,250</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">0.8961</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">Oct. 2006</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">5,600</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="12" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">A forward foreign exchange contract represents an obligation to buy or
sell a foreign currency with a counterparty. Credit risk exists in the event of
failure by a counterparty to meet its obligations. The Company reduces this
risk by dealing only with highly rated counterparties, normally major European
and North American financial institutions.</FONT></P>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman"><U>73</U></FONT></P>

<P STYLE="MARGIN-LEFT:25%"><FONT SIZE=3 FACE="Times New Roman">NOTES TO
CONSOLIDATED<BR>
FINANCIAL STATEMENTS</FONT><font face="Times New Roman"><BR></font>
<FONT SIZE=1 FACE="Times New Roman">YEARS ENDED SEPTEMBER 30, 2007, OCTOBER 1, 2006 AND OCTOBER 2, 2005<BR>
(IN THOUSANDS OF US DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS)</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman" COLOR="#00A5D9"><B><U>19</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>FINANCIAL INSTRUMENTS (CONTINUED)</U></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(b)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>Credit risk:</B></FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The
  Company&#146;s financial instruments that are exposed to concentrations of credit
  risk consist primarily of cash equivalents and trade receivables.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The
  Company invests available cash in short-term deposits with major North
  American and European financial institutions.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The
  Company&#146;s extension of credit involves judgment and is based on an evaluation
  of each customer&#146;s financial condition and payment history. The Company
  regularly monitors its credit risk exposure to its customers and takes steps
  to mitigate the risk of loss. As at September 30, 2007, the Company&#146;s top ten
  customers accounted for 61.4% (2006 - 57.0%) of the trade receivable balance,
  of which one customer represented 15.6% (2006 - 18.1%). The remaining trade
  receivable balances are dispersed among a large number of debtors across many
  geographic areas including the United States, Canada, Europe and Australasia.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">An
  allowance for doubtful accounts is maintained for credit losses consistent
  with the credit risk, historical trends, general economic conditions and
  other information.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(c)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Fair value disclosure:</B></FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">Fair
  value estimates are made as of a specific point in time, using available
  information about the financial instrument. These estimates are subjective in
  nature and often cannot be determined with precision.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The
  Company has determined that the carrying values of its short-term financial
  assets and liabilities approximate their respective fair values as at the
  balance sheet dates because of the short-term maturity of those instruments.
  The fair value of the long-term receivable also approximates its carrying
  amount.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The
  fair value of long-term debt approximates the carrying value of $59,660 as at
  September 30, 2007. As at October 1, 2006, the fair value of the long-term
  debt was $34,479 compared to a carrying amount of $33,861. The fair value of
  the forward foreign exchange contracts is $(794) (2006 - $502) as at September
  30, 2007. The method of calculating fair values for the financial instruments is
  described below.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The
  fair value of the Company&#146;s long-term debt bearing interest at fixed rates
  was calculated using the present value of future payments of principal and
  interest discounted at the current market rates of interest available to the
  Company for the same or similar debt instruments with the same remaining
  maturities. For long-term debt bearing interest at variable rates, the fair
  value is considered to approximate the carrying value. The fair value of the
  forward foreign exchange contracts was determined using quoted market values.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(d)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>Interest rate risk:</B></FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The
  Company&#146;s exposure to interest rate fluctuations is with respect to long-term
  debt with a carrying amount of $57,803, which bears interest at floating
  rates. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman" COLOR="#00A5D9"><B><U>20</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>SEGMENTED INFORMATION</U></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman">The
  Company manufactures and sells activewear, socks and underwear. The Company
  operates in one business segment, being high-volume, basic, frequently
  replenished, non-fashion apparel.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(a)</B></FONT></P>
</TD>
<TD VALIGN=TOP align="justify">
<P><FONT SIZE=2 FACE="Times New Roman"><B>Sales by major product group:</B></FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" STYLE="MARGIN-LEFT:5%">
<TR style="font-size:1px">
<TD WIDTH="54%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Activewear
  and underwear</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>826,252</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">743,215</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">653,851</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Socks</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>138,177</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">29,975</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>964,429</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">773,190</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">653,851</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5"><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1 FACE="Times New Roman"><U>74</U></FONT></P>

<P STYLE="MARGIN-LEFT:25%"><FONT SIZE=3 FACE="Times New Roman">NOTES TO
CONSOLIDATED<BR>
FINANCIAL STATEMENTS</FONT><font face="Times New Roman"><BR></font>
<FONT SIZE=2 FACE="Times New Roman">YEARS ENDED SEPTEMBER 30, 2007, OCTOBER 1, 2006 AND OCTOBER 2, 2005<BR>
(IN THOUSANDS OF US DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS)</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman" COLOR="#00A5D9"><B><U>20</U></B></FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>SEGMENTED INFORMATION (CONTINUED)</U></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(b)</B></FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>Major customers and revenues by geographic areas:</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">(i)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The
  Company has one customer accounting for greater than 10% of total sales. This
  customer accounted for 23.1% of total sales (2006 - 28.2%; 2005 - 28.2%).</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">(ii)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman">Sales
  were derived from customers located in the following geographic areas:</FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" STYLE="MARGIN-LEFT:5%">
<TR style="font-size:1px">
<TD WIDTH="54%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">United
  States</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>852,522</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">680,048</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">567,084</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Canada</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>53,336</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">50,440</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">46,009</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Europe
  and other</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>58,571</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">42,702</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">40,758</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>964,429</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">773,190</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">653,851</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>(c)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE="Times New Roman"><B>Property, plant and equipment by geographic area are as
  follows:</B></FONT></P>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" STYLE="MARGIN-LEFT:5%">
<TR style="font-size:1px">
<TD WIDTH="67%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Caribbean
  Basin and Central America</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>294,063</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">200,170</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">United
  States</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>65,399</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">68,591</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">Canada</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>17,218</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">31,407</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman">Mexico</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>937</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">2,509</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman"><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman"><B>377,617</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=2 FACE="Times New Roman">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P ALIGN=RIGHT><FONT SIZE=2   FACE="Times New Roman">302,677</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#ECF7FB">
<P><FONT SIZE=1 face="Times New Roman">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
</TABLE>

<font face="Times New Roman">

<BR>

</font>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman" COLOR="#00A5D9"><B><U>21</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>SUBSEQUENT EVENT</U></B></FONT></P>
</TD>
</TR>
</TABLE>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">On October 15, 2007, the Company acquired 100% of the capital stock of
V.I. Prewett &amp; Son, Inc. (Prewett), a U.S. private label supplier of basic
family socks to U.S. mass-market retailers. Prewett&#146;s corporate headquarters
are located in Fort Payne, Alabama. The Company paid $125,000 on closing, and
also placed $10,000 in escrow to provide for a further contingent increase in
the purchase price of the acquisition. The funds were drawn under the Company&#146;s
revolving long-term credit facility. The Company has not yet finalized the
allocation of the purchase price for this acquisition.</FONT></P>

<P align="justify"><FONT SIZE=2 FACE="Times New Roman">The acquisition is intended to enhance further the Company&#146;s position as a
full-product supplier of socks, activewear and underwear for the retail
channel.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE="Times New Roman" COLOR="#00A5D9"><B><U>22</U></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE="Times New Roman"><B><U>COMPARATIVE FIGURES</U></B></FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2 FACE="Times New Roman">Certain comparative figures have been reclassified in order to conform
with the current year&#146;s presentation.</FONT></P>

<P ALIGN=RIGHT><FONT SIZE=1 FACE="Times New Roman">GILDAN 2007 ANNUAL REPORT</FONT></P>

<hr color="#000000" size="5">

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exh993.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<html>

<head>

<title>Gildan Activewear Inc. - Exhibit 99.3 - Prepared By TNT Filings Inc.</title>
</head>

<body>
<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
       <hr size="5" noshade color="#000000">
</div>
<b>
<font FACE="Times New Roman" size="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
       <tr>
              <td WIDTH="40%" align="left" valign="top">
              <img border="0" src="exh9931.gif" width="126" height="64"></td>
              <td WIDTH="30%"><font FACE="Univers" size="2"><b>KPMG LLP</b></font><font FACE="Univers" size="2"><b><br>
              Chartered Accountants</b><br>
              600 de Maisonneuve Blvd. West<br>
              Suite 1500<br>
              Tour KPMG<br>
              Montr&#233;al Qu&#233;bec H3A 03A</font></td>
              <td WIDTH="30%" align="center"><font FACE="Univers" size="2">
              <p align="left">Telephone </font>
              <font FACE="Univers" size="2">&nbsp;&nbsp; (514) 840-2100<br>
              Fax&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
              (514) 840-2187<br>
              Internet&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
              www.kpmg.ca</font></td>
       </tr>
</table>
<p>&nbsp;</p>
</font>
<font FACE="Times New Roman">
<p align="center">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </p>
</font>
</b>
<font FACE="Times New Roman" size="2">
<p align="justify">To the Board of Directors of <br>
Gildan Activewear Inc. </p>
<p align="justify">We consent to the inclusion in this annual report on Form 40-F of: </p>
</font><font FACE="Symbol MT" LANG="JA" SIZE="3">
<ul>
       <li></font>
       <p align="justify"><font FACE="Times New Roman" SIZE="2">our auditors' report
       dated December 6, 2007 on the consolidated balance sheets of Gildan
       Activewear Inc. as at September 30, 2007 and October 1, 2006 and the
       consolidated statements of earnings and comprehensive income,
       shareholders' equity and cash flows for the years ended September 30,
       2007, October 1, 2006 and October 2, 2005 </font></li>
       <li>
       <p align="justify"><font FACE="Times New Roman" SIZE="2">our auditors' report dated
       December 6, 2007 on reconciliation to United States generally accepted
       accounting principles </font></li>
       <li>
       <p align="justify"><font FACE="Times New Roman" SIZE="2">our Report of Independent
       Registered Public Accounting Firm dated December 6, 2007 on the Company's
       internal control over financial reporting as of September 30, 2007 </font>
       </li>
</ul>
<p align="justify"><font SIZE="2" face="Times New Roman">each of which is contained in this
annual report on Form 40-F of Gildan Activewear Inc. for the fiscal year ended
September 30, 2007. </p>
<p>/<i>s</i>/KPMG LLP </p>
<p>Chartered Accountants </p>
<p>Montr&#233;al, Canada <br>
December 19, 2007 </p>
</font><font FACE="Univers" SIZE="1">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
       <tr>
              <td width="25%">&nbsp;</td>
              <td width="50%">
              <p align="justify">
              <font FACE="Times New Roman" style="font-size: 9pt">KPMG LLP is a
              Canadian limited liability partnership and a member firm of the
              KPMG network of independent member firms affiliated with KPMG
              International, a Swiss cooperative. <br>
              KPMG Canada provides services to KPMG LLP.</font></td>
              <td width="25%"><font FACE="Univers" SIZE="1">&nbsp;</font></td>
       </tr>
</table>
</font><hr color="#000000" size="5">

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>5
<FILENAME>exh995.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
<html>

<head>
<title>Gildan Activewear Inc: Exhibit 99.5 - Prepared by TNT Filings Inc.</title>
</head>

<body>

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
  <hr color="#000000" size="5">
</div>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber1" height="66">
  <tr>
    <td width="33%" height="66">
    <p align="center">
    <img border="0" src="exh9941.gif" width="114" height="52"></td>
    <td width="33%" height="66">&nbsp;</td>
    <td width="34%" height="66">&nbsp;</td>
  </tr>
</table>
<font SIZE="2">
<p style="margin-left: 300">Supplementary Information of </p>
</font><font size="5"><b>
<p style="margin-left: 300">GILDAN ACTIVEWEAR INC. </p>
</b></font><font SIZE="2">
<p style="margin-left: 300">Three years ended September 30, 2007 </p>
<hr color="#000000" size="5"><p Style='page-break-before:always'></font>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber2" height="120">
  <tr>
    <td width="33%" height="43">
    <p align="center">
    <b>
<font FACE="Times New Roman" size="2">
              <img border="0" src="exh9931.gif" width="126" height="64"></font></b></td>
    <td width="33%" height="43">&nbsp;</td>
    <td width="34%" height="43">&nbsp;</td>
  </tr>
  <tr>
    <td width="33%" height="77">&nbsp;</td>
    <td width="33%" height="77"><font SIZE="2"><b>KPMG LLP</b> <b><br>
    Chartered Accountants</b> <br>
    600 de Maisonneuve Blvd. West <br>
    Suite 1500 <br>
    Tour KPMG <br>
    Montr&#233;al Qu&#233;bec H3A 03A </font></td>
    <td width="34%" height="77" valign="top"><font SIZE="2">
    <p ALIGN="JUSTIFY">Telephone&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (514) 840-2100
    <br>
    Fax&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (514) 840-2187 <br>
    Internet&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    www.kpmg.ca </font></td>
  </tr>
</table>
<font size="5"><b>
<p>AUDITORS' REPORT ON RECONCILIATION TO UNITED STATES GAAP </p>
</b></font><font SIZE="2">
<p>To the Board of Directors of Gildan Activewear Inc. </p>
<p align="justify">On December 6, 2007, we reported on the consolidated balance
sheets of Gildan Activewear Inc. (the &quot;Company&quot;) as at September 30, 2007 and
October 1, 2006 and the consolidated statements of earnings and comprehensive
income, shareholders' equity and cash flows for the years ended September 30,
2007, October 1, 2006 and October 2, 2005, which are included in the annual
report on Form 40-F. In connection with our audits conducted in accordance with
Canadian generally accepted auditing standards, and with respect to the years
ended September 30, 2007 and October 1, 2006, in accordance with the standards
of the Public Company Accounting Oversight Board (United States), of the
aforementioned consolidated financial statements, we also have audited the
related supplemental note entitled &quot;Reconciliation to United States GAAP&quot;
included in the Form 40-F. This supplemental note is the responsibility of the
Company's management. Our responsibility is to express an opinion on this
supplemental note based on our audits. </p>
<p align="justify">In our opinion, such supplemental note, when considered in
relation to the basic consolidated financial statements taken as a whole,
presents fairly, in all material respects, the information set forth therein.
</p>
<p>/<i>s</i>/KPMG LLP </p>
<p>Chartered Accountants </p>
<p>Montr&#233;al, Canada <br>
December 6, 2007 </p>
<hr color="#000000" size="5"><p Style='page-break-before:always'></font><font size="5"><b>
<p>GILDAN ACTIVEWEAR INC. </b></font><font SIZE="2"><br>
Reconciliation to United States GAAP </p>
<p>Years ended September 30, 2007, October 1, 2006 and October 2, 2005 <br>
(In thousands of US dollars, except share and per share amounts) </p>
<hr color="#000000">
<p align="justify">The consolidated financial statements of the Company are
expressed in US dollars and are prepared in accordance with Canadian generally
accepted accounting principles (&quot;GAAP&quot;), which conform, in all material
respects, with those generally accepted in the United States except as described
below: </p>
<p align="justify" style="margin-bottom: 0">(a) </p>
<p align="justify" style="margin-left: 30; margin-top: -11pt">Consolidated
statements of earnings: </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">2007</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">2006</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">2005</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%"><font SIZE="2">Net earnings in accordance with</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="52%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 15">Canadian GAAP</font></td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">130,020</font></td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">106,829</font></td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">86,043</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%"><font SIZE="2">Swap revenue (i)</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(29)</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(94)</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(175)</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="52%" bgcolor="#ECF7FB"><font SIZE="2">Start-up costs (ii)</font></td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB"><font SIZE="2">(958)</font></td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB"><font SIZE="2">(537)</font></td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB"><font SIZE="2">(293)</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%"><font SIZE="2">Tax effect of above adjustments</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">9</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">29</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">54</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="52%" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <font SIZE="2">Net earnings in accordance with</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="52%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 15">United States GAAP</font></td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">129,042</font></td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">106,227</font></td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">85,629</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="52%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%"><font SIZE="2">Other comprehensive income:</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%"><font SIZE="2">
    <p style="margin-left: 30">Mark-to-market adjustments on</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%"><font SIZE="2">
    <p style="margin-left: 45">foreign exchange contracts,</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%"><font SIZE="2">
    <p style="margin-left: 45">net of tax (d)</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(2,037)</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">580</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="52%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="52%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid" bgcolor="#ECF7FB">
    <font SIZE="2">Comprehensive income</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-right: 4">129,042</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-right: 4">104,190</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-right: 4">86,209</font></td>
  </tr>
</table>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%">&nbsp;</td>
    <td WIDTH="15%" align="right">&nbsp;</td>
    <td WIDTH="15%" align="right">&nbsp;</td>
    <td WIDTH="15%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2007</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2006</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2005</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%"><font SIZE="2">Earnings per share under United States GAAP:</font></td>
    <td WIDTH="15%" align="right">&nbsp;</td>
    <td WIDTH="15%" align="right">&nbsp;</td>
    <td WIDTH="15%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="52%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 30">Basic</font></td>
    <td WIDTH="15%" align="right" bgcolor="#ECF7FB"><font SIZE="2">$ 1.07</font></td>
    <td WIDTH="15%" align="right" bgcolor="#ECF7FB"><font SIZE="2">$ 0.88</font></td>
    <td WIDTH="15%" align="right" bgcolor="#ECF7FB"><font SIZE="2">$ 0.72</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%"><font SIZE="2">
    <p style="margin-left: 30">Diluted</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">1.06</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">0.88</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">0.72</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%" style="border-bottom-style: solid">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%">&nbsp;</td>
    <td WIDTH="15%" align="right">&nbsp;</td>
    <td WIDTH="15%" align="right">&nbsp;</td>
    <td WIDTH="15%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%"><font SIZE="2">Weighted average number of common shares</font></td>
    <td WIDTH="15%" align="right">&nbsp;</td>
    <td WIDTH="15%" align="right">&nbsp;</td>
    <td WIDTH="15%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%"><font SIZE="2">
    <p style="margin-left: 15">outstanding:</font></td>
    <td WIDTH="15%" align="right">&nbsp;</td>
    <td WIDTH="15%" align="right">&nbsp;</td>
    <td WIDTH="15%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="52%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 30">Basic</font></td>
    <td WIDTH="15%" align="right" bgcolor="#ECF7FB"><font SIZE="2">120,339,830</font></td>
    <td WIDTH="15%" align="right" bgcolor="#ECF7FB"><font SIZE="2">120,103,366</font></td>
    <td WIDTH="15%" align="right" bgcolor="#ECF7FB"><font SIZE="2">119,381,932</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%" style="border-bottom-style: solid"><font SIZE="2">
    <p style="margin-left: 30">Diluted</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid">
    <font SIZE="2">121,538,312</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid">
    <font SIZE="2">121,251,768</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid">
    <font SIZE="2">120,269,752</font></td>
  </tr>
</table>
<p align="center"><font size="2">1</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><font size="5"><b>
<p>GILDAN ACTIVEWEAR INC. </b></font><font SIZE="2"><br>
Reconciliation to United States GAAP </p>
<p>Years ended September 30, 2007, October 1, 2006 and October 2, 2005 <br>
(In thousands of US dollars, except share and per share amounts) </p>
<hr color="#000000">
<p align="justify" style="margin-bottom: 0">(a) </p>
<p align="justify" style="margin-left: 30; margin-top: -11pt">Consolidated
statements of earnings (continued): </p>
<p align="justify" style="margin-left: 30; margin-bottom: 0">(i) </p>
<p align="justify" style="margin-left: 60; margin-top: -11pt">Swap revenue: </p>
<p align="justify" style="margin-left: 60">Under Canadian GAAP, the Company was
using hedge accounting for certain derivative instruments. The gain realized on
cancellation of a cross-currency interest rate swap arrangement was deferred,
and was being amortized over the term of the related debt. Under United States
GAAP, the Company had not designated the derivative instrument in a hedging
relationship and, consequently, upon cancellation of the instrument, the Company
recognized the gain immediately into earnings. </p>
<p align="justify" style="margin-left: 30; margin-bottom: 0">(ii) </p>
<p align="justify" style="margin-left: 60; margin-top: -11pt">Start-up costs:
</p>
<p align="justify" style="margin-left: 60">Costs incurred during the start-up
period for new manufacturing and distribution facilities are deferred and
amortized on a straight-line basis over two years. United States GAAP requires
such costs to be expensed as incurred. The adjustment to net earnings in
accordance with United States GAAP includes the write-off of current year's
start-up costs, and the reversal of the current year's amortization of start-up
costs deferred under Canadian GAAP. </p>
<p align="justify" style="margin-bottom: 0">(b) </p>
<p align="justify" style="margin-left: 30; margin-top: -11pt">Consolidated
statements of cash flows: </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111" height="532">
  <tr>
    <td WIDTH="3%" height="19">&nbsp;</td>
    <td WIDTH="52%" colspan="2" height="19" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">2007</font></td>
    <td WIDTH="3%" align="right" height="19" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">2006</font></td>
    <td WIDTH="3%" align="right" height="19" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">2005</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19">&nbsp;</td>
    <td WIDTH="52%" colspan="2" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19">&nbsp;</td>
    <td WIDTH="52%" colspan="2" height="19"><font SIZE="2">Changes due to United
    States GAAP:</font></td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="52%" colspan="2" height="19" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 30">Operating activities on a Canadian</font></td>
    <td WIDTH="3%" align="right" height="19" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="52%" colspan="2" height="19" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 45">basis</font></td>
    <td WIDTH="3%" align="right" height="19" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" height="19" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">91,163</font></td>
    <td WIDTH="3%" align="right" height="19" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" height="19" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">94,721</font></td>
    <td WIDTH="3%" align="right" height="19" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" height="19" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">93,250</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19">&nbsp;</td>
    <td WIDTH="3%" height="19">&nbsp;</td>
    <td WIDTH="49%" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Start-up costs</font></td>
    <td WIDTH="3%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(958)</font></td>
    <td WIDTH="3%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(537)</font></td>
    <td WIDTH="3%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(293)</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="3%" height="19" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="49%" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <font SIZE="2">Operating activities cash flow,</font></td>
    <td WIDTH="3%" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="52%" colspan="2" height="19" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 45">United States GAAP</font></td>
    <td WIDTH="3%" align="right" height="19" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">90,205</font></td>
    <td WIDTH="3%" align="right" height="19" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">94,184</font></td>
    <td WIDTH="3%" align="right" height="19" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">92,957</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19">&nbsp;</td>
    <td WIDTH="52%" colspan="2" height="19">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19">&nbsp;</td>
    <td WIDTH="52%" colspan="2" height="19"><font SIZE="2">
    <p style="margin-left: 30">Investing activities on a Canadian basis</font></td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19"><font SIZE="2">(134,689)</font></td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19"><font SIZE="2">(96,053)</font></td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19"><font SIZE="2">(83,848)</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="3%" dir="ltr" height="19" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="49%" dir="ltr" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#ECF7FB">
    <font SIZE="2">Start-up costs</font></td>
    <td WIDTH="3%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-right: 4">958</font></td>
    <td WIDTH="3%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-right: 4">537</font></td>
    <td WIDTH="3%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-right: 4">293</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19">&nbsp;</td>
    <td WIDTH="3%" dir="ltr" height="19">&nbsp;</td>
    <td WIDTH="49%" dir="ltr" height="19" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">Investing activities cash flow,</font></td>
    <td WIDTH="3%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19">&nbsp;</td>
    <td WIDTH="52%" colspan="2" height="19"><font SIZE="2">
    <p style="margin-left: 45">United States GAAP</font></td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19"><font SIZE="2">(133,731)</font></td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19"><font SIZE="2">(95,516)</font></td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19"><font SIZE="2">(83,555)</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19">&nbsp;</td>
    <td WIDTH="52%" colspan="2" height="19">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="52%" colspan="2" height="19" bgcolor="#ECF7FB"><font SIZE="2">Financing activities
    on a Canadian</font></td>
    <td WIDTH="3%" align="right" height="19" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="52%" colspan="2" height="19" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 15">basis and under United States GAAP</font></td>
    <td WIDTH="3%" align="right" height="19" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">23,550</font></td>
    <td WIDTH="3%" align="right" height="19" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" bgcolor="#ECF7FB"><font SIZE="2">(39,383)</font></td>
    <td WIDTH="3%" align="right" height="19" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" bgcolor="#ECF7FB"><font SIZE="2">(458)</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19">&nbsp;</td>
    <td WIDTH="52%" colspan="2" height="19">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19">&nbsp;</td>
    <td WIDTH="52%" colspan="2" height="19"><font SIZE="2">Effect of exchange
    rate changes on</font></td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19">&nbsp;</td>
    <td WIDTH="52%" colspan="2" height="19"><font SIZE="2">
    <p style="margin-left: 15">cash and cash equivalents</font></td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19"><font SIZE="2">
    <p style="margin-right: 4">219</font></td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19"><font SIZE="2">(80)</font></td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19"><font SIZE="2">
    <p style="margin-right: 4">187</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19">&nbsp;</td>
    <td WIDTH="52%" colspan="2" height="19" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="52%" colspan="2" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <font SIZE="2">Net (decrease) increase in cash and cash</font></td>
    <td WIDTH="3%" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="52%" colspan="2" height="19" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 15">equivalents, during the year</font></td>
    <td WIDTH="3%" align="right" height="19" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" bgcolor="#ECF7FB"><font SIZE="2">(19,757)</font></td>
    <td WIDTH="3%" align="right" height="19" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" bgcolor="#ECF7FB"><font SIZE="2">(40,795)</font></td>
    <td WIDTH="3%" align="right" height="19" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">9,131</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19">&nbsp;</td>
    <td WIDTH="52%" colspan="2" height="19">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19">&nbsp;</td>
    <td WIDTH="52%" colspan="2" height="19"><font SIZE="2">Cash and cash
    equivalents, United</font></td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19">&nbsp;</td>
    <td WIDTH="52%" colspan="2" height="19"><font SIZE="2">
    <p style="margin-left: 15">States GAAP, beginning of year</font></td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19"><font SIZE="2">
    <p style="margin-right: 4">29,007</font></td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19"><font SIZE="2">
    <p style="margin-right: 4">69,802</font></td>
    <td WIDTH="3%" align="right" height="19">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19"><font SIZE="2">
    <p style="margin-right: 4">60,671</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19">&nbsp;</td>
    <td WIDTH="52%" colspan="2" height="19" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="52%" colspan="2" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <font SIZE="2">Cash and cash equivalents, United</font></td>
    <td WIDTH="3%" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" height="19" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="52%" colspan="2" height="19" style="border-bottom-style: solid" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-left: 15">States GAAP, end of year</font></td>
    <td WIDTH="3%" align="right" height="19" style="border-bottom-style: solid" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" height="19" style="border-bottom-style: solid" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-right: 4">9,250</font></td>
    <td WIDTH="3%" align="right" height="19" style="border-bottom-style: solid" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" height="19" style="border-bottom-style: solid" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-right: 4">29,007</font></td>
    <td WIDTH="3%" align="right" height="19" style="border-bottom-style: solid" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" height="19" style="border-bottom-style: solid" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-right: 4">69,802</font></td>
  </tr>
</table>
<p align="center"><font size="2">2</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><font size="5"><b>
<p>GILDAN ACTIVEWEAR INC. </b></font><font SIZE="2"><br>
Reconciliation to United States GAAP </p>
<p>Years ended September 30, 2007, October 1, 2006 and October 2, 2005 <br>
(In thousands of US dollars, except share and per share amounts) </p>
<hr color="#000000">
<p style="margin-bottom: 0">(c) </p>
<p style="margin-left: 30; margin-top: -11pt">Consolidated balance sheets: </p>
<p style="margin-left: 30">A reconciliation of shareholders' equity under
Canadian GAAP to United States GAAP is as follows: </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="67%" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1" colspan="2">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">2007</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">2006</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="67%" style="border-top-style: solid; border-top-width: 1" colspan="2" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="67%" colspan="2" bgcolor="#ECF7FB"><font SIZE="2">Shareholders' equity under
    Canadian GAAP</font></td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">663,650</font></td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">530,565</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="67%" colspan="2">&nbsp;</td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="67%" colspan="2"><font SIZE="2">United States GAAP adjustments:</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="64%"><font SIZE="2">Start-up costs</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(2,548)</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(1,590)</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="3%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="64%" bgcolor="#ECF7FB"><font SIZE="2">Cross-currency swap</font></td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">29</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="3%" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="64%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Tax effect on above adjustments</font></td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(9)</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="67%" style="border-top-style: none; border-top-width: medium" colspan="2" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB"><font SIZE="2">(2,548)</font></td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB"><font SIZE="2">(1,570)</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="67%" style="border-bottom-style: solid; border-bottom-width: 1" colspan="2">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="67%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid" colspan="2">
    <font SIZE="2">Shareholders' equity under United States GAAP</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid">
    <font SIZE="2">
    <p style="margin-right: 4">661,102</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid">
    <font SIZE="2">
    <p style="margin-right: 4">528,995</font></td>
  </tr>
</table>
<font SIZE="2">
<p style="margin-bottom: 0">(d) </p>
<p style="margin-left: 30; margin-top: -11pt">Comprehensive income: </p>
<p style="margin-left: 30" align="justify">Under United States GAAP, Statement
of Financial Accounting Standards No. 130, &quot;Reporting Comprehensive Income&quot;,
establishes standards for reporting and presentation of comprehensive income and
its components in a full set of financial statements. Comprehensive income
consists of net earnings and all other changes in shareholders' equity that do
not result from transactions with shareholders. The Statement does not affect
the Company's financial position or results of operations. </p>
<p style="margin-left: 30" align="justify">Accumulated other comprehensive
income, which resulted from (a) the change in functional currency in fiscal 2004
and (b) the market value of the forward foreign exchange contracts considered as
hedges against cash flow items in fiscal 2004 and fiscal 2005, the effect of
which reversed in fiscal 2006, is as follows:</font><font FACE="Arial" SIZE="2">
</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%" style="border-top-style: solid; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">2007</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">2006</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">2005</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%">&nbsp;</td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="52%" bgcolor="#ECF7FB"><font SIZE="2">Opening balance</font></td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">26,248</font></td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">28,285</font></td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">27,705</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%"><font SIZE="2">Change during the year</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(2,037)</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">580</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="52%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-right: 4">26,248</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-right: 4">26,248</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-right: 4">28,285</font></td>
  </tr>
</table>
<font SIZE="2">
<p align="justify" style="margin-left: 30">Under Canadian GAAP, the Company
adopted similar standards for reporting and displaying comprehensive income on
January 1, 2007. </p>
</font>
<p align="center"><font size="2">3</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><font size="5"><b>
<p>GILDAN ACTIVEWEAR INC. </b></font><font SIZE="2"><br>
Reconciliation to United States GAAP </p>
<p>Years ended September 30, 2007, October 1, 2006 and October 2, 2005 <br>
(In thousands of US dollars, except share and per share amounts) </p>
<hr color="#000000">
<p style="margin-bottom: 0">(e) </p>
<p style="margin-left: 30; margin-top: -11pt">Supplementary information: </p>
<p ALIGN="JUSTIFY" style="margin-left: 30">Under United States GAAP and
Securities and Exchange Commission rules, separate disclosure is required for
the following statement of earnings and balance sheet items. There is no similar
requirement under Canadian GAAP. </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">2007</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">2006</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">2005</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%"><font SIZE="2">Statements of earnings:</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="52%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 30">Rental expenses</font></td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">8,654</font></td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">5,535</font></td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">3,517</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%"><font SIZE="2">
    <p style="margin-left: 30">Advertising expenses</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">8,634</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">6,627</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">5,760</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%">&nbsp;</td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%"><font SIZE="2">Balance sheets:</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="52%" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-left: 30">Accounts payable</font></td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">54,920</font></td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">58,089</font></td>
    <td WIDTH="3%" align="right" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#ECF7FB"><font SIZE="2">
    <p style="margin-right: 4">43,234</font></td>
  </tr>
  <tr>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="52%"><font SIZE="2">
    <p style="margin-left: 30">Accrued liabilities</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">61,763</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">59,866</font></td>
    <td WIDTH="3%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">43,486</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="52%" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-left: 30">Allowance for doubtful accounts,</font></td>
    <td WIDTH="3%" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#ECF7FB">&nbsp;</td>
    <td WIDTH="52%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-left: 45">price discounts and rebates</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-right: 4">69,373</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-right: 4">57,487</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid" bgcolor="#ECF7FB">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid" bgcolor="#ECF7FB">
    <font SIZE="2">
    <p style="margin-right: 4">42,258</font></td>
  </tr>
</table>
<font SIZE="2">
<p style="margin-bottom: 0">(f) </p>
<p style="margin-left: 30; margin-top: -11pt">New accounting standards: </p>
<b>
<p align="justify" style="margin-left: 30">Accounting for uncertainty in income
taxes: </p>
</b>
<p ALIGN="JUSTIFY" style="margin-left: 30">In July 2006, the Financial
Accounting Standards Board (&quot;FASB&quot;) issued FASB Interpretation No. 48, <i>
Accounting for Uncertainty in Income Taxes </i>(&quot;FIN 48&quot;). FIN 48 clarifies the
accounting for uncertainly in income taxes recognized in an enterprise's
financial statements in accordance with Financial Accounting Standard No. 109,
<i>Accounting for Income Taxes</i> and prescribes a recognition threshold and
measurement attribute for the financial statements recognition and measurement
of a tax position taken or expected to be taken in a tax return. The provisions
of FIN 48 are to be applied upon initial adoption, with the cumulative effect
adjustment reported as an adjustment to the opening balance of retained
earnings. FIN 48 is effective for fiscal years beginning after December 15,
2006. The Company is currently evaluating the potential impact of FIN 48 on the
Company's consolidated financial statements. </p>
</font>
<p align="center"><font size="2">4</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><font size="5"><b>
<p>GILDAN ACTIVEWEAR INC. </b></font><font SIZE="2"><br>
Reconciliation to United States GAAP </p>
<p>Years ended September 30, 2007, October 1, 2006 and October 2, 2005 <br>
(In thousands of US dollars, except share and per share amounts) </p>
<hr color="#000000">
<p style="margin-bottom: 0">(f) </p>
<p style="margin-left: 30; margin-top: -11pt">New accounting standards
(continued): </p>
<b>
<p style="margin-left: 30">Fair value measurements: </p>
</b>
<p ALIGN="JUSTIFY" style="margin-left: 30">In September 2006, the FASB issued
Statement of Financial Accounting Standards No. 157, <i>Fair Value Measurements
(&quot;SFAS 157&quot;)</i>. SFAS 157 clarifies the principle that fair value should be
based on the assumptions market participants would use when pricing an asset or
liability and establishes a fair value hierarchy that prioritizes the
information used to develop those assumptions. Under the standard, fair value
measurements would be separately disclosed by level within the fair value
hierarchy. SFAS 157 is effective for financial statements issued for fiscal
years beginning after November 15, 2007 and interim periods within those fiscal
years, with early adoption permitted. The Company does not expect the adoption
of SFAS 157 to materially impact its consolidated financial statements. </p>
<b>
<p style="margin-left: 30">Fair value option for financial assets and
liabilities: </p>
</b>
<p ALIGN="JUSTIFY" style="margin-left: 30">In February 2007, the FASB issued
Statement of Financial Accounting Standards No. 159, <i>Fair Value Option for
Financial Assets and Financial Liabilities - Including an amendment of FASB
Statement no. 115</i> (&quot;SFAS 159&quot;). SFAS 159 permits entities the option to
measure financial instruments at fair value (&quot;fair value option&quot;) thereby
achieving an offsetting effect for accounting purposes for certain changes in
fair value of certain related assets and liabilities without having to apply
hedge accounting. The fair value option is applied on an instrument by
instrument basis to the entire instrument (not a portion of an instrument).
Items eligible for the fair value option are measured at fair value at specified
election dates. This statement is effective for financial instruments issued for
fiscal years after November 15, 2007. The Company does not expect the adoption
of SFAS 159 to materially impact its consolidated financial statements. </p>
</font>
<p align="center"><font size="2">5</font></p>
<hr color="#000000" size="5">
</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>6
<FILENAME>exh996.htm
<DESCRIPTION>EXHIBIT 99.6
<TEXT>
<html>

<head>

<title>Gildan Activewear Inc.: Exhibit 99.6 - Prepared by TNT Filings Inc.
</title>
</head>

<body>

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
       <hr color="#000000" size="5">
</div>
<font FACE="Times New Roman PS" SIZE="2"><b>
<p align="right">EXHIBIT 99.6 </p>
<p ALIGN="center">CERTIFICATION <br>
REQUIRED BY RULE 13a-14(a) <br>
OR RULE 15d-14(a) </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p align="justify">I, Glenn J. Chamandy, certify that: </p>
<p align="justify" style="margin-bottom: -11pt">1. </p>
<p align="justify" style="margin-left: 30; margin-top: -11pt">I have reviewed
this annual report on Form 40-F of Gildan Activewear Inc.; </p>
<p ALIGN="JUSTIFY" style="margin-bottom: -11pt">2. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30; margin-top: -11pt">Based on my
knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light
of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report; </p>
<p ALIGN="JUSTIFY" style="margin-bottom: -11pt">3. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30; margin-top: -11pt">Based on my
knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the issuer as of, and for, the periods
presented in this report; </p>
<p ALIGN="JUSTIFY" style="margin-bottom: -11pt">4. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30; margin-top: -11pt">The issuer's other
certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules 13(a) - 15(f) and 15(d) - 15(f)) for the issuer and have: </p>
<p ALIGN="JUSTIFY" style="margin-left: 30; margin-bottom: -11pt">(a) </p>
<p ALIGN="JUSTIFY" style="margin-left: 60; margin-top: -11pt">Designed such
disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material
information relating to the issuer, including its consolidated subsidiaries, is
made known to us by others within those entities, particularly during the period
in which this report is being prepared; </p>
<p align="justify" style="margin-left: 30; margin-bottom: -11pt">(b) </p>
<p align="justify" style="margin-left: 60; margin-top: -11pt">Designed such
internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally
accepted accounting principles; </p>
<p ALIGN="JUSTIFY" style="margin-left: 30; margin-bottom: -11pt">(c) </p>
<p ALIGN="JUSTIFY" style="margin-left: 60; margin-top: -11pt">Evaluated the
effectiveness of the issuer's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report
based on such evaluation; and </p>
<p ALIGN="JUSTIFY" style="margin-left: 30; margin-bottom: -11pt">(d) </p>
<p ALIGN="JUSTIFY" style="margin-left: 60; margin-top: -11pt">Disclosed in this
report any change in the issuer's internal control over financial reporting that
occurred during the period covered by the annual report that has materially
affected, or is reasonably likely to materially affect, the issuer's internal
control over financial reporting; and </p>
<p ALIGN="JUSTIFY" style="margin-bottom: -11pt">5. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30; margin-top: -11pt">The issuer's other
certifying officer and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the issuer's auditors and the
audit committee of the issuer's board of directors (or persons performing the
equivalent functions): </p>
<p ALIGN="JUSTIFY" style="margin-left: 30; margin-bottom: -11pt">(a) </p>
<p ALIGN="JUSTIFY" style="margin-left: 60; margin-top: -11pt">All significant
deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect
the issuer's ability to record, process, summarize and report financial
information; and </p>
<p align="justify" style="margin-left: 30; margin-bottom: -11pt">(b) </p>
<p align="justify" style="margin-left: 60; margin-top: -11pt">Any fraud, whether
or not material, that involves management or other employees who have a
significant role in the issuer's internal control over financial reporting. </p>
<p align="justify" style="margin-left: 30">Date: December 19, 2007 </p>
</font>
<div align="right">
       <table CELLSPACING="0" BORDER="0" WIDTH="50%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
              <tr>
                     <td COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1">
                     <font FACE="Times New Roman PSMT" SIZE="2">/s/ </font>
                     <font FACE="Times New Roman PS" SIZE="2"><i>Glenn J.
                     Chamandy</i></font></td>
              </tr>
              <tr>
                     <td WIDTH="13%" style="border-top-style: solid; border-top-width: 1">
                     <font FACE="Times New Roman PSMT" SIZE="2">Name:</font></td>
                     <td WIDTH="87%" style="border-top-style: solid; border-top-width: 1">
                     <font FACE="Times New Roman PSMT" SIZE="2">Glenn J.
                     Chamandy</font></td>
              </tr>
              <tr>
                     <td WIDTH="13%"><font FACE="Times New Roman PSMT" SIZE="2">
                     Title:</font></td>
                     <td WIDTH="87%"><font FACE="Times New Roman PSMT" SIZE="2">
                     President and Chief Executive Officer</font></td>
              </tr>
              <tr>
                     <td WIDTH="13%">&nbsp;</td>
                     <td WIDTH="87%">&nbsp;</td>
              </tr>
       </table>
</div>
<hr color="#000000" size="5"><p Style='page-break-before:always'><font FACE="Times New Roman PS" SIZE="2"><b>
<p ALIGN="CENTER">CERTIFICATION <br>
REQUIRED BY RULE 13a-14(a) <br>
OR RULE 15d-14(a) </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p>I, Laurence G. Sellyn, certify that: </p>
<p align="justify" style="margin-bottom: -11pt">1. </p>
<p align="justify" style="margin-left: 30; margin-top: -11pt">I have reviewed
this annual report on Form 40-F of Gildan Activewear Inc.; </p>
<p ALIGN="JUSTIFY" style="margin-bottom: -11pt">2. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30; margin-top: -11pt">Based on my
knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light
of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report; </p>
<p ALIGN="JUSTIFY" style="margin-bottom: -11pt">3. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30; margin-top: -11pt">Based on my
knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the issuer as of, and for, the periods
presented in this report; </p>
<p ALIGN="JUSTIFY" style="margin-bottom: -11pt">4. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30; margin-top: -11pt">The issuer's other
certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules 13(a) - 15(f) and 15(d) - 15(f)) for the issuer and have: </p>
<p ALIGN="JUSTIFY" style="margin-left: 30; margin-bottom: -11pt">(a) </p>
<p ALIGN="JUSTIFY" style="margin-left: 60; margin-top: -11pt">Designed such
disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material
information relating to the issuer, including its consolidated subsidiaries, is
made known to us by others within those entities, particularly during the period
in which this report is being prepared; </p>
<p align="justify" style="margin-left: 30; margin-bottom: -11pt">(b) </p>
<p align="justify" style="margin-left: 60; margin-top: -11pt">Designed such
internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally
accepted accounting principles; </p>
<p ALIGN="JUSTIFY" style="margin-left: 30; margin-bottom: -11pt">(c) </p>
<p ALIGN="JUSTIFY" style="margin-left: 60; margin-top: -11pt">Evaluated the
effectiveness of the issuer's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report
based on such evaluation; and </p>
<p ALIGN="JUSTIFY" style="margin-left: 30; margin-bottom: -11pt">(d) </p>
<p ALIGN="JUSTIFY" style="margin-left: 60; margin-top: -11pt">Disclosed in this
report any change in the issuer's internal control over financial reporting that
occurred during the period covered by the annual report that has materially
affected, or is reasonably likely to materially affect, the issuer's internal
control over financial reporting; and </p>
<p ALIGN="JUSTIFY" style="margin-bottom: -11pt">5. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30; margin-top: -11pt">The issuer's other
certifying officer and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the issuer's auditors and the
audit committee of the issuer's board of directors (or persons performing the
equivalent functions): </p>
<p ALIGN="JUSTIFY" style="margin-left: 30; margin-bottom: -11pt">(a) </p>
<p ALIGN="JUSTIFY" style="margin-left: 60; margin-top: -11pt">All significant
deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect
the issuer's ability to record, process, summarize and report financial
information; and </p>
<p align="justify" style="margin-left: 30; margin-bottom: -11pt">(b) </p>
<p align="justify" style="margin-left: 60; margin-top: -11pt">Any fraud, whether
or not material, that involves management or other employees who have a
significant role in the issuer's internal control over financial reporting. </p>
<p align="justify" style="margin-left: 30">Date: December 19, 2007 </p>
</font>
<div align="right">
       <table CELLSPACING="0" BORDER="0" WIDTH="50%" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
              <tr>
                     <td COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1">
                     <font FACE="Times New Roman PSMT" SIZE="2">/s/ </font>
                     <font FACE="Times New Roman PS" SIZE="2"><i>Laurence G.
                     Sellyn</i></font></td>
              </tr>
              <tr>
                     <td WIDTH="12%" style="border-top-style: solid; border-top-width: 1">
                     <font FACE="Times New Roman PSMT" SIZE="2">Name:</font></td>
                     <td WIDTH="88%" style="border-top-style: solid; border-top-width: 1">
                     <font FACE="Times New Roman PSMT" SIZE="2">Laurence G.
                     Sellyn</font></td>
              </tr>
              <tr>
                     <td WIDTH="12%" valign="top">
                     <font FACE="Times New Roman PSMT" SIZE="2">Title:</font></td>
                     <td WIDTH="88%"><font FACE="Times New Roman PSMT" SIZE="2">
                     Executive Vice-President, Chief Financial and
                     Administrative Officer</font></td>
              </tr>
              <tr>
                     <td WIDTH="12%" valign="top">&nbsp;</td>
                     <td WIDTH="88%">&nbsp;</td>
              </tr>
       </table>
</div>
<hr color="#000000" size="5">

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>7
<FILENAME>exh997.htm
<DESCRIPTION>EXHIBIT 99.7
<TEXT>
<html>

<head>

<title>Gildan Activewear Inc.: Exhibit 99.7 - Prepared by TNT Filings Inc.
</title>
</head>

<body>

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
       <hr color="#000000" size="5">
</div>
<font FACE="Times New Roman PS" SIZE="2"><b>
<p align="right">EXHIBIT 99.7 </p>
<p align="center">CERTIFICATION <br>
REQUIRED BY RULE 13a-14(b) OR RULE 15d-14(b) AND <br>
SECTION 1350 OF CHAPTER 63 OF TITLE 18 <br>
OF THE UNITED STATES CODE </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p align="justify">Gildan Activewear Inc. (the &quot;Corporation&quot;) is filing its
annual report on Form 40-F for the fiscal year ended September 30, 2007 (the
&quot;Report&quot;) with the United States Securities and Exchange Commission. </p>
<p align="justify">I, Glenn J. Chamandy, President and Chief Executive Officer
of the Corporation, certify, pursuant to 18 U.S.C. section 1350, as enacted
pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of
my knowledge: </p>
<p align="justify" style="text-indent: -40; margin-left: 40">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Report fully complies with the requirements of Section 13(a) or 15(d) of the
U.S. Securities Exchange Act of 1934; and </p>
<p align="justify" style="text-indent: -40; margin-left: 40">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Corporation.
</p>
<p align="justify">Dated: December 19, 2007 </p>
<p align="justify" style="margin-left: 50%"><u>/s/ </u></font><u>
<font FACE="Times New Roman PS" SIZE="2"><i>Glenn J. Chamandy</i></font></u><font FACE="Times New Roman PSMT" SIZE="2"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<br>
</u>Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glenn J. Chamandy <br>
Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and
Chief Executive Officer </font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><font FACE="Times New Roman PS" SIZE="2"><b>
<p align="center">CERTIFICATION <br>
REQUIRED BY RULE 13a-14(b) OR RULE 15d-14(b) AND <br>
SECTION 1350 OF CHAPTER 63 OF TITLE 18 <br>
OF THE UNITED STATES CODE </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p align="justify">Gildan Activewear Inc. (the &quot;Corporation&quot;) is filing its
annual report on Form 40-F for the fiscal year ended September 30, 2007 (the
&quot;Report&quot;) with the United States Securities and Exchange Commission. </p>
<p ALIGN="JUSTIFY">I, Laurence G. Sellyn, Executive Vice-President, Finance and
Chief Financial Officer of the Corporation, certify, pursuant to 18 U.S.C.
section 1350, as enacted pursuant to section 906 of the Sarbanes-Oxley Act of
2002, that, to the best of my knowledge: </p>
<p align="justify" style="text-indent: -40; margin-left: 40">1.</font>
<font FACE="Times New Roman PSMT" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Report fully complies with the requirements of Section 13(a) or 15(d) of the
U.S. Securities Exchange Act of 1934; and </p>
<p align="justify" style="text-indent: -40; margin-left: 40">2.</font>
<font FACE="Times New Roman PSMT" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Corporation.
</p>
<p align="justify">Dated: December 19, 2007 </p>
<p align="justify" style="margin-left: 50%"><u>/s/ </u></font><u>
<font FACE="Times New Roman PS" SIZE="2"><i>Laurence G. Sellyn</i></font></u><font FACE="Times New Roman PSMT" SIZE="2"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u><br>
Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laurence G. Sellyn <br>
Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executive
Vice-President, Chief Financial and Administrative Officer </p>
</font><hr color="#000000" size="5">

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
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<SEQUENCE>8
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-----END PRIVACY-ENHANCED MESSAGE-----
