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<SEC-DOCUMENT>0001204459-08-000193.txt : 20080130
<SEC-HEADER>0001204459-08-000193.hdr.sgml : 20080130
<ACCEPTANCE-DATETIME>20080130172915
ACCESSION NUMBER:		0001204459-08-000193
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20080130
FILED AS OF DATE:		20080130
DATE AS OF CHANGE:		20080130

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14830
		FILM NUMBER:		08562016

	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>6-K
<SEQUENCE>1
<FILENAME>gil013008f6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>

<head>
<title>Gildan Activewear Inc. - Form 6-K - Prepared By TNT Filings Inc.</title>
</head>

<html>

<body>

<div style="border-top: 1px solid; padding-top: 1px">
  <hr color="#000000" SIZE="5">
</div>
<font face="Times New Roman" size="5"><b>
<p align="center">SECURITIES AND EXCHANGE COMMISSION</b> <br>
</font><font face="Times New Roman" size="2"><b>Washington, DC 20549</b> </p>
</font><font face="Times New Roman" size="5"><b>
<p align="center">Form 6-K</b> </p>
</font><font face="Times New Roman" size="2"><b>
<p align="center">Report of Foreign Private Issuer <br>
Pursuant to Rule 13a-16 or 15d-16 of<br>
&nbsp;the Securities Exchange Act of 1934</b> </p>
<div align="center">
  <center>
  <table id="AutoNumber1" style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="50%" border="0">
    <tr>
      <td width="50%">
      <p align="center"><font face="Times New Roman" size="2">For the month of:
      January 2008&nbsp;&nbsp;&nbsp;&nbsp; </font></td>
      <td width="50%">
      <p align="center"><font face="Times New Roman" size="2">&nbsp;Commission File
      Number: 1-14830 </font></td>
    </tr>
  </table>
  </center>
</div>
<font face="Times New Roman" size="5"><b>
<p align="center">GILDAN ACTIVEWEAR INC.</b> <br>
</font>(<i>Translation of Registrant's name into English</i>) </p>
<b>
<p align="center">725 Mont&#233;e de Liesse <br>
Montr&#233;al, Qu&#233;bec <br>
Canada H4T 1P5</b> <br>
(<i>Address of Principal Executive Offices</i>) </p>
<p align="left">Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F: </p>
<div align="center">
  <center>
  <table id="AutoNumber1" style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="50%" border="0">
    <tr>
      <td align="middle" width="50%"><font face="Times New Roman" size="2">Form
      20-F </font><font face="Wingdings 2" size="3">&#163;</font></td>
      <td align="middle" width="50%"><font face="Times New Roman" size="2">Form
      40-F </font><font face="Wingdings 2" size="3">Q</font></td>
    </tr>
  </table>
  </center>
</div>
<p>Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): <font face="Wingdings 2" size="3">
&#163;</font></p>
<p>Indicate by check mark if the registrant is submitting the form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): <font face="Wingdings 2" size="3">
&#163;</font></p>
<p>Indicate by check mark whether by furnishing the information contained in
this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
<font face="Wingdings 2" size="3">&#163;</font></p>
<div align="center">
  <center>
  <table id="AutoNumber2" style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="50%" border="0">
    <tr>
      <td align="middle" width="50%"><font face="Times New Roman" size="2">Yes
      </font><font face="Wingdings 2" size="3">&#163;</font></td>
      <td align="middle" width="50%"><font face="Times New Roman" size="2">No
      </font><font face="Wingdings 2" size="3">Q</font></td>
    </tr>
  </table>
  </center>
</div>
<p>If &quot;Yes&quot; is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): N/A </p>
<hr color="#000000" SIZE="5">
<p style="page-break-before: always"><b></p>
<p align="center">SIGNATURES</b> </p>
<p style="text-indent: 30px" align="justify">Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized. </p>
<table style="font-size: 10pt; border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="48%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="35%">&nbsp;</td>
    <td width="15%">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="top" align="left">&nbsp;</td>
    <td align="left" colSpan="3"><b>GILDAN ACTIVEWEAR INC.</b></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left">&nbsp;</td>
    <td vAlign="top">&nbsp;</td>
    <td style="border-bottom: medium none #000000" align="left" colSpan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left">Date: January 30, 2008</td>
    <td vAlign="top">By:&nbsp;&nbsp;</td>
    <td style="border-top: medium none; border-bottom: 1px solid #000000" align="left" colSpan="2">
    /s/ Lindsay Matthews &nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td vAlign="top">Name:&nbsp;&nbsp;</td>
    <td align="left">Lindsay Matthews&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td vAlign="top">Title:&nbsp;&nbsp;</td>
    <td align="left">Director, Legal Services and<br>
    Corporate Secretary&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colSpan="5">&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<hr color="#000000" SIZE="5">
<p style="page-break-before: always"><b></p>
<p align="center">EXHIBIT INDEX</b> </p>
<table style="font-size: 10pt; border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr style="font-size: 8pt" vAlign="bottom">
    <td style="border-bottom: 1px solid #000000" noWrap align="left" height="16">
    <b><font face="Times New Roman" size="2">Exhibit</font></b></td>
    <td height="16"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td style="border-bottom: 1px solid #000000" noWrap align="middle" height="16">
    <p align="left"><b><font face="Times New Roman" size="2">Description of
    Exhibit</font></b></td>
  </tr>
  <tr vAlign="bottom">
    <td vAlign="top" height="1"></td>
    <td vAlign="top" height="1"></td>
    <td vAlign="top" height="1"></td>
  </tr>
  <tr vAlign="bottom">
    <td vAlign="center" height="15"></td>
    <td vAlign="center" height="15"></td>
    <td vAlign="center" height="15"></td>
  </tr>
  <tr vAlign="bottom">
    <td vAlign="center" bgColor="#E9F1F8" height="15">
    <a href="gilexh991.htm" style="text-decoration: none">99.1</a></td>
    <td vAlign="center" bgColor="#E9F1F8" height="15">&nbsp;</td>
    <td vAlign="center" bgColor="#E9F1F8" height="15">
    <a href="gilexh991.htm" style="text-decoration: none">Press Release dated January 30, 2008</a></td>
  </tr>
</table>
<p>&nbsp;</p>
<hr color="#000000" size="5">
</font>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>gilexh991.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="center"><img border="0" src="gilexh1.jpg" width="284" height="70"></p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="13%">&nbsp;</td>
    <td WIDTH="87%" colspan="2"><font size="2"><i><b>
    <p align="right">For Immediate Release</b></i></font></td>
  </tr>
  <tr>
    <td WIDTH="13%">&nbsp;</td>
    <td WIDTH="60%">&nbsp;</td>
    <td WIDTH="27%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="13%"><font size="2">Contact:</font></td>
    <td WIDTH="60%"><font size="2">Laurence G. Sellyn, Executive Vice-President,</font></td>
    <td WIDTH="27%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="13%">&nbsp;</td>
    <td WIDTH="60%"><font size="2">Chief Financial and Administrative Officer</font></td>
    <td WIDTH="27%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="13%">&nbsp;</td>
    <td WIDTH="60%"><font size="2">Tel: (514) 343-8805</font></td>
    <td WIDTH="27%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="13%">&nbsp;</td>
    <td WIDTH="60%"><font size="2">Email: <font color="#0000FF"><u>lsellyn@gildan.com</u></font></font></td>
    <td WIDTH="27%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="13%">&nbsp;</td>
    <td WIDTH="60%">&nbsp;</td>
    <td WIDTH="27%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="13%">&nbsp;</td>
    <td WIDTH="60%"><font size="2">Sophie Argiriou, Director,</font></td>
    <td WIDTH="27%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="13%">&nbsp;</td>
    <td WIDTH="60%"><font size="2">Investor Communications</font></td>
    <td WIDTH="27%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="13%">&nbsp;</td>
    <td WIDTH="60%"><font size="2">Tel: (514) 343-8815</font></td>
    <td WIDTH="27%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="13%">&nbsp;</td>
    <td WIDTH="60%"><font size="2">Email: <font color="#0000FF"><u>sargiriou@gildan.com</u></font></font></td>
    <td WIDTH="27%">&nbsp;</td>
  </tr>
</table>
<b><font FACE="Times New Roman PS" size="5">
<p align="center"><u>Gildan Activewear Announces 64.3% Increase in First Quarter
EPS <br>
</u></font></b><font FACE="Times New Roman PSMT" SIZE="2">-</font>
<font FACE="Times New Roman PS" SIZE="2"><b>EPS U.S. $0.02 Ahead of Guidance &#150;
<br>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">-</font>
<font FACE="Times New Roman PS" SIZE="2"><b>Company Raises Full Year EPS
Guidance &#150; </p>
<p ALIGN="JUSTIFY">Montr&#233;al, Wednesday, January 30, 2008</b></font><font FACE="Times New Roman PSMT" SIZE="2">
&#150; Gildan Activewear Inc. (GIL; TSX and NYSE)</font><font FACE="Arial MT" SIZE="2">
</font><font FACE="Times New Roman PSMT" SIZE="2">today announced its financial
results for its first quarter ended December 30, 2007. The Company also updated
its earnings guidance for its 2008 fiscal year, and initiated EPS guidance for
the second quarter. </p>
<p align="justify"><u>First Quarter Sales and Earnings </u></p>
<p ALIGN="JUSTIFY">Gildan reported first quarter net earnings of U.S. $27.5
million and diluted EPS of U.S. $0.23, up respectively 76.3% and 76.9% from net
earnings of U.S. $15.6 million and diluted EPS of U.S. $0.13 in the first
quarter of fiscal 2007. Results for the first quarter of fiscal 2008 include a
charge of U.S. $0.8 million to reflect ongoing carrying costs for Canadian and
U.S. manufacturing facilities, pursuant to the closure of these facilities in
fiscal 2007. Before reflecting restructuring charges in both fiscal years,
adjusted net earnings for the first quarter were U.S. $28.3 million, or U.S.
$0.23 per share, up respectively 66.5% and 64.3% from adjusted net earnings of
U.S. $17.0 million, or U.S. $0.14 per share, in the first quarter of fiscal
2007. The growth in EPS was primarily due to higher unit sales volumes, selling
prices and manufacturing efficiencies for activewear. As a result of the same
factors, diluted EPS was U.S. $0.02 higher than the earnings guidance previously
provided by the Company. </p>
<p align="justify">The acquisition of V. I. Prewett &amp; Son, Inc. (&quot;Prewett&quot;) was
accretive by U.S. $0.01 per share in the quarter. Results for Prewett have been
included with effect from the date of the acquisition on October 15, 2007. </p>
<p ALIGN="JUSTIFY">Sales in the first quarter, which is seasonally the lowest
quarter of the fiscal year for sales of activewear, amounted to U.S. $250.5
million, up 34.8% from U.S. $185.8 million in the first quarter of last year.
The increase in sales revenues was due to an increase of 92.7% or U.S. $39.4
million in sock sales due to the acquisition of Prewett and new retail sock
programs obtained in fiscal 2007, a 13.7% increase in unit sales volumes for
activewear, and an increase of approximately 2.5% in activewear unit selling
prices. The growth in sales was achieved in spite of the elimination during
fiscal 2007 of unprofitable sock product-lines, which did not fit with Gildan&#146;s
strategy. </p>
</font><hr color="#000000" size="5"><p Style='page-break-before:always'><font FACE="Times New Roman PSMT" SIZE="2">
<p align="justify">The growth in activewear unit sales was primarily due to
continuing market share penetration in all product categories in the U.S.
wholesale distributor channel. Although the final S.T.A.R.S. report for market
shares and overall industry demand for the calendar quarter ended December 31,
2007 is not yet available, preliminary S.T.A.R.S. data indicate that Gildan
achieved record market shares in the T-shirt and fleece categories, and that
overall industry shipments from U.S. distributors to screenprinters increased in
the quarter, compared to the corresponding period in 2006. Inventories in the
U.S. distributor channel continue to be in good balance. </p>
<p align="justify">During the first quarter, the Company obtained its first
underwear program with a U.S. national mass-market retailer. Shipments for this
program are expected to begin in May of 2008. </p>
<p align="justify">In addition to the Company&#146;s growth in U.S. markets, unit
shipments to Canada, Europe, Asia/Pacific and Mexico increased by 19.3%,
compared to the first quarter of fiscal 2007. The Company has leased warehouse
space in Shenzen, China with a third-party logistics provider, to support its
growth objectives in the Chinese market. </p>
<p align="justify">Gross margins in the first quarter of fiscal 2008 were 31.5%,
versus 29.0% in the first quarter of 2007. The increase in gross margins was due
to higher activewear selling prices and increased manufacturing efficiencies for
activewear. Gross margins include the negative impact of the consumption of
higher-cost opening textile and sock inventories, combined with sock inventory
write-downs due to the Company&#146;s decision to accelerate the liquidation of
unprofitable product-lines which have been discontinued, as well as the impact
of Prewett, which currently provides lower gross margins than Gildan&#146;s
activewear product-lines. </p>
<p align="justify">Selling, general and administrative expenses in the first
quarter were U.S. $32.6 million compared to U.S. $26.1 million in the first
quarter of last year. The increase in selling, general and administrative
expenses was due to the impact of the acquisition of Prewett, higher
distribution costs and increased administrative and information technology costs
to support the Company&#146;s continuing growth strategy. Administrative expenses
were also impacted by the stronger Canadian dollar. The impact of these higher
costs was partially offset by the non-recurrence of a U.S. $1.1 million charge
incurred in the first quarter of fiscal 2007 for the replacement of the
Company&#146;s leased aircraft. As a percentage of sales, selling, general and
administrative costs decreased to 13.0% from 14.1% in the first quarter of
fiscal 2007. </p>
<p align="justify">The increase of U.S. $4.1 million in depreciation and
amortization expenses was due to the Company&#146;s continuing investments in
capacity expansion, combined with the impact of the Prewett acquisition. </p>
<p align="justify"><u>Cash Flow </u></p>
<p align="justify">During the first quarter of fiscal 2008, the Company acquired
V.I. Prewett &amp; Son, Inc., for a purchase price of U.S. $125 million, plus a
contingent payment of U.S. $10 million. Before the investment in the Prewett
acquisition, Gildan generated free cash flow of U.S. $71.0 million in the
quarter. Cash flow from operating activities amounted to U.S. $103.4 million,
including a U.S. $83.3 million reduction in accounts receivable due to the
seasonally low level of sales in the first quarter and a reduction in days sales
outstanding. The Company used U.S. $11.2 million in the first quarter for
seasonal rebuilding of inventories, in line with its requirements to support its
projected sales. U.S. $34.2 million was used for capital investments, primarily
in the Company&#146;s major textile and sock manufacturing capacity expansion
projects in Honduras. At the end of the first quarter, the Company continued to
have significant unused financing capacity to be able to pursue further capacity
expansion in excess of its current plans, as well as other potential growth
opportunities. </p>
</font>
<p align="right"><font size="2">2</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><font FACE="Times New Roman PSMT" SIZE="2">
<p align="justify"><u>Outlook </u></p>
<p align="justify">The Company has increased its EPS guidance for the full year
to a range of U.S. $1.85-U.S. $1.90, up 43%-47% from adjusted net earnings of
U.S. $1.29 per share in fiscal 2007. </p>
<p ALIGN="JUSTIFY">The impact of projected more favourable pricing in the
wholesale channel, and of the Company&#146;s more favourable performance in the first
quarter, is projected to be partially offset by a higher than previously
anticipated income tax rate for the year, as well as the assumed impact of a
proposed U.S. tariff on sock imports from Honduras in the third and fourth
quarters. </p>
<p ALIGN="JUSTIFY">The projected increase in EPS compared to fiscal 2007
reflects 14% projected growth in unit sales volumes for activewear and
underwear, projected higher selling prices for activewear, projected
manufacturing efficiencies as a result of completing the closures of the
Company&#146;s Canadian textile manufacturing operations and consolidating activewear
manufacturing offshore, and the impact of integrating the Company&#146;s sock
acquisitions. The positive impact of these factors in fiscal 2008 is assumed to
be partially offset by higher selling, general and administrative and
depreciation expenses, projected increases in cotton, energy and transportation
costs, and a higher effective income tax rate including the non-recurrence of
income tax recoveries recorded in fiscal 2007. </p>
<p align="justify">The Company also indicated that it expects to report EPS of
approximately U.S. $0.42 in the second quarter of the fiscal year, up 35.5% from
adjusted EPS of U.S. $0.31 in the second quarter of fiscal 2007. </p>
<p align="justify"><u>Disclosure of Outstanding Share Data </u></p>
<p ALIGN="JUSTIFY">As of January 30, 2008, there were 120,457,217 common shares
issued and outstanding along with 947,835 stock options and 922,000 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
pre-determined option price. Each Treasury RSU entitles the holder to receive
one common share 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.
</p>
</font>
<p align="right"><font size="2">3</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><font FACE="Times New Roman PSMT" SIZE="2">
<p align="justify"><u>Information for shareholders </u></p>
<p ALIGN="JUSTIFY">Gildan Activewear Inc. will hold a conference call to discuss
these results today at 5:00 PM Eastern Time. The conference call can be accessed
by dialing 800-261-3417</font><font FACE="Times New Roman PS" SIZE="2"><b> </b>
</font><font FACE="Times New Roman PSMT" SIZE="2">(Canada &amp; U.S.) or
617-614-3673 (international) and entering passcode 99369852, or by live sound
webcast on Gildan's Internet site (&quot;Investor Relations&quot; section) at the
following address: www.gildan.com. If you are unable to participate in the
conference call, a replay will be available starting that same day at 7:00 PM
EST by dialing 888-286-8010 (Canada &amp; U.S.) or 617-801-6888 (international) and
entering passcode 78402691, until Wednesday, February 6, 2008 at midnight, or by
audio webcast on Gildan's web site for 30 days</font><font FACE="Times New Roman PS" SIZE="2"><i>.</i></font><font FACE="Times New Roman PSMT" SIZE="2">
</p>
<p align="justify"><u>Profile </u></p>
<p ALIGN="JUSTIFY">Gildan is a vertically-integrated marketer and manufacturer
of quality branded basic apparel. The Company is the leading supplier of
activewear for the wholesale imprinted sportswear market in the U.S. and Canada,
and also a leading supplier to this market in Europe. The Company sells
T-shirts, sport shirts and fleece in large quantities to wholesale distributors
as undecorated &quot;blanks&quot;, which are subsequently decorated by screenprinters with
designs and logos. Consumers ultimately purchase the Company&#146;s products, with
the Gildan label, in venues such as sports, entertainment and corporate events,
and travel and tourism destinations. Other end-uses include work uniforms and
similar applications to convey individual, group and team identity. In addition
to continuing its growth within the wholesale channel, Gildan is implementing a
major growth initiative to sell athletic socks, underwear and activewear to
mass-market retailers in North America. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><i>
<p align="justify"><u>Forward-Looking Statements </u></p>
<p ALIGN="JUSTIFY">Certain statements included in this press release, in
particular the &quot;Outlook&quot; section, constitute &quot;forward-looking statements&quot; within
the meaning of the U.S. Private Securities Litigation Reform Act of 1995 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 Company&#146;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 2007 Annual MD&amp;A 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 press release, in particular the
&quot;Outlook&quot; section. </p>
<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: general economic conditions such as commodity prices,
currency exchange rates, interest rates and other factors over which we have no
control; the impact of economic and business conditions, industry trends and
other external and political factors in the countries in which we operate; the
intensity of competitive activity; changes in environmental, tax, trade and
other laws and regulations; our ability to implement our strategies and plans;
our ability to complete and successfully integrate acquisitions; our reliance on
a small number of significant customers; changes in consumer preferences,
customer demand for our products and our ability to maintain customer
relationships and grow our business; our customers do not commit to minimum
quantity purchases; the seasonality of our business; our ability to attract and
retain key personnel; high reliance on computerized information systems; changes
in accounting policies and estimates; and disruption to manufacturing and
distribution activities due to labour disruptions, bad weather, natural
disasters and other unforeseen adverse events. </p>
</i></font>
<p align="right"><font size="2">4</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><font FACE="Times New Roman PS" SIZE="2"><i>
<p align="justify">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. </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. The purpose of the forward-looking
statements is to provide the reader with a description of management&#146;s
expectations regarding the Company&#146;s fiscal 2008 financial performance and may
not be appropriate for other purposes. Furthermore, unless otherwise stated, the
forward-looking statements contained in this press release are made as of the
date of this press release, 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 press release are expressly qualified by this cautionary statement. </p>
<p align="justify"><u>Non-GAAP Financial Measures </u></p>
<p align="justify">This release includes reference to certain non-GAAP financial
measures such as adjusted net earnings, adjusted diluted earnings per share, and
free cash flow. 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. The terms and definitions of the non-GAAP measures used
in this press release and a reconciliation of each non-GAAP measure to the most
directly comparable GAAP measure are provided below. </p>
</i></font>
<p align="right"><font size="2">5</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><font FACE="Times New Roman PS" SIZE="2"><i>
<p ALIGN="JUSTIFY">Adjusted net earnings and adjusted diluted earnings per share
are calculated as net earnings and earnings per share excluding restructuring
and other charges, as discussed in Note 2 to the condensed interim consolidated
financial statements. The Company uses and presents these non-GAAP measures to
assess its operating performance from one period to the next without the
variation caused by restructuring and other charges that could potentially
distort the analysis of trends in our business performance. Excluding these
items does not imply they are necessarily nonrecurring. </p>
</i></font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="70%"><font FACE="Times New Roman PS" SIZE="2"><i>(in US$
    millions, except per share amounts)</i></font></td>
    <td WIDTH="15%" align="right">&nbsp;</td>
    <td WIDTH="15%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PS" SIZE="2"><b>Q1 2008</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PSMT" SIZE="2">Q1 2007</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font FACE="Times New Roman PSMT" SIZE="2">Net earnings</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font FACE="Times New Roman PS" SIZE="2"><b>27.5</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font FACE="Times New Roman PSMT" SIZE="2">15.6</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font FACE="Times New Roman PSMT" SIZE="2">Restructuring and
    other charges</font></td>
    <td WIDTH="15%" align="right"><font FACE="Times New Roman PS" SIZE="2"><b>
    0.8</b></font></td>
    <td WIDTH="15%" align="right"><font FACE="Times New Roman PSMT" SIZE="2">1.4</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8"><font FACE="Times New Roman PSMT" SIZE="2">Less: income tax
    effect thereon</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8"><font FACE="Times New Roman PS" SIZE="2"><b>-</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8"><font FACE="Times New Roman PSMT" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: double; border-bottom-width: 3; border-top-style:solid; border-top-width:1">
    <font FACE="Times New Roman PSMT" SIZE="2">Adjusted net earnings</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: double; border-bottom-width: 3; border-top-style:solid; border-top-width:1">
    <font FACE="Times New Roman PS" SIZE="2"><b>28.3</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: double; border-bottom-width: 3; border-top-style:solid; border-top-width:1">
    <font FACE="Times New Roman PSMT" SIZE="2">17.0</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-style:none; border-width:medium; " bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-style:none; border-width:medium; " bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-style:none; border-width:medium; " bgcolor="#E9F1F8">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: none; border-top-width: medium"><font FACE="Times New Roman PSMT" SIZE="2">Diluted EPS</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: none; border-top-width: medium"><font FACE="Times New Roman PS" SIZE="2"><b>
    0.23</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: none; border-top-width: medium"><font FACE="Times New Roman PSMT" SIZE="2">
    0.13</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font FACE="Times New Roman PSMT" SIZE="2">Restructuring and other charges,
    net of tax</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font FACE="Times New Roman PS" SIZE="2"><b>0.01</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font FACE="Times New Roman PSMT" SIZE="2">0.01</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: double; border-bottom-width: 3">
    <font FACE="Times New Roman PSMT" SIZE="2">Adjusted diluted EPS</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: double; border-bottom-width: 3">
    <font FACE="Times New Roman PS" SIZE="2"><b>0.23</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: double; border-bottom-width: 3">
    <font FACE="Times New Roman PSMT" SIZE="2">0.14</font></td>
  </tr>
</table>
<i><font FACE="Times New Roman PS" SIZE="2">
<p>Certain minor rounding variances exist between the financial statements and
this summary. EPS may not add due to rounding. </p>
<p ALIGN="JUSTIFY">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. </p>
</font></i>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="70%"><font FACE="Times New Roman PS" SIZE="2"><i>(in US$
    millions)</i></font></td>
    <td WIDTH="15%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PS" SIZE="2"><b>
    <p style="margin-right: 4">Q1 2008</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PSMT" SIZE="2">
    <p style="margin-right: 4">Q1 2007</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font FACE="Times New Roman PSMT" SIZE="2">Cash flows from operating
    activities</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font FACE="Times New Roman PS" SIZE="2"><b>
    <p style="margin-right: 4">103.4</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font FACE="Times New Roman PSMT" SIZE="2">
    <p style="margin-right: 4">39.5</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font FACE="Times New Roman PSMT" SIZE="2">Cash flows from
    investing activities</font></td>
    <td WIDTH="15%" align="right"><font FACE="Times New Roman PS" SIZE="2"><b>
    (169.2)</b></font></td>
    <td WIDTH="15%" align="right"><font FACE="Times New Roman PSMT" SIZE="2">
    (30.9)</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" bgcolor="#E9F1F8"><font FACE="Times New Roman PSMT" SIZE="2">Add back:</font></td>
    <td WIDTH="15%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%">
    <p style="margin-left: 26"><font FACE="Times New Roman PSMT" SIZE="2">Acquisition of
    V.I.Prewett &amp; Son, Inc.</font></td>
    <td WIDTH="15%" align="right"><font FACE="Times New Roman PS" SIZE="2"><b>
    <p style="margin-right: 4">126.8</b></font></td>
    <td WIDTH="15%" align="right"><font FACE="Times New Roman PSMT" SIZE="2">
    <p style="margin-right: 4">-</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-left: 26">
    <font FACE="Times New Roman PSMT" SIZE="2">Restricted cash related to
    acquisition</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font FACE="Times New Roman PS" SIZE="2"><b>
    <p style="margin-right: 4">10.0</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font FACE="Times New Roman PSMT" SIZE="2">
    <p style="margin-right: 4">-</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: double; border-bottom-width: 3">
    <font FACE="Times New Roman PSMT" SIZE="2">Free cash flow</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: double; border-bottom-width: 3">
    <font FACE="Times New Roman PS" SIZE="2"><b>
    <p style="margin-right: 4">71.0</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: double; border-bottom-width: 3">
    <font FACE="Times New Roman PSMT" SIZE="2">
    <p style="margin-right: 4">8.6</font></td>
  </tr>
</table>
<font FACE="Times New Roman PS" SIZE="2"><i>
<p align="center">- 30 - </p>
</i></font>
<p align="right"><font size="2">6</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><b>
<p align="center">Gildan Activewear Inc.</p>
<p align="center">Consolidated Statements of Earnings</b><br>
<font SIZE="2">(In thousands of U.S. dollars, except per share data)</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="54%">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="49%" COLSPAN="3" align="right"><font SIZE="2"><i><b>
    <p align="center">Three months ended</b></i></font></td>
  </tr>
  <tr>
    <td WIDTH="54%">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">December 30, 2007</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">December 31, 2006</font></td>
  </tr>
  <tr>
    <td WIDTH="54%">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">(unaudited)</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">(unaudited)</font></td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2"><b>Sales</b></font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">250,457</b></font></td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">185,829</b></font></td>
  </tr>
  <tr>
    <td WIDTH="54%"><font SIZE="2">Cost of sales</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">171,541</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">131,951</font></td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2"><b>Gross profit</b></font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">78,916</b></font></td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">53,878</b></font></td>
  </tr>
  <tr>
    <td WIDTH="54%">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%"><font SIZE="2">Selling, general and administrative expenses</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right"><font SIZE="2">
    <p style="margin-right: 4">32,607</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right"><font SIZE="2">
    <p style="margin-right: 4">26,110</font></td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2">Restructuring and other charges (note 2)</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">823</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">1,391</font></td>
  </tr>
  <tr>
    <td WIDTH="54%">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%"><font SIZE="2"><b>Earnings before the undernoted items</b></font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">45,486</b></font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">26,377</b></font></td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2">Depreciation and amortization</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">12,847</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">8,774</font></td>
  </tr>
  <tr>
    <td WIDTH="54%"><font SIZE="2">Interest, net</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right"><font SIZE="2">
    <p style="margin-right: 4">2,794</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right"><font SIZE="2">
    <p style="margin-right: 4">971</font></td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2">Non-controlling interest in income (loss) of
    consolidated joint venture</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">291</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">(64)</font></td>
  </tr>
  <tr>
    <td WIDTH="54%">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%"><font SIZE="2"><b>Earnings before income taxes</b></font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">29,554</b></font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">16,696</b></font></td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2">Income tax expense</font></td>
    <td WIDTH="6%" align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">2,080</font></td>
    <td WIDTH="7%" align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">1,085</font></td>
  </tr>
  <tr>
    <td WIDTH="54%">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%"><font SIZE="2"><b>Net earnings</b></font></td>
    <td WIDTH="6%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="16%" align="right" style="border-bottom-style: double; border-bottom-width: 3">
    <font SIZE="2"><b>
    <p style="margin-right: 4">27,474</b></font></td>
    <td WIDTH="7%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="17%" align="right" style="border-bottom-style: double; border-bottom-width: 3">
    <font SIZE="2"><b>
    <p style="margin-right: 4">15,611</b></font></td>
  </tr>
  <tr>
    <td WIDTH="54%">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2"><b>Basic EPS</b></font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">0.23</b></font></td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">0.13</b></font></td>
  </tr>
  <tr>
    <td WIDTH="54%">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%"><font SIZE="2"><b>Diluted EPS</b></font></td>
    <td WIDTH="6%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="16%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">0.23</b></font></td>
    <td WIDTH="7%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="17%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">0.13</b></font></td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2"><b>Weighted average number of shares
    outstanding (in thousands)</b></font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%"><font SIZE="2">
    <p style="margin-left: 25">Basic</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">120,428</b></font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">120,278</b></font></td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 25">Diluted</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">121,656</b></font></td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">121,447</b></font></td>
  </tr>
</table>
<font FACE="Arial MT" SIZE="2">
<p>See accompanying condensed notes to interim consolidated financial
statements.</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'></font><b>
<p align="center">Gildan Activewear Inc.</p>
<p align="center">Consolidated Statements of Cash Flows</b><br>
<font SIZE="2">(In thousands of U.S. dollars)</font></p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="54%">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="16%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="17%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="51%" COLSPAN="3" align="right"><font SIZE="2"><i><b>
    <p align="center">Three months ended</b></i></font></td>
  </tr>
  <tr>
    <td WIDTH="54%">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">December&nbsp; 30, 2007</font></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">December&nbsp; 31, 2006</font></td>
  </tr>
  <tr>
    <td WIDTH="54%">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">(unaudited)</font></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">(unaudited)</font></td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2"><b>Cash flows from (used in) operating
    activities:</b></font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%"><font SIZE="2">
    <p style="margin-left: 20">Net earnings</font></td>
    <td WIDTH="6%" align="right"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="16%" align="right"><font SIZE="2">
    <p style="margin-right: 4">27,474</font></td>
    <td WIDTH="7%" align="right"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="17%" align="right"><font SIZE="2">
    <p style="margin-right: 4">15,611</font></td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 20">Adjustments for:</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%"><font SIZE="2">
    <p style="margin-left: 40">Depreciation and amortization</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right"><font SIZE="2">
    <p style="margin-right: 4">12,847</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right"><font SIZE="2">
    <p style="margin-right: 4">9,898</font></td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 40">(Gain) loss on disposal of assets held for sale</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8"><font SIZE="2">(230)</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">358</font></td>
  </tr>
  <tr>
    <td WIDTH="54%"><font SIZE="2">
    <p style="margin-left: 40">Stock-based compensation costs</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right"><font SIZE="2">
    <p style="margin-right: 4">678</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right"><font SIZE="2">
    <p style="margin-right: 4">468</font></td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 40">Future income taxes</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8"><font SIZE="2">(1,235)</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">244</font></td>
  </tr>
  <tr>
    <td WIDTH="54%"><font SIZE="2">
    <p style="margin-left: 40">Non-controlling interest</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right"><font SIZE="2">
    <p style="margin-right: 4">291</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right"><font SIZE="2">(64)</font></td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 40">Unrealized foreign exchange gain</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">(239)</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">(1,458)</font></td>
  </tr>
  <tr>
    <td WIDTH="54%">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">39,586</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">25,057</font></td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 20">Changes in non-cash working capital balances:</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%"><font SIZE="2">
    <p style="margin-left: 40">Accounts receivable</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right"><font SIZE="2">
    <p style="margin-right: 4">83,347</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right"><font SIZE="2">
    <p style="margin-right: 4">67,417</font></td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 40">Inventories</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8"><font SIZE="2">(11,155)</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8"><font SIZE="2">(32,861)</font></td>
  </tr>
  <tr>
    <td WIDTH="54%"><font SIZE="2">
    <p style="margin-left: 40">Prepaid expenses and deposits</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right"><font SIZE="2">
    <p style="margin-right: 4">554</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right"><font SIZE="2">(920)</font></td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 40">Accounts payable and accrued liabilities</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8"><font SIZE="2">(11,506)</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8"><font SIZE="2">(18,444)</font></td>
  </tr>
  <tr>
    <td WIDTH="54%"><font SIZE="2">
    <p style="margin-left: 40">Income taxes payable</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">2,568</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(776)</font></td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2"><b>
    <p style="margin-right: 4">103,394</b></font></td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2"><b>
    <p style="margin-right: 4">39,473</b></font></td>
  </tr>
  <tr>
    <td WIDTH="54%">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2"><b>Cash flows from (used) in financing
    activities:</b></font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%"><font SIZE="2">
    <p style="margin-left: 20">Increase in amounts drawn under revolving
    long-term credit facility</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right"><font SIZE="2">
    <p style="margin-right: 4">71,000</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 20">Decrease in bank indebtedness</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8"><font SIZE="2">(1,261)</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
  </tr>
  <tr>
    <td WIDTH="54%"><font SIZE="2">
    <p style="margin-left: 20">Net increase (decrease) in other long-term debt</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right"><font SIZE="2">
    <p style="margin-right: 4">160</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right"><font SIZE="2">(1,708)</font></td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 20">Proceeds from the issuance of shares</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">276</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">369</font></td>
  </tr>
  <tr>
    <td WIDTH="54%">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">70,175</b></font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>(1,339)</b></font></td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%"><font SIZE="2"><b>Cash flows used in investing activities:</b></font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 20">Purchase of property, plant and equipment</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">(34,150)</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8"><font SIZE="2">(30,342)</font></td>
  </tr>
  <tr>
    <td WIDTH="54%"><font SIZE="2">
    <p style="margin-left: 20">Acquisition of V.I. Prewett &amp; Son, Inc. (note 1)</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right"><font SIZE="2">(126,819)</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 20">Restricted cash related to acquisition (note 1)</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8"><font SIZE="2">(10,000)</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
  </tr>
  <tr>
    <td WIDTH="54%"><font SIZE="2">
    <p style="margin-left: 20">Proceeds on disposal of assets held for sale</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right"><font SIZE="2">
    <p style="margin-right: 4">421</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 20">Net decrease (increase) in other assets</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">1,381</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">(521)</font></td>
  </tr>
  <tr>
    <td WIDTH="54%">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>(169,167)</b></font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>(30,863)</b></font></td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2"><b>Effect of exchange rate changes on cash
    and</b></font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2"><b>&nbsp;&nbsp; cash equivalents denominated
    in foreign currencies</b></font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2"><b>(54)</b></font></td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2"><b>
    <p style="margin-right: 4">51</b></font></td>
  </tr>
  <tr>
    <td WIDTH="54%">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%"><font SIZE="2"><b>Net increase in cash and cash equivalents</b></font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%"><font SIZE="2"><b>&nbsp;&nbsp; during the period</b></font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">4,348</b></font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">7,322</b></font></td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%" bgcolor="#E9F1F8"><font SIZE="2"><b>Cash and cash equivalents, beginning of
    period</b></font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2"><b>
    <p style="margin-right: 4">9,250</b></font></td>
    <td WIDTH="7%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2"><b>
    <p style="margin-right: 4">29,007</b></font></td>
  </tr>
  <tr>
    <td WIDTH="54%">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="16%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="17%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="54%"><font SIZE="2"><b>Cash and cash equivalents, end of period</b></font></td>
    <td WIDTH="6%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="16%" align="right" style="border-bottom-style: double; border-bottom-width: 3">
    <font SIZE="2"><b>
    <p style="margin-right: 4">13,598</b></font></td>
    <td WIDTH="7%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="17%" align="right" style="border-bottom-style: double; border-bottom-width: 3">
    <font SIZE="2"><b>
    <p style="margin-right: 4">36,329</b></font></td>
  </tr>
</table>
<font FACE="Arial MT" SIZE="2">
<p>See accompanying condensed notes to interim consolidated financial
statements.</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'></font><b>
<p align="center">Gildan Activewear Inc.</p>
<p align="center">Consolidated Balance Sheets<br>
</b><font SIZE="2">(in thousands of U.S. dollars)</font></p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="26%" COLSPAN="2" align="right"><font SIZE="2"><u>December 30,
    2007</u></font></td>
    <td WIDTH="25%" COLSPAN="2" align="right"><font SIZE="2"><u>September 30,
    2007</u></font></td>
    <td WIDTH="21%" COLSPAN="2" align="right"><font SIZE="2"><u>December 31,
    2006</u></font></td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="13%" align="right"><font SIZE="2">(unaudited)</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="13%" align="right"><font SIZE="2">(audited)</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="14%" align="right"><font SIZE="2">(unaudited)</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E9F1F8"><font SIZE="2"><b>Current assets:</b></font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2">
    <p style="margin-left: 20">Cash and cash equivalents</font></td>
    <td WIDTH="6%" align="right"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="13%" align="right"><font SIZE="2">
    <p style="margin-right: 4">13,598</font></td>
    <td WIDTH="6%" align="right"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="13%" align="right"><font SIZE="2">
    <p style="margin-right: 4">9,250</font></td>
    <td WIDTH="6%" align="right"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="14%" align="right"><font SIZE="2">
    <p style="margin-right: 4">36,329</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 20">Accounts receivable</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">152,001</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">206,088</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">98,347</font></td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2">
    <p style="margin-left: 20">Inventories</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right"><font SIZE="2">
    <p style="margin-right: 4">294,541</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right"><font SIZE="2">
    <p style="margin-right: 4">239,963</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right"><font SIZE="2">
    <p style="margin-right: 4">233,514</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 20">Prepaid expenses and deposits</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">8,775</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">7,959</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">6,677</font></td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2">
    <p style="margin-left: 20">Future income taxes</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">3,864</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">2,610</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">4,457</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">472,779</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">465,870</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">379,324</font></td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E9F1F8"><font SIZE="2"><b>Property, plant and equipment</b></font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">413,303</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">377,617</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">318,007</font></td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2"><b>Other assets</b></font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right"><font SIZE="2">
    <p style="margin-right: 4">20,459</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right"><font SIZE="2">
    <p style="margin-right: 4">11,426</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right"><font SIZE="2">
    <p style="margin-right: 4">4,506</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E9F1F8"><font SIZE="2"><b>Assets held for sale (note 2)</b></font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">12,681</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">6,610</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">4,658</font></td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2"><b>Goodwill and intangible assets</b></font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right"><font SIZE="2">
    <p style="margin-right: 4">65,663</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right"><font SIZE="2">
    <p style="margin-right: 4">2,024</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right"><font SIZE="2">
    <p style="margin-right: 4">9,352</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E9F1F8"><font SIZE="2"><b>Future income taxes</b></font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">10,489</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">10,939</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">-</font></td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2"><b>Total assets</b></font></td>
    <td WIDTH="6%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="13%" align="right" style="border-bottom-style: double; border-bottom-width: 3">
    <font SIZE="2"><b>
    <p style="margin-right: 4">995,374</b></font></td>
    <td WIDTH="6%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="13%" align="right" style="border-bottom-style: double; border-bottom-width: 3">
    <font SIZE="2"><b>
    <p style="margin-right: 4">874,486</b></font></td>
    <td WIDTH="6%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="14%" align="right" style="border-bottom-style: double; border-bottom-width: 3">
    <font SIZE="2"><b>
    <p style="margin-right: 4">715,847</b></font></td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E9F1F8"><font SIZE="2"><b>Current liabilities:</b></font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2">
    <p style="margin-left: 20">Bank indebtedness</font></td>
    <td WIDTH="6%" align="right"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="13%" align="right"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="6%" align="right"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="13%" align="right"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="6%" align="right"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="14%" align="right"><font SIZE="2">
    <p style="margin-right: 4">3,500</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 20">Accounts payable and accrued liabilities</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">118,880</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">116,683</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">98,179</font></td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2">
    <p style="margin-left: 20">Income taxes payable</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right"><font SIZE="2">
    <p style="margin-right: 4">5,613</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right"><font SIZE="2">
    <p style="margin-right: 4">2,949</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right"><font SIZE="2">
    <p style="margin-right: 4">1,399</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 20">Current portion of long-term debt</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">4,589</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">3,689</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">21,518</font></td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">129,082</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">123,321</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">124,596</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2"><b>Long-term debt (note 3)</b></font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right"><font SIZE="2">
    <p style="margin-right: 4">126,231</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right"><font SIZE="2">
    <p style="margin-right: 4">55,971</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right"><font SIZE="2">
    <p style="margin-right: 4">10,635</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E9F1F8"><font SIZE="2"><b>Future income taxes</b></font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">40,760</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">24,612</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">28,013</font></td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2"><b>Non-controlling interest in consolidated
    joint venture</b></font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right"><font SIZE="2">
    <p style="margin-right: 4">7,223</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right"><font SIZE="2">
    <p style="margin-right: 4">6,932</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right"><font SIZE="2">
    <p style="margin-right: 4">5,590</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2"><b>Shareholders' equity:</b></font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 20">Share capital</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">88,463</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">88,061</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">86,953</font></td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2">
    <p style="margin-left: 20">Contributed surplus</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right"><font SIZE="2">
    <p style="margin-right: 4">4,505</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right"><font SIZE="2">
    <p style="margin-right: 4">3,953</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right"><font SIZE="2">
    <p style="margin-right: 4">2,833</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 20">Retained earnings</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">572,862</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">545,388</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">430,979</font></td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2">
    <p style="margin-left: 20">Accumulated other comprehensive income</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">26,248</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">26,248</font></td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">26,248</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">692,078</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">663,650</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">547,013</font></td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="6%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2"><b>Total liabilities and shareholders' equity</b></font></td>
    <td WIDTH="6%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="13%" align="right" style="border-bottom-style: double; border-bottom-width: 3">
    <font SIZE="2"><b>
    <p style="margin-right: 4">995,374</b></font></td>
    <td WIDTH="6%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="13%" align="right" style="border-bottom-style: double; border-bottom-width: 3">
    <font SIZE="2"><b>
    <p style="margin-right: 4">874,486</b></font></td>
    <td WIDTH="6%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="14%" align="right" style="border-bottom-style: double; border-bottom-width: 3">
    <font SIZE="2"><b>
    <p style="margin-right: 4">715,847</b></font></td>
  </tr>
</table>
<font FACE="Arial MT" SIZE="2">
<p>See accompanying condensed notes to interim consolidated financial
statements.</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'></font>

<font SIZE="2"><b>
<p>Gildan Activewear Inc. &#150; Notes to interim unaudited consolidated financial
statements <br>
</b>(tabular amounts in thousands of U.S. dollars) </p>
<p>For complete notes to the interim unaudited consolidated financial
statements, please refer to filings with the various securities regulatory
authorities. </p>
<p ALIGN="JUSTIFY">1. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30; margin-top: -25.5pt">On October 15,
2007, the Company acquired 100% of the capital stock of V.I. Prewett &amp; Son, Inc.
(&quot;Prewett&quot;), a U.S. supplier of basic family socks primarily to U.S. mass-market
retailers. Prewett&#146;s corporate headquarters are located in Fort Payne, Alabama.
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.
</p>
<p ALIGN="JUSTIFY" style="margin-left: 30">The aggregate purchase price of $125
million paid in cash on closing is subject to adjustments based on working
capital balances as at the date of acquisition, which have not yet been
finalized. In addition, the purchase agreement provides for an additional
purchase consideration of $10 million contingent on specified future events.
This amount was paid into escrow by the Company and is included in &quot;Other
assets&quot; on the consolidated balance sheet. Any further purchase price
consideration will be accounted for as additional goodwill. </p>
<p style="margin-left: 30">The Company accounted for this acquisition using the
purchase method and the results of Prewett have been consolidated with those of
the Company from the date of acquisition. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30">The Company has allocated the
purchase price on a preliminary basis to the assets acquired and the liabilities
assumed based on management&#146;s best estimate of their fair values and taking into
account all relevant information available at that time. Since the Company is
still in the process of finalizing the valuation of certain intangible assets
and other assets acquired and liabilities assumed at the date of acquisition,
the allocation of the purchase price is subject to change. The Company expects
to finalize the purchase price allocation by the end of fiscal 2008. The
following table summarizes the estimated fair value of assets acquired and
liabilities assumed at the date of acquisition: </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="3%" style="border-style:none; border-width:medium; " bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="82%" colspan="2" style="border-top-style: solid; border-top-width:2; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width:2">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width:2">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" style="border-top-style: none; border-top-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="82%" colspan="2" bgcolor="#E9F1F8"><font SIZE="2">Assets acquired:</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="82%" colspan="2"><font SIZE="2">
    <p style="margin-left: 30">Accounts receivable</font></td>
    <td WIDTH="3%" align="right"><font SIZE="2">$</font></td>
    <td WIDTH="12%" align="right"><font SIZE="2">28,805</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="82%" colspan="2" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 30">Inventory</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">43,423</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="82%" colspan="2"><font SIZE="2">
    <p style="margin-left: 30">Prepaid expenses</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">1,370</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="82%" colspan="2" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 30">Property, plant and equipment</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">20,202</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="82%" colspan="2"><font SIZE="2">
    <p style="margin-left: 30">Goodwill and other intangible assets</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">64,376</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="82%" colspan="2" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 30">Other assets</font></td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">176</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="41%" 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">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">158,352</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="82%" colspan="2" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="82%" colspan="2"><font SIZE="2">Liabilities assumed:</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="82%" colspan="2" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 30">Bank indebtedness</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">1,261</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="82%" colspan="2"><font SIZE="2">
    <p style="margin-left: 30">Accounts payable and accrued liabilities</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">14,178</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="82%" colspan="2" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 30">Future income taxes</font></td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">16,094</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="79%" 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">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">31,533</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="82%" colspan="2" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" style="border-style:none; border-width:medium; " bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="82%" colspan="2" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width:2; border-left-style:none; border-left-width:medium">
    <font SIZE="2">Net assets acquired</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width:2">
    <font SIZE="2">$</font></td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width:2">
    <font SIZE="2">126,819</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" style="border-top-style: none; border-top-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="82%" colspan="2" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="82%" colspan="2"><font SIZE="2">Consideration:</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="82%" colspan="2" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 30">Cash</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E9F1F8"><font SIZE="2">$</font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">125,294</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="82%" colspan="2"><font SIZE="2">
    <p style="margin-left: 30">Transaction costs</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">1,525</font></td>
  </tr>
  <tr>
    <td WIDTH="3%" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="82%" colspan="2" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="3%" style="border-style:none; border-width:medium; " bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="82%" colspan="2" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width:2; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width:2">
    <font SIZE="2">$</font></td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width:2">
    <font SIZE="2">126,819</font></td>
  </tr>
</table>
<font FACE="Times New Roman PSMT" SIZE="2">
<p style="margin-left: 30">Goodwill recorded in connection with this acquisition
is not expected to be deductible for tax purposes. </p>
<hr color="#000000" size="5"><p Style='page-break-before:always'></font><font SIZE="2">
<p ALIGN="JUSTIFY">2. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30; margin-top: -25.5pt">In fiscal 2006
and 2007, the Company announced the closure, relocation and consolidation of
manufacturing and distribution facilities in Canada, the United States and
Mexico, as well as the relocation of its corporate office. The costs incurred in
connection with these announcements have been recorded as restructuring and
other charges, and included severance and other exit costs, asset impairment
losses and accelerated depreciation resulting from the reduction in the
estimated remaining economic lives of property, plant and equipment at these
facilities. Restructuring charges of $0.8 million in the first quarter of fiscal
2008 includes other exit costs of $1.1 million incurred in connection with the
closures noted above, including carrying and dismantling costs associated with
assets held for sale, less a net gain of $0.3 million recognized on the disposal
of assets held for sale. The Company expects to incur additional carrying costs
relating to the closed facilities being held for sale, which will be accounted
for as restructuring charges as incurred during fiscal 2008, until all property,
plant and equipment related to the closures are disposed of. Any gains or losses
on the disposition of the assets held for sale will also be accounted for as
restructuring charges as incurred. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30">Restructuring charges of $1.4 million
in the first quarter of fiscal 2007 were composed of $1.1 million of accelerated
depreciation, primarily related to the closures noted above, and $0.3 million of
additional severance costs and carrying costs relating to closed facilities. </p>
<p style="margin-left: 30">Assets held for sale of $12.7 million as at December
30, 2007 (September 30, 2007 - $6.6 million; December 31, 2006 - $4.7 million)
include property, plant and equipment at these various locations. </p>
<p ALIGN="JUSTIFY">3. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30; margin-top: -25.5pt">As at December
30, 2007, long-term debt includes $120 million drawn on the Company&#146;s $400
million revolving long-term credit facility, which matures in June 2012. There
were no amounts drawn under this facility at December 31, 2006. </p>
<p>4. </p>
<p style="margin-left: 30; margin-top: -25.5pt">Certain comparative figures have
been reclassified in order to conform to the current year&#146;s presentation. </p>
<hr color="#000000" size="5"></font>

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