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<SEC-DOCUMENT>0001204459-08-002398.txt : 20081211
<SEC-HEADER>0001204459-08-002398.hdr.sgml : 20081211
<ACCEPTANCE-DATETIME>20081211162416
ACCESSION NUMBER:		0001204459-08-002398
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20081211
FILED AS OF DATE:		20081211
DATE AS OF CHANGE:		20081211

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:			0930

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14830
		FILM NUMBER:		081243777

	BUSINESS ADDRESS:	
		STREET 1:		600 BOULEVARD DE MAISONNEUVE OUEST
		STREET 2:		33RD FLOOR
		CITY:			MONTREAL
		STATE:			A8
		ZIP:			H3A 3J2
		BUSINESS PHONE:		5147352023

	MAIL ADDRESS:	
		STREET 1:		600 BOULEVARD DE MAISONNEUVE OUEST
		STREET 2:		33RD FLOOR
		CITY:			MONTREAL
		STATE:			A8
		ZIP:			H3A 3J2

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GILDAN ACTIVEWEAR INC
		DATE OF NAME CHANGE:	19980515
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>gildanf6k121108.htm
<DESCRIPTION>FORM 6-K
<TEXT>

<head>

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

<html>

<body>

<font face="Times New Roman" size="5"><b>
<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
  <hr color="#000000" size="5">
</div>
<p align="center">UNITED STATES<br>
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:
      December 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="6"><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 style="font-size: 10pt" vAlign="top" align="left" width="50%">&nbsp;</td>
    <td style="font-size: 10pt" align="left" colSpan="2"><b>GILDAN ACTIVEWEAR
    INC.</b></td>
  </tr>
  <tr>
    <td style="font-size: 10pt" align="left" width="50%">&nbsp;</td>
    <td style="font-size: 10pt" vAlign="top" width="1%">&nbsp;</td>
    <td style="font-size: 10pt; border-bottom: medium none #000000" align="left" width="49%">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="font-size: 10pt" align="left" width="50%">Date: December 11, 2008</td>
    <td style="font-size: 10pt" vAlign="top" width="1%">By:&nbsp;&nbsp;</td>
    <td style="font-size: 10pt; border-top: medium none; border-bottom: 1px solid #000000" align="left" width="49%">
    /s/ Lindsay Matthews &nbsp;</td>
  </tr>
  <tr>
    <td style="font-size: 10pt" align="left" width="50%">&nbsp;</td>
    <td style="font-size: 10pt" width="1%">&nbsp;</td>
    <td style="font-size: 10pt" vAlign="top" width="49%">
    <p style="margin-top: 0px; margin-bottom: 0px">Name:&nbsp;&nbsp;</p>
    <p style="margin-left: 26pt; margin-top: -11pt; margin-bottom: 0px">
    <font face="Times New Roman" size="2">Lindsay Matthews&nbsp;</font></td>
  </tr>
  <tr>
    <td style="font-size: 10pt" align="left" width="50%">&nbsp;</td>
    <td style="font-size: 10pt" width="1%">&nbsp;</td>
    <td style="font-size: 10pt" vAlign="top" width="49%">
    <p style="margin-top: 0px; margin-bottom: 0px">Title:&nbsp;&nbsp;</p>
    <p style="margin-left: 26pt; margin-top: -11pt; margin-bottom: 0px">
    <font face="Times New Roman" size="2">Director, Legal Services and<br>
    Corporate Secretary&nbsp;</font></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 style="text-decoration: none" href="gildanexh991.htm">99.1</a></td>
    <td vAlign="center" bgColor="#e9f1f8" height="15">&nbsp;</td>
    <td vAlign="center" bgColor="#e9f1f8" height="15">
    <a style="text-decoration: none" href="gildanexh991.htm">Gildan Activewear Announces Fiscal 2008 Fourth Quarter and Full Year Results
    and Initiates Fiscal 2009 EPS Guidance </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>gildanexh991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>

<head>

<title>Gildan Activewear Inc.: Exhibit 99.1 - Prepared by TNT Filings Inc.
</title>
</head>


<html>

<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="gildan1.jpg" width="265" height="67"></p>
<font FACE="Times New Roman" size="2"><i><b>
<p align="right">For Immediate Release </p>
</b></i>
<p ALIGN="justify">Contact: </p>
<p ALIGN="justify" style="margin-left: 10%; margin-top: -25.5pt">Laurence G.
Sellyn, Executive Vice-President, <br>
Chief Financial and Administrative Officer <br>
Tel: (514) 343-8805 <br>
Email: <u>lsellyn@gildan.com </u></p>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="80%" DIR="ltr" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
    <tr>
      <td WIDTH="40%" valign="bottom">
      <font FACE="Times New Roman PSMT" SIZE="2">Patrice Ouimet, Vice-President,</font></td>
      <td WIDTH="40%" valign="bottom">
      <font FACE="Times New Roman PSMT" SIZE="2">Benoit Leroux, Director,</font></td>
    </tr>
    <tr>
      <td WIDTH="40%" valign="bottom">
      <font FACE="Times New Roman PSMT" SIZE="2">Corporate Development and</font></td>
      <td WIDTH="40%" valign="bottom">
      <font FACE="Times New Roman PSMT" SIZE="2">Corporate Development</font></td>
    </tr>
    <tr>
      <td WIDTH="40%" valign="bottom">
      <font FACE="Times New Roman PSMT" SIZE="2">Enterprise Risk Management</font></td>
      <td WIDTH="40%" valign="bottom">
      <font FACE="Times New Roman PSMT" SIZE="2">Tel: (514) 343-8898</font></td>
    </tr>
    <tr>
      <td WIDTH="40%" valign="bottom">
      <font FACE="Times New Roman PSMT" SIZE="2">Tel: (514) 340-8933</font></td>
      <td WIDTH="40%" valign="bottom">
      <font FACE="Times New Roman PSMT" SIZE="2">Email:<u> bleroux@gildan.com</u></font></td>
    </tr>
    <tr>
      <td WIDTH="40%" valign="bottom">
      <font FACE="Times New Roman PSMT" SIZE="2">Email:</font><font FACE="Times New Roman PS" SIZE="2"><i>
      </i></font><u><font FACE="Times New Roman PSMT" SIZE="2">pouimet@gildan.com</font></u></td>
      <td WIDTH="40%" valign="bottom">&#12288;</td>
    </tr>
  </table>
  </center>
</div>
<p ALIGN="justify" style="margin-left: 10%">&nbsp;</p>
</font><font FACE="Times New Roman PS" size="5"><b>
<p align="center"><u>Gildan Activewear Announces Fiscal 2008 Fourth Quarter and
Full Year Results <br>
and Initiates Fiscal 2009 EPS Guidance </u> </p>
</b></font>
<p align="center"><font FACE="Times New Roman PS" SIZE="2"><b>&#150;</b></font> <font FACE="Times New Roman PSMT" SIZE="2">Fourth
Quarter EPS of</font><font FACE="Times New Roman PS" SIZE="2"><b> </b></font>
<font FACE="Times New Roman PSMT" SIZE="2">U.S. $0.41 and Full Year EPS of U.S.
$1.45 Before Income Tax Charge and Restructuring Charges </font>
<font FACE="Times New Roman PS" SIZE="2"><b>&#150; <br>
&#150;</b></font>
<font FACE="Times New Roman PSMT" SIZE="2">Company Plans for Fiscal 2009 Based
on Negative Outlook for Industry</font><font FACE="Times New Roman PS" SIZE="2"><b>
&#150; </p>
<p ALIGN="JUSTIFY">Montr&#233;al, Thursday, December 11, 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 fourth fiscal quarter and fiscal year ended October 5, 2008. The
Company also provided earnings guidance for fiscal 2009 based on assuming a
continuation of current negative market conditions, which are significantly
impacting its results in the first quarter of fiscal 2009. </p>
<p ALIGN="JUSTIFY">The Company believes that, while the current outlook for
business conditions in fiscal 2009 is uniquely challenging, the economic
upheaval in the industry will create opportunities for Gildan to build further
on its leadership position in the U.S. screenprint channel, and continue to
expand its presence in international markets and the U.S. mass-market retail
channel. The Company continues to feel confident that its competitive strengths,
including its large-scale, vertically-integrated, strategically-located
manufacturing facilities, together with its strong cash flow generation and low
financial leverage, position it well to successfully achieve its long-term
strategic growth objectives. </p>
<p><u>Fourth Quarter Sales and Earnings </u></p>
<p ALIGN="JUSTIFY">Gildan reported net earnings of U.S. $21.4 million and
diluted EPS of U.S. $0.18 for the fourth quarter of fiscal 2008, compared to net
earnings of U.S. $40.9 million, or U.S. $0.34 per share, during the fourth
quarter of fiscal 2007. Fourth quarter results in fiscal 2008 included
restructuring and other charges of U.S. $1.0 million after tax. Comparative
results for fiscal 2007 included restructuring and other charges of U.S. $4.9
million after tax, or U.S. $0.04 per share. Restructuring and other charges in
both years were primarily related to the restructuring and ongoing carrying
costs pursuant to the closure of Canadian and U.S. manufacturing facilities. </p>
</font>
<p align="center"><font size="2">1&#12288;</font></p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">Before reflecting the impact of restructuring charges in both
fiscal years, adjusted net earnings were U.S. $22.4 million in the fourth
quarter of fiscal 2008, compared to adjusted net earnings of U.S. $45.8 million
in the fourth quarter of fiscal 2007. The U.S. $23.4 million decrease in
adjusted net earnings was due to a U.S. $26.9 million, or U.S. $0.22 per share,
one-time income tax charge resulting from the settlement of the Canada Revenue
Agency (&quot;CRA&quot;) audit, which is described in a separate press release issued
today. Excluding the impact of the tax charge, adjusted net earnings in the
fourth quarter of fiscal 2008 were U.S. $49.3 million, or U.S. $0.41 per share.
Compared to the fourth quarter of last year, higher activewear selling prices,
higher activewear unit sales volumes, increased manufacturing efficiencies from
the consolidation of textile facilities and the accretive impact of the
acquisition of V.I. Prewett &amp; Son, Inc. (&quot;Prewett&quot;) were partially offset by
higher cotton and energy costs, more unfavourable activewear product-mix, higher
selling, general and administrative and depreciation expenses and the
nonrecurrence of income tax benefits in the amount of U.S. $1.9 million
recognized in the fourth quarter of fiscal 2007 relating to a prior taxation
year which became statute-barred during fiscal 2007. </p>
<p ALIGN="JUSTIFY">Sales in the fourth quarter of fiscal 2008 amounted to U.S.
$324.7 million, up 27.4% from U.S. $254.9 million in the fourth quarter of last
year. The increase in sales revenues was due to the impact of the acquisition of
Prewett, an approximate 10.2% increase in activewear unit selling prices and an
8.5% increase in unit sales volumes for activewear and underwear. The growth in
activewear unit sales in the fourth quarter was due to continuing market share
penetration in all product categories in the U.S. wholesale distributor channel,
as overall industry shipments from U.S. wholesale distributors to screenprinters
declined by 3.1% in the quarter, while unit sales of Gildan products increased
by 7.2% in spite of inventory constraints during the quarter which limited
Gildan&#146;s ability to service demand in the U.S. screenprint channel, as well as
demand in Europe. The overall decline in U.S. industry shipments primarily
reflected lower demand for promotional white T-shirts. The table below
summarizes data from the S.T.A.R.S. report produced by ACNielsen Market
Decisions, which tracks unit volume shipments from U.S. wholesale distributors
to U.S. screenprinters, for the quarter ended September 30, 2008. </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" DIR="ltr" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Gildan</u></b></font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Gildan</u></b></font></td>
    <td WIDTH="20%" align="center"><u>&#12288;</u></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Gildan</u></b></font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Industry</u></b></font></td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Market Share</u></b></font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Market Share</u></b></font></td>
    <td WIDTH="20%" align="center"><u>&#12288;</u></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Unit Growth</u></b></font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Unit Growth</u></b></font></td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Q4 2008</u></b></font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Q4 2007</u></b></font></td>
    <td WIDTH="20%" align="center"><u>&#12288;</u></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Q4 2008 vs.</u></b></font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Q4 2008 vs.</u></b></font></td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center"><u>&#12288;</u></td>
    <td WIDTH="20%" align="center"><u>&#12288;</u></td>
    <td WIDTH="20%" align="center"><u>&#12288;</u></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Q4 2007</u></b></font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Q4 2007</u></b></font></td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PSMT" SIZE="2">
    53.4%</font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PSMT" SIZE="2">
    48.2%</font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PSMT" SIZE="2">
    All activewear products</font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PSMT" SIZE="2">
    7.2%</font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PSMT" SIZE="2">
    (3.1%)</font></td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center">&#12288;</td>
    <td WIDTH="20%" align="center">&#12288;</td>
    <td WIDTH="20%" align="center">&#12288;</td>
    <td WIDTH="20%" align="center">&#12288;</td>
    <td WIDTH="20%" align="center">&#12288;</td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PSMT" SIZE="2">
    54.4%</font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PSMT" SIZE="2">
    49.1%</font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PSMT" SIZE="2">
    T-shirts</font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PSMT" SIZE="2">
    7.8%</font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PSMT" SIZE="2">
    (2.5%)</font></td>
  </tr>
  <tr>
    <td align="center" valign="bottom" width="20%">&#12288;</td>
    <td align="center" valign="bottom" width="20%">&#12288;</td>
    <td align="center" valign="bottom" width="20%">&#12288;</td>
    <td align="center" valign="bottom" width="20%">&#12288;</td>
    <td align="center" valign="bottom" width="20%">&#12288;</td>
  </tr>
  <tr>
    <td align="center" valign="bottom" width="20%">
    <font FACE="Times New Roman PSMT" SIZE="2">49.9%</font></td>
    <td align="center" valign="bottom" width="20%">
    <font FACE="Times New Roman PSMT" SIZE="2">45.5%</font></td>
    <td align="center" valign="bottom" width="20%">
    <font FACE="Times New Roman PSMT" SIZE="2">Fleece</font></td>
    <td align="center" valign="bottom" width="20%">
    <font FACE="Times New Roman PSMT" SIZE="2">5.2%</font></td>
    <td align="center" valign="bottom" width="20%">
    <font FACE="Times New Roman PSMT" SIZE="2">(4.2%)</font></td>
  </tr>
  <tr>
    <td align="center" valign="bottom" width="20%">&#12288;</td>
    <td align="center" valign="bottom" width="20%">&#12288;</td>
    <td align="center" valign="bottom" width="20%">&#12288;</td>
    <td align="center" valign="bottom" width="20%">&#12288;</td>
    <td align="center" valign="bottom" width="20%">&#12288;</td>
  </tr>
  <tr>
    <td align="center" valign="bottom" width="20%">
    <font FACE="Times New Roman PSMT" SIZE="2">37.8%</font></td>
    <td align="center" valign="bottom" width="20%">
    <font FACE="Times New Roman PSMT" SIZE="2">35.7%</font></td>
    <td align="center" valign="bottom" width="20%">
    <font FACE="Times New Roman PSMT" SIZE="2">Sport shirts</font></td>
    <td align="center" valign="bottom" width="20%">
    <font FACE="Times New Roman PSMT" SIZE="2">(8.7%)</font></td>
    <td align="center" valign="bottom" width="20%">
    <font FACE="Times New Roman PSMT" SIZE="2">(13.8%)</font></td>
  </tr>
</table>
<font FACE="Times New Roman PSMT" SIZE="2">
<p align="justify">Gross margins of 32.1% in the fourth quarter of fiscal 2008
were essentially flat compared to last year. The positive gross margin impact of
higher activewear selling prices and favourable manufacturing efficiencies from
the consolidation of textile facilities was offset by higher cotton and energy
costs, unfavourable product-mix and a higher proportion of U.S. manufactured
socks due to the acquisition of Prewett, which provide lower gross margins than
the Company&#146;s activewear products and socks produced in Gildan&#146;s new sock
manufacturing facility in Honduras. </p>
</font>
<p align="center"><font size="2">2</font></p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">Selling, general and administrative expenses were U.S. $39.1
million, or 12.1% of sales, compared to U.S. $27.9 million, or 10.9% of sales in
the fourth quarter of fiscal 2007. The increase in selling, general and
administrative expenses was due to the acquisition of Prewett, higher
distribution and transportation expenses, a provision of U.S. $1.5 million for
non-collection of accounts receivable, and higher corporate infrastructure
costs. The increase of U.S. $5.4 million in depreciation and amortization
expenses was primarily due to the ramp-up of major capacity expansion projects
and the acquisition of Prewett, including the amortization of acquired
intangible assets. </p>
<p ALIGN="JUSTIFY">The Company recorded an income tax expense of U.S. $25.3
million in the fourth quarter of fiscal 2008, compared to an income tax recovery
of U.S. $4.6 million in the fourth quarter of fiscal 2007. The current year
expense includes a one-time income tax charge of U.S. $26.9 million, or U.S.
$0.22 per share, related to the settlement of the CRA audit. The fourth quarter
of fiscal 2007 included a one-time income-tax recovery of U.S. $1.9 million
relating to a prior taxation year which became statute-barred during fiscal
2007. </p>
<p><u>Full Year Sales and Earnings </u></p>
<p ALIGN="JUSTIFY">Sales for fiscal 2008 were U.S. $1,249.7 million, up 29.6 %
from U.S. $964.4 million in fiscal 2007. The increase in sales was due to a U.S.
$151.5 million increase in sock sales, primarily due to the acquisition of
Prewett, an increase of approximately 6.7% in activewear selling prices and a
10.2% increase in unit sales volumes for activewear and underwear. </p>
<p ALIGN="JUSTIFY">Net earnings were U.S. $144.6 million, or U.S. $1.19 per
share on a diluted basis, in fiscal 2008, compared to net earnings of U.S.
$130.0 million, or U.S. $1.07 per share in fiscal 2007. Results included
restructuring and other charges of U.S. $4.9 million after tax, or U.S. $0.04
per share, in fiscal 2008 and U.S. $27.3 million after tax, or U.S. $0.22 per
share, in fiscal 2007. </p>
<p ALIGN="JUSTIFY">Before reflecting restructuring and other charges in both
years, adjusted net earnings were U.S. $149.5 million, compared to adjusted net
earnings of U.S. $157.3 million in fiscal 2007. The decrease in adjusted net
earnings was due to a one-time income tax charge of U.S. $26.9 million related
to the settlement of the CRA audit. Excluding the one-time income tax charge,
adjusted earnings and adjusted earnings per share in fiscal 2008 were U.S.
$176.4 and U.S. $1.45, respectively. Compared to fiscal 2007, higher cotton and
energy costs, production inefficiencies in the Dominican Republic facility,
increased selling, general and administrative, depreciation and interest
expenses, and the nonrecurrence of income tax benefits totaling U.S. $7.6
million relating to a prior taxation year which became statute-barred in fiscal
2007 were more than offset by the favourable impact of higher activewear selling
prices, growth in activewear unit sales volumes, favourable manufacturing
efficiencies resulting from the consolidation of textile facilities, and the
accretive impact of the Prewett acquisition. </p>
<p ALIGN="JUSTIFY">Adjusted diluted EPS of U.S. $1.45 excluding the income tax
charge and the restructuring charges were at the low end of the Company&#146;s most
recent EPS guidance range of U.S. $1.45- U.S. $1.50, which did not assume the
income tax charge related to the settlement of the CRA audit. The Company was at
the low end of its guidance range due to lower than projected results in the
fourth quarter. In the fourth quarter, favourable activewear selling prices, due
to lower than projected promotional discounts, were more than offset by lower
activewear unit sales, as a result of inventory constraints, more unfavourable
activewear product-mix due to a lower than anticipated proportion of sport
shirts and fleece, lower than planned sock sales due to a weak back-to-school
season in retail, and a doubtful account provision of U.S. $1.5 million. </p>
</font>
<p align="center"><font size="2">3</font></p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5><font FACE="Times New Roman PSMT" SIZE="2">
<p><u>Fiscal 2008 Cash Flows</u> </p>
<p ALIGN="JUSTIFY">The Company generated free cash flows of U.S. $148.4 million
in fiscal 2008. Cash flows from operating activities for fiscal 2008 amounted to
U.S. $238.9 million, which, together with increased accounts payable of U.S.
$27.7 million, was used to finance a U.S. $32.1 million increase in inventories,
capital expenditures of U.S $97.0 million mainly related to major textile sand
sock manufacturing capacity expansion projects and the acquisition of Prewett,
effective October 15, 2007, for a purchase price of U.S. $126.8 million, plus a
contingent payment of U.S. $10.0 million. </p>
<p><u>Outlook for Fiscal 2009 </u></p>
<p ALIGN="JUSTIFY">Industry demand in the U.S. screenprint channel during the
first two months of the first quarter of fiscal 2009 has been extremely weak,
mirroring the rapid and severe downturn in overall economic and stock market
performance and sentiment during October and November, which has resulted in a
dramatic curtailment of consumer and corporate spending. According to the
S.T.A.R.S. report for the month of October, overall industry shipments from U.S.
wholesale distributors to screenprinters across all product categories declined
by 12.5% compared to October 2007. Although the S.T.A.R.S. report indicates that
Gildan achieved significant increases in market share, the Company&#146;s unit volume
shipments to distributors in October declined from last year, due to the decline
in end-use demand combined with high inventories at the distributor level in the
context of the current market conditions. </p>
<p ALIGN="JUSTIFY">Although final S.T.A.R.S. data for the month of November is
not yet available, market conditions in the U.S. screenprint channel have
deteriorated further. Preliminary S.T.A.R.S. data for November indicate that
overall industry shipments in the month declined from last year by close to 20%.
Consequently, Gildan expects its sales and EPS in the first quarter of fiscal
2009 to decline materially from the first quarter of last year as a result of
lower unit shipments and severe promotional discounting in the month of
December, combined with significantly higher cotton costs compared with the
first quarter of fiscal 2008, and the consumption of inventories produced when
energy and commodity costs were at peak levels. Based on these assumptions, the
Company is currently forecasting first quarter fiscal 2009 adjusted EPS of
approximately U.S. $0.00-U.S. $0.05, compared with adjusted EPS of U.S. $0.23 in
the first quarter of fiscal 2008. </p>
<p ALIGN="JUSTIFY">While the first quarter is seasonally the lowest sales
quarter of the fiscal year and as such may not be indicative of full year
trends, the Company is currently planning for the balance of fiscal 2009 on the
basis of assuming a continuing negative outlook for industry demand in the U.S.
screenprint channel throughout the year. The Company&#146;s current planning scenario
for fiscal 2009 assumes that overall industry unit shipments in the U.S.
screenprint channel will decline by approximately 10% compared with fiscal 2008,
and that the ensuing unfavourable industry supply/demand balance will result in
significant discounting of industry selling prices, which has already started to
occur. </p>
</font>
<p align="center"><font size="2">4</font></p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5><font FACE="Times New Roman PSMT" SIZE="2">
<p align="justify">Based on the assumption of continuing unfavourable market
conditions and the assumptions set out below, the Company is initiating EPS
guidance for fiscal 2009 with a wide range of U.S. $1.10-U.S. $1.30 in fiscal
2009, before restructuring charges which are not expected to be material. </p>
<p align="justify">The Company&#146;s EPS guidance assumes an increase of
approximately 8% in Gildan&#146;s activewear and underwear unit volumes compared with
fiscal 2008, to approximately 48 million dozens, as the Company is implementing
strategies to maximize its unit volume growth in its target markets, including
an increasing focus on servicing its international markets, for the balance of
the year. In addition, the Company expects EPS in fiscal 2009 to be favourably
impacted by the improved performance of the Dominican Republic facility in line
with the Company&#146;s expectations, together with lower projected energy costs.
However, these positive factors are now forecast to be more than offset by
significant selling price discounting, which is expected to result in a
reduction in average activewear selling prices of 7%-9% in fiscal 2009 compared
to fiscal 2008, and by the impact of higher cotton costs, which are expected to
increase by approximately 10% in fiscal 2009 compared to fiscal 2008. </p>
<p align="justify">The Company is assuming weaker market conditions in fiscal
2009 in the mass-market retail channel. However, the Company will continue its
efforts to optimize its product-mix and cost structure for mass-market retail,
and to successfully manage the transition to major new retailer private label
brands, in order to be well positioned to pursue its growth strategy in retail
when new production capacity comes on-stream in fiscal 2010. The Company&#146;s
guidance takes into account the projected impact of cost reduction initiatives
arising from the consolidation of sock manufacturing, and also assumes the
non-recurrence of acquisition integration issues and charges which occurred in
fiscal 2008. No selling price increases in socks are assumed in fiscal 2009. </p>
<p align="justify">In the event these assumptions are not realized, or that
economic conditions are less or more favourable than assumed in the Company&#146;s
forecast, EPS may be lower or higher than projected. </p>
<p align="justify">In the assumed economic environment, the Company will place
emphasis on careful management of its capital expenditures in fiscal 2009. The
Company intends to undertake an incremental capacity expansion of its Dominican
Republic textile facility, at a low capital cost, and is also incrementally
expanding its Rio Nance I textile facility in Honduras. These expansions of
existing facilities will increase annual production capacity by approximately
7-8 million dozens, and allow the Company to support its projected sales growth
while preserving liquidity and proceeding more slowly and cautiously with its
major capital investment in its new Rio Nance 5 textile facility in Honduras.
However, the Company has not changed its plans to construct both Rio Nance 5 and
its second sock facility in Honduras, which are integral to its long-term
strategic growth and cost reduction initiatives. The Company today announced
plans to phase out sock finishing operations in the U.S. by the end of June and
consolidate operations in Honduras, in order to remain globally competitive in
the current economic conditions. Gildan regrets the impact on its U.S. employees
affected by this consolidation. Any costs associated with the closure of sock
finishing facilities will be accounted for as restructuring and other charges in
fiscal 2009. </p>
</font>
<p align="center"><font size="2">5</font></p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">Gildan is now projecting total capital expenditures of
approximately U.S. $115 million in fiscal 2009, compared with its previous
estimate of approximately U.S. $160 million. The Company&#146;s objective in fiscal
2009 is to remain cash positive after taking account of capital expenditures,
approximately U.S. $70 million of projected additional working capital to
support its planned growth in fiscal 2010 and the cash payments required
following the settlement of the CRA audit. </p>
<p><u>Disclosure of Outstanding Share Data </u></p>
<p ALIGN="JUSTIFY">As of November 30, 2008, there were 120,544,242 common shares
issued and outstanding along with 1,098,381 stock options and 958,002 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>
<p><u>Information for shareholders </u></p>
<p ALIGN="JUSTIFY">Gildan Activewear Inc. will hold a conference call to discuss
these results today at 8:30 AM 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 </font>
<font FACE="Times" SIZE="2">68524462,</font><font FACE="Times New Roman PSMT" SIZE="2">
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 10:30 AM EST by dialing 888-286-8010 (Canada &amp; U.S.) or 617-801-6888
(international) and entering passcode 38418101, until Thursday, December 18,
2008 at midnight, or by sound web cast on Gildan's Internet site for 30 days.
</p>
<p><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 screenprint channel in the U.S. and Canada. It is also a
leading supplier to this market in Europe, and is establishing a growing
presence in Mexico and the Asia-Pacific region. 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. The Company&#146;s products are also utilized
for work uniforms and other end-uses to convey individual, group and team
identity. The Company is also a leading supplier of private label and Gildan
branded socks primarily sold to mass-market retailers. In addition, Gildan has
an objective to become a significant supplier of men&#146;s and boys&#146; underwear and
undecorated activewear products to mass-market retailers in North America. </p>
</font>
<p align="center"><font size="2">6</font></p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5><font FACE="Times New Roman PS" SIZE="2"><i>
<p><u>Forward-Looking Statements </u></p>
<p ALIGN="JUSTIFY">Certain statements included in this press release, in
particular in 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;project&quot;, &quot; assume&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, as
subsequently updated in our first, second and third quarter 2008 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 in the &quot;Outlook&quot; section. </p>
<p ALIGN="JUSTIFY">Forward-looking information is inherently uncertain and
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, political
and social factors in the countries in which we operate; the intensity of
competitive activity; changes in environmental, tax, trade, employment 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; the fact that our customers do not commit to minimum quantity
purchases; the seasonality of our business; our ability to attract and retain
key personnel; our 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>
<p ALIGN="JUSTIFY">These factors 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>
</i></font>
<p align="center"><font size="2">7</font></p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5><font FACE="Times New Roman PS" SIZE="2"><i>
<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 2009 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><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>
<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 1 to the unaudited 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%" DIR="ltr" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0" height="106">
  <tr>
    <td valign="bottom" width="52%" height="16" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PS" size="2"><i>(in US$ millions, except per
    share amounts)</i></font></td>
    <td valign="bottom" height="16" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">&#12288;</font></td>
    <td valign="bottom" height="16" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">&#12288;</font></td>
    <td valign="bottom" height="16" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">&#12288;</font></td>
    <td valign="bottom" height="16" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="52%" height="16" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">&#12288;</font></td>
    <td valign="bottom" height="16" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PS" size="2"><b>Q4 2008</b></font></td>
    <td valign="bottom" height="16" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PSMT" size="2">Q4 2007</font></td>
    <td valign="bottom" height="16" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PS" size="2"><b>YTD 2008</b></font></td>
    <td valign="bottom" height="16" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PSMT" size="2">YTD 2007</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="52%" height="12" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman PSMT" size="2">Net earnings</font></td>
    <td valign="bottom" height="12" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman PS" size="2"><b>
    <p style="margin-right: 4">21.4</b></font></td>
    <td valign="bottom" height="12" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman PSMT" size="2">
    <p style="margin-right: 4">40.9</font></td>
    <td valign="bottom" height="12" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman PS" size="2"><b>
    <p style="margin-right: 4">144.6</b></font></td>
    <td valign="bottom" height="12" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman PSMT" size="2">
    <p style="margin-right: 4">130.0</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="52%" height="12">
    <font FACE="Times New Roman PSMT" size="2">Restructuring and other charges</font></td>
    <td valign="bottom" height="12" align="right">
    <font FACE="Times New Roman PS" size="2"><b>
    <p style="margin-right: 4">1.6</b></font></td>
    <td valign="bottom" height="12" align="right">
    <font FACE="Times New Roman PSMT" size="2">
    <p style="margin-right: 4">5.7</font></td>
    <td valign="bottom" height="12" align="right">
    <font FACE="Times New Roman PS" size="2"><b>
    <p style="margin-right: 4">5.5</b></font></td>
    <td valign="bottom" height="12" align="right">
    <font FACE="Times New Roman PSMT" size="2">
    <p style="margin-right: 4">28.0</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="52%" height="12" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PSMT" size="2">Less: income tax effect thereon</font></td>
    <td valign="bottom" height="12" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PS" size="2"><b>(0.6)</b></font></td>
    <td valign="bottom" height="12" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PSMT" size="2">(0.8)</font></td>
    <td valign="bottom" height="12" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PS" size="2"><b>(0.6)</b></font></td>
    <td valign="bottom" height="12" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PSMT" size="2">(0.7)</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="52%" height="12" style="border-top-style: solid; border-top-width: 3; border-bottom-style: double; border-bottom-width: 3">
    <font FACE="Times New Roman PSMT" size="2">Adjusted net earnings</font></td>
    <td valign="bottom" height="12" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: double; border-bottom-width: 3">
    <font FACE="Times New Roman PS" size="2"><b>
    <p style="margin-right: 4">22.4</b></font></td>
    <td valign="bottom" height="12" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: double; border-bottom-width: 3">
    <font FACE="Times New Roman PSMT" size="2">
    <p style="margin-right: 4">45.8</font></td>
    <td valign="bottom" height="12" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: double; border-bottom-width: 3">
    <font FACE="Times New Roman PS" size="2"><b>
    <p style="margin-right: 4">149.5</b></font></td>
    <td valign="bottom" height="12" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: double; border-bottom-width: 3">
    <font FACE="Times New Roman PSMT" size="2">
    <p style="margin-right: 4">157.3</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="52%" height="16" style="border-top-style: solid; border-top-width: 1">
    <font size="2">&#12288;</font></td>
    <td valign="bottom" height="16" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4"><font size="2">&#12288;</font></td>
    <td valign="bottom" height="16" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4"><font size="2">&#12288;</font></td>
    <td valign="bottom" height="16" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4"><font size="2">&#12288;</font></td>
    <td valign="bottom" height="16" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4"><font size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="52%" height="12">
    <font FACE="Times New Roman PSMT" size="2">Diluted EPS</font></td>
    <td valign="bottom" height="12" align="right">
    <font FACE="Times New Roman PS" size="2"><b>
    <p style="margin-right: 4">0.18</b></font></td>
    <td valign="bottom" height="12" align="right">
    <font FACE="Times New Roman PSMT" size="2">
    <p style="margin-right: 4">0.34</font></td>
    <td valign="bottom" height="12" align="right">
    <font FACE="Times New Roman PS" size="2"><b>
    <p style="margin-right: 4">1.19</b></font></td>
    <td valign="bottom" height="12" align="right">
    <font FACE="Times New Roman PSMT" size="2">
    <p style="margin-right: 4">1.07</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="52%" height="1" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PSMT" size="2">Restructuring and other charges,
    net of tax</font></td>
    <td valign="bottom" width="12%" height="1" 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">0.01</b></font></td>
    <td valign="bottom" width="12%" height="1" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PSMT" size="2">
    <p style="margin-right: 4">0.04</font></td>
    <td valign="bottom" width="12%" height="1" 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">0.04</b></font></td>
    <td valign="bottom" width="12%" height="1" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PSMT" size="2">
    <p style="margin-right: 4">0.22</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="52%" height="10" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PSMT" size="2">
    <p style="margin-top: 0">Adjusted diluted EPS</font></td>
    <td valign="bottom" width="12%" height="10" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PS" size="2"><b>
    <p style="margin-right: 4; margin-top: 0">0.18</b></font></td>
    <td valign="bottom" width="12%" height="10" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PSMT" size="2">
    <p style="margin-right: 4; margin-top: 0">0.38</font></td>
    <td valign="bottom" width="12%" height="10" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PS" size="2"><b>
    <p style="margin-right: 4; margin-top: 0">1.23</b></font></td>
    <td valign="bottom" width="12%" height="10" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PSMT" size="2">
    <p style="margin-right: 4; margin-top: 0">1.29</font></td>
  </tr>
</table>
<i><font FACE="Times New Roman PS">
<p ALIGN="JUSTIFY" style="margin-top: 0">
<font FACE="Times New Roman PS" style="font-size: 9pt">Certain minor rounding
variances exist between the financial statements and this summary. EPS may not
add due to rounding.</font></p>
</font><font FACE="Times New Roman PS" SIZE="2">
<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. </font></i><font FACE="Arial MT" SIZE="2"></p>
</font>
<p align="center"><font size="2">8</font></p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" DIR="ltr" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td valign="bottom" width="52%" style="border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman PS" size="2"><i>(in US$ millions)</i></font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman PS" size="2"><b>Q4 2008</b></font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman PSMT" size="2">Q4 2007</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman PS" size="2"><b>YTD 2008</b></font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman PSMT" size="2">YTD 2007</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="52%" style="border-top-style: solid; border-top-width: 1">
    <font size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1">
    <font size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1">
    <font size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1">
    <font size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1">
    <font size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="52%"><font FACE="Times New Roman PSMT" size="2">
    Cash flows from operating activities</font></td>
    <td valign="bottom" align="right"><font FACE="Times New Roman PS" size="2">
    <b>
    <p style="margin-right: 4">70.5</b></font></td>
    <td valign="bottom" align="right">
    <font FACE="Times New Roman PSMT" size="2">
    <p style="margin-right: 4">19.1</font></td>
    <td valign="bottom" align="right"><font FACE="Times New Roman PS" size="2">
    <b>
    <p style="margin-right: 4">238.9</b></font></td>
    <td valign="bottom" align="right">
    <font FACE="Times New Roman PSMT" size="2">
    <p style="margin-right: 4">91.2</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="52%"><font FACE="Times New Roman PSMT" size="2">
    Cash flows from investing activities</font></td>
    <td valign="bottom" align="right"><font FACE="Times New Roman PS" size="2">
    <b>(14.4)</b></font></td>
    <td valign="bottom" align="right">
    <font FACE="Times New Roman PSMT" size="2">(31.0)</font></td>
    <td valign="bottom" align="right"><font FACE="Times New Roman PS" size="2">
    <b>(227.3)</b></font></td>
    <td valign="bottom" align="right">
    <font FACE="Times New Roman PSMT" size="2">(134.7)</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="52%"><font FACE="Times New Roman PSMT" size="2">
    Add back:</font></td>
    <td valign="bottom" align="right"><font size="2">&#12288;</font></td>
    <td valign="bottom" align="right"><font size="2">&#12288;</font></td>
    <td valign="bottom" align="right"><font size="2">&#12288;</font></td>
    <td valign="bottom" align="right"><font size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="52%"><font FACE="Times New Roman PSMT" size="2">
    Acquisition of Prewett</font></td>
    <td valign="bottom" align="right"><font FACE="Times New Roman PS" size="2">
    <b>
    <p style="margin-right: 4">-</b></font></td>
    <td valign="bottom" align="right">
    <font FACE="Times New Roman PSMT" size="2">
    <p style="margin-right: 4">-</font></td>
    <td valign="bottom" align="right"><font FACE="Times New Roman PS" size="2">
    <b>
    <p style="margin-right: 4">126.8</b></font></td>
    <td valign="bottom" align="right">
    <font FACE="Times New Roman PSMT" size="2">
    <p style="margin-right: 4">-</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="52%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PSMT" size="2">Restricted cash related to
    acquisition</font></td>
    <td valign="bottom" 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">-</b></font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PSMT" size="2">
    <p style="margin-right: 4">-</font></td>
    <td valign="bottom" 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">10.0</b></font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PSMT" size="2">
    <p style="margin-right: 4">-</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="52%" style="border-top-style: solid; border-top-width: 3; border-bottom-style: double; border-bottom-width: 3">
    <font FACE="Times New Roman PS" size="2"><b>
    <p style="margin-top: 0">Free cash flow</b></font></td>
    <td valign="bottom" width="12%" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: double; border-bottom-width: 3">
    <font FACE="Times New Roman PS" size="2"><b>
    <p style="margin-right: 4; margin-top: 0">56.1</b></font></td>
    <td valign="bottom" width="12%" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: double; border-bottom-width: 3">
    <font FACE="Times New Roman PSMT" size="2">
    <p style="margin-top: 0">(11.9)</font></td>
    <td valign="bottom" width="12%" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: double; border-bottom-width: 3">
    <font FACE="Times New Roman PS" size="2"><b>
    <p style="margin-right: 4; margin-top: 0">148.4</b></font></td>
    <td valign="bottom" width="12%" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: double; border-bottom-width: 3">
    <font FACE="Times New Roman PSMT" size="2">
    <p style="margin-top: 0">(43.5)</font></td>
  </tr>
</table>
<p style="margin-top: 0"><font FACE="Times New Roman PS" style="font-size: 9pt">
<i>Certain minor rounding variances exist between the financial statements and
this summary.</i></font></p>
<font FACE="Times New Roman PS" SIZE="2"><i>
<p align="center">- 30 - </p>
<p align="center">&nbsp;</p>
<p align="center">&nbsp;</p>
</i>
<p align="center">9</p>
</font>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5><b>
<p align="center">Gildan Activewear Inc.<br>
<font SIZE="2">Consolidated Balance Sheets</font></b><font SIZE="2"><br>
(in thousands of U.S. dollars)</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="15%" align="right" colspan="2"><u><font SIZE="2">October 5, 2008</font></u></td>
    <td COLSPAN="2" align="right"><u><font SIZE="2">September 30, 2007</font></u></td>
  </tr>
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(audited)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(audited)</font></td>
  </tr>
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2"><b>Assets</b></font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Current assets:</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">
    <p style="margin-left: 15">Cash and cash equivalents</font></td>
    <td WIDTH="5%" align="right"><font SIZE="2">$</font></td>
    <td WIDTH="10%" align="right"><font SIZE="2">12,357</font></td>
    <td WIDTH="5%" align="right"><font SIZE="2">$</font></td>
    <td WIDTH="10%" align="right"><font SIZE="2">9,250</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">
    <p style="margin-left: 15">Accounts receivable</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">222,158</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">206,088</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">
    <p style="margin-left: 15">Inventories</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">316,172</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">239,963</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">
    <p style="margin-left: 15">Prepaid expenses and deposits</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">10,413</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">7,959</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">
    <p style="margin-left: 15">Future income taxes</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">-</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">2,610</font></td>
  </tr>
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1"><font SIZE="2">561,100</font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1"><font SIZE="2">465,870</font></td>
  </tr>
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Property, plant and equipment</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">436,516</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">377,617</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Intangible assets</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">59,954</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">2,024</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Other assets</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">18,067</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">11,426</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Assets held for sale (note 1)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">10,497</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">6,610</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Goodwill (note 2)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">6,709</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Future income taxes</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">9,283</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">10,939</font></td>
  </tr>
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Total assets</font></td>
    <td WIDTH="5%" align="right" style="border-bottom: 2px solid #000000"><font SIZE="2">$</font></td>
    <td WIDTH="10%" align="right" style="border-bottom: 2px solid #000000"><font SIZE="2">1,102,126</font></td>
    <td WIDTH="5%" align="right" style="border-bottom: 2px solid #000000"><font SIZE="2">$</font></td>
    <td WIDTH="10%" align="right" style="border-bottom: 2px solid #000000"><font SIZE="2">874,486</font></td>
  </tr>
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2"><b>Liabilities and Shareholders' Equity</b></font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Current liabilities:</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">
    <p style="margin-left: 15">Accounts payable and accrued liabilities</font></td>
    <td WIDTH="5%" align="right"><font SIZE="2">$</font></td>
    <td WIDTH="10%" align="right"><font SIZE="2">155,669</font></td>
    <td WIDTH="5%" align="right"><font SIZE="2">$</font></td>
    <td WIDTH="10%" align="right"><font SIZE="2">116,683</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">
    <p style="margin-left: 15">Income taxes payable (note 3)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">46,627</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">2,949</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">
    <p style="margin-left: 15">Current portion of long-term debt</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">3,556</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">3,689</font></td>
  </tr>
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1"><font SIZE="2">205,852</font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1"><font SIZE="2">123,321</font></td>
  </tr>
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Long-term debt (note 4)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">49,448</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">55,971</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Future income taxes (note 3)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">27,331</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">24,612</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Non-controlling interest in consolidated
    joint venture</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">7,162</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">6,932</font></td>
  </tr>
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Shareholders' equity:</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">
    <p style="margin-left: 15">Share capital</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">89,377</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">88,061</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">
    <p style="margin-left: 15">Contributed surplus</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">6,728</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">3,953</font></td>
  </tr>
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">
    <p style="margin-left: 15">Retained earnings</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">689,980</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">545,388</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">
    <p style="margin-left: 15">Accumulated other comprehensive income</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">26,248</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">26,248</font></td>
  </tr>
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">716,228</font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">571,636</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Total shareholders' equity</font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1"><font SIZE="2">812,333</font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1"><font SIZE="2">663,650</font></td>
  </tr>
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Total liabilities and shareholders' equity</font></td>
    <td WIDTH="5%" align="right" style="border-bottom: 2px solid #000000"><font SIZE="2">$</font></td>
    <td WIDTH="10%" align="right" style="border-bottom: 2px solid #000000"><font SIZE="2">1,102,126</font></td>
    <td WIDTH="5%" align="right" style="border-bottom: 2px solid #000000"><font SIZE="2">$</font></td>
    <td WIDTH="10%" align="right" style="border-bottom: 2px solid #000000"><font SIZE="2">874,486</font></td>
  </tr>
</table>
<font size="2">
<p>See accompanying condensed notes to consolidated financial statements.</p>
<p align="center">10</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5></font><b>
<p align="center">Gildan Activewear Inc.<br>
<font SIZE="2">Consolidated Statements of Earnings and Comprehensive Income</font></b><font SIZE="2"><br>
(In thousands of U.S. dollars, except per share data)</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="245" COLSPAN="3" align="right"><font size="2"><i><b>
    <p align="center">Three months ended</b></i></font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="248" COLSPAN="3" align="right"><font size="2"><i><b>
    <p align="center">Twelve months ended</b></i></font></td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font size="2"><u>October 5, 2008</u></font></td>
    <td WIDTH="134" COLSPAN="2" align="right"><font size="2"><u>September 30,
    2007</u></font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font size="2"><u>October 5, 2008</u></font></td>
    <td WIDTH="136" COLSPAN="2" align="right"><font size="2"><u>September 30,
    2007</u></font></td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font size="2">(unaudited)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font size="2">(unaudited)</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font size="2">(audited)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font size="2">(audited)</font></td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font size="2">Sales</font></td>
    <td WIDTH="5%" align="right"><font size="2">$</font></td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">324,717</font></td>
    <td WIDTH="5%" align="right"><font size="2">$</font></td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">254,856</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><font size="2">$</font></td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">1,249,711</font></td>
    <td WIDTH="5%" align="right"><font size="2">$</font></td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">964,429</font></td>
  </tr>
  <tr>
    <td WIDTH="38%"><font size="2">Cost of sales</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">220,555</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">172,722</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">847,392</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">655,280</font></td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font size="2">Gross profit</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">104,162</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">82,134</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">402,319</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">309,149</font></td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font size="2">Selling, general and administrative expenses</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">39,143</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">27,899</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">151,453</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">110,979</font></td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font size="2">Restructuring and other charges (note 1)</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">1,560</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">5,673</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">5,489</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">28,012</font></td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font size="2">Earnings before the undernoted items</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">63,459</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">48,562</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">245,377</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">170,158</font></td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font size="2">Depreciation and amortization</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">15,683</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">10,256</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">58,932</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">38,777</font></td>
  </tr>
  <tr>
    <td WIDTH="38%"><font size="2">Interest, net</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">1,158</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">1,397</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">7,223</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">4,898</font></td>
  </tr>
  <tr>
    <td WIDTH="38%"><font size="2">Non-controlling interest of consolidated
    joint venture</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">(127)</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">653</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">230</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">1,278</font></td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font size="2">Earnings before income taxes</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">46,745</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">36,256</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">178,992</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">125,205</font></td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font size="2">Income tax expense (recovery) (note 3)</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">25,324</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">(4,610)</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">34,400</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">(4,815)</font></td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font size="2"><b>Net earnings and comprehensive income</b></font></td>
    <td WIDTH="5%" align="right" style="border-bottom: 2px solid #000000">
    <font size="2">$</font></td>
    <td WIDTH="10%" align="right" style="border-bottom: 2px solid #000000">
    <p style="margin-right: 4">
    <font size="2">21,421</font></td>
    <td WIDTH="5%" align="right" style="border-bottom: 2px solid #000000">
    <font size="2">$</font></td>
    <td WIDTH="10%" align="right" style="border-bottom: 2px solid #000000">
    <p style="margin-right: 4">
    <font size="2">40,866</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom: 2px solid #000000">
    <font size="2">$</font></td>
    <td WIDTH="10%" align="right" style="border-bottom: 2px solid #000000">
    <p style="margin-right: 4">
    <font size="2">144,592</font></td>
    <td WIDTH="5%" align="right" style="border-bottom: 2px solid #000000">
    <font size="2">$</font></td>
    <td WIDTH="10%" align="right" style="border-bottom: 2px solid #000000">
    <p style="margin-right: 4">
    <font size="2">130,020</font></td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font size="2"><b>Basic EPS</b></font></td>
    <td WIDTH="5%" align="right"><font size="2">$</font></td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">0.18</font></td>
    <td WIDTH="5%" align="right"><font size="2">$</font></td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">0.34</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><font size="2">$</font></td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">1.20</font></td>
    <td WIDTH="5%" align="right"><font size="2">$</font></td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">1.08</font></td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font size="2"><b>Diluted EPS</b></font></td>
    <td WIDTH="5%" align="right"><font size="2">$</font></td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">0.18</font></td>
    <td WIDTH="5%" align="right"><font size="2">$</font></td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">0.34</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><font size="2">$</font></td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">1.19</font></td>
    <td WIDTH="5%" align="right"><font size="2">$</font></td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">1.07</font></td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font size="2"><b>Weighted average number of shares
    outstanding (in thousands)</b></font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font size="2">
    <p style="margin-left: 15">Basic</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">120,531</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">120,401</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">120,479</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">120,340</font></td>
  </tr>
  <tr>
    <td WIDTH="38%"><font size="2">
    <p style="margin-left: 15">Diluted</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">121,558</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">121,577</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">121,622</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font size="2">121,538</font></td>
  </tr>
</table>
</font><font FACE="Arial MT" SIZE="2">
<p>See accompanying condensed notes to consolidated financial statements.</p>
<font SIZE="2">
<p align="center">11</p>
</font><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5></font><b>
<p align="center">Gildan Activewear Inc.<br>
<font SIZE="2">Consolidated Statements of Cash Flows</font></b><font SIZE="2"><br>
(In thousands of U.S. dollars)</font></p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="244" COLSPAN="3" align="center"><font SIZE="2"><i><b>Three months
    ended</b></i></font></td>
    <td WIDTH="2%" align="center">&nbsp;</td>
    <td WIDTH="5%" align="center">&nbsp;</td>
    <td WIDTH="245" COLSPAN="3" align="center"><font SIZE="2"><i><b>Twelve
    months ended</b></i></font></td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2"><u>October 5, 2008</u></font></td>
    <td WIDTH="133" COLSPAN="2" align="right"><font SIZE="2"><u>September 30,
    2007</u></font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2"><u>October 5, 2008</u></font></td>
    <td WIDTH="133" COLSPAN="2" align="right"><font SIZE="2"><u>September 30,
    2007</u></font></td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(unaudited)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(unaudited)</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(audited)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(audited)</font></td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">Cash flows from (used in) operating
    activities:</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 15">Net earnings</font></td>
    <td WIDTH="5%" align="right"><font SIZE="2">$</font></td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">21,421</font></td>
    <td WIDTH="5%" align="right"><font SIZE="2">$</font></td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">40,866</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><font SIZE="2">$</font></td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">144,592</font></td>
    <td WIDTH="5%" align="right"><font SIZE="2">$</font></td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">130,020</font></td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 15">Adjustments for:</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 30">Depreciation and amortization</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">15,683</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">10,256</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">58,932</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">38,777</font></td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 30">Restructuring charges related to assets held for
    sale</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 30">&nbsp;&nbsp; and property, plant and equipment
    (note 1)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">840</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">907</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">2,174</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">5,523</font></td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 30">Loss on disposal of assets held for sale and</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 30">&nbsp;&nbsp; property, plant and equipment</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">382</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">352</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">1,369</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">332</font></td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 30">Stock-based compensation costs</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">882</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">665</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">2,965</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">1,814</font></td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 30">Future income taxes</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(16,040)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(5,709)</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(15,837)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(8,919)</font></td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 30">Non-controlling interest</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(127)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">653</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">230</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">1,278</font></td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 30">Unrealized foreign exchange (gain) loss</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(2,523)</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font SIZE="2">1,785</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(2,270)</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font SIZE="2">3,226</font></td>
  </tr>
  <tr>
    <td WIDTH="38%">
    <p style="margin-left: 15">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">
    <font SIZE="2">20,518</font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">
    <font SIZE="2">49,775</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">
    <font SIZE="2">192,155</font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">
    <font SIZE="2">172,051</font></td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 15">Changes in non-cash working capital balances:</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 30">Accounts receivable</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">27,060</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(20,126)</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">8,223</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(36,392)</font></td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 30">Inventories</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(24,676)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(8,425)</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(32,135)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(39,310)</font></td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 30">Prepaid expenses and deposits</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">1,045</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">1,614</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(881)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(2,202)</font></td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 30">Accounts payable and accrued liabilities</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">8,918</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(4,446)</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">27,740</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(3,327)</font></td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 30">Income taxes payable</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font SIZE="2">37,646</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font SIZE="2">681</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font SIZE="2">43,802</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font SIZE="2">343</font></td>
  </tr>
  <tr>
    <td WIDTH="38%">
    <p style="margin-left: 30">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">
    <font SIZE="2">70,511</font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">
    <font SIZE="2">19,073</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">
    <font SIZE="2">238,904</font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">
    <font SIZE="2">91,163</font></td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">Cash flows from (used in) financing
    activities:</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 15">(Decrease) increase in amounts drawn under
    revolving</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 15">&nbsp;&nbsp; long-term credit facility</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(55,000)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">19,000</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(4,000)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">49,000</font></td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 15">Decrease in bank indebtedness</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(1,478)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(3,500)</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(2,739)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(3,500)</font></td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 15">Repayment of other long-term debt</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(435)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(2,253)</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(2,656)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(23,201)</font></td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 15">Proceeds from the issuance of shares</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">178</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">367</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">1,138</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">1,316</font></td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 15">Repurchase of shares</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(12)</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(65)</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(12)</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(65)</font></td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">(56,747)</font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">
    <font SIZE="2">13,549</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">(8,269)</font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">
    <font SIZE="2">23,550</font></td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">Cash flows from (used in) investing
    activities:</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 15">Purchase of property, plant and equipment</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(17,239)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(25,967)</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(97,030)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(134,282)</font></td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 15">Acquisition of V.I. Prewett &amp; Son, Inc. (note 2)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">-</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">-</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(126,819)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 15">Restricted cash related to acquistion (note 2)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">-</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">-</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(10,000)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 15">Proceeds from the sale of assets held for sale</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">2,612</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">244</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">3,736</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">6,668</font></td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">
    <p style="margin-left: 15">Net decrease (increase) in other assets</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font SIZE="2">255</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(5,289)</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font SIZE="2">2,787</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(7,075)</font></td>
  </tr>
  <tr>
    <td WIDTH="38%">
    <p style="margin-left: 15">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">(14,372)</font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">(31,012)</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">(227,326)</font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">(134,689)</font></td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">Effect of exchange rate changes on cash and</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">&nbsp;&nbsp; cash equivalents denominated in
    foreign currencies</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(230)</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font SIZE="2">103</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(202)</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font SIZE="2">219</font></td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">Net (decrease) increase in cash and cash
    equivalents</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">&nbsp;&nbsp; during the period</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(838)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">1,713</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4"><font SIZE="2">3,107</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right"><font SIZE="2">(19,757)</font></td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="10%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">Cash and cash equivalents, beginning of
    period</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font SIZE="2">13,195</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font SIZE="2">7,537</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font SIZE="2">9,250</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font SIZE="2">29,007</font></td>
  </tr>
  <tr>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="38%"><font SIZE="2">Cash and cash equivalents, end of period</font></td>
    <td WIDTH="5%" align="right" style="border-bottom: 2px solid #000000">
    <font SIZE="2">$</font></td>
    <td WIDTH="10%" align="right" style="border-bottom: 2px solid #000000">
    <p style="margin-right: 4">
    <font SIZE="2">12,357</font></td>
    <td WIDTH="5%" align="right" style="border-bottom: 2px solid #000000">
    <font SIZE="2">$</font></td>
    <td WIDTH="10%" align="right" style="border-bottom: 2px solid #000000">
    <p style="margin-right: 4">
    <font SIZE="2">9,250</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom: 2px solid #000000">
    <font SIZE="2">$</font></td>
    <td WIDTH="10%" align="right" style="border-bottom: 2px solid #000000">
    <p style="margin-right: 4">
    <font SIZE="2">12,357</font></td>
    <td WIDTH="5%" align="right" style="border-bottom: 2px solid #000000">
    <font SIZE="2">$</font></td>
    <td WIDTH="10%" align="right" style="border-bottom: 2px solid #000000">
    <p style="margin-right: 4">
    <font SIZE="2">9,250</font></td>
  </tr>
</table>
<font size="2">
<p>See accompanying condensed notes to consolidated financial statements.</p>
<p align="center">12</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5></font><b>
<p align="center">Gildan Activewear Inc.<br>
<font SIZE="2">Consolidated Statement of Shareholders' Equity <br>
Years ended October 5, 2008 and September 30, 2007</font></b><font SIZE="2"><br>
(in thousands of U.S. dollars)</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="302">&nbsp;</td>
    <td WIDTH="93" align="right">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">&nbsp;</td>
    <td WIDTH="120" COLSPAN="2" align="right"><font size="2">Accumulated</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302">&nbsp;</td>
    <td WIDTH="213" COLSPAN="3" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">
    <p align="center">Share Capital</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right"><font size="2">other</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right"><font size="2">Total</font></td>
  </tr>
  <tr>
    <td WIDTH="302">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="120" COLSPAN="2" align="right"><font size="2">Contributed</font></td>
    <td WIDTH="120" COLSPAN="2" align="right"><font size="2">comprehensive</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right"><font size="2">Retained</font></td>
    <td WIDTH="122" COLSPAN="2" align="right"><font size="2">shareholders'</font></td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="2">Number</font></td>
    <td WIDTH="120" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="2">Amount</font></td>
    <td WIDTH="120" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="2">surplus</font></td>
    <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="2">income</font></td>
    <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="2">earnings</font></td>
    <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="94" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="2">equity</font></td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="94" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">Balance, October 1, 2006</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">120,227,668</font></td>
    <td WIDTH="27" align="right"><font size="2">$</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">86,584</font></td>
    <td WIDTH="27" align="right"><font size="2">$</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">2,365</font></td>
    <td WIDTH="27" align="right"><font size="2">$</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">26,248</font></td>
    <td WIDTH="28" align="right"><font size="2">$</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">&nbsp;415,368</font></td>
    <td WIDTH="28" align="right"><font size="2">$</font></td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4"><font size="2">530,565</font></td>
  </tr>
  <tr>
    <td WIDTH="302">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">Stock-based compensation related to</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">
    <p style="margin-left: 10">stock options and Treasury restricted</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">
    <p style="margin-left: 10">share units</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">1,814</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4"><font size="2">1,814</font></td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">Shares issued under employee share</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">
    <p style="margin-left: 10">purchase plan</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">18,279</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">530</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4"><font size="2">530</font></td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">Shares issued pursuant to exercise of</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">
    <p style="margin-left: 10">stock options</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">149,034</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">786</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4"><font size="2">786</font></td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">Shares issues pursuant to exercise of</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">
    <p style="margin-left: 10">Treasury restricted share units</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">26,917</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">Ascribed value credited to share capital</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">
    <p style="margin-left: 10">from exercise of stock options and</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302">
    <p style="margin-left: 10"><font size="2">Treasury restricted share units</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">226</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right"><font size="2">(226)</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">Share repurchases</font></td>
    <td WIDTH="93" align="right"><font size="2">(2,437)</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right"><font size="2">(65)</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right"><font size="2">(65)</font></td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">Net earnings</font></td>
    <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">-</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">-</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">-</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">130,020</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">130,020</font></td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">Balance, September 30, 2007</font></td>
    <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">
    <font size="2">120,419,461</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">
    <font size="2">88,061</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">
    <font size="2">3,953</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">
    <font size="2">26,248</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">
    <font size="2">545,388</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">
    <font size="2">663,650</font></td>
  </tr>
  <tr>
    <td WIDTH="302">&nbsp;</td>
    <td WIDTH="93" align="right">
    &nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    &nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    &nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    &nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    &nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">Stock-based compensation related to</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">
    <p style="margin-left: 10">stock options and Treasury restricted</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">
    <p style="margin-left: 10">share units</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">2,965</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4"><font size="2">2,965</font></td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">Shares issued under employee share</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">
    <p style="margin-left: 10">purchase plan</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">21,313</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">720</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4"><font size="2">720</font></td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">Shares issued pursuant to exercise of</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">
    <p style="margin-left: 10">stock options</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">81,356</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">418</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4"><font size="2">418</font></td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">Shares issued pursuant to the</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">
    <p style="margin-left: 10">exercise of Treasury restricted</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">
    <p style="margin-left: 10">share units</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">14,779</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">Ascribed value credited to share capital</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">
    <p style="margin-left: 10">from exercise of stock options and</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">
    <p style="margin-left: 10">Treasury restricted share units</font></td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">190</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right"><font size="2">(190)</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">Share repurchases</font></td>
    <td WIDTH="93" align="right"><font size="2">(408)</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right"><font size="2">(12)</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">
    <p style="margin-right: 4"><font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right"><font size="2">(12)</font></td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">Net earnings</font></td>
    <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">-</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">-</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">-</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">-</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">144,592</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="94" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">
    <font size="2">144,592</font></td>
  </tr>
  <tr>
    <td WIDTH="302"><font size="2">Balance, October 5, 2008</font></td>
    <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">
    <font size="2">120,536,501</font></td>
    <td WIDTH="27" align="right"><font size="2">$</font></td>
    <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">
    <font size="2">89,377</font></td>
    <td WIDTH="27" align="right"><font size="2">$</font></td>
    <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">
    <font size="2">6,728</font></td>
    <td WIDTH="27" align="right"><font size="2">$</font></td>
    <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">
    <font size="2">26,248</font></td>
    <td WIDTH="28" align="right"><font size="2">$</font></td>
    <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">
    <font size="2">&nbsp;689,980</font></td>
    <td WIDTH="28" align="right"><font size="2">$</font></td>
    <td WIDTH="94" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">
    <font size="2">812,333</font></td>
  </tr>
</table>
<p align="center">13</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5></font><b>
<p>Gildan Activewear Inc. &#150; Condensed notes to consolidated financial statements
<br>
</b><font SIZE="2">(tabular amounts in thousands of U.S. dollars) </p>
<p align="justify">For complete notes to the consolidated financial statements,
please refer to filings with the various securities regulatory authorities<b>
</b>which are expected to be available on December 22, 2008<b>.</b> </p>
<b>
<p>1.</b> </p>
<p style="margin-left: 5%; margin-top: -25.5pt"><b>Restructuring, other charges
and assets held for sale:</b> </p>
<p style="margin-left: 5%">The following table summarizes the components of
restructuring and other charges: </p>
<div align="right">
  <table CELLSPACING="0" BORDER="0" WIDTH="95%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="40%">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="38%" align="right" colspan="3" bgcolor="#9ACCFF">
      <p align="center"><b><font size="2">Three months ended</font></b></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="33%" align="right" colspan="3" bgcolor="#9ACCFF">
      <p align="center"><b><font size="2">Twelve months ended</font></b></td>
    </tr>
    <tr>
      <td WIDTH="40%">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right"><font size="2"><u>October 5,</u></font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right"><font size="2"><u>September 30,</u></font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right"><font size="2"><u>October 5,</u></font></td>
      <td WIDTH="18%" COLSPAN="2" align="right"><font size="2"><u>September 30,</u></font></td>
    </tr>
    <tr>
      <td WIDTH="40%">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right"><font size="2"><u>2008</u></font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right"><font size="2"><u>2007</u></font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right"><font size="2"><u>2008</u></font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right"><font size="2"><u>2007</u></font></td>
    </tr>
    <tr>
      <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1">
      <font size="2">Severance</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">
      <font size="2">$</font></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
      <p style="margin-right: 4">
      <font size="2">-</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">
      <font size="2">$</font></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
      <p style="margin-right: 4">
      <font size="2">260</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">
      <font size="2">$</font></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
      <p style="margin-right: 4">
      <font size="2">400</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">
      <font size="2">$</font></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
      <p style="margin-right: 4">
      <font size="2">13,619</font></td>
    </tr>
    <tr>
      <td WIDTH="40%"><font size="2">Accelerated depreciation</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">
      <p style="margin-right: 4"><font size="2">-</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">
      <p style="margin-right: 4"><font size="2">601</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">
      <p style="margin-right: 4"><font size="2">-</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">
      <p style="margin-right: 4"><font size="2">3,493</font></td>
    </tr>
    <tr>
      <td WIDTH="40%"><font size="2">Impairment loss and write-down</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">
      <p style="margin-right: 4">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="40%"><font size="2">
      <p style="margin-left: 10">of property, plant and equipment</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="40%"><font size="2">
      <p style="margin-left: 10">and assets held for sale</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">
      <p style="margin-right: 4"><font size="2">1,000</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">
      <p style="margin-right: 4"><font size="2">-</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">
      <p style="margin-right: 4"><font size="2">2,700</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">
      <p style="margin-right: 4"><font size="2">3,560</font></td>
    </tr>
    <tr>
      <td WIDTH="40%"><font size="2">Net (gain) loss on disposal of</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="40%"><font size="2">
      <p style="margin-left: 10">assets held for sale</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right"><font size="2">(160)</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">
      <p style="margin-right: 4"><font size="2">306</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right"><font size="2">(526)</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right"><font size="2">(1,530)</font></td>
    </tr>
    <tr>
      <td WIDTH="40%"><font size="2">Other exit costs</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">
      <p style="margin-right: 4"><font size="2">1,275</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">
      <p style="margin-right: 4"><font size="2">4,506</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">
      <p style="margin-right: 4"><font size="2">3,470</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">
      <p style="margin-right: 4"><font size="2">8,870</font></td>
    </tr>
    <tr>
      <td WIDTH="40%"><font size="2">Charge (credit) to comply with</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font size="2">
      <p style="margin-left: 10">employment contract</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font size="2">(555)</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <p style="margin-right: 4">
      <font size="2">-</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font size="2">(555)</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <p style="margin-right: 4">
      <font size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font size="2">$</font></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <p style="margin-right: 4">
      <font size="2">1,560</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font size="2">$</font></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <p style="margin-right: 4">
      <font size="2">5,673</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font size="2">$</font></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <p style="margin-right: 4">
      <font size="2">5,489</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font size="2">$</font></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <p style="margin-right: 4">
      <font size="2">28,012</font></td>
    </tr>
  </table>
</div>
<p ALIGN="JUSTIFY" style="margin-left: 5%">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 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. In the fourth
quarter of fiscal 2008, the Company recorded a $1.0 million write-down on the
assets held for sale located in Canada. Other exit costs relate primarily to
costs incurred in connection with the closures noted above, including carrying
and dismantling costs associated with assets held for sale. The Company incurred
additional carrying costs relating to the closed facilities being held for sale,
which were accounted for as restructuring charges as incurred during fiscal
2008. In the third quarter of fiscal 2008, the Company recorded restructuring
charges of $2.1 million, consisting of an impairment on property, plant and
equipment of $1.7 million and severance costs of $0.4 million, related to the
planned consolidation of its Haiti sewing operations which is expected to be
finalized in the first half of fiscal 2009. </p>
<p ALIGN="JUSTIFY" style="margin-left: 5%">Assets held for sale of $10.5 million
as at October 5, 2008 (September 30, 2007 - $6.6 million) include property,
plant and equipment at these various locations and are recorded at the lower of
their carrying value or fair value less costs to sell. Additional carrying costs
related to these closed facilities and any gains or losses on the disposition of
the assets held for sale will be accounted for as restructuring charges as
incurred. </p>
<b>
<p>2.</b> </p>
<p style="margin-left: 5%; margin-top: -25.5pt"><b>Business Acquisition: </p>
</b>
<p ALIGN="JUSTIFY" style="margin-left: 5%">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: 5%">The aggregate purchase price of
$128.0 million was comprised of cash consideration of $125.3 million, a fixed
payment of $1.2 million payable in 2009 and transaction costs of $1.5 million.
The purchase agreement provides for an additional purchase consideration of up
to $10.0 million contingent on specified future events. This amount was paid
into escrow by the Company and is included in &quot;Other assets&quot; on the consolidated
balance sheet. Any further purchase price consideration paid by the Company will
be accounted for as additional goodwill. </p>
<p align="center">14</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5></font><b>
<p>Gildan Activewear Inc. &#150; Condensed notes to consolidated financial statements
<br>
</b><font SIZE="2">(tabular amounts in thousands of U.S. dollars) </p>
<b>
<p>2.</b> </p>
<p style="margin-left: 5%; margin-top: -25.5pt"><b>Business Acquisition
(continued): </p>
</b>
<p style="margin-left: 5%">The Company accounted for this acquisition using the
purchase method and the results of Prewett have been consolidated with those of
the Company from the date of acquisition. </p>
<p style="margin-left: 5%">The Company has allocated the purchase price to the
assets acquired based on their fair values and taking into account all relevant
information available at that time. </p>
<p style="margin-left: 5%">The following table summarizes the estimated fair
value of assets acquired and liabilities assumed at the date of acquisition: </p>
</font>
<div align="right">
  <table CELLSPACING="0" BORDER="0" WIDTH="95%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="85%" style="border-top-style: solid; border-top-width: 1">
      <font SIZE="2">Assets acquired:</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="85%"><font SIZE="2">
      <p style="margin-left: 10">Accounts receivable</font></td>
      <td WIDTH="5%" align="right"><font SIZE="2">$</font></td>
      <td WIDTH="10%" align="right">
      <p style="margin-right: 4"><font SIZE="2">28,228</font></td>
    </tr>
    <tr>
      <td WIDTH="85%"><font SIZE="2">
      <p style="margin-left: 10">Inventories</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">
      <p style="margin-right: 4"><font SIZE="2">44,074</font></td>
    </tr>
    <tr>
      <td WIDTH="85%"><font SIZE="2">
      <p style="margin-left: 10">Prepaid expenses</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">
      <p style="margin-right: 4"><font SIZE="2">1,573</font></td>
    </tr>
    <tr>
      <td WIDTH="85%"><font SIZE="2">
      <p style="margin-left: 10">Property, plant and equipment</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">
      <p style="margin-right: 4"><font SIZE="2">26,202</font></td>
    </tr>
    <tr>
      <td WIDTH="85%"><font SIZE="2">
      <p style="margin-left: 10">Customer contracts and customer relationships</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">
      <p style="margin-right: 4"><font SIZE="2">61,000</font></td>
    </tr>
    <tr>
      <td WIDTH="85%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font SIZE="2">
      <p style="margin-left: 10">Other assets</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <p style="margin-right: 4">
      <font SIZE="2">196</font></td>
    </tr>
    <tr>
      <td WIDTH="85%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
      <p style="margin-right: 4">
      <font SIZE="2">161,273</font></td>
    </tr>
    <tr>
      <td WIDTH="85%"><font SIZE="2">Liabilities assumed:</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="85%"><font SIZE="2">
      <p style="margin-left: 10">Bank indebtedness</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right"><font SIZE="2">(2,739)</font></td>
    </tr>
    <tr>
      <td WIDTH="85%"><font SIZE="2">
      <p style="margin-left: 10">Accounts payable and accrued liabilities</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right"><font SIZE="2">(12,800)</font></td>
    </tr>
    <tr>
      <td WIDTH="85%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font SIZE="2">
      <p style="margin-left: 10">Future income taxes</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font SIZE="2">(24,428)</font></td>
    </tr>
    <tr>
      <td WIDTH="85%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font SIZE="2">(39,967)</font></td>
    </tr>
    <tr>
      <td WIDTH="85%" style="border-top-style: solid; border-top-width: 1">
      <font SIZE="2">Net identifiable assets acquired</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
      <p style="margin-right: 4">
      <font SIZE="2">121,306</font></td>
    </tr>
    <tr>
      <td WIDTH="85%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font SIZE="2">Goodwill</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <p style="margin-right: 4">
      <font SIZE="2">6,709</font></td>
    </tr>
    <tr>
      <td WIDTH="85%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font SIZE="2">Purchase price</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font SIZE="2">$</font></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <p style="margin-right: 4">
      <font SIZE="2">128,015</font></td>
    </tr>
    <tr>
      <td WIDTH="85%">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="85%"><font SIZE="2">Consideration:</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="85%"><font SIZE="2">
      <p style="margin-left: 10">Cash</font></td>
      <td WIDTH="5%" align="right"><font SIZE="2">$</font></td>
      <td WIDTH="10%" align="right">
      <p style="margin-right: 4"><font SIZE="2">125,294</font></td>
    </tr>
    <tr>
      <td WIDTH="85%"><font SIZE="2">
      <p style="margin-left: 10">Transaction costs</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">
      <p style="margin-right: 4"><font SIZE="2">1,525</font></td>
    </tr>
    <tr>
      <td WIDTH="85%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font SIZE="2">
      <p style="margin-left: 10">Fixed payment payable in 2009</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <p style="margin-right: 4">
      <font SIZE="2">1,196</font></td>
    </tr>
    <tr>
      <td WIDTH="85%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="5%" 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="10%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <p style="margin-right: 4">
      <font SIZE="2">128,015</font></td>
    </tr>
  </table>
</div>
<font SIZE="2">
<p style="margin-left: 5%">Immediately following the acquisition, the Company
repaid the entire amount of bank indebtedness assumed at the date of
acquisition. </p>
<p style="margin-left: 5%">Goodwill recorded in connection with this acquisition
is not deductible for tax purposes. </p>
<b>
<p>3.</b> </p>
<p style="margin-left: 5%; margin-top: -25.5pt"><b>Canada Revenue Agency Audit:
</p>
</b>
<p ALIGN="JUSTIFY" style="margin-left: 5%">The Canada Revenue Agency (&quot;CRA&quot;) has
been conducting an audit of the Company&#146;s income tax returns for its 2000, 2001,
2002 and 2003 fiscal years, the scope of which included a review of transfer
pricing and the allocation of income between the Company&#146;s Canadian legal entity
and its foreign subsidiaries. In the third quarter of fiscal 2008, management
met with the CRA for the first time to discuss preliminary transfer pricing
audit issues and, in particular, explain the roles and responsibilities
performed in the Company&#146;s foreign subsidiaries where the majority of its
taxable income is earned. On December 10, 2008, the Company reached a final
agreement with the CRA and concluded the audit for the 2000, 2001, 2002 and 2003
fiscal years. In connection with the terms of the agreement, the Company agreed
to a tax reassessment related to the restructuring of its international
wholesale business and the related transfer of the Company&#146;s assets to its
Barbados subsidiary, which occurred in fiscal 1999. Based on the results of the
audit, the Company continues to believe its income tax provisions for fiscal
years subsequent to the periods covered by the audit are appropriate. The terms
of the agreement have been accounted for in the fourth quarter of fiscal 2008
through a charge to income tax expense of $26.9 million and a reclassification
of $17.3 million of future income tax liabilities to income taxes payable. There
were no penalties assessed as part of the agreement, and there were no other
significant income tax adjustments to reported taxable income for the years
under audit. </p>
<p align="center">15</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5></font><b>
<p>Gildan Activewear Inc. &#150; Condensed notes to consolidated financial statements
<br>
</b><font SIZE="2">(tabular amounts in thousands of U.S. dollars) </p>
<b>
<p>4.</b> </p>
<p style="margin-left: 5%; margin-top: -25.5pt"><b>Long Term Debt </p>
</b>
<p ALIGN="JUSTIFY" style="margin-left: 5%">As at October 5, 2008, long-term debt
includes $45.0 million (September 30, 2007 - $49.0 million) drawn on the
Company&#146;s $400 million revolving long-term credit facility, which matures in
June 2013. The facility is unsecured. </p>
<b>
<p>5.</b> </p>
<p style="margin-left: 5%; margin-top: -25.5pt"><b>Comparative Figures </p>
</b>
<p style="margin-left: 5%">Certain comparative figures have been reclassified in
order to conform to the current period&#146;s presentation. </p>
<dir>
  <dir>
    </font>
    <p>&nbsp;</p>
  </dir>
</dir>
<font SIZE="2">
<p align="center">16</p>
<hr color="#000000" size="5"></font>

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