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<SEC-DOCUMENT>0001204459-08-002457.txt : 20081223
<SEC-HEADER>0001204459-08-002457.hdr.sgml : 20081223
<ACCEPTANCE-DATETIME>20081222203906
ACCESSION NUMBER:		0001204459-08-002457
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		20
CONFORMED PERIOD OF REPORT:	20081005
FILED AS OF DATE:		20081223
DATE AS OF CHANGE:		20081222

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:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14830
		FILM NUMBER:		081265360

	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>40-F
<SEQUENCE>1
<FILENAME>gildanf40f.htm
<DESCRIPTION>FORM 40-F
<TEXT>

<head>

<title>Gildan Activewear Inc.: Form 40-F - 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>
<b><font FACE="Times New Roman PS" size="5">
<p align="center">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION <br>
</font><font FACE="Times New Roman PS" SIZE="2">Washington, D.C. 20549 </p>
</font><font FACE="Times New Roman PS" size="5">
<p align="center">FORM 40-F </p>
</font>
                                   </b>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
       <tr>
              <td WIDTH="25%"><font FACE="Wingdings" LANG="JA" SIZE="4">
              <p align="center">&#168;</font></td>
              <td WIDTH="75%"><font FACE="Times New Roman PSMT" SIZE="2">
              Registration statement pursuant to Section 12 of the Securities
              Exchange Act of 1934</font></td>
       </tr>
       <tr>
              <td WIDTH="100%" colspan="2" align="center">
              <font FACE="Times New Roman PSMT" SIZE="2">or</font></td>
       </tr>
       <tr>
              <td WIDTH="25%">
              <p align="center"><font FACE="Wingdings" LANG="JA" SIZE="4">&#254;</font></td>
              <td WIDTH="75%"><font FACE="Times New Roman PSMT" SIZE="2">Annual
              report pursuant to Section 13(a) or 15(d) of the Securities
              Exchange Act of 1934</font></td>
       </tr>
</table>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
       <tr>
              <td WIDTH="50%">&nbsp;</td>
              <td WIDTH="50%">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="50%"><font FACE="Times New Roman PS" SIZE="2"><b>For
              Fiscal year ended: October 5, 2008</b></font></td>
              <td WIDTH="50%"><font FACE="Times New Roman PS" SIZE="2"><b>
              <p align="right">Commission File number: 1-14830</b></font></td>
       </tr>
</table>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
       <tr>
              <td align="center">&nbsp;</td>
       </tr>
       <tr>
              <td align="center"><font SIZE="6"><b>GILDAN ACTIVEWEAR INC.</b></font></td>
       </tr>
       <tr>
              <td align="center"><font SIZE="2"><i>(Exact name of registrant as
              specified in its charter)</i></font></td>
       </tr>
       <tr>
              <td align="center">&nbsp;</td>
       </tr>
       <tr>
              <td align="center"><font SIZE="2"><b>Canada</b></font></td>
       </tr>
       <tr>
              <td align="center"><font SIZE="2"><i>(Province or other
              jurisdiction of incorporation or organization)</i></font></td>
       </tr>
       <tr>
              <td align="center">&nbsp;</td>
       </tr>
       <tr>
              <td align="center"><font SIZE="2"><b>2200, 2250, 2300</b></font></td>
       </tr>
       <tr>
              <td align="center"><font SIZE="2"><i>(Primary standard industrial
              classification code number, if applicable)</i></font></td>
       </tr>
       <tr>
              <td align="center">&nbsp;</td>
       </tr>
       <tr>
              <td align="center"><font SIZE="2"><b>Not Applicable</b></font></td>
       </tr>
       <tr>
              <td align="center"><font SIZE="2"><i>(I.R.S. employer
              identification number, if applicable)</i></font></td>
       </tr>
       <tr>
              <td align="center">&nbsp;</td>
       </tr>
       <tr>
              <td align="center"><font SIZE="2"><b>600 de Maisonneuve Boulevard
              West, Montreal, Quebec, Canada H3A 3J2, (514) 735-2023 </b></font></td>
       </tr>
       <tr>
              <td align="center"><font SIZE="2"><i>(Address and telephone number
              of registrant's principal executive office)</i></font></td>
       </tr>
       <tr>
              <td align="center">&nbsp;</td>
       </tr>
       <tr>
              <td align="center"><font SIZE="2"><b>Puglisi &amp; Associates, 850
              Library Avenue, Suite 204, P.O. Box 885, Newark, Delaware 19715,
              (302) 738-6680</b></font></td>
       </tr>
       <tr>
              <td align="center"><font SIZE="2">(<i>Name, address and telephone
              number of agent for service in the United States</i>)</font></td>
       </tr>
       <tr>
              <td align="center">&nbsp;</td>
       </tr>
       <tr>
              <td align="center"><font SIZE="2">Securities registered pursuant
              to Section 12(b) of the Act:</font></td>
       </tr>
</table>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
       <tr>
              <td WIDTH="50%" align="center">&nbsp;</td>
              <td WIDTH="50%" align="center">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="50%" align="center">
              <font FACE="Times New Roman PSMT" SIZE="2">Title of each class</font></td>
              <td WIDTH="50%" align="center">
              <font FACE="Times New Roman PSMT" SIZE="2">Name of each exchange
              on which registered</font></td>
       </tr>
       <tr>
              <td WIDTH="50%" align="center">
              <font FACE="Times New Roman PS" SIZE="2"><b>Common Shares</b></font></td>
              <td WIDTH="50%" align="center">
              <font FACE="Times New Roman PS" SIZE="2"><b>New York Stock
              Exchange</b></font></td>
       </tr>
       <tr>
              <td WIDTH="50%" align="center">&nbsp;</td>
              <td WIDTH="50%" align="center">
              <font FACE="Times New Roman PS" SIZE="2"><b>Toronto Stock Exchange</b></font></td>
       </tr>
</table>
<font FACE="Times New Roman PSMT" SIZE="2">
<p align="center">Securities registered or to be registered pursuant to Section
12(g) of the Act:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font FACE="Times New Roman PS" SIZE="2"><b>None</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<br>
Securities for which there is a reporting obligation pursuant to Section 15(d)
of the Act:</font><font FACE="Times New Roman PS" SIZE="2"><b>&nbsp; None </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p align="center">For annual reports, indicate by check mark the information
filed with this form: </p>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="25%" align="center">
              <font FACE="Wingdings" LANG="JA" SIZE="4">&#254;</font></td>
    <td width="25%">
              <font FACE="Times New Roman PSMT" SIZE="2">Annual Information Form</font></td>
    <td width="25%">
              <p align="center">
              <font FACE="Wingdings" LANG="JA" SIZE="4">&#254;</font></td>
    <td width="25%">
              <font FACE="Times New Roman PSMT" SIZE="2">Audited Annual
              Financial Statements</font></td>
  </tr>
</table>
</font>
<font FACE="Times New Roman PSMT" SIZE="2">
<p align="justify">Indicate the number of outstanding shares of each of the
issuer's classes of capital or common stock as of the close of the period
covered by the annual report: </p>
<b>
<p align="center">Common Shares: <br>
120,536,501 </p>
</b>
<p ALIGN="JUSTIFY">Indicate by check mark whether the registrant by filing the
information contained in this form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934 (the &quot;Exchange Act&quot;). If &quot;Yes&quot; is marked, indicate the file number assigned
to the registrant in connection with such rule. </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
       <tr>
              <td WIDTH="50%" align="center">
              <font FACE="Times New Roman PSMT" SIZE="2">Yes </font><font FACE="Wingdings" LANG="JA" SIZE="4">
              &#168;</font></td>
              <td WIDTH="50%" align="center">
              <font FACE="Times New Roman PSMT" SIZE="2">No
              <font FACE="Wingdings" LANG="JA" SIZE="4">&#254;</font></font></td>
       </tr>
</table>
<font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">Indicate by check mark whether the registrant: (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Exchange Act
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports); and (2) has been subject to such filing
requirements for the past 90 days. </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
       <tr>
              <td WIDTH="50%" align="center">
              <font FACE="Times New Roman PSMT" SIZE="2">Yes
              <font FACE="Wingdings" LANG="JA" SIZE="4">&#254;</font></font></td>
              <td WIDTH="50%" align="center">
              <font FACE="Times New Roman PSMT" SIZE="2">No </font><font FACE="Wingdings" LANG="JA" SIZE="4">
              &#168;</font></td>
       </tr>
</table>
<HR noshade size=5 style="page-break-after:always;" color="#000000">
<b><font FACE="Times New Roman PS" SIZE="2">
<p align="center"><img border="0" src="aifht8.jpg" width="330" height="101"></p>
</font>
<p ALIGN="CENTER">GILDAN ACTIVEWEAR INC. </p>
<p ALIGN="CENTER">ANNUAL INFORMATION FORM </p>
<p ALIGN="CENTER"><font SIZE="2">
for the year ended October 5, 2008 </p>
<p align="center">December 18, 2008 </p>
<p align="center">&nbsp;</p>
</font>
<font FACE="Times New Roman PS" SIZE="2">
<HR noshade size=5 style="page-break-after:always;" color="#000000">
<p align="center">&nbsp;</p>
<p align="center">GILDAN ACTIVEWEAR INC. <br>
&nbsp;</p>
<p align="center">TABLE OF CONTENTS </font>
<font FACE="Times New Roman PS" SIZE="4"></p>
</font></b>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" DIR="ltr" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0" height="334">
  <tr>
    <td valign="bottom" height="16">&#12288;</td>
    <td valign="bottom" height="16">&#12288;</td>
    <td valign="bottom" height="16" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>Page</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" height="15"><font FACE="Times New Roman PS" SIZE="2"><b>
    1.</b></font></td>
    <td valign="bottom" height="15" width="90%">
    <font FACE="Times New Roman PS" SIZE="2"><b>CORPORATE STRUCTURE</b></font></td>
    <td valign="bottom" height="15" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>1</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" height="19">&#12288;</td>
    <td valign="bottom" height="19" width="90%">
    <font FACE="Times New Roman PS" SIZE="2"><b>1.1</b></font><font FACE="Times New Roman PSMT">
    </font><font FACE="Times New Roman PS" SIZE="2"><b>Name, Address and
    Incorporation</b></font></td>
    <td valign="bottom" height="19" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>1</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" height="19">&#12288;</td>
    <td valign="bottom" height="19" width="90%">
    <font FACE="Times New Roman PS" SIZE="2"><b>1.2</b></font><font FACE="Times New Roman PSMT">
    </font><font FACE="Times New Roman PS" SIZE="2"><b>Intercorporate
    Relationships</b></font></td>
    <td valign="bottom" height="19" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>2</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" height="15"><font FACE="Times New Roman PS" SIZE="2"><b>
    2.</b></font></td>
    <td valign="bottom" height="15" width="90%">
    <font FACE="Times New Roman PS" SIZE="2"><b>GENERAL DEVELOPMENT OF THE
    BUSINESS</b></font></td>
    <td valign="bottom" height="15" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>2</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" height="19">&#12288;</td>
    <td valign="bottom" height="19" width="90%">
    <font FACE="Times New Roman PS" SIZE="2"><b>2.1</b></font><font FACE="Times New Roman PSMT">
    </font><font FACE="Times New Roman PS" SIZE="2"><b>Recent Developments</b></font></td>
    <td valign="bottom" height="19" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>2</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" height="19">&#12288;</td>
    <td valign="bottom" height="19" width="90%">
    <font FACE="Times New Roman PS" SIZE="2"><b>2.2</b></font><font FACE="Times New Roman PSMT">
    </font><font FACE="Times New Roman PS" SIZE="2"><b>Developments in Fiscal
    2008</b></font></td>
    <td valign="bottom" height="19" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>3</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" height="19">&#12288;</td>
    <td valign="bottom" height="19" width="90%">
    <font FACE="Times New Roman PS" SIZE="2"><b>2.3</b></font><font FACE="Times New Roman PSMT">
    </font><font FACE="Times New Roman PS" SIZE="2"><b>Developments in Fiscal
    2007</b></font></td>
    <td valign="bottom" height="19" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>4</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" height="19">&#12288;</td>
    <td valign="bottom" height="19" width="90%">
    <font FACE="Times New Roman PS" SIZE="2"><b>2.4</b></font><font FACE="Times New Roman PSMT">
    </font><font FACE="Times New Roman PS" SIZE="2"><b>Developments in Fiscal
    2006</b></font></td>
    <td valign="bottom" height="19" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>5</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" height="15"><font FACE="Times New Roman PS" SIZE="2"><b>
    3.</b></font></td>
    <td valign="bottom" height="15" width="90%">
    <font FACE="Times New Roman PS" SIZE="2"><b>DESCRIPTION OF THE BUSINESS</b></font></td>
    <td valign="bottom" height="15" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>5</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" height="19">&#12288;</td>
    <td valign="bottom" height="19" width="90%">
    <font FACE="Times New Roman PS" SIZE="2"><b>3.1</b></font><font FACE="Times New Roman PSMT">
    </font><font FACE="Times New Roman PS" SIZE="2"><b>Business Overview</b></font></td>
    <td valign="bottom" height="19" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>5</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" height="19">&#12288;</td>
    <td valign="bottom" height="19" width="90%">
    <font FACE="Times New Roman PS" SIZE="2"><b>3.2</b></font><font FACE="Times New Roman PSMT">
    </font><font FACE="Times New Roman PS" SIZE="2"><b>Risk Factors</b></font></td>
    <td valign="bottom" height="19" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>12</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" height="19">&#12288;</td>
    <td valign="bottom" height="19" width="90%">
    <font FACE="Times New Roman PS" SIZE="2"><b>3.3</b></font><font FACE="Times New Roman PSMT">
    </font><font FACE="Times New Roman PS" SIZE="2"><b>Employees</b></font></td>
    <td valign="bottom" height="19" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>12</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" height="15"><font FACE="Times New Roman PS" SIZE="2"><b>
    4.</b></font></td>
    <td valign="bottom" height="15" width="90%">
    <font FACE="Times New Roman PS" SIZE="2"><b>DIVIDEND POLICY</b></font></td>
    <td valign="bottom" height="15" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>12</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" height="15"><font FACE="Times New Roman PS" SIZE="2"><b>
    5.</b></font></td>
    <td valign="bottom" height="15" width="90%">
    <font FACE="Times New Roman PS" SIZE="2"><b>CAPITAL STRUCTURE</b></font></td>
    <td valign="bottom" height="15" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>13</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" height="15"><font FACE="Times New Roman PS" SIZE="2"><b>
    6.</b></font></td>
    <td valign="bottom" height="15" width="90%">
    <font FACE="Times New Roman PS" SIZE="2"><b>MARKET FOR SECURITIES</b></font></td>
    <td valign="bottom" height="15" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>14</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" height="15"><font FACE="Times New Roman PS" SIZE="2"><b>
    7.</b></font></td>
    <td valign="bottom" height="15" width="90%">
    <font FACE="Times New Roman PS" SIZE="2"><b>DIRECTORS AND OFFICERS</b></font></td>
    <td valign="bottom" height="15" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>14</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" height="15"><font FACE="Times New Roman PS" SIZE="2"><b>
    8.</b></font></td>
    <td valign="bottom" height="15" width="90%">
    <font FACE="Times New Roman PS" SIZE="2"><b>AUDIT COMMITTEE DISCLOSURE</b></font></td>
    <td valign="bottom" height="15" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>17</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" height="15"><font FACE="Times New Roman PS" SIZE="2"><b>
    9.</b></font></td>
    <td valign="bottom" height="15" width="90%">
    <font FACE="Times New Roman PS" SIZE="2"><b>LEGAL PROCEEDINGS</b></font></td>
    <td valign="bottom" height="15" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>18</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" width="5%"><font FACE="Times New Roman PS" SIZE="2"><b>
    10.</b></font></td>
    <td valign="bottom" height="15" width="90%">
    <font FACE="Times New Roman PS" SIZE="2"><b>TRANSFER AGENT AND REGISTRAR</b></font></td>
    <td valign="bottom" width="5%" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>19</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" width="5%"><font FACE="Times New Roman PS" SIZE="2"><b>
    11.</b></font></td>
    <td valign="bottom" height="15" width="90%">
    <font FACE="Times New Roman PS" SIZE="2"><b>MATERIAL CONTRACTS</b></font></td>
    <td valign="bottom" width="5%" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>19</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" width="5%"><font FACE="Times New Roman PS" SIZE="2"><b>
    12.</b></font></td>
    <td valign="bottom" height="15" width="90%">
    <font FACE="Times New Roman PS" SIZE="2"><b>INTERESTS OF EXPERTS</b></font></td>
    <td valign="bottom" width="5%" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>19</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" width="5%"><font FACE="Times New Roman PS" SIZE="2"><b>
    13.</b></font></td>
    <td valign="bottom" height="15" width="90%">
    <font FACE="Times New Roman PS" SIZE="2"><b>FORWARD &#150; LOOKING INFORMATION</b></font></td>
    <td valign="bottom" width="5%" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>19</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" height="1"><font FACE="Times New Roman PS" SIZE="2"><b>
    14.</b></font></td>
    <td valign="bottom" height="1" width="90%">
    <font FACE="Times New Roman PS" SIZE="2"><b>ADDITIONAL INFORMATION</b></font></td>
    <td valign="bottom" width="5%" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>20</b></font></td>
  </tr>
  <tr>
    <td COLSPAN="2" valign="bottom" height="15">
    <font FACE="Times New Roman PS" SIZE="2"><b>APPENDIX A - MANDATE OF THE
    AUDIT AND FINANCE COMMITTEE</b></font></td>
    <td valign="bottom" width="5%" align="right">
    <font FACE="Times New Roman PS" SIZE="2"><b>22</b></font></td>
  </tr>
  <tr>
    <td height="1"></td>
  </tr>
</table>
<HR noshade size=5 style="page-break-after:always;" color="#000000"><font FACE="Ties" SIZE="2"><i>
<p align="justify">This Annual Information Form is dated December 18, 2008 and,
except as otherwise indicated, the information contained herein is given as of
December 18, 2008. </p>
<p align="justify">Unless otherwise indicated, all dollar amounts set forth
herein are expressed in U.S. dollars and all financial information set forth
herein is prepared in accordance with Canadian generally accepted accounting
principles. </p>
<p align="justify">Unless otherwise indicated, all references to share prices,
trading volumes and per share measures are adjusted, on a retroactive basis, to
reflect all stock splits. </p>
<p align="justify">In this Annual Information Form, &quot;Gildan&quot;, the &quot;Corporation&quot;
or the words &quot;we&quot;, &quot;our&quot; and &quot;us&quot; refer, depending on the context, either to
Gildan Activewear Inc. or to Gildan Activewear Inc. together with its
subsidiaries and joint venture. </p>
<p align="justify">The information appearing in the extracts of the documents
listed below and specifically referred to in this Annual Information Form is
incorporated herein by reference: </p>
<p style="margin-left: 30" align="justify">-</i> <i>2008 Annual Report; and </p>
</i>
<p style="margin-left: 30" align="justify">- </font><i>
<font SIZE="2" face="Ties">2008 Notice of Annual Meeting of Shareholders and
Management Proxy Circular (the &quot;Circular&quot;). </p>
<p align="justify">The foregoing documents are available on the SEDAR website at
www.sedar.com, on the EDGAR website at www.sec.gov and on the Corporation's
website at www.gildan.com. </p>
<p align="justify">This Annual Information Form contains certain forward-looking
statements, which are based on Gildan's current expectations, estimates,
projections and assumptions and were made by Gildan in light of its experience
and its perception of historical trends. Results indicated in forward-looking
statements may differ materially from the actual results. Please refer to the
cautionary statement at pages 19 and 20 of this Annual Information Form for
further explanation. </p>
</font></i><b><font face="Ties">
<p align="justify"><font size="2">1. </font></p>
<p style="margin-left: 4%; margin-top: -25.5pt" align="justify"><font size="2">
CORPORATE STRUCTURE </font></p>
</font>
<p align="justify"><font FACE="Ties" SIZE="2">1.1 </font></p>
<p style="margin-left: 4%; margin-top: -25.5pt" align="justify">
<font FACE="Ties" SIZE="2">Name, Address and Incorporation </p>
</font></b><font FACE="Ties" SIZE="2">
<p align="justify">We were incorporated on May 8, 1984 pursuant to the <i>Canada
Business Corporations Act</i> under the name of Textiles Gildan Inc. At our
inception, we focused our activities on the manufacture of textiles and produced
and sold finished fabric as a principal product-line. In 1992, we redefined our
operating strategy and, by 1994, our operations focused exclusively on the
manufacture and sale of activewear in the screenprint channel. In March 1995, we
changed our name to Gildan Activewear Inc./Les V&#234;tements de Sports Gildan Inc.
In 2005, we changed our French name to Les V&#234;tements de Sport Gildan Inc. </p>
<p ALIGN="JUSTIFY">In June 1998, in conjunction with a planned initial public
offering, we filed Articles of Amendment to, among other things, remove the
private company restrictions contained in our charter documents and change the
structure of our authorized share capital. On June 17, 1998, we completed our
initial public offering of an aggregate of 3,000,000 Class A Subordinate Voting
shares at Cdn$10.29 per share, on a pre-split basis, for total gross proceeds of
Cdn$30,880,500. </p>
<p ALIGN="JUSTIFY">On February 2, 2005, we filed Articles of Amendment in order
to, among other things, (i) create a new class of common shares (the &quot;Common
Shares&quot;), (ii) change each of the issued and outstanding Class A Subordinate
Voting shares into one of the newly-created Common Shares, and (iii) remove the
Class B Multiple Voting shares and the Class A Subordinate Voting shares as well
as the rights, privileges, restrictions and conditions attaching thereto. </p>
<p>Our principal executive offices and registered office are located at 600 de
Maisonneuve Boulevard West, 33<sup>rd</sup> Floor, Montreal, Qu&#233;bec, Canada H3A
3J2, and our telephone number at that address is (514) 735-2023. </p>
<HR noshade size=5 style="page-break-after:always;" color="#000000"></font><font FACE="Times New Roman" SIZE="2"><b>
<p>1.2 </p>
<p style="margin-left: 4%; margin-top: -25.5pt">Intercorporate Relationships </p>
</b>
<p>The following table indicates our principal subsidiaries, their jurisdiction
of incorporation and the percentage of voting securities that we beneficially
own or over which we exercise direct or indirect control: </p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" DIR="ltr" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td align="center" bgcolor="#E9F1F8"><b><font size="2">Subsidary</font></b></td>
    <td align="center" bgcolor="#E9F1F8"><font FACE="TimesNewRomanPS-BoldMT" size="2"><b>&nbsp;Jurisdiction
    of Incorporation</b></font></td>
    <td align="center" bgcolor="#E9F1F8"><font FACE="TimesNewRomanPS-BoldMT" size="2"><b>
    Percentage of Voting Securities or <br>
    Partnership Interest that Gildan held <br>
    as
    at <br>
    December 18, 2008</b></font></td>
  </tr>
  <tr>
    <td><font FACE="Times New Roman PSMT" size="2">Gildan Activewear SRL</font></td>
    <td align="center"><font FACE="Times New Roman PSMT" size="2">Barbados</font></td>
    <td align="center"><font FACE="Times New Roman PSMT" size="2">100%</font></td>
  </tr>
  <tr>
    <td><font FACE="Times New Roman PSMT" size="2">Gildan USA Inc.</font></td>
    <td align="center"><font FACE="Times New Roman PSMT" size="2">Delaware</font></td>
    <td align="center"><font FACE="Times New Roman PSMT" size="2">100%</font></td>
  </tr>
  <tr>
    <td><font FACE="Times New Roman PSMT" size="2">Gildan Choloma Textiles, S.
    de R.L.</font></td>
    <td align="center"><font FACE="Times New Roman PSMT" size="2">Honduras</font></td>
    <td align="center"><font FACE="Times New Roman PSMT" size="2">100%</font></td>
  </tr>
  <tr>
    <td><font FACE="Times New Roman PSMT" size="2">Gildan Activewear Dominican
    Republic Textile</font></td>
    <td align="center"><font FACE="Times New Roman PSMT" size="2">Barbados</font></td>
    <td align="center"><font FACE="Times New Roman PSMT" size="2">100%</font></td>
  </tr>
  <tr>
    <td><font FACE="Times New Roman PSMT" size="2">Company Inc.</font></td>
    <td align="center"><font size="2">&#12288;</font></td>
    <td align="center"><font size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td><font FACE="Times New Roman PSMT" size="2">Gildan Activewear Honduras
    Textiles</font></td>
    <td align="center"><font FACE="Times New Roman PSMT" size="2">Honduras</font></td>
    <td align="center"><font FACE="Times New Roman PSMT" size="2">100%</font></td>
  </tr>
  <tr>
    <td><font FACE="Times New Roman PSMT" size="2">Company, S. de R.L.</font></td>
    <td align="center"><font size="2">&#12288;</font></td>
    <td align="center"><font size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td><font FACE="Times New Roman PSMT" size="2">Gildan Honduras Hosiery
    Factory, S. de R.L.</font></td>
    <td align="center"><font FACE="Times New Roman PSMT" size="2">Honduras</font></td>
    <td align="center"><font FACE="Times New Roman PSMT" size="2">100%</font></td>
  </tr>
  <tr>
    <td><font FACE="Times New Roman PSMT" size="2">Gildan Activewear Properties
    (Dominican</font></td>
    <td align="center"><font FACE="Times New Roman PSMT" size="2">Barbados</font></td>
    <td align="center"><font FACE="Times New Roman PSMT" size="2">100%</font></td>
  </tr>
  <tr>
    <td><font FACE="Times New Roman PSMT" size="2">Republic) Inc.</font></td>
    <td align="center"><font size="2">&#12288;</font></td>
    <td align="center"><font size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td><font FACE="Times New Roman PSMT" size="2">Gildan Activewear (Eden) Inc.</font></td>
    <td align="center"><font FACE="Times New Roman PSMT" size="2">North Carolina</font></td>
    <td align="center"><font FACE="Times New Roman PSMT" size="2">100%</font></td>
  </tr>
  <tr>
    <td><font FACE="Times New Roman PSMT" size="2">Gildan Activewear (UK)
    Limited</font></td>
    <td align="center"><font FACE="Times New Roman PSMT" size="2">United Kingdom</font></td>
    <td align="center"><font FACE="Times New Roman PSMT" size="2">100%</font></td>
  </tr>
  <tr>
    <td width="33%"><font FACE="Times New Roman PSMT" size="2">V.I. Prewett &amp;
    Son, Inc.</font></td>
    <td width="33%" align="center"><font FACE="Times New Roman PSMT" size="2">
    Alabama</font></td>
    <td width="33%" align="center"><font FACE="Times New Roman PSMT" size="2">
    100%</font></td>
  </tr>
</table>
<font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">The subsidiaries that have been omitted do not represent
individually more than 10% of the consolidated assets and 10% of the
consolidated sales and operating revenues of Gildan, or in the aggregate more
than 20% of the total consolidated assets and the consolidated sales and
operating revenues as at and for the year ended October 5, 2008. </p>
</font><b>
<p>2.</b> </p>
<p style="margin-left: 4%; margin-top: -25.5pt"><b>GENERAL DEVELOPMENT OF THE
BUSINESS </p>
</b><font SIZE="2">
<p>The following section describes how our business has evolved in the last
three completed financial years and lists key events that have influenced the
development of our business. </p>
</font><b>
<p>2.1 </p>
<p style="margin-left: 4%; margin-top: -25.5pt">Recent Developments </p>
<font SIZE="2">
<p>Renewable Energy Projects </p>
</font></b><font SIZE="2">
<p ALIGN="JUSTIFY">In an effort to produce the energy used in our manufacturing
process in a more cost-effective and environmentally responsible fashion, Gildan
is currently evaluating plans to build two biomass combustion facilities located
in Honduras and the Dominican Republic. </p>
<b>
<p>China Sales and Distribution </p>
</b>
<p ALIGN="JUSTIFY">In early fiscal 2009, we were granted a business license by
the Chinese government to operate as Gildan (China) Trading Co., Ltd. This
corporation has been established exclusively to import and sell Gildan products
to customers in mainland China. In fiscal 2009, we plan to open a distribution
centre near Shanghai, China to service the initial customer base predominantly
located in the northern provinces of China. Later in fiscal 2009, Gildan is
planning to open another distribution centre in the southeast region of China.
Gildan is focusing on building our brand in both the retail and screenprint
channels in China. </p>
<b>
<p>Restructuring of U.S. Sock Manufacturing </p>
</b>
<p ALIGN="JUSTIFY">On December 11, 2008, we announced plans to phase out sock
finishing operations in the U.S. by the end of June 2009 and consolidate
operations in Honduras, in order to remain globally competitive in the current
economic conditions. As part of this restructuring, the Corporation will also be
closing a sock knitting facility in Hillsville, Virginia. </p>
</font>
<p align="center">2</p>
<HR noshade size=5 style="page-break-after:always;" color="#000000"><font FACE="Times New Roman PS" SIZE="2"><b>
<p>Tax </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">The Canada Revenue Agency (&quot;CRA&quot;) has been conducting an
audit of our income tax returns for our 2000, 2001, 2002 and 2003 fiscal years,
the scope of which included a review of transfer pricing and the allocation of
income between the Corporation'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 our foreign
subsidiaries where the majority of our taxable income is earned. On December 10,
2008, the Corporation 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, we agreed to a tax reassessment related to the
restructuring of our international wholesale business and the related transfer
of our assets to our Barbados subsidiary, which occurred in fiscal 1999. Based
on the results of the audit, we continue to believe that our income tax
provisions for fiscal years subsequent to the periods covered by the audit are
appropriate. </p>
</font><b><font FACE="Times New Roman PS">
<p>2.2 </p>
<p style="margin-left: 4%; margin-top: -25.5pt">Developments in Fiscal 2008 </p>
</font><font FACE="Times New Roman PS" SIZE="2">
<p>Growth Strategy </p>
</font></b><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">Over the past fiscal year, we have continued to achieve
market share gains in the U.S. screenprint market. We are also making progress
in our plans to penetrate the U.S. mass retail market for high-volume, basic,
frequently replenished, non-fashion family apparel. The acquisition of V.I.
Prewett &amp; Son, Inc. (&quot;Prewett&quot;) in fiscal 2008, as described below, is intended
to further strengthen our positioning as a supplier of socks for the retail
channel. During fiscal 2008, we began shipments under our first underwear
program with a U.S. national mass-market retailer. The Corporation has also
continued to implement its strategy to rationalize its sock product-mix, in
order to focus on basic higher-volume products and programs which capitalize on
Gildan's large-scale sock manufacturing facility in Honduras. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p>Acquisition of U.S. Sock Manufacturer </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">On October 15, 2007, we acquired 100% of the common shares of
Prewett, a large U.S. supplier of basic family socks to U.S. mass-market and
regional retailers. Prewett's corporate headquarters are located in Fort Payne,
Alabama. The aggregate purchase price was $128 million, which was comprised of
cash consideration of $125.3 million, a fixed payment of $1.2 million payable in
fiscal 2009 and transaction costs of $1.5 million. The purchase agreement
provides for an additional purchase consideration of $10 million contingent on
specified future events, which was paid into escrow by the Corporation. The
purchase price was paid in cash at closing and was financed out of our revolving
long-term credit facility. With this acquisition, we are now one of the leading
suppliers of socks in the U.S. mass-market retail channel. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p>Manufacturing Operations </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p>In fiscal 2008, we completed the ramp up of our second activewear facility
and of our integrated sock manufacturing facility, both located in Rio Nance,
Honduras. </p>
<p>In August 2007, we announced plans for the construction of a second sock
facility in Rio Nance, Honduras which is currently expected to begin production
in fiscal 2009. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p>Distribution </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">In fiscal 2008, we continued to service our retail activewear,
sock and underwear distribution through our distribution facility in
Martinsville, Virginia. In addition, with our acquisition of Prewett in fiscal
2008, two Prewett facilities, located in Fort Payne, Alabama, were added to our
distribution network. These two Prewett facilities also service our sock
distribution in the retail channel. Our distribution centre in Eden, North
Carolina, continues to be dedicated to supporting our customers in the
screenprint channel. </p>
<p ALIGN="JUSTIFY">In May 2008, the Corporation announced its intention to build
a new distribution centre in Honduras which is currently expected to become
operational in fiscal 2010. In addition to supporting the Corporation's
continuing sales growth, the new distribution facility in Honduras will
facilitate direct shipments to both U.S. and international customers, where
appropriate, and is expected to provide a lower cost structure to handle labour-intensive
activities for mass-market retail customers. </font>
<font FACE="Times New Roman PS" SIZE="2"><b></p>
</b></font>
<p align="center">3</p>
<HR noshade size=5 style="page-break-after:always;" color="#000000"><font FACE="Times New Roman PS" SIZE="2"><b>
<p>Corporate Office </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p>In fiscal 2008, we moved our corporate head office to leased premises located
in Montreal, Qu&#233;bec. </p>
</font><b><font FACE="Times New Roman PS">
<p>2.3 </p>
<p style="margin-left: 4%; margin-top: -25.5pt">Developments in Fiscal 2007 </p>
</font><font FACE="Times New Roman PS" SIZE="2">
<p>Growth Strategy </p>
</font></b><font FACE="Symbol MT" LANG="JA" SIZE="2">
<ul>
  <li>
  <p style="margin-top: 0; margin-bottom: 0"></font>
  <font FACE="Times New Roman PSMT" SIZE="2">We continued to achieve market
  share gains in the U.S. screenprint market. </li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0"></font>
  <font FACE="Times New Roman PSMT" SIZE="2">We also made progress in our plans
  to penetrate the U.S. mass retail market for high-volume, basic, frequently
  replenished, non-fashion family apparel. Our acquisition of Kentucky Derby
  Hosiery Co., Inc. (&quot;Kentucky Derby&quot;) provided us with enhanced distribution to
  major U.S. mass-market retailers, and permitted us to achieve our first
  national branded sock program for men's and boys' socks with a U.S. national
  retailer. </li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p style="margin-top: 0; margin-bottom: 0"></font>
  <font FACE="Times New Roman PSMT" SIZE="2">We began shipments of a major
  private label sock program to a U.S. national mass-market retailer. </li>
</ul>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p>Manufacturing Operations </p>
</b></font><font FACE="Symbol MT" LANG="JA" SIZE="2">
<ul>
  <li>
  <p ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0"></font>
  <font FACE="Times New Roman PSMT" SIZE="2">We announced the restructuring of
  our Canadian and U.S. manufacturing operations, which included the closure of
  our two remaining textile facilities in Montreal and our cutting facility in
  Bombay, New York and announced the closure of two sock facilities in Mount
  Airy, North Carolina. We also announced the closure of our two sewing
  facilities in Mexico, which had been supplied with fabric from our Canadian
  textile operations. </li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0"></font>
  <font FACE="Times New Roman PSMT" SIZE="2">We began production at a new
  integrated manufacturing facility in Rio Nance, Honduras for the large-scale
  production of socks and announced plans for a second sock facility in Honduras
  to support our projected continuing growth in sales. </li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p style="margin-top: 0; margin-bottom: 0"></font>
  <font FACE="Times New Roman PSMT" SIZE="2">We also began production at our
  second large-scale integrated textile manufacturing facility for the
  production of activewear in Rio Nance, Honduras. </li>
</ul>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p>Distribution </p>
</b></font><font FACE="Symbol MT" LANG="JA" SIZE="2">
<ul>
  <li>
  <p ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0"></font>
  <font FACE="Times New Roman PSMT" SIZE="2">We completed the consolidation of
  Kentucky Derby's distribution facilities into our retail distribution centre
  located in Martinsville, Virginia. This new distribution centre supports the
  distribution of all product lines for the retail channel. Our distribution
  centre in Eden, North Carolina continues to be dedicated to supporting our
  customers in the screenprint channel. </li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p style="margin-top: 0; margin-bottom: 0"></font>
  <font FACE="Times New Roman PSMT" SIZE="2">We began operations at a new
  third-party distribution centre in Shenzhen, China. </li>
</ul>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p>Stock Split </p>
</b></font><font FACE="Symbol MT" LANG="JA" SIZE="2">
<ul>
  <li>
  <p ALIGN="JUSTIFY"></font><font FACE="Times New Roman PSMT" SIZE="2">Our Board
  of Directors approved a two-for-one stock split effected in the form of a
  stock dividend. The split was applicable to all shareholders of record on May
  18, 2007. The Common Shares commenced trading on a post-split basis on May 16,
  2007 on the Toronto Stock Exchange and on May 28, 2007 on the New York Stock
  Exchange. </li>
</ul>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p>FLA Accreditation </p>
</b></font><font FACE="Symbol MT" LANG="JA" SIZE="3">
<ul>
  <li>
  <p ALIGN="JUSTIFY"></font><font FACE="Times New Roman PSMT" SIZE="2">In June
  2007, the Fair Labor Association (the &quot;FLA&quot;), a leading labour rights
  organization, accorded us accreditation status on our labour compliance
  program following an extensive three-year review of our compliance with its
  workplace code of conduct requirements. We became the first
  vertically-integrated manufacturer of basic activewear apparel to receive this
  accreditation, which is the FLA's most advanced recognition of a company's
  labour compliance program.</font><font FACE="Times New Roman PS" SIZE="3"><b>
  </li>
</ul>
</b></font>
<p align="center">4</p>
<HR noshade size=5 style="page-break-after:always;" color="#000000"><b><font FACE="Times New Roman PS">
<p>2.4 </p>
<p style="margin-left: 4%; margin-top: -25.5pt">Developments in Fiscal 2006 </p>
</font><font FACE="Times New Roman PS" SIZE="2">
<p>Retail Market Initiative </p>
<dir>
  </font></b><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p style="margin-top: 0; margin-bottom: 0"></font>
  <font FACE="Times New Roman PSMT" SIZE="2">We expanded our product-line of
  existing undecorated activewear products for sale to U.S. and Canadian
  regional retailers to include underwear and basic athletic socks. </li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p style="margin-top: 0; margin-bottom: 0"></font>
  <font FACE="Times New Roman PSMT" SIZE="2">In July 2006, we acquired 100% of
  the common shares of Kentucky Derby for a total purchase price of $20.4
  million. </li>
</dir>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p>Textile and Sock Manufacturing </p>
<dir>
  </b></font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li></font><font FACE="Times New Roman PSMT" SIZE="2">We completed the
  construction of a building for a sock manufacturing facility in Rio Nance,
  Honduras, and began the construction of an integrated manufacturing facility
  for the production of activewear at the same site. </li>
</dir>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p>Sewing </p>
<dir>
  </b></font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li></font><font FACE="Times New Roman PSMT" SIZE="2">In fiscal 2006, we
  expanded our sewing capacity in Honduras, Haiti and Nicaragua. </li>
</dir>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p>Distribution </p>
<dir>
  </b></font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p ALIGN="JUSTIFY"></font><font FACE="Times New Roman PSMT" SIZE="2">In the
  fourth quarter, we completed the closure of our distribution centre located in
  Montreal, Qu&#233;bec effective October 2006. We also relocated and began
  consolidation of Kentucky Derby's existing distribution centres, located at
  multiple sites in Danville, Virginia and Mount Airy, North Carolina, to a new
  400,000 square foot retail distribution centre in Martinsville, Virginia. </li>
</dir>
</font><b><font FACE="Times New Roman PS">
<p>3.</p>
<p style="margin-left: 4%; margin-top: -25.5pt">DESCRIPTION OF THE BUSINESS
</font></p>
<p><font FACE="Times New Roman PS">3.1 </font></p>
<p style="margin-left: 4%; margin-top: -25.5pt"><font FACE="Times New Roman PS">
Business Overview </p>
</font></b><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">Gildan is a vertically-integrated marketer and manufacturer
of quality branded basic apparel. The Corporation is the leading supplier of
activewear for the screenprint market 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 Corporation sells T-shirts,
sport shirts and fleece in large quantities to wholesale distributors as
undecorated &quot;blanks&quot;, which are subsequently decorated by screenprinters and
embroiderers with designs and logos. Consumers ultimately purchase the
Corporation's products, with the Gildan label, in venues such as sports,
entertainment and corporate events, and travel and tourism destinations. The
Corporation's products are also utilized for work uniforms and other end-uses to
convey individual, group and team identity. The Corporation 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's and boys' underwear and undecorated activewear products to mass-market
retailers in North America. </p>
<p>The Corporation's sales for fiscal 2008 reached $1,249.7 million. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p>Strategy and Objectives </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">We believe that our success in developing our
vertically-integrated manufacturing hubs has allowed us to provide our customers
with low prices, consistent product quality and a reliable supply chain, and has
been the main reason that we have been able to continue to increase our market
presence and establish our market leadership in the imprinted sportswear market.
These are the same factors that management believes will support Gildan's
strategy to expand its presence in international screenprint markets and further
penetrate the retail channel. </p>
<p>We are able to price our products competitively because of our success in
reducing operating costs, as a result of our investments in new
strategically-located, large-scale, capital-intensive manufacturing facilities
with modern equipment.</font><font FACE="Arial MT" SIZE="2"> </p>
</font>
<p align="center">5</p>
<HR noshade size=5 style="page-break-after:always;" color="#000000"><font FACE="Times New Roman PSMT" SIZE="2">
<p>Our growth strategy comprises the following initiatives: </p>
</font><font FACE="Times New Roman PS" SIZE="2"><i>
<p>1.</i></font> </p>
<p style="margin-left: 4%; margin-top: -25.5pt">
<font FACE="Times New Roman PS" SIZE="2"><i>Continue to increase market share in
the U.S. screenprint channel in all product categories </p>
</i></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">During fiscal 2008, we further increased our leading market
share position in the U.S. screenprint channel in all of our product categories
as reported in the S.T.A.R.S. report produced by ACNielsen Market Decisions (the
&quot;S.T.A.R.S. Report&quot;). We intend to seek to continue gaining market share in all
of the product categories that we serve within the U.S. screenprint channel,
namely T-shirts, sport shirts and fleece, by producing consistent high quality
products, reliable customer service and competitive pricing. In addition, the
introduction of new products such as softer T-shirts and sport shirts made of
ring-spun cotton and new styles tailored for women, should enable us to further
increase our market share by serving certain niches of the screenprint channel
in which we previously did not participate. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><i>
<p>2.</i></font> </p>
<p style="margin-left: 4%; margin-top: -25.5pt">
<font FACE="Times New Roman PS" SIZE="2"><i>Leverage our successful business
model to further penetrate the mass-market retail channel and develop Gildan as
a consumer brand </p>
</i></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">The acquisitions of Kentucky Derby and Prewett, combined with
the addition of new branded and private label sock programs, have positioned us
as a leading supplier of basic family socks in the U.S. mass-market retail
channel. We intend to build on our market position in socks to also establish a
significant presence in the mass-market retail channel with our activewear and
underwear product lines. During fiscal 2008, we obtained our first retail
private label underwear program with a U.S. national mass-market retailer.
Shipments under this program began in the third quarter of this fiscal year. Our
goal is to continue to provide a value proposition, combining quality, service
and competitive pricing. Our main competitors in the retail channel for basic
family apparel products are essentially the same as in the screenprint channel.
</p>
</font><font FACE="Times New Roman PS" SIZE="2"><i>
<p>3.</i></font> </p>
<p style="margin-left: 4%; margin-top: -25.5pt">
<font FACE="Times New Roman PS" SIZE="2"><i>Pursue international growth
opportunities </p>
</i></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">We expect to pursue further market penetration primarily
within our existing screenprint channels in Europe, Mexico and the Asia/Pacific
region. We continue to seek opportunities for growth in Europe, as we expand our
product-lines, including the introduction of ring-spun cotton activewear
products. In Mexico, we intend to expand our presence in the screenprint channel
by building on the sales and distribution infrastructure that we have recently
established in the country. In addition, in fiscal 2007, we began selling our
products in Japan in both the screenprint and retail channels and during fiscal
2008, we established a sales and distribution network in China to position
Gildan to service both the screenprint and retail channels. We have had a
distributor network to service both the screenprint and retail markets in
Australia and New Zealand since 2001. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><i>
<p>4.</i></font> </p>
<p style="margin-left: 4%; margin-top: -25.5pt">
<font FACE="Times New Roman PS" SIZE="2"><i>Continue to generate manufacturing
and distribution cost reductions </p>
</i></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">We seek to continuously improve our manufacturing and
distribution processes and cost structure by developing and investing in
cost-reduction initiatives. In addition to our continuing consolidation of our
manufacturing operations in our Central American and Caribbean Basin hubs, our
cost reduction initiatives include, among others, our plans in fiscal 2009 to
install biomass facilities as an alternate source of natural renewable energy in
order to reduce our reliance on high-cost fossil fuels and further reduce our
environmental footprint, as well as our plans to build a new distribution centre
in Rio Nance, Honduras to handle labour intensive activities for mass-market
retail customers. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><i>
<p>5.</i></font> </p>
<p style="margin-left: 4%; margin-top: -25.5pt">
<font FACE="Times New Roman PS" SIZE="2"><i>Pursue selective complementary
acquisitions </p>
</i></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">We will evaluate further selective acquisitions, which could
complement our organic strategic growth opportunities. In addition, we will
continue to seek opportunities where we believe we can lever our core
competencies and position us in markets that offer the potential for superior
economic returns. </p>
</font><b><font FACE="Times New Roman PS" SIZE="2">
<p>Our Products <i></p>
</i> </font></b><font FACE="Times New Roman PSMT" SIZE="2">
<p>We specialize in marketing and large-scale low-cost manufacturing of basic,
non-fashion apparel products for customers requiring an efficient supply chain
and consistent product quality for high-volume automatic replenishment programs.
</p>
<p ALIGN="JUSTIFY">In the screenprint channel, we sell activewear products,
namely T-shirts, sport shirts and fleece in large quantities to wholesale
distributors as undecorated &quot;blanks&quot;, which are subsequently decorated by
screenprinters and embroiderers with designs and logos. Consumers ultimately
purchase the Corporation's products, with the Gildan label, in venues such as sports, entertainment and corporate events, and travel and
tourism destinations. The Corporation's products are also utilized for work
uniforms and other end-uses to convey individual, group and team identity. Our
products are made of cotton and of blends of cotton and synthetic fibres. We
sell our products to wholesale distributors under the Gildan brand.
</p>
</font>
<p align="center">6</p>
<HR noshade size=5 style="page-break-after:always;" color="#000000"><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">For the first nine months of calendar 2008, we achieved the
leading overall market share in the U.S. screenprint channel of 51.9%. In
calendar 2007, our overall market share in this channel was 48.1%. All U.S.
market share data is based on the S.T.A.R.S. Report. </p>
<p ALIGN="JUSTIFY">In the retail channel, we sell a variety of styles of socks
and, to a much lesser extent at this stage, men's and boys' underwear and
undecorated activewear products. We sell these products to mass-market and
regional retailers in North America under various retailer private label
programs and under the Gildan brand. </p>
<p>Activewear and underwear represented 77% of our sales in fiscal 2008 and 86%
of our sales in fiscal 2007. Socks represented 23% of our sales in fiscal 2008
and 14% of our sales in fiscal 2007.</font><font FACE="Times New Roman PS" SIZE="2"><b>
</p>
<p>Market Overview </p>
</b><i>
<p>Target Market</i></font><font FACE="Times New Roman PSMT" SIZE="2"> </p>
<p ALIGN="JUSTIFY">Our markets for activewear, socks and underwear are
characterized by low fashion risk compared to many other apparel markets, since
our products are basic, frequently replenished and produced in a limited range
of sizes, colours and styles, and since logos and designs for the screenprint
market are not imprinted or embroidered by Gildan. </p>
<p>The demand for activewear products in the screenprint channel has been driven
by several market trends such as: </font>
</p>
<ul>
  <li>
  <p style="margin-top: 0; margin-bottom: 0">
  <font FACE="Times New Roman PSMT" SIZE="2">the use of activewear for uniform
  applications; </font></li>
  <li>
  <p style="margin-top: 0; margin-bottom: 0">
  <font FACE="Times New Roman PSMT" SIZE="2">the use of activewear for corporate
  promotions; </font></li>
  <li>
  <p style="margin-top: 0; margin-bottom: 0">
  <font FACE="Times New Roman PSMT" SIZE="2">the use of activewear for event
  merchandising (such as concerts, festivals, etc.); </font></li>
  <li>
  <p style="margin-top: 0; margin-bottom: 0">
  <font FACE="Times New Roman PSMT" SIZE="2">the evolution of the
  entertainment/sports licensing and merchandising businesses; </font></li>
  <li>
  <p style="margin-top: 0; margin-bottom: 0">
  <font FACE="Times New Roman PSMT" SIZE="2">the use of activewear products for
  travel and tourism; </font></li>
  <li>
  <p style="margin-top: 0; margin-bottom: 0">
  <font FACE="Times New Roman PSMT" SIZE="2">the emphasis on physical fitness;
  </font></li>
  <li>
  <p style="margin-top: 0; margin-bottom: 0">
  <font FACE="Times New Roman PSMT" SIZE="2">and the use and acceptance of
  casual dress in the workplace. </li>
</ul>
<p ALIGN="JUSTIFY">In addition, reductions in manufacturing costs, combined with
quality enhancements in activewear apparel, such as pre-shrunk fabrics, improved
fabric weight, blends and construction, as well as an increased range of colours
and styles have provided consumers with superior products at lower prices. </p>
<p ALIGN="JUSTIFY">In the U.S. screenprint channel, T-shirt unit shipments have
grown at a compounded annual rate of 6.5%, between 1998 and 2007, according to
S.T.A.R.S. reports produced by ACNielsen Market Decisions which tracks unit
volume shipments from U.S. wholesale distributors to U.S. screenprinters. Over
the same 10-year period, industry volume for T-shirts declined only once, in
2001, by 3.4%. More recently, unit shipments for T-shirts decreased by 3.5% for
the nine-month period ended September 30, 2008. While T-shirt shipments from
U.S. distributors to screenprinters declined in 2001 and in the first nine
months of calendar 2008, unit sales of Gildan T-shirts from U.S. distributors to
screenprinters increased by 8.1% and 4.7%, respectively, as a result of
continued market share gains. As noted in the &quot;Outlook&quot; section of the
management's discussion and analysis on pages 34 to 35 of the 2008 Annual
Report, recent market conditions in the screenprint channel have deteriorated
with overall industry shipments from U.S. wholesale distributors to
screenprinters across all product categories down significantly in the months of
October and November 2008. </font><font FACE="Arial MT" SIZE="2"></p>
</font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">While we have, in the past, achieved unit sales growth even
during economic downturns, there can be no assurance that the current global
financial market crisis and the global economic slowdown will not negatively
impact demand and sales for our products in the U.S. screenprint channel, which
accounted for more than 75% of our total sales in fiscal 2008. The potential negative impact of a major economic downturn and decline in
corporate and consumer spending could not only reduce unit sales volumes for the
Corporation's activewear products in the screenprint channel, but result in
lower unit selling prices due to a more unfavourable supply-demand and
competitive environment. The same market and competitive factors and risks which
could impact the U.S. screenprint channel may impact our sales and earnings in
our other international screenprint markets. Similarly, while the basic
replenishment nature of our products sold into the mass-market retail channel
may moderate the negative impact of a downturn in overall economic conditions
and consumer spending, there is no assurance that our unit sales and selling
prices will not be negatively impacted by the current economic uncertainty. </p>
<p align="center">7 </p>
<HR noshade size=5 style="page-break-after:always;" color="#000000">
<font FACE="Times New Roman PS" SIZE="2"><i>
<p>Competitive Environment </p>
</i></font>
<p ALIGN="JUSTIFY">The market for our products is highly competitive.
Competition is generally based upon price, with reliable quality and service
also being key requirements for success. Our primary competitors in North
America both in the screenprint and retail channels are major U.S.-based
manufacturers of basic family apparel, such as the Hanes, Fruit of the Loom, and
Jerzees brands. Competition in socks in the U.S. mass-market retail channel is
more fragmented, with a higher proportion of private label programs which are
frequently outsourced from Asian contractors by their retail vendors. </p>
<p ALIGN="JUSTIFY">The competition in the European screenprint channel is
similar to that in North America, as we compete primarily with the U.S.-based
manufacturers mentioned above. We also have large European-based competitors
that do not have integrated manufacturing operations and source products from
suppliers in Asia. In addition, we may face the threat of increasing global
competition. In particular, the U.S. sock industry is already subject to global
competition, including significant imports from Asia. </p>
<font FACE="Times New Roman PS" SIZE="2"><b>
<p>Sales and Marketing </p>
</b></font>
<p ALIGN="JUSTIFY">Our global sales and marketing office is located in St.
Michael, Barbados where we employ more than 160 full-time employees. Our sales
and marketing team is responsible for all customer-related functions including
sales management, marketing, customer service, credit management and sales
forecasting. </p>
<p ALIGN="JUSTIFY">Our marketing strategy for the screenprint channel
concentrates primarily on the wholesale distributor catering to screenprinters,
embroiderers and advertising specialty firms. We also promote our products
through appearances at tradeshows and trade magazine advertising and also engage
in various forms of co-operative advertising with our major customers, including
print advertising, catalogues and mailings and product sampling programs. Our
competitive strategy in the retail channel is based on delivering consistent,
reliable product quality to our customers at competitive prices. </p>
<font FACE="Times New Roman PS" SIZE="2"><b>
<p>Customers </p>
</b></font>
<p ALIGN="JUSTIFY">In fiscal 2008, we sold our products in the United States,
Canada and Europe and other international markets, which accounted for 90%, 5%
and 5% of total sales, respectively. For a breakdown of our total sales by
geographic market for each of the last three financial years, reference is made
to Note 21(b) (ii) to the audited annual consolidated financial statements of
the Corporation included in our 2008 Annual Report, which note is incorporated
herein by reference. </p>
<p ALIGN="JUSTIFY">Our customer base is composed of a relatively small number of
significant customers. We currently sell our products to approximately 200<font FACE="Times New Roman PS" SIZE="2"><b>
</b></font>customers. In fiscal 2008, our largest customer accounted for 23.1%
of total sales, and our top ten customers accounted for 67.9% of total sales in
the retail and screenprint channel.<font FACE="Times New Roman PS" SIZE="2"><b>
</b></font></p>
<p ALIGN="JUSTIFY">The large majority of total sales in fiscal 2008 continued to
be made in the screenprint channel through our wholesale distributors. Although
we have long-term ongoing relationships with many of our customers, our
contracts with our customers do not require them to purchase a minimum quantity
of our products. Instead, we assess their projected requirements and then plan
our production and marketing strategy accordingly. </p>
<font FACE="Times New Roman PS" SIZE="2"><b>
<p>Our Manufacturing and Distribution Facilities </p>
</b><i>
<p>Manufacturing </i><b></p>
</b></font>
<p ALIGN="JUSTIFY">To support our sales in the various markets, we have built
and are continuing to build modern manufacturing facilities located in Central
America and the Caribbean Basin where we manufacture T-shirts, fleece, sport
shirts, socks and underwear. Our largest manufacturing hub in Central America
includes our first integrated knitting, bleaching, dyeing, finishing and cutting textile facility (Rio Nance 1) to produce activewear and,
more recently, underwear fabric. This facility, located in Rio Nance, Honduras,
became operational in 2002. During 2007, we commenced production at an
integrated sock manufacturing facility (Rio Nance 3) and a new integrated
textile facility for the production of activewear fabric (Rio Nance 2), in Rio
Nance, Honduras. In August 2007, we announced plans for the construction of a
second sock facility (Rio Nance 4) in Rio Nance, Honduras which is currently
expected to begin production during fiscal 2009. During Fiscal 2008, we
announced plans to construct another integrated textile facility for the
production of activewear in Rio Nance (Rio Nance 5).
</p>
<p align="center">8</p>
<HR noshade size=5 style="page-break-after:always;" color="#000000"></font></font>
<font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">We have also established a vertically-integrated Caribbean
Basin manufacturing hub with a textile facility for the production of activewear
fabric in Bella Vista, Dominican Republic, which became operational in fiscal
2005. We plan to undertake an incremental capacity expansion of our Dominican
Republic textile facility and we also intend to incrementally expand our &quot;Rio
Nance 1&quot; textile facility in Honduras. </p>
<p ALIGN="JUSTIFY">In addition to our integrated sock manufacturing facility
located in our Central America hub, we operate U.S. sock manufacturing
facilities in Hillsville, Virginia and Fort Payne, Alabama, purchased as part of
the sock manufacturing acquisitions in fiscal 2006 and fiscal 2008. </p>
<p ALIGN="JUSTIFY">Our sewing facilities are strategically located in close
proximity to our textile manufacturing facilities. We own and operate sewing
facilities in Nicaragua and Honduras to support our textile manufacturing hub in
Central America. To support our vertically-integrated production in the
Dominican Republic, we utilize third-party contractors in Haiti, and we are in
the process of establishing a sewing facility in the Dominican Republic which we
expect to be operational in fiscal 2009.</font><font FACE="Times New Roman PS" SIZE="2"><i>
</p>
<p>Yarn-Spinning </p>
</i></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">CanAm Yarns, LLC (&quot;CanAm&quot;), our joint-venture company with
Frontier Spinning Mills, Inc. (&quot;Frontier&quot;), operates yarn-spinning facilities in
Georgia and North Carolina. CanAm's yarn-spinning operations, together with
supply agreements currently in place with Frontier and other third-party yarn
providers, serve to meet our yarn requirements. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><i>
<p>Distribution </i></font><font FACE="Times New Roman PSMT" SIZE="2"></p>
<p ALIGN="JUSTIFY">We distribute our products for the screenprint channel to
wholesale distributors in the United States from a company-owned distribution
centre in Eden, North Carolina as well as from a distribution centre operated by
a third party in California. The third-party warehouse in California was added
in fiscal 2004 for the purpose of providing next day service to customers
located on the U.S. west coast. We continue to distribute products for the
retail channel from a facility in Martinsville, Virginia. In addition, with our
acquisition of Prewett in fiscal 2008, two Prewett facilities, located in Fort
Payne, Alabama, were added to our distribution network. These two Prewett
facilities also service our retail sock distribution channel. Our distribution
centre in Eden, North Carolina continues to be dedicated to supporting our
customers in the screenprint channel. </p>
<p ALIGN="JUSTIFY">Our Canadian wholesale and retail customers are serviced from
a third-party distribution centre located in Mississauga, Ontario. Customers in
Europe are serviced from distribution centres operated by third parties in Meer,
Belgium and Manchester, United Kingdom.</font><font FACE="Times New Roman PS" SIZE="2"><b>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">Customers in Australia and
New Zealand are serviced with full container shipments from our Eden, North
Carolina distribution centre. Our Mexican customers are serviced from a
third-party distribution centre located in Tultitlan, Mexico and customers in
the Asia-Pacific region are serviced from a third-party distribution centre in
Shenzhen, China. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p>Raw Materials </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">Cotton and polyester fibres are the main raw materials used
in the manufacturing of our products. Cotton is used in the manufacturing of
100% cotton yarn while polyester is added in the manufacturing of
cotton-polyester blend yarn. Polyester pricing is negotiated on an annual basis,
while cotton fibre is typically purchased for future delivery at pre-determined
prices under contracts as deemed appropriate by management. </p>
<p ALIGN="JUSTIFY">During fiscal 2008, most of our yarn requirements for the
production of our product lines were met by our long-term supply agreements with
third-party suppliers, as well as by our jointly owned CanAm yarn-spinning
facilities in Cedartown, Georgia and Clarkton, North Carolina. We expect that
most of our yarn requirements will continue to be met by these sources. </p>
<p>The two primary sources of energy consumed in our manufacturing facilities
are electricity, which is used to power production equipment, and bunker fuel,
which is used to generate steam required in the production process. The
electricity requirements at our two main production complexes are
provided by a public utility in Honduras and from a private supplier in the
Dominican Republic. Electricity rates are variable and are in part related to
underlying oil prices. The bunker fuel used in our operations is supplied from
local third-party suppliers, and the pricing is highly dependant on
international market prices for bunker fuel. We expect to reduce our bunker fuel
requirements and generate cost savings upon the completion of two biomass
combustion facilities, which are expected to be built during fiscal 2009. </p>
</font>
<p align="center"><font size="2">9</font></p>
<HR noshade size=5 style="page-break-after:always;" color="#000000"><font FACE="Times New Roman PSMT" SIZE="2">
<p>We also purchase chemicals, dyestuffs and trims through a variety of
suppliers. These products have historically been available in sufficient supply.
</p>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p>Management Information Systems </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">Our Enterprise Resource Planning (&quot;ERP&quot;) system supports the
majority of our operations in the areas of finance, manufacturing and customer
service. This system is centralized and is accessed from all of our locations
through secure networks. Our ERP system is linked to servers supporting both
local processes and specialized applications, including payroll and
distribution. We continue to leverage our existing ERP system by adding new
functionality in the areas of supply chain planning, demand forecasting and
business intelligence. Due to our increasing dependence on the availability of
our computer systems to support our operations, we plan to continue, in fiscal
2009, to implement initiatives to enhance our information technology (&quot;IT&quot;)
processes and infrastructure based on the Information Technology Infrastructure
Library, a framework of best practices approaches intended to facilitate the
delivery of high quality IT services.</font><font FACE="Times New Roman PSMT">
</p>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p>Seasonality </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">The activewear business is seasonal and we have historically
experienced quarterly fluctuations in operating results. Typically, demand for
our T-shirts is highest in the third quarter of each fiscal year, when
distributors purchase inventory for the peak summer selling season, and lowest
in the first quarter of each fiscal year. Demand for fleece is typically
highest, as a result of cooler weather, in the third and fourth quarters of each
fiscal year. The seasonality of specific product lines is consistent with that
experienced by other companies in the activewear industry. During the year, we
operate our mature facilities at full capacity in order to be cost efficient.
Consequently, with the seasonal sales trends of our business, we experience
fluctuations in our inventory levels throughout the year. For our sock products,
demand is typically highest in the first and fourth quarters of each fiscal
year, stimulated largely by the cooler weather, the need to support requirements
for the back-to-school period and the peak retail selling during the Christmas
holiday season. Management anticipates that the seasonality we have historically
experienced will continue in the future, although it is expected to be somewhat
mitigated by our product diversification. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p>Trade and Regulatory Environment </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">Although the textile and apparel industry has historically
been the subject of significant worldwide protection, trade liberalization has
diminished this protection in recent years. For example, U.S. safeguards
imposing quotas on annual imports of certain categories of Chinese originating
textiles and apparel will expire at the end of 2008, although import duties will
remain. The United States, Canada, and Mexico have also implemented several free
trade agreements and trade preference programs to enhance trade with their
trading partners. We have attempted to leverage the benefits of the trade
liberalization climate by shifting our manufacturing capabilities to strategic
locations. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><i>
<p>United States</i></font><font FACE="Times New Roman PSMT" SIZE="2"> </p>
<p ALIGN="JUSTIFY">A number of regional trade agreements and preference
programs, such as the North American Free Trade Agreement (&quot;NAFTA&quot;), the
Caribbean Basin Trade Partnership Act (&quot;CBTPA&quot;), the Dominican Republic-Central
America-United States Free Trade Agreement (&quot;CAFTA-DR&quot;) and the Haitian
Hemispheric Opportunity through Partnership Encouragement Act (&quot;HOPE&quot;), allow
qualifying textiles and apparel from participating countries duty-free access to
the U.S. market. The United States adopted two of the newest programs, CAFTA-DR
and HOPE (as amended by HOPE II legislation in 2008), to strengthen and develop
U.S. economic relations with Central America, the Dominican Republic, and Haiti.
CAFTA-DR provides for the application of safeguards in the form of reinstatement
of normal duties if increased imports cause or threaten to cause substantial
injury to a domestic industry. In 2008, the United States imposed such a
safeguard against socks imported from Honduras. The safeguard is in the form of
a 5% duty on socks imported from Honduras from July through December 2008, which
affects our imports of socks from our integrated Honduran sock facility. The
United States has agreed with Honduras not to extend or reimpose the socks
safeguard beyond 2008. Under the provisions of the CAFTA-DR agreement, a
safeguard, upon expiration, cannot be renewed. CAFTA-DR and HOPE benefit our
imports from participating countries, but there can be no assurance that future
developments in trade legislation will not adversely impact our business. </p>
<p ALIGN="center">10</p>
<HR noshade size=5 style="page-break-after:always;" color="#000000"><font FACE="Times New Roman PS" SIZE="2"><i>
<p>Canada</i></font><font FACE="Times New Roman PSMT" SIZE="2"> </p>
<p ALIGN="JUSTIFY">Textile and apparel imports into Canada benefit from both
free trade agreements and trade preference programs, such as NAFTA and Canada's
Least Developed Developing Countries (&quot;LDDC&quot;) Initiative. NAFTA provides duty
free treatment of qualifying goods from the United States and Mexico. The LDDC
Initiative provides trade benefits to 48 least developed countries. Our apparel
products from the LDDC's are eligible for importation into Canada duty-free and
quota-free if they meet applicable rules of origin. Our apparel products
imported into Canada are also eligible for duty remission under the Canadian
Outward Processing Initiative, adopted in 2008, if they are produced in General
Preferential Tariff beneficiary developing countries with Canadian textiles and
otherwise meet the requirements of this initiative. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><i>
<p>Mexico</i></font><font FACE="Times New Roman PSMT" SIZE="2"> </p>
<p ALIGN="JUSTIFY">Imports into the Mexican market may qualify for trade
preferences from various free trade agreements such as NAFTA, the
Mexico-Nicaragua Free Trade Agreement, and the Mexico-Northern Triangle Regional
Trade Agreement which includes El Salvador, Guatemala and Honduras as member
countries. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><i>
<p>European Union</i></font><font FACE="Times New Roman PSMT" SIZE="2"> </p>
<p ALIGN="JUSTIFY">In addition to free trade arrangements among the individual
countries within the European Union, the European Union also has preferential
trade agreements with other European countries and with countries outside of
Europe, such as the free trade agreement between the European Union and Mexico.
Furthermore, the European Union also enacted a Generalized System of Preferences
(&quot;GSP&quot;) and an Africa-Caribbean-Pacific program that allow duty-free and
quota-free entry into the European Union of qualifying articles, including
apparel, from developing countries and least developed countries such as
Honduras, Nicaragua and Haiti. However, discussions are ongoing at the European
Union level regarding the reform of certain of the GSP rules of origin. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><i>
<p>Asia-Pacific</i></font><font FACE="Times New Roman PSMT" SIZE="2"> </p>
<p ALIGN="JUSTIFY">Australia has a free trade agreement with the United States.
Additionally, Australia has adopted legislation similar to the legislation in
force in Canada to allow duty-free and quota-free entry of textiles and apparel
articles from least developed countries, subject to applicable rules of origin.
</p>
<p>A safeguard agreement limiting annual imports of Chinese textiles and apparel
into the European Union expired at the end of 2007, although import duties will
remain. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p>Intellectual Property </p>
</b></font>
<p ALIGN="JUSTIFY">We own several registered trademarks including, among others,
the Gildan &quot;logo&quot; in Canada, &quot;Gildan&quot; and &quot;Gildan Activewear&quot; in Canada, the
United States and many countries in Europe, Central America, South America and
Asia, as well as in Australia. Applications for the registration of the &quot;Gildan&quot;
trademark are also pending in certain countries. We have and intend to continue
to maintain our trademarks and the relevant registrations, and will actively
pursue the registration of trademarks in Canada, the United States and abroad.
</p>
<font FACE="Times New Roman PS" SIZE="2"><b>
<p>Environmental Regulation</b></font><font FACE="Times New Roman PSMT" SIZE="2">
</p>
<p ALIGN="JUSTIFY">We are subject to various federal, state and local
environmental and occupational health and safety laws and regulations in the
jurisdictions in which we operate concerning, among other things, wastewater
discharges, storm water flows, and solid waste disposal. Our manufacturing
plants generate small quantities of hazardous waste, which are either recycled
or disposed of off-site. As part of our Corporate Environmental Policy, we
monitor, control and manage environmental issues through policies including, but
not limited to, the recycling and creation of measures for waste prevention,
minimization, recovery and treatment at all stages of the production cycle
including the off-site disposal of any hazardous waste. We believe that we are
in compliance in all material respects with the regulatory requirements of those
jurisdictions in which our facilities are located. </p>
</font>
<p align="center">11</p>
<HR noshade size=5 style="page-break-after:always;" color="#000000">
<p ALIGN="JUSTIFY">In line with our commitment to the environment as well as to
the health and safety of our employees we incur capital and other expenditures
each year that are aimed at achieving compliance with current environmental
standards. For fiscal 2008, the requirements with regard to environmental
protection did not have a significant financial or operational impact on the
Corporation's capital expenditures, earnings and competitive position. Although
we do not expect that the amount of these expenditures in the future will have a
material adverse effect on our operations, financial condition or liquidity,
there can be no assurance that future changes in federal, state, or local
regulations, interpretations of existing regulations or the discovery of
currently unknown problems or conditions will not require substantial additional
environmental remediation expenditures or manufacturing interruption that could
have a material adverse effect on our business. Similarly, the extent of our
liability, if any, for past failures to comply with laws, regulations and
permits applicable to our operations cannot be determined. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p>Labour Practices </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">We seek to provide favourable working conditions for all
employees. We have implemented internal and external monitoring programs that
permit us to verify compliance with local labour laws, as well as with
internationally recognized labour standards. In addition to having our own Code
of Conduct, which is available on our website at www.gildan.com, we have
obtained Worldwide Responsible Apparel Production (&quot;WRAP&quot;) re-certification for
all our Gildan-owned sewing facilities. Furthermore, our newer sewing facility
in Nicaragua was successfully certified under WRAP for the first time in fiscal
2008. Three quarters of the facilities of our contractors located in Haiti are
also WRAP certified. We actively encourage and are in the process of
contractually obligating all of our third-party contractors to follow prescribed
employment policies as well as our Code of Conduct. </p>
<p ALIGN="JUSTIFY">In November 2003, we joined the FLA as a &quot;Participating
Company&quot;. The FLA is internationally recognized and respected as a non-profit
organization whose goal is to promote adherence to international labour
standards and to improve working conditions for employees worldwide. In fiscal
2007, the FLA accorded accreditation status to our labour compliance program.
</p>
<p ALIGN="JUSTIFY">Until 2007, the majority of our social compliance monitoring
was performed by external third-party auditors. In fiscal 2007, we successfully
began internal monitoring audits that complement these external independent
audits. Independent third party monitors also regularly audit our plants,
announced or unannounced. During fiscal 2008, over 30% of our audits were
carried out by third-party auditors. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p>3.2 </p>
<p style="margin-left: 4%; margin-top: -25.5pt">Risk Factors </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p>Please see the &quot;Financial Risk Management&quot; and the &quot;Risks and Uncertainties&quot;
sections of our management's discussion and analysis on pages 35 to 39 and 43 to
46, respectively, of the 2008 Annual Report. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p>3.3 </p>
<p style="margin-left: 4%; margin-top: -25.5pt">Employees </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">As at October 5, 2008, we employed 20,116 full-time employees
worldwide. We consider our relations with our employees to be very good and, as
of the date hereof, we have not experienced any work stoppages that have had a
material impact on our operations. </p>
</font><font FACE="Times New Roman PS"><b>
<p><font size="2">4.</font></b></font><font size="2"> </font></p>
<p style="margin-left: 4%; margin-top: -25.5pt">
<font FACE="Times New Roman PS" size="2"><b>DIVIDEND POLICY </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">We do not currently, and have not in the past three years,
paid dividends because we have chosen to retain all of our earnings to maximize
our financing capacity to develop and expand our business. The Board of
Directors periodically reviews the Corporation's policy towards paying
dividends. Although our revolving term credit facility requires compliance with
lending covenants in order to pay dividends, these covenants are not currently,
and are not expected to be, a constraint to the future payment of dividends. </p>
</font>
<p align="center"><font size="2">12</font></p>
<HR noshade size=5 style="page-break-after:always;" color="#000000"><b><font FACE="Times New Roman PS">
<p><font size="2">5. </font></p>
<p style="margin-left: 4%; margin-top: -25.5pt"><font size="2">CAPITAL STRUCTURE
</font></font>
</p>
<p style="margin-top: 0"><font FACE="Times New Roman PS" SIZE="2">First Preferred Shares
</p>
</font></b><font FACE="Times New Roman PS" SIZE="2"><i>
<p>Issuance in Series </p>
</i></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">The First Preferred shares are issuable in series and the
Board of Directors has the right, from time to time, to fix the number of, and
to determine the designation, rights, privileges, restrictions and conditions
attaching to, the First Preferred shares of each series subject to the
limitations, if any, set out in the Articles of the Corporation. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><i>
<p>Rank </p>
</i></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">The First Preferred shares rank senior to the Second
Preferred shares and the Common Shares with respect to the payment of dividends,
return of capital and the distribution of assets in the event of the
liquidation, dissolution or winding-up of Gildan. The First Preferred shares in
each series rank equally with the First Preferred shares of any other series.
</p>
</font><font FACE="Times New Roman PS" SIZE="2"><i>
<p>Voting Rights </p>
</i></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">Unless the Articles otherwise provide with respect to any
series of the First Preferred shares, the holders of the First Preferred shares
are not entitled to receive any notice of or attend any meeting of the
shareholders of Gildan and are not entitled to vote at any such meeting. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p>Second Preferred Shares </p>
</b><i>
<p>Issuance in Series </p>
</i></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">The Second Preferred shares are issuable in series and the
Board of Directors has the right, from time to time, to fix the number of, and
to determine the designation, rights, privileges, restrictions and conditions
attaching to, the Second Preferred shares of each series subject to the
limitations, if any, set out in the Articles of the Corporation. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><i>
<p>Rank </p>
</i></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">The Second Preferred shares are subject and subordinate to
the rights, privileges, restrictions and conditions attaching to the First
Preferred shares. The Second Preferred shares rank senior to the Common Shares
with respect to payment of dividends, return of capital and distribution of
assets in the event of the liquidation, dissolution or winding-up of Gildan. The
Second Preferred shares in each series rank equally with the Second Preferred
shares of any other series. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><i>
<p>Voting Rights </p>
</i></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">Unless the Articles otherwise provide with respect to any
series of the Second Preferred shares, the holders of the Second Preferred
shares are not entitled to receive any notice of or attend any meeting of the
shareholders of Gildan and are not entitled to vote at any such meeting. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p>Common Shares </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">Following the conversion of all of the Corporation's Class B
Multiple Voting shares into Class A Subordinate Voting shares, the Corporation's
shareholders approved a special resolution on February 2, 2005 to amend the
Corporation's Articles in order to change each of the issued and outstanding
Class A Subordinate Voting shares into one newly-created Common Share and to
remove the Class B Multiple Voting shares and the Class A Subordinate Voting
shares.</font><font FACE="Times New Roman PS" SIZE="2"><b> </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">The Common Shares are subject and subordinate to the rights,
privileges, restrictions and conditions attaching to the First Preferred shares
and the Second Preferred shares. Each holder of Common Shares shall have the
right to receive any dividend declared by the Corporation and the right to
receive the remaining property and assets of the Corporation on dissolution. </p>
<p ALIGN="JUSTIFY">Each holder of Common Shares is entitled to receive notice of
and to attend all meetings of shareholders of the Corporation, except meetings
of which only holders of another particular class or series shall have the right
to vote. Each Common Share entitles the holder thereof to one (1) vote. </p>
</font>
<p align="center"><font size="2">13</font></p>
<HR noshade size=5 style="page-break-after:always;" color="#000000"><font FACE="Times New Roman PS"><b>
<p><font size="2">6.</font></b></font><font size="2"> </font></p>
<p style="margin-left: 4%; margin-top: -25.5pt">
<font FACE="Times New Roman PS" size="2"><b>MARKET FOR SECURITIES </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">The Common Shares are listed on the New York Stock Exchange
(the &quot;NYSE&quot;) and the Toronto Stock Exchange (the &quot;TSX&quot;) under the symbol &quot;GIL&quot;.
The Class A Subordinate Voting shares (now the Common Shares), which were issued
at an offering price of $0.88 (Cdn$1.29), on a post-split basis, began trading
on the TSX, the Montreal Exchange (the &quot;ME&quot;) and the American Stock Exchange
(&quot;AMEX&quot;) on June 17, 1998. Prior to that date, there was no public market for
the Class A Subordinate Voting shares. We delisted such shares from AMEX on
August 31, 1999. On September 1, 1999, the Class A Subordinate Voting shares
(now the Common Shares) commenced trading on the NYSE. As a result of a
restructuring of Canada's stock exchanges, which took effect on December 7,
1999, we are no longer listed on the ME. </p>
<p>The table below shows the monthly price range per share and the trading
volume of the Common Shares for the fiscal year ended October 5, 2008 on the TSX
(in Cdn$) and on the NYSE (in US$). </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" DIR="ltr" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td valign="bottom" colspan="8" bgcolor="#E9F1F8">
    <div style="border-style: solid; border-width: 1; padding-left: 4; padding-right: 4; padding-top: 1; padding-bottom: 1">
      <p align="center"><b><font face="Times New Roman" size="2">COMMON SHARES</font></b></div>
    </td>
  </tr>
  <tr>
    <td valign="bottom" colspan="4" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1" bgcolor="#E9F1F8">
    <font face="Times New Roman" size="2">Toronto Stock Exchange (TSX)</font></td>
    <td valign="bottom" colspan="4" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1" bgcolor="#E9F1F8">
    <font face="Times New Roman" size="2">New York Stock Exchange (NYSE)</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="16%" align="center" style="border-style: solid; border-width: 1" bgcolor="#E9F1F8">
    <font face="Times New Roman" size="2">&#12288;Month</font></td>
    <td valign="bottom" align="center" style="border-style: solid; border-width: 1" bgcolor="#E9F1F8">
    <font face="Times New Roman" size="2">&#12288;High</font></td>
    <td valign="bottom" align="center" style="border-style: solid; border-width: 1" bgcolor="#E9F1F8">
    <font face="Times New Roman" size="2">Low</font></td>
    <td valign="bottom" align="center" style="border-style: solid; border-width: 1" bgcolor="#E9F1F8">
    <font face="Times New Roman" size="2">Trading Volume</font></td>
    <td valign="bottom" align="center" style="border-style: solid; border-width: 1" bgcolor="#E9F1F8">
    <font face="Times New Roman" size="2">Month</font></td>
    <td valign="bottom" align="center" style="border-style: solid; border-width: 1" bgcolor="#E9F1F8">
    <font face="Times New Roman" size="2">High </font></td>
    <td valign="bottom" align="center" style="border-style: solid; border-width: 1" bgcolor="#E9F1F8">
    <font face="Times New Roman" size="2">Low</font></td>
    <td valign="bottom" align="center" style="border-style: solid; border-width: 1" bgcolor="#E9F1F8">
    <font face="Times New Roman" size="2">Trading Volume</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="16%" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">October 2007</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">44.55</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">38.36</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">12,500,800</font></td>
    <td valign="bottom" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">October 2007</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">46.17</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">38.39</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">8,605,800</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="16%" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">November 2007</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">43.21</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">34.17</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">13,316,000</font></td>
    <td valign="bottom" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">November 2007</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">46.47</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">36.39</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">11,338,200</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="16%" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">December 2007</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">42.14</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">36.79</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">9,512,300</font></td>
    <td valign="bottom" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">December 2007</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">41.99</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">36.38</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">13,623,200</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="16%" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">January 2008</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">41.89</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">30.00</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">15,628,500</font></td>
    <td valign="bottom" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">January 2008</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">41.84</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">28.82</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">19,762,400</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="16%" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">February 2008</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">42.73</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">36.75</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">10,363,800</font></td>
    <td valign="bottom" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">February 2008</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">42.74</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">36.56</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">12,962,300</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="16%" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">March 2008</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">40.08</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">32.25</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">12,026,200</font></td>
    <td valign="bottom" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">March 2008</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">39.29</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">32.60</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">12,703,000</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="16%" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">April 2008</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">39.53</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">24.07</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">19,556,000</font></td>
    <td valign="bottom" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">April 2008</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">38.60</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">23.75</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">29,493,000</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="16%" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">May 2008</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">30.01</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">25.20</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">22,279,800</font></td>
    <td valign="bottom" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">May 2008</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">30.36</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">24.76</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">24,601,400</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="16%" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">June 2008</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">30.52</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">25.28</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">12,387,600</font></td>
    <td valign="bottom" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">June 2008</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">29.90</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">25.01</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">18,598,400</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="16%" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">July 2008</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">28.40</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">22.09</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">13,993,300</font></td>
    <td valign="bottom" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">July 2008</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">27.99</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">21.86</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">30,844,800</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="16%" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">August 2008</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">29.95</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">22.93</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">12,272,100</font></td>
    <td valign="bottom" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">August 2008</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">28.14</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">21.91</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">24,332,100</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="16%" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">September 2008</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">28.97</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">22.61</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">15,427,100</font></td>
    <td valign="bottom" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">September 2008</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">27.82</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">21.71</font></td>
    <td valign="bottom" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <font FACE="Times New Roman" SIZE="2">23,037,900</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="16%" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">October 1 to 5, 2008</font></td>
    <td valign="bottom" width="12%" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">24.53</font></td>
    <td valign="bottom" width="12%" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">23.09</font></td>
    <td valign="bottom" width="12%" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">1,719,500</font></td>
    <td valign="bottom" width="12%" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">October 1 to 5, 2008</font></td>
    <td valign="bottom" width="12%" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">23.10</font></td>
    <td valign="bottom" width="12%" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">21.50</font></td>
    <td valign="bottom" width="12%" align="center" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">2,170,600</font></td>
  </tr>
</table>
<font FACE="Times New Roman PS"><b>
<p><font size="2">7.</font></b></font><font size="2"> </font></p>
<p style="margin-left: 4%; margin-top: -25.5pt">
<font FACE="Times New Roman PS" size="2"><b>DIRECTORS AND OFFICERS </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">Listed below is certain information about the current
directors of Gildan. The directors have served in their respective capacities
since their election and/or appointment and will continue to serve until the
next annual meeting of shareholders or until a successor is duly elected. </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" DIR="ltr" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0" height="170">
  <tr>
    <td valign="bottom" width="41%" height="15" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font FACE="TimesNewRomanPS-BoldMT" SIZE="2"><b>
    <p ALIGN="LEFT">Name and Municipality of Residence </b></font></td>
    <td valign="bottom" width="43%" height="15" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font FACE="TimesNewRomanPS-BoldMT" SIZE="2"><b>Principal Occupation </b>
    </font></td>
    <td valign="bottom" width="15%" height="15" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font FACE="TimesNewRomanPS-BoldMT" SIZE="2"><b>Director Since</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" width="41%" height="17" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
    </td>
    <td valign="bottom" width="43%" height="17" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium"></td>
    <td valign="bottom" width="15%" height="17" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium"></td>
  </tr>
  <tr>
    <td valign="bottom" width="41%" height="17" style="border-top-style: none; border-top-width: medium">
    <font FACE="Times New Roman PSMT" SIZE="2">Robert M. Baylis <sup>(2)(3)(4)</sup></font></td>
    <td valign="bottom" width="43%" height="17" style="border-top-style: none; border-top-width: medium"><font size="2">&#12288;</font></td>
    <td valign="bottom" width="15%" height="17" style="border-top-style: none; border-top-width: medium"><font size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="41%" height="15">
    <font FACE="Times New Roman PSMT" SIZE="2">Darien, Connecticut, United
    States</font></td>
    <td valign="bottom" width="43%" height="15">
    <font FACE="Times New Roman PSMT" SIZE="2">Corporate Director</font></td>
    <td valign="bottom" width="15%" height="15">
    <font FACE="Times New Roman PSMT" SIZE="2">February 1999</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="41%" height="15">
    </td>
    <td valign="bottom" width="43%" height="15"></td>
    <td valign="bottom" width="15%" height="15"></td>
  </tr>
  <tr>
    <td valign="bottom" width="41%" height="15">
    <font FACE="Times New Roman PSMT" SIZE="2">Glenn J. Chamandy</font></td>
    <td valign="bottom" width="43%" height="15"><font size="2">&#12288;</font></td>
    <td valign="bottom" width="15%" height="15"><font size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="41%" height="15">
    <font FACE="Times New Roman PSMT" SIZE="2">Westmount, Qu&#233;bec, Canada</font></td>
    <td valign="bottom" width="43%" height="15">
    <font FACE="Times New Roman PSMT" SIZE="2">President and Chief Executive
    Officer of the Corporation</font></td>
    <td valign="bottom" width="15%" height="15">
    <font FACE="Times New Roman PSMT" SIZE="2">May 1984</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="41%" height="17">
    </td>
    <td valign="bottom" width="43%" height="17"></td>
    <td valign="bottom" width="15%" height="17"></td>
  </tr>
  <tr>
    <td valign="bottom" width="41%" height="17">
    <font FACE="Times New Roman PSMT" SIZE="2">William D. Anderson<sup>(1)(3)</sup></font></td>
    <td valign="bottom" width="43%" height="17"><font size="2">&#12288;</font></td>
    <td valign="bottom" width="15%" height="17"><font size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="41%" height="15">
    <font FACE="Times New Roman PSMT" SIZE="2">Toronto, Ontario, Canada</font></td>
    <td valign="bottom" width="43%" height="15">
    <font FACE="Times New Roman PSMT" SIZE="2">Corporate Director</font></td>
    <td valign="bottom" width="15%" height="15">
    <font FACE="Times New Roman PSMT" SIZE="2">May 2006</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="41%" height="15">
    </td>
    <td valign="bottom" width="43%" height="15"></td>
    <td valign="bottom" width="15%" height="15"></td>
  </tr>
  <tr>
    <td valign="bottom" width="41%" height="15">
    <font FACE="Times New Roman PSMT" SIZE="2">Sheila O'Brien (2)(3)</font></td>
    <td valign="bottom" width="43%" height="15"><font size="2">&#12288;</font></td>
    <td valign="bottom" width="15%" height="15"><font size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="41%" height="15">
    <font FACE="Times New Roman PSMT" SIZE="2">Calgary, Alberta, Canada</font></td>
    <td valign="bottom" width="43%" height="15">
    <font FACE="Times New Roman PSMT" SIZE="2">Corporate Director and Business
    Advisor</font></td>
    <td valign="bottom" width="15%" height="15">
    <font FACE="Times New Roman PSMT" SIZE="2">June 2005</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="41%" height="17">
    </td>
    <td valign="bottom" width="43%" height="17"></td>
    <td valign="bottom" height="17"></td>
  </tr>
  <tr>
    <td valign="bottom" width="41%" height="17">
    <font FACE="Times New Roman PSMT" SIZE="2">Pierre Robitaille<sup>(1)(2)</sup></font></td>
    <td valign="bottom" width="43%" height="17"><font size="2">&#12288;</font></td>
    <td valign="bottom" height="17"><font size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="41%" height="14">
    <font FACE="Times New Roman PSMT" SIZE="2">St-Lambert, Qu&#233;bec, Canada</font></td>
    <td valign="bottom" width="43%" height="14">
    <font FACE="Times New Roman PSMT" SIZE="2">Corporate Director and Business
    Advisor</font></td>
    <td valign="bottom" height="14"><font FACE="Times New Roman PSMT" SIZE="2">
    February 2003</font></td>
  </tr>
</table>
<p align="center"><font size="2">14</font></p>
<HR noshade size=5 style="page-break-after:always;" color="#000000">

<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td valign="bottom" width="41%" height="15" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font FACE="TimesNewRomanPS-BoldMT" SIZE="2"><b>
    <p ALIGN="LEFT">Name and Municipality of Residence </b></font></td>
    <td valign="bottom" width="44%" height="15" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font FACE="TimesNewRomanPS-BoldMT" SIZE="2"><b>Principal Occupation </b>
    </font></td>
    <td valign="bottom" width="14%" height="15" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font FACE="TimesNewRomanPS-BoldMT" SIZE="2"><b>Director Since</b></font></td>
  </tr>
  <tr>
    <td WIDTH="31%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="29%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="31%"><font SIZE="2">Richard P. Strubel <sup>(1)(3)</sup></font></td>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="29%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="31%"><font SIZE="2">Chicago, Illinois, United States</font></td>
    <td WIDTH="40%"><font SIZE="2">Corporate Director</font></td>
    <td WIDTH="29%"><font SIZE="2">February 1999</font></td>
  </tr>
  <tr>
    <td WIDTH="31%">&nbsp;</td>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="29%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="31%"><font SIZE="2">Gonzalo F. Valdes-Fauli<sup>(1)(2)</sup></font></td>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="29%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="31%"><font SIZE="2">Key Biscayne, Florida, United States</font></td>
    <td WIDTH="40%"><font SIZE="2">Chairman of BroadSpan Capital LLC (investment
    banking firm)</font></td>
    <td WIDTH="29%"><font SIZE="2">October 2004</font></td>
  </tr>
</table>
<font SIZE="2">
<p>________________________ <br>
(1) Member of the Audit and Finance Committee. <br>
(2) Member of the Corporate Governance Committee. <br>
(3) Member of the Human Resources and Compensation Committee. <br>
(4) Chairman of the Board. </p>
<p>Listed below is certain information about the executive officers of Gildan in
office as of the date hereof. </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="493" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font FACE="TimesNewRomanPS-BoldMT" SIZE="2"><b>
    Name and Municipality of Residence </b></font></td>
    <td WIDTH="493" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font FACE="TimesNewRomanPS-BoldMT" SIZE="2"><b>Position Held Within the
    Corporation and Principal Occupation </b>
    </font></td>
  </tr>
  <tr>
    <td WIDTH="493" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="493" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="493"><font SIZE="2">Glenn J. Chamandy <sup>(1)</sup></font></td>
    <td WIDTH="493">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="493"><font SIZE="2">Westmount, Qu&#233;bec, Canada</font></td>
    <td WIDTH="493"><font SIZE="2">President, Chief Executive Officer and
    Director</font></td>
  </tr>
  <tr>
    <td WIDTH="493">&nbsp;</td>
    <td WIDTH="493">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="493"><font SIZE="2">Laurence G. Sellyn <sup>(1)</sup></font></td>
    <td WIDTH="493">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="493"><font SIZE="2">Beaconsfield, Qu&#233;bec, Canada</font></td>
    <td WIDTH="493"><font SIZE="2">Executive Vice-President, Chief Financial and
    Administrative Officer</font></td>
  </tr>
  <tr>
    <td WIDTH="493">&nbsp;</td>
    <td WIDTH="493">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="493"><font SIZE="2">Michael R. Hoffman</font></td>
    <td WIDTH="493">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="493"><font SIZE="2">St. James, Barbados</font></td>
    <td WIDTH="493"><font SIZE="2">President, Gildan Activewear SRL</font></td>
  </tr>
  <tr>
    <td WIDTH="493">&nbsp;</td>
    <td WIDTH="493">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="493"><font SIZE="2">Georges Sam Yu Sum <sup>(1)</sup></font></td>
    <td WIDTH="493">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="493"><font SIZE="2">Hampstead, Qu&#233;bec, Canada</font></td>
    <td WIDTH="493"><font SIZE="2">Executive Vice-President, Operations</font></td>
  </tr>
  <tr>
    <td WIDTH="493">&nbsp;</td>
    <td WIDTH="493">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="493"><font SIZE="2">Benito Masi <sup>(1)</sup></font></td>
    <td WIDTH="493">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="493"><font SIZE="2">Laval, Qu&#233;bec, Canada</font></td>
    <td WIDTH="493"><font SIZE="2">Executive Vice-President, Manufacturing</font></td>
  </tr>
  <tr>
    <td WIDTH="493">&nbsp;</td>
    <td WIDTH="493">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="493"><font SIZE="2">Cam Gentile <sup>(1)</sup></font></td>
    <td WIDTH="493"><font SIZE="2">Executive Vice-President, Organizational
    Development and Change</font></td>
  </tr>
  <tr>
    <td WIDTH="493"><font SIZE="2">Hudson, Qu&#233;bec, Canada</font></td>
    <td WIDTH="493"><font SIZE="2">Management</font></td>
  </tr>
  <tr>
    <td WIDTH="493">&nbsp;</td>
    <td WIDTH="493">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="493"><font SIZE="2">Eric R. Lehman<sup>(1)</sup></font></td>
    <td WIDTH="493">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="493"><font SIZE="2">Montreal, Qu&#233;bec, Canada</font></td>
    <td WIDTH="493"><font SIZE="2">Executive Vice-President, Supply Chain</font></td>
  </tr>
</table>
<font SIZE="2">
<p>________________________ <br>
(1) Officer of the Corporation. </p>
<i>
<p ALIGN="JUSTIFY">Glenn J. Chamandy </i>is one of the founders of the
Corporation and has devoted his business career to leading the development of
Gildan into an industry leader. Prior to February 2004, Mr. Chamandy held the
position of President and Chief Operating Officer. He was then named President
and Co-Chief Executive Officer and, in August 2004, he was appointed to the
position of President and Chief Executive Officer. </font><i></p>
<font SIZE="2">
<p ALIGN="JUSTIFY">Robert M. Baylis</font></i><font SIZE="2">, Chairman of the
Board of the Corporation, serves as a director of several large corporations,
including the New York Life Insurance Company (life insurance provider), Host
Hotels &amp; Resorts Inc<i>. </i>(luxury hotels and resorts) and PartnerRe Ltd.
(multi-line reinsurance provider). He is also a trustee of the Rubin Museum of
Art in New York City, a trustee of the Woods Hole Oceanographic Institution, an
overseer of the University of Pennsylvania Museum, and a member of the Advisory
Council of the Economics Department of Princeton University. He was formerly a
director of Covance Inc. (drug development), Gryphon Holdings, Inc. (insurance
company) and of the Wharton International Forum, an executive education program.
Mr. Baylis retired from Credit Suisse First Boston as Vice-Chairman in 1996,
after thirty-three years with this investment banking firm and its associated
corporations, including a term as the Chairman and Chief Executive Officer of
Credit Suisse First Boston (Pacific). Mr. Baylis was educated at Princeton
University and Harvard Business School and is a chartered financial analyst. </p>
<i>
<p ALIGN="JUSTIFY">William D. Anderson</i> has had a career as a business leader
in Canada spanning over thirty years. Mr. Anderson joined the Bell Canada
organization in 1992, where from 1998 to 2001 he served as Chief Financial
Officer of BCE Inc., Canada's largest telecommunications company. From 2001 to
2005, Mr. Anderson served as President of BCE Ventures (the strategic investment
unit of BCE Inc.) and he was previously, from 2001 to 2007, the Chairman and
Chief Executive Officer of Bell Canada International Inc. (a subsidiary of BCE
that was formed to invest in telecommunications operations outside Canada).
Prior to joining the Bell Canada organization, Mr. Anderson was in public
practice for nearly twenty years with the accounting firm KPMG, where he was a
partner for eleven years. Mr. Anderson also serves on the boards of directors of TransAlta Corporation (power generation and energy marketing firm) and MDS Inc.
(global life sciences company). Mr. Anderson was educated at the University of
Western Ontario and is a member of the Institute of Chartered Accountants of
Ontario.<i> </p>
</i>
<p align="center">15 </p>
<HR noshade size=5 style="page-break-after:always;" color="#000000"></font><i><font SIZE="2">
<p ALIGN="JUSTIFY">Sheila O'Brien, </font></i><font SIZE="2">CM is President of
Belvedere 1 Investments Ltd., a private investment company, and is also a
business advisor and corporate director. She has had a thirty-year career as a
senior executive in the oil and gas and petrochemical sectors in the areas of
human resources, investor relations and public and government relations. Prior
to 2004, Ms. O'Brien was Senior Vice-President, Human Resources, Public Affairs,
Investor and Government Relations at NOVA Chemicals Corporation, a producer of
commodity plastics and chemicals, where she was the architect of a corporate
restructuring practice that was designated a worldwide best practice by Watson
Wyatt Consulting Firm. She has also been active on the boards of directors of
over thirty public sector and not-for-profit organizations and was awarded the
Order of Canada for her community leadership in 1998. Ms. O'Brien also serves on
the boards of directors of MaRS (Medical and Related Sciences) (Toronto-based
biotechnology accelerator), Advantage Energy Income Fund (oil and gas royalty
trust) and, Skye Resources Inc. (nickel mining company), which merged with
Hudbay Minerals in August 2008. In addition to her corporate career, she has
acted as special advisor to the president at the University of Calgary. She is a
graduate of the MTC program at the University of Western Ontario and completed a
one-year sabbatical on creativity and innovation at various U.S. schools in
1990. </p>
<i>
<p ALIGN="JUSTIFY">Pierre Robitaille</i> is a business advisor and a corporate
director. Mr. Robitaille previously pursued his career at SNC-Lavalin Group
Inc., a global engineering-construction firm, where he was Executive
Vice-President and Chief Financial Officer from 1990 to 1998. Prior to this, Mr.
Robitaille was in public practice for more than twenty years with the public
accounting and management consulting firm of Ernst &amp; Whinney, where he held the
positions of Managing Partner of the Montreal office, President of the firm in
Qu&#233;bec, and member of its national board of directors. Mr. Robitaille also
serves on the boards of directors of Nav Canada (civil air navigation services
provider), Swiss Re Company of Canada and Swiss Re Life &amp; Health Co. Canada
(reinsurance companies). Mr. Robitaille is a Fellow member of the Qu&#233;bec Order
of Chartered Accountants. He was educated at HEC-Montreal and McGill Business
School. </p>
<i>
<p ALIGN="JUSTIFY">Richard P. Strubel</i> is a corporate director. Prior to
2008, he was Vice-Chairman of the Board of Cardean Learning Group (formerly
known as Unext), a provider of advanced education over the Internet, where from
1999 to 2004 he served as President and Chief Operating Officer. From 1990 to
1999, Mr. Strubel was Managing Director of Tandem Partners, Inc., a
privately-held management services firm, and from 1984 to 1994, he served as
President and Chief Executive Officer of Microdot, Inc. Prior to that, Mr.
Strubel served as President of Northwest Industries, then a NYSE-listed company,
which included Fruit of the Loom and BVD among its operating entities. Mr.
Strubel also serves on the boards of directors of the mutual funds of Goldman
Sachs &amp; Co. and Goldman Sachs Hedge Fund Partners, and is Chairman of the Board
of the Mutual Funds of The Northern Trust. Mr. Strubel is also Trustee of the
University of Chicago and Chairman of its Audit Committee. He was educated at
Williams College and Harvard Business School.<b> </p>
</b><i>
<p ALIGN="JUSTIFY">Gonzalo F. Valdes-Fauli</i> is Chairman of the Board of
BroadSpan Capital LLC, an investment banking firm specializing in financial
advisory services. Mr. Valdes-Fauli retired from Barclays Bank PLC (major
UK-based global bank) in 2001, where he held the position of Vice-Chairman,
Barclays Capital, and Group CEO, Latin America. Mr. Valdes-Fauli also serves on
the board of directors of Blue Cross Shield of Florida (health insurance
provider), where he is Lead Chairman. Mr. Valdes-Fauli also served as Chairman
of the Board of Republic Bank of Dominican Republic (financial services
provider) until November 2007. He is also Trustee Emeritus of the University of
Miami and Spring Hill College in Mobile, Alabama. Mr. Valdes-Fauli holds a
Master's Degree in international finance from Thunderbird Graduate School for
International Management. </p>
<i>
<p ALIGN="JUSTIFY">Laurence G. Sellyn </i>was appointed to the position of
Executive Vice-President, Chief Financial and Administrative Officer of the
Corporation in November 2005. He joined Gildan as Executive Vice-President,
Finance and Chief Financial Officer of the Corporation in April 1999. Since June
2008, Mr. Sellyn is on the advisory board of H&#233;ritage Montr&#233;al and is the
Chairman of its 2008 Fundraising Campaign. He is also a Fellow of the Institute
of Chartered Accountants of England and Wales. Prior to joining Gildan, Mr.
Sellyn served as Senior Vice-President, Finance and Corporate Development and
Chief Financial Officer of Wajax Limited, an industrial distribution company,
where he was employed from October 1992 to March 1999. Prior to joining Wajax,
he was employed by Domtar Inc., where he held various positions, including
Corporate Controller and Vice-President, Business Planning and Development. </p>
<i>
<p ALIGN="JUSTIFY">Michael R. Hoffman</i> joined Gildan in October 1997. He
served as Vice-President, Sales and Marketing for the international division
until his appointment as President of Gildan Activewear SRL in February 2001.
Prior to joining Gildan, Mr. Hoffman was employed by Fruit of the Loom, Inc.,
where he last served as Divisional Vice-President of the Activewear Division.
</p>
<p align="center">16 </p>
<HR noshade size=5 style="page-break-after:always;" color="#000000"><i>
<p align="justify">Georges Sam Yu Sum</i> has been Executive Vice-President,
Operations of the Corporation since 2000. From 1998 to 2000, he served as
Vice-President, Operations of the Corporation and from 1995 to 1998, he served
as Director of Operations of the Corporation. Prior to joining Gildan in 1995,
Mr. Sam Yu Sum spent sixteen years with Dominion Textiles, where he served in
various managerial capacities, from manufacturing to sales. </p>
<i>
<p align="justify">Benito Masi</i> has been involved in apparel manufacturing in
North America for over twenty-five years. He joined Gildan in 1986, where he
held various positions. He was appointed Vice-President, Apparel Manufacturing
in February 2001 and his title was changed to Vice-President, Corporate Apparel
Operations in September 2003. In August 2004, he was appointed Executive
Vice-President, Apparel Manufacturing and was appointed Executive
Vice-President, Manufacturing in January 2005. </p>
<i>
<p align="justify">Cam Gentile</i> joined the Corporation in 2006 as Executive
Vice-President, Organizational Development and Change Management. He has over
thirty years of experience in the pulp and paper industry in senior management
positions at Domtar Inc., Transcontinental Printing Inc., Paperboard Industries
International Inc. and Uniboard Canada Inc. He is currently a member of the
Order of Engineers of Qu&#233;bec, President and Chairman of the Board of Directors
of the Qu&#233;bec Institute of Graphic Communications, as well as Vice-President and
member of the Board of Directors of Village Theatre in Hudson, Qu&#233;bec. </p>
<i>
<p align="justify">Eric R. Lehman</i> joined the Corporation in December 2006 as
Executive Vice-President, Supply Chain. He has over twenty years of experience
in the supply chain function with major national apparel brands. Prior to
joining Gildan, Mr. Lehman was employed by Russell Corporation, where he last
served as Vice President of Supply Chain. Prior to that, he held senior supply
chain planning positions at both Fruit of the Loom, Inc. and the Hanes Division
of Sara Lee Corporation. </p>
<p align="justify">As at December 18, 2008, the executive officers and directors
of the Corporation as a group own 8,312,609 Common Shares, which represents 6.9%
of the voting rights attached to all Common Shares. </p>
</font><b><font size="2">
<p>8. </p>
<p style="margin-left: 4%; margin-top: -25.5pt">AUDIT COMMITTEE DISCLOSURE </p>
<p>Mandate of the Audit and Finance Committee </p>
</font></b><font SIZE="2">
<p>The mandate of the Audit and Finance Committee is included herewith as
Appendix A. </p>
<b>
<p>Composition of the Audit and Finance Committee </p>
</b>
<p align="justify">The Audit and Finance Committee is composed of four
independent and financially literate directors, as those terms are defined in
the rules of the Canadian Securities Administrators and the U.S. Securities and
Exchange Commission as well as the standards of the NYSE. Their education and
experience that are relevant to the performance of their responsibilities as
members of the Audit and Finance Committee are as follows: </p>
<i><b>
<p align="justify">Pierre Robitaille</b></i> &#150; Mr. Robitaille is a business
advisor and corporate director. He is retired from SNC-Lavalin Group Inc., a
global engineering-construction firm, where he was Executive Vice-President and
Chief Financial Officer from 1990 to 1998. Prior to this, Mr. Robitaille was in
public practice for more than twenty years with the public accounting and
management consulting firm of Ernst &amp; Whinney, where he held the positions of
Managing Partner of the Montreal office, President of the firm in Qu&#233;bec and
member of the firm's national board of directors. Over the course of his career,
Mr. Robitaille has acquired competence in the audit of major public and private
companies and a familiarity with internal controls and financial reporting
procedures. Mr. Robitaille is a Fellow member of the Qu&#233;bec Order of Chartered
Accountants. He was educated at HEC-University of Montreal and McGill Business
School. </p>
<i><b>
<p align="justify">William D. Anderson</b></i> &#150; Mr. Anderson is a chartered
accountant and has had a business career spanning over thirty years. From 1998
to 2001, he served as Chief Financial Officer of BCE Inc., Canada's largest
telecommunications company. Most recently, Mr. Anderson served as President of
BCE Ventures (the strategic investment unit of BCE Inc.) and previously he was
the Chairman and Chief Executive Officer of Bell Canada International Inc. (a
subsidiary of BCE that was formed to invest in telecommunications operations
outside Canada). Prior to joining the Bell Canada organization in 1992, Mr.
Anderson was in public practice for nearly twenty years with the accounting firm
KPMG, where he was a partner for eleven years. Mr. Anderson was educated at the
University of Western Ontario and is a member of the Institute of Chartered
Accountants of Ontario. </p>
<i><b>
<p align="justify">Richard P. Strubel</b></i> &#150; Mr. Strubel is a corporate
director. Prior to 2008, he was Vice-Chairman of the Board of Cardean Learning
Group, where he previously served as President and Chief Operating Officer.
Prior to that, Mr. Strubel served as </p>
<p align="center">17 </p>
<HR noshade size=5 style="page-break-after:always;" color="#000000">
<p align="justify">Managing Director of Tandem Partners, Inc., a privately-held
management services firm, President and Chief Executive Officer of Microdot,
Inc. and President of Northwest Industries, then a NYSE-listed company which
included Fruit of the Loom and BVD among its operating entities. Mr. Strubel
also serves on the boards of directors of the mutual funds of Goldman Sachs &amp;
Co., and Goldman Sachs Hedge Fund Partners and is Chairman of the Board of the
Mutual Funds of The Northern Trust. Mr. Strubel is also Trustee of the
University of Chicago and Chairman of its Audit Committee. He was educated at
Williams College and Harvard Business School. </p>
<i><b>
<p align="justify">Gonzalo F. Valdes-Fauli</b></i> &#150; Mr. Valdes-Fauli is a
retired Vice-Chairman of Barclays Capital, the investment banking division of
Barclays Bank, London, England. Mr. Valdes-Fauli served as a member of the
management committee of Barclays Capital from 1988 to 2001. He was Group CEO of
Barclays Bank Latin America from 1988 to 2001. He is Chairman of BroadSpan
Capital LLC and served as Chairman of the Board of Republic Bank of Dominican
Republic until November 2007. Mr. Valdes-Fauli has more than thirty years of
experience in finance and holds a Master's Degree in international finance from
Thunderbird Graduate School for International Management. </p>
<b>
<p align="justify">Pre-Approval of Non-Audit Services </p>
</b>
<p align="justify">In accordance with the Code of Ethics of Chartered
Accountants of Quebec's independence standards for auditors, the <i>
Sarbanes-Oxley Act of 2002</i> and rules of the U.S. Securities and Exchange
Commission, the Corporation is restricted from engaging its external auditor to
provide certain non-audit services to the Corporation and its subsidiaries,
including bookkeeping or other services related to the accounting records or
financial statements, information technology services, valuation services,
actuarial services, internal audit services, corporate finance services,
management functions, human resources functions, legal services and expert
services unrelated to the audit. The Corporation does engage its external
auditor from time to time to provide certain non-audit services other than the
restricted services. All non-audit services must be specifically pre-approved by
the Audit and Finance Committee. </p>
<b>
<p align="justify">External Auditor Service Fees </p>
</b>
<p align="justify">The aggregate fees billed by KPMG LLP (&quot;KPMG&quot;), the
Corporation's external auditor, for various audit-related and non-audit services
rendered for the fiscal years 2008 and 2007 were as follows: </p>
<i>
<p align="justify">Audit Fees </i>&#151; The aggregate audit fees billed by KPMG for
professional services rendered for the annual audit of the Corporation's
consolidated financial statements, quarterly reviews of the Corporation's
financial statements and services provided in connection with statutory and
regulatory filings or engagements were Cdn$1,237,028 for fiscal 2008 and
Cdn$1,214,402 for fiscal 2007. The audit fees include fees relating to KPMG's
audit of the effectiveness of the Corporation's internal control over financial
reporting. </p>
<i>
<p align="justify">Audit-Related Fees </i>&#151; The aggregate audit-related fees
billed by KPMG were Cdn$166,400 for fiscal 2008 and Cdn$112,800 for fiscal 2007.
These services consisted of miscellaneous assurance services. </p>
<i>
<p align="justify">Tax Fees</i> &#151; The aggregate tax fees billed by KPMG were
Cdn$484,817 for fiscal 2008 and Cdn$935,066 for fiscal 2007. These services
consisted of tax compliance, including the review of tax returns, assistance
regarding income, capital and sales tax audits, the preparation of annual
transfer pricing studies, tax advisory services relating to domestic and
international taxation and customs and duties. </p>
<i>
<p align="justify">All Other Fees </i>&#151; The aggregate fees billed by KPMG for
all other professional services rendered were nil for fiscal 2008 and nil for
fiscal 2007. </p>
</font><b>
<p><font size="2">9.</font></b><font size="2"> </font></p>
<p style="margin-left: 4%; margin-top: -25.5pt"><b><font size="2">LEGAL
PROCEEDINGS </font></p>
</b><font SIZE="2">
<p align="justify">With the exception of the legal proceedings mentioned below,
the Corporation is only a party to claims and litigation arising in the normal
course of its operations. While we cannot predict the final outcome of the
claims and litigation arising in the normal course of its operations, management
does not currently expect the resolution of these matters to have a material
adverse effect on the consolidated financial position or results of operations
of Gildan. </p>
<p>As of the date hereof, the claims with respect to which Gildan was a party to
or involved in, for damages in excess of 10% of its current assets, are the
following: </p>
<p align="center">18 </p>
<HR noshade size=5 style="page-break-after:always;" color="#000000"><b>
<p>Canadian Class Action Suits </p>
</b>
<p ALIGN="JUSTIFY">On June 12, 2008, a proposed class action lawsuit on behalf
of persons who acquired Common Shares between August 2, 2007 and April 29, 2008
was filed in the Ontario Superior Court of Justice alleging negligence and
negligent/reckless misrepresentation in respect of the Corporation's prior
statements concerning its financial guidance for the 2008 fiscal year and
comments regarding the scale of production of its Dominican Republic facility.
The claim further proposes to seek leave from the Ontario court to bring
statutory misrepresentation civil liability claims under Ontario's <i>Securities
Act</i>. The Ontario suit claims damages of Cdn$500 million, punitive damages of
Cdn$5 million and other monetary relief. </p>
<p ALIGN="JUSTIFY">A motion has also been filed on June 17, 2008 before the
Qu&#233;bec Superior Court for authorization to commence a class proceeding on behalf
of persons who acquired Common Shares between August 2, 2007 and April 29, 2008.
It makes similar allegations as the Ontario Action and alleges negligence and
negligent/reckless misrepresentation. The Qu&#233;bec motion seeks to proceed with a
claim for unspecified damages and other monetary relief. </p>
<p ALIGN="JUSTIFY">Both Canadian proceedings have yet to be certified as class
actions by their respective courts. The Corporation strongly contests the basis
upon which these actions are predicated and intends to vigorously defend its
position. However, due to the inherent uncertainties of litigation, it is not
possible to predict the final outcome of these lawsuits or determine the amount
of any potential losses, if any. </p>
<b>
<p>United States Class Action Suits </p>
</b>
<p ALIGN="JUSTIFY">On June 9, 2008, Gildan and certain of its senior officers
were named as defendants in several proposed class action lawsuits filed in the
United States District Court for the Southern District of New York on behalf of
persons who purchased or otherwise acquired Common Shares between August 2, 2007
and April 29, 2008. The lawsuits allege violations of United States federal
securities laws and assert that the Corporation issued a series of materially
false and misleading statements concerning the Corporation's financial
performance and prospects. These U.S. lawsuits have been consolidated, and a
consolidated amended complaint was filed on November 17, 2008. The claims in the
U.S. suit are for unspecified damages. </p>
<p ALIGN="JUSTIFY">The U.S. proceeding has yet to be certified as a class action
by the court. The Corporation strongly contests the basis upon which these
actions are predicated and intends to vigorously defend its position. However,
due to the inherent uncertainties of litigation, it is not possible to predict
the final outcome of these lawsuits or determine the amount of any potential
losses, if any. </p>
<b>
<p>10. </p>
<p style="margin-left: 4%; margin-top: -25.5pt">TRANSFER AGENT AND REGISTRAR </p>
</b>
<p ALIGN="JUSTIFY">The transfer agent and registrar of the Corporation is
Computershare Investor Services Inc., having offices in Montreal and Toronto at
which the register of transfer of the Common Shares is held. The co-transfer
agent and co-registrar of the Corporation is Computershare Trust Company, N.A.,
having an office in Golden, Colorado. </p>
<b>
<p>11. </p>
<p style="margin-left: 4%; margin-top: -25.5pt">MATERIAL CONTRACTS </p>
</b>
<p ALIGN="JUSTIFY">Other than the agreements entered into the normal course of
business, the only material agreement entered into in fiscal 2008, or before
fiscal 2008 and which is still in force is the Shareholder Rights Plan Agreement
approved by the Board of Directors on December 1, 2004 and subsequently ratified
by the Corporation's shareholders on February 2, 2005. This agreement was filed
through SEDAR on December 2, 2004. </p>
<b>
<p>12. </p>
<p style="margin-left: 4%; margin-top: -25.5pt">INTERESTS OF EXPERTS </p>
</b>
<p ALIGN="JUSTIFY">KPMG, the external auditor of the Corporation, reported on
the fiscal 2008 audited consolidated financial statements of the Corporation,
which were filed with the securities regulatory authorities. We are advised
that, as at the date hereof, the members of KPMG are independent in accordance
with the Code of Ethics of Chartered Accountants of Qu&#233;bec. </p>
<b>
<p>13. </p>
<p style="margin-left: 4%; margin-top: -25.5pt">FORWARD &#150; LOOKING INFORMATION
</p>
</b>
<p ALIGN="JUSTIFY">Certain statements included in this Annual Information Form
constitute &quot;forward-looking statements&quot; within the meaning of the U.S. <i>
Private Securities Litigation Reform Act of 1995</i> and Canadian securities
legislation and regulations, and are subject to important risks, uncertainties
and assumptions. This forward-looking information includes, amongst others,
information with respect to our objectives and the strategies to achieve these
objectives, as well as information with respect to our beliefs, plans,
expectations, anticipations, estimates and intentions. Forward-looking
statements generally can be identified by the use of conditional or
forward-looking terminology such as &quot;may&quot;, &quot;will&quot;, &quot;expect&quot;, &quot;intend&quot;,
&quot;estimate&quot;, &quot;anticipate&quot;, &quot;plan&quot;, &quot;foresee&quot;, &quot;believe&quot; or &quot;continue&quot; or the
negatives of these terms or variations of them or similar terminology. We refer
you to the Corporation's filings with the Canadian securities regulatory
authorities and the U.S. Securities and Exchange Commission, as well as the
&quot;Financial Risk Management&quot; and &quot;Risks and Uncertainties&quot; sections of the
management's discussion and analysis on pages 35 to 39 and 43 to 46,
respectively, of the 2008 Annual Report, for a discussion of the various factors
that may affect the Corporation's future results. Material factors and
assumptions that were applied in drawing a conclusion or making a forecast or
projection are also set out throughout this document. </p>
<p align="center">19 </p>
<HR noshade size=5 style="page-break-after:always;" color="#000000">
<p align="justify">Forward-looking information is inherently uncertain and the
results or events predicted in such forward-looking information may differ
materially from actual results or events. Material factors, which could cause
actual results or events to differ materially from a conclusion, forecast or
projection in such forward-looking information, include, but are not limited to:
</p>
</font><font FACE="Symbol MT" LANG="JA" SIZE="2">
<ul>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0"></font>
  <font SIZE="2">general economic conditions such as commodity prices, currency
  exchange rates, interest rates and other factors over which we have no
  control; </li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0"></font>
  <font SIZE="2">the impact of economic and business conditions, industry trends
  and other external, political and social factors in the countries in which we
  operate; </font></li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0"><font SIZE="2">the
  intensity of competitive activity; </font></li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0"><font SIZE="2">
  changes in environmental, tax, trade, employment and other laws and
  regulations; </font></li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0"><font SIZE="2">our
  ability to implement our strategies and plans; </font></li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0"><font SIZE="2">our
  ability to complete and successfully integrate acquisitions; </font></li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0"><font SIZE="2">our
  reliance on a small number of significant customers; </font></li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0"><font SIZE="2">
  changes in consumer preferences, customer demand for our products and our
  ability to maintain customer relationships and grow our business; </font></li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0"><font SIZE="2">the
  fact that our customers do not commit to minimum quantity purchases; </font>
  </li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0"><font SIZE="2">the
  seasonality of our business; </font></li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0"><font SIZE="2">our
  ability to attract and retain key personnel; </font></li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0"><font SIZE="2">our
  reliance on computerized information systems; </font></li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0"><font SIZE="2">
  changes in accounting policies and estimates; and </font></li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0"><font SIZE="2">
  disruption to manufacturing and distribution activities due to labour
  disruptions, bad weather, natural disasters and other unforeseen adverse
  events. </li>
</ul>
<p align="justify">These factors may cause the Corporation's actual performance
and financial results in future periods to differ materially from any estimates
or projections of future performance or results expressed or implied by such
forward-looking statements. Forward-looking statements do not take into account
the effect that transactions or non-recurring or other special items announced
or occurring after the statements are made have on the Corporation's business.
For example, they do not include the effect of business dispositions,
acquisitions, other business transactions, asset write-downs or other charges
announced or occurring after forward-looking statements are made. The financial
impact of such transactions and non-recurring and other special items can be
complex and necessarily depends on the facts particular to each of them. </p>
<p align="justify">We believe that the expectations represented by our
forward-looking statements are reasonable, yet there can be no assurance that
such expectations will prove to be correct. The purpose of the forward-looking
statements is to provide the reader with a description of management's
expectations regarding the Corporation's fiscal 2009 financial performance and
may not be appropriate for other purposes. Furthermore, unless otherwise stated,
the forward-looking statements contained in this Annual Information Form are
made as of the date hereof, and we do not undertake any obligation to update
publicly or to revise any of the included forward-looking statements, whether as
a result of new information, future events or otherwise unless required by
applicable legislation or regulation. The forward-looking statements contained
in this report are expressly qualified by this cautionary statement. </p>
<b>
<p>14. </p>
<p style="margin-left: 4%; margin-top: -25.5pt">ADDITIONAL INFORMATION </p>
</b>
<p ALIGN="JUSTIFY">Additional information, including directors' and officers'
remuneration and indebtedness, principal holders of the Corporation's securities
and securities authorized for insurance under the Corporation's equity
compensation plans is contained in the Circular. Additional financial
information is provided in the Corporation's comparative consolidated financial
statements and management's discussion and analysis for its most recently
completed financial year, both of which are contained in the 2008 Annual Report.
</p>
<p align="center">20 </p>
<HR noshade size=5 style="page-break-after:always;" color="#000000">
<p ALIGN="JUSTIFY">Copies of these documents and additional information relating
to Gildan may be found on the SEDAR website at www.sedar.com and the EDGAR
website at www.sec.gov and may also be obtained upon request to the Secretary of
Gildan at the following address: </p>
<blockquote>
  <p>600 de Maisonneuve Boulevard West, 33<sup>rd</sup> Floor <br>
  Montreal, Qu&#233;bec <br>
  H3A 3J2 <br>
  Telephone: (514) 735-2023 </p>
</blockquote>
<p>The documents mentioned above, as well as Gildan's news releases, are also
available on the Corporation's website at www.gildan.com. </p>
<p align="center">21</p>
<HR noshade size=5 style="page-break-after:always;" color="#000000"><b>
<p align="center">APPENDIX A - MANDATE OF THE AUDIT AND FINANCE COMMITTEE </p>
</b>
<p ALIGN="JUSTIFY">The following description of the mandate of the Audit and
Finance Committee of the Corporation complies with applicable Canadian laws and
regulations, such as the rules of the Canadian Securities Administrators, and
with the disclosure and listing requirements of the Toronto Stock Exchange
(collectively, the &quot;<b>Canadian Corporate Governance Standards</b>&quot;), as they
exist on the date hereof. In addition, this mandate complies with applicable
U.S. laws, such as the <i>Sarbanes-Oxley Act of 2002</i>,<i> </i>and rules and
regulations adopted thereunder, and with the New York Stock Exchange's corporate
governance standards (collectively, the &quot;<b>US Corporate Governance Standards</b>&quot;),
as they exist on the date hereof. The mandate of the Audit and Finance Committee
of the Corporation (the &quot;<b>Audit Committee</b>&quot;) shall be reviewed annually by
the Board in order to ensure on-going compliance with such standards. </p>
<b>
<p>1.</b> </p>
<p style="margin-left: 4%; margin-top: -25.5pt"><b>Membership and Quorum </p>
</b><font FACE="Symbol MT" LANG="JA" SIZE="2">
<ul>
  <li>
  <p style="margin-left: 4%; margin-top: 0; margin-bottom: 0"></font>
  <font SIZE="2">a minimum of three directors; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p ALIGN="JUSTIFY" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  </font><font SIZE="2">only &quot;independent&quot; (as contemplated by Canadian
  Corporate Governance Standards and US Corporate Governance Standards)
  directors shall be appointed, the whole as determined by the Board; no
  affiliate of the Corporation or any of its subsidiaries (including any person
  who, directly or indirectly, controls or is controlled by, or is under common
  control with the Corporation, or any director, executive officer, partner,
  member, principal or designee of such affiliate) may serve on the Audit
  Committee; a member of the Audit Committee shall receive no compensation from
  the Corporation or any of its affiliates other than compensation as a director
  and committee member of the Corporation; prohibited compensation includes fees
  paid, directly or indirectly, for services as a consultant or as legal or
  financial advisor, regardless of the amount; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p style="margin-left: 4%; margin-top: 0; margin-bottom: 0"></font>
  <font SIZE="2">each member must be &quot;financially literate&quot; (as contemplated by
  Canadian Corporate Governance Standards and US Corporate Governance
  Standards), as determined by the Board; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p style="margin-left: 4%; margin-top: 0; margin-bottom: 0"></font>
  <font SIZE="2">at least one member must be an &quot;audit committee financial
  expert&quot; (as contemplated by US Corporate Governance Standards), as determined
  by the Board; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p ALIGN="JUSTIFY" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  </font><font SIZE="2">members of the Audit Committee shall be appointed
  annually by the Board upon recommendation of the Corporation's Corporate
  Governance Committee; such members may be removed or replaced, and any
  vacancies on the Audit Committee shall be filled by the Board upon
  recommendation of the Corporation's Corporate Governance Committee; membership
  on the Audit Committee shall automatically end at such time the Board
  determines that a member ceases to be &quot;independent&quot; as determined in the
  manner set forth above; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p style="margin-left: 4%; margin-top: 0; margin-bottom: 0"></font>
  <font SIZE="2">quorum of majority of members. </li>
</ul>
<b>
<p>2.</b></font> </p>
<p style="margin-left: 4%; margin-top: -25.5pt"><b>Frequency and Timing of
Meetings </p>
</b><font FACE="Symbol MT" LANG="JA" SIZE="2">
<ul>
  <li>
  <p style="margin-left: 4%; margin-top: 0; margin-bottom: 0"></font>
  <font SIZE="2">normally contemporaneously with the Corporation's Board
  meetings; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p style="margin-left: 4%; margin-top: 0; margin-bottom: 0"></font>
  <font SIZE="2">at least four times a year and as necessary. </li>
</ul>
<b>
<p>3.</b></font> </p>
<p style="margin-left: 4%; margin-top: -25.5pt"><b>Mandate </p>
</b>
<p>The responsibilities of the Audit Committee include the following: </p>
<i>
<p style="margin-left: 4%">(a) Overseeing financial reporting </p>
</i><font FACE="Symbol MT" LANG="JA" SIZE="2">
<ul>
  <li>
  <p align="justify" style="margin-left: 4%"></font><font SIZE="2">monitoring
  the integrity and quality of the Corporation's accounting and financial
  reporting process, disclosure controls and procedures, and systems of internal
  control, through independent discussions with management, the external
  auditors and the internal auditors; </li>
</ul>
<p align="center">22 </p>
<HR noshade size=5 style="page-break-after:always;" color="#000000"></font></font>
<font FACE="Symbol MT" LANG="JA" SIZE="2">
<ul>
  <li>
  <p align="justify" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  </font><font SIZE="2">reviewing, with management and the external auditors,
  the annual audited consolidated financial statements as well as the report of
  the auditors thereon to be included in the Annual Report of the Corporation,
  including the Corporation's MD&amp;A disclosure and annual earnings press release,
  prior to their release, filing and distribution; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p align="justify" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  </font><font SIZE="2">reviewing, with management and the external auditors,
  quarterly consolidated financial statements of the Corporation and
  accompanying information, including the Corporation's MD&amp;A disclosure and
  quarterly earnings press release, prior to their release, filing and
  distribution; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p align="justify" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  </font><font SIZE="2">reviewing, with management and external auditors, the
  financial information contained in prospectuses, offering memoranda, Annual
  Information Forms, Management Proxy Circulars, Forms 6-K (including
  Supplemental Disclosure) and 40-F and any other document required to be
  disclosed or filed by the Corporation before their public disclosure or filing
  with regulatory authorities in Canada or the United States of America; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p align="justify" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  </font><font SIZE="2">reviewing, with management, the level and type of
  financial information (including earnings guidance and other material
  forward-looking information) provided from time to time to analysts,
  investors, rating agencies and other stakeholders; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p align="justify" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  </font><font SIZE="2">reviewing, with management, that adequate procedures are
  in place for the review of the Corporation's disclosure of financial
  information extracted or derived from the Corporation's financial statements,
  such as annual reports and investor presentations, and periodically assessing
  the adequacy of those procedures; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p align="justify" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  </font><font SIZE="2">reviewing, with the external auditors and management,
  the quality, appropriateness and disclosure of the Corporation's accounting
  principles and policies, underlying assumptions and reporting practices, and
  any proposed changes thereto; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p align="justify" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  </font><font SIZE="2">reviewing any analysis or other written communications
  prepared by management, the internal auditors or external auditors setting
  forth significant financial reporting issues and judgments made in connection
  with the preparation of the financial statements, including analyses of the
  effect of alternative generally accepted accounting principles methods; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p align="justify" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  </font><font SIZE="2">reviewing the external auditors' quarterly review
  engagement report; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p align="justify" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  </font><font SIZE="2">overseeing the procedures to review management
  certifications filed with applicable securities regulators; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p align="justify" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  </font><font SIZE="2">reviewing the potential impact of any litigation, claim
  or other contingency and any regulatory or accounting initiatives that could
  have a material effect upon the financial position or operating results of the
  Corporation and the appropriateness of the disclosure thereof in the documents
  reviewed by the Audit Committee; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p align="justify" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  </font><font SIZE="2">overseeing the procedures to monitor the public
  disclosure of information by the Corporation; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p align="justify" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  </font><font SIZE="2">reviewing at least annually the Corporation's disclosure
  policy; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p align="justify" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  </font><font SIZE="2">reviewing the results of the external audit, any
  significant problems encountered in performing the audit, and management's
  response and/or action plan related to any Management Letter issued by the
  external auditors and any significant recommendations contained therein. </li>
</ul>
<i>
<p style="margin-left: 4%">(b</i> </font><i><font SIZE="2">) Monitoring risk
management and internal controls </p>
</font></i><font FACE="Symbol MT" LANG="JA" SIZE="2">
<ul>
  <li>
  <p align="justify" style="margin-left: 4%"></font><font SIZE="2">receiving
  periodically management's report assessing the adequacy and effectiveness of
  the Corporation's disclosure controls and procedures and systems of internal
  control over financial reporting; </li>
</ul>
<p align="center">23 </p>
<HR noshade size=5 style="page-break-after:always;" color="#000000"></font>
<font FACE="Symbol MT" LANG="JA" SIZE="2">
<ul>
  <li>
  <p style="margin-left: 4%; margin-top: 0; margin-bottom: 0"></font>
  <font SIZE="2">reviewing insurance coverage (annually and as may otherwise be
  appropriate); <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p style="margin-left: 4%; margin-top: 0; margin-bottom: 0"></font>
  <font SIZE="2">overseeing the processes in place to identify business risks
  and opportunities and overseeing the implementation of processes to manage
  these risks and opportunities; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p ALIGN="JUSTIFY" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  </font><font SIZE="2">reviewing policies and their parameters regarding such
  items as interest rate, foreign exchange risks, commodity purchases and any
  similar transactions where the Corporation enters into derivatives contracts;
  <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p style="margin-left: 4%; margin-top: 0; margin-bottom: 0"></font>
  <font SIZE="2">assisting the Board with the oversight of the Corporation's
  compliance with, and reviewing the Corporation's processes for complying with,
  applicable legal and regulatory requirements; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p ALIGN="JUSTIFY" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  </font><font SIZE="2">overseeing the confidential, anonymous procedures for
  the receipt, retention and treatment of complaints or concerns received by the
  Corporation regarding accounting, internal accounting controls or auditing
  matters or employee concerns regarding accounting or auditing matters; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p style="margin-left: 4%; margin-top: 0; margin-bottom: 0"></font>
  <font SIZE="2">requesting the performance of any specific audit, as required.
  </li>
</ul>
</font><i><font SIZE="2">
<p style="margin-left: 4%">(c) Monitoring internal auditors </p>
</font></i><font FACE="Symbol MT" LANG="JA" SIZE="2">
<ul>
  <li>
  <p style="margin-left: 4%; margin-top: 0; margin-bottom: 0"></font>
  <font SIZE="2">ensuring that the head of internal audit has a functional
  reporting relationship with the Audit Committee; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p ALIGN="JUSTIFY" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  </font><font SIZE="2">overseeing the access by internal auditors to all levels
  of management in order to carry out their duties; <br>
&nbsp;</font></li>
  <li>
  <p ALIGN="JUSTIFY" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  <font SIZE="2">regularly monitoring the internal audit function's performance,
  its responsibilities, staffing and budget; <br>
&nbsp;</font></li>
  <li>
  <p ALIGN="JUSTIFY" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  <font SIZE="2">approving the appointment and termination of the Corporation's
  chief internal auditor; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p style="margin-left: 4%; margin-top: 0; margin-bottom: 0"></font>
  <font SIZE="2">ensuring the ongoing accountability of the internal audit
  function to the Audit Committee and to the Board. </li>
</ul>
</font><i><font SIZE="2">
<p style="margin-left: 4%">(d) Monitoring external auditors </p>
</font></i><font FACE="Symbol MT" LANG="JA" SIZE="2">
<ul>
  <li>
  <p ALIGN="JUSTIFY" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  </font><font SIZE="2">recommending the retention and, if appropriate, the
  removal of external auditors (both subject to shareholder approval), their
  compensation, as well as evaluating and monitoring their qualifications,
  performance and independence; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p ALIGN="JUSTIFY" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  </font><font SIZE="2">overseeing all relationships between the external
  auditors and the Corporation including, determining which non-audit services
  the external auditors are prohibited from providing, approving, or
  pre-approving policies defining audit and permitted non-audit services
  provided by the external auditors, overseeing the disclosure of all audit and
  permitted non-audit services provided by the external auditors, and reviewing
  the total amount of fees paid by the Corporation to the external auditors for
  all audit and non-audit services; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p style="margin-left: 4%; margin-top: 0; margin-bottom: 0"></font>
  <font SIZE="2">overseeing the direct reporting and accountability of the
  external auditors to the Audit Committee and to the Board; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p ALIGN="JUSTIFY" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  </font><font SIZE="2">directly overseeing the external auditors and discussing
  with them the quality and not just the acceptability of the Corporation's
  accounting principles, including (i) critical accounting policies and
  practices used, (ii) alternative treatments of financial information that have
  been discussed with management, the ramification of their use and the
  treatment preferred by the external auditors, as well as (iii) other material
  written communications between the Corporation and the external auditors
  (including any disagreement with management and the resolution thereof); </li>
</ul>
<p align="center">24 </p>
<HR noshade size=5 style="page-break-after:always;" color="#000000"></font>
<font FACE="Symbol MT" LANG="JA" SIZE="2">
<ul>
  <li>
  <p ALIGN="JUSTIFY" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  </font><font SIZE="2">reviewing at least annually, representations by the
  external auditors describing their internal quality-control procedures, as
  well as significant results arising from regulatory and professional
  quality-control examinations; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p ALIGN="JUSTIFY" style="margin-left: 4%; margin-top: 0; margin-bottom: 0">
  </font><font SIZE="2">reviewing at least annually, the external auditors'
  representations as to independence and holding discussions with the external
  auditors as to any relationship or services that may impact their objectivity
  or independence; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p style="margin-left: 4%; margin-top: 0; margin-bottom: 0"></font>
  <font SIZE="2">reviewing hiring policies for employees or former employees of
  the Corporation's firm of external auditors; <br>
&nbsp;</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p style="margin-left: 4%; margin-top: 0; margin-bottom: 0"></font>
  <font SIZE="2">overseeing the rotation of lead, concurring and other audit
  partners, to the extent required by Canadian and U.S. securities law
  standards. </li>
</ul>
</font><i><font SIZE="2">
<p style="margin-left: 4%">(e) Reviewing financings </p>
</font></i><font FACE="Symbol MT" LANG="JA" SIZE="2">
<ul>
  <li>
  <p style="margin-left: 4%"></font><font SIZE="2">reviewing the adequacy of the
  Corporation's financing, including terms and conditions of all new material
  financing arrangements. </li>
</ul>
</font><i><font SIZE="2">
<p style="margin-left: 4%">(f) Evaluating the performance of the Audit Committee
</p>
</font></i><font FACE="Symbol MT" LANG="JA" SIZE="2">
<ul>
  <li>
  <p style="margin-left: 4%"></font><font SIZE="2">overseeing the existence of
  processes to annually evaluate the performance of the Audit Committee. </li>
</ul>
<p ALIGN="JUSTIFY" style="margin-left: 4%">Because of the Audit Committee's
demanding role and responsibilities, the Board chair, together with the
Corporate Governance Committee chair, reviews any invitation to Audit Committee
members to join the audit committee of another publicly-listed entity. Where a
member of the Audit Committee simultaneously serves on the audit committee of
more than three public companies, including the Corporation, the Board
determines whether such simultaneous service impairs the ability of such member
to effectively serve on the Audit Committee and either requires a correction to
the situation or discloses in the Corporation's Management Proxy Circular that
there is no such impairment. </p>
<p ALIGN="JUSTIFY" style="margin-left: 4%">As appropriate, the Audit Committee
may obtain advice and assistance from outside legal, accounting or other
advisors and set and pay their compensation, and so advise the Board chair and,
if appropriate, the external auditors; the Audit Committee makes arrangements
for the appropriate funding for payment of the external auditors and any
advisors retained by it. In addition, the Corporation will provide appropriate
funding for the Audit Committee, including the payment of all outside legal,
accounting and other advisors retained by the Audit Committee. </p>
<p ALIGN="JUSTIFY" style="margin-left: 4%">The internal auditors and the
external auditors will have at all times a direct line of communication with the
Audit Committee. In addition, each meets separately with the Audit Committee,
without management, at least once a quarter, during which the Corporation's
financial statements and control environment must be discussed; the Audit
Committee also meets separately with management at least once a quarter, and
more frequently as required. </p>
<p style="margin-left: 4%">The Audit Committee reports annually to the Board on
the adequacy of its mandate. In addition, the chair of the Audit Committee
reports regularly to the Board on the business of the Audit Committee. </p>
<p ALIGN="JUSTIFY" style="margin-left: 4%">Nothing contained in the above
mandate is intended to transfer to the Audit Committee the Board's
responsibility to ensure the Corporation's compliance with applicable laws or
regulations or to expand applicable standards of liability under statutory or
regulatory requirements for the directors or the members of the Audit Committee.
Even though the Audit Committee has a specific mandate and its members may have
financial experience, they do not have the obligation to act as auditors or to
perform auditing, or to determine that the Corporation's financial statements
are complete and accurate and are in accordance with generally accepted
accounting principles. Such matters are the responsibility of management, the
internal auditors and the external auditors. Members of the Audit Committee are
entitled to rely, absent knowledge to the contrary, on (i) the integrity of the
persons and organizations from whom they receive information, (ii) the accuracy
and completeness of the information provided, and (iii) representations made by
management as to the non-audit services provided to the Corporation by the
external auditors. The Audit Committee's oversight responsibilities are not
established to provide an independent basis to determine that (i) management has
maintained appropriate accounting and financial reporting principles or
<font FACE="Times New Roman PSMT" SIZE="2">appropriate internal controls and
procedures, or (ii) the Corporation's financial statements have been prepared
and, if applicable, audited in accordance with generally accepted accounting
principles. </p>
<p align="center">* * * * * * * </p>
</font>
<p align="center">25 </p>
</font>
<font FACE="Times New Roman PSMT" SIZE="2">
<HR noshade size=5 style="page-break-after:always;" color="#000000"><font FACE="Times New Roman PS" SIZE="2"><b>
<p style="margin-left: 4%">A. </p>
<p style="margin-left: 8%; margin-top: -25.5pt">Undertaking </p>
</b></font>
<p ALIGN="JUSTIFY" style="text-indent: 4%">Gildan Activewear Inc. (the
&quot;Registrant&quot;) undertakes to make available, in person or by telephone,
representatives to respond to inquiries made by the staff of the Securities and
Exchange Commission (&quot;SEC&quot;), and to furnish promptly, when requested to do so by
the SEC staff, information relating to the securities in relation to which the
obligation to file an annual report on Form 40-F arises or transactions in said
securities. </p>
<font FACE="Times New Roman PS" SIZE="2"><b>
<p style="margin-left: 4%">B. </p>
<p style="margin-left: 8%; margin-top: -25.5pt">Consent to Service of Process
</p>
</b></font>
<p style="text-indent: 4%">The Registrant has previously filed with the SEC a
written irrevocable consent and power of attorney on Form F-X in connection with
the Class A Subordinate Voting Shares (now Common Shares). </p>
<font FACE="Times New Roman PS" SIZE="2"><b>
<p style="margin-left: 4%">C. </p>
<p style="margin-left: 8%; margin-top: -25.5pt">Evaluation of disclosure
controls and procedures </p>
</b></font>
<p ALIGN="JUSTIFY" style="text-indent: 4%">Our disclosure controls and
procedures are designed to ensure that information required to be disclosed in
our reports filed with the SEC is recorded, processed, summarized and reported
within the time periods specified in the SEC's rules and forms and is
accumulated and communicated to our management, including our principal
executive officer and our principal financial officer, as appropriate, to allow
timely decisions regarding required disclosure. </p>
<p ALIGN="JUSTIFY" style="text-indent: 4%">An evaluation was carried out under
the supervision of, and with the participation of, our management, including our
principal executive officer and our principal financial officer, of the
effectiveness of our disclosure controls and procedures (as such term is defined
in the Securities Exchange Act of 1934 (the &quot;Exchange Act&quot;), as amended, Rules
13a-15(e) and 15d-15(e)) as of the end of the period covered by this Annual
Report on Form 40-F. Based on that evaluation, our principal executive officer
and our principal financial officer concluded that our disclosure controls and
procedures were effective as of the end of such period. </p>
<font FACE="Times New Roman PS" SIZE="2"><b>
<p style="margin-left: 4%">D. </p>
<p style="margin-left: 8%; margin-top: -25.5pt">Management's annual report on
internal control over financial reporting </p>
</b></font>
<p style="text-indent: 4%">Our management is responsible for establishing and
maintaining adequate internal control over financial reporting, as such term is
defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. </p>
<p ALIGN="JUSTIFY" style="text-indent: 4%">Our internal control over financial
reporting includes those policies and procedures that: (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of our assets; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting
principles, and that our receipts and expenditures are being made only in
accordance with authorizations of our management and directors; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of our assets that could have a material effect
on the financial statements. </p>
<p ALIGN="JUSTIFY" style="text-indent: 4%">Under the supervision and with the
participation of our principal executive officer and our principal financial
officer, management conducted an evaluation of the effectiveness of our internal
control over financial reporting, as of October 5, 2008, based on the framework
set forth in<font FACE="Times New Roman PS" SIZE="2"><b> </b><i>Internal
Control-Integrated Framework</i></font> issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO). Based on its evaluation under
this framework, management concluded that our internal control over financial
reporting was effective as of that date. </p>
<font FACE="Times New Roman PS" SIZE="2"><b>
<p style="margin-left: 4%">E. </p>
<p style="margin-left: 8%; margin-top: -25.5pt">Attestation report of the
registered public accounting firm. </p>
</b></font>
<p ALIGN="JUSTIFY" style="text-indent: 4%">KPMG LLP (&quot;KPMG&quot;), an independent
registered public accounting firm, who audited and reported on our financial
statements attached as Exhibit 99.2 to this Annual Report on Form 40-F, has
issued an attestation report on the effectiveness of our internal control over
financial reporting as of October 5, 2008. The attestation report is included on
page 52 of the financial statements attached as Exhibit 99.2<font FACE="Times New Roman PSMT">
</font>to this Annual Report on Form 40-F. </p>
<font FACE="Times New Roman PS" SIZE="2"><b>
<p style="margin-left: 4%">F. </p>
<p style="margin-left: 8%; margin-top: -25.5pt">Changes in internal controls
over financial reporting. </p>
</b></font>
<p style="text-indent: 4%">There have been no changes during fiscal year 2008 in
our internal control over financial reporting that have materially affected, or
are reasonably likely to materially affect, our internal control over financial
reporting. </p>
<p style="text-indent: 4%">The design of any system of controls and procedures
is based in part upon certain assumptions about the likelihood of certain
events. There can be no assurance that any design will succeed in achieving its
stated goals under all potential future conditions, regardless of how remote.<font FACE="Times New Roman PSMT">
</font></p>
</font>

<font FACE="Times New Roman PS" SIZE="2"><b>
<p align="justify" style="margin-left: 30; margin-bottom: -11pt">A. </p>
</b></font><HR noshade size=5 style="page-break-after:always;" color="#000000">
<font FACE="Times New Roman PS" SIZE="2"><b>
<p style="margin-left: 4%">G. </p>
<p style="margin-left: 8%; margin-top: -25.5pt">Audit Committee Financial
Experts </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY" style="text-indent: 4%">The Registrant's board of directors
has determined that it has at least three (3) audit committee financial experts
serving on its audit committee. Mr. Pierre Robitaille, Mr. Gonzalo F. Valdes-Fauli
and Mr. William D. Anderson have been determined to be such audit committee
financial experts and are independent, as that term is defined by the New York
Stock Exchange's listing standards applicable to the Registrant. The SEC has
indicated that the designation of Mr. Robitaille, Mr. Valdes-Fauli and Mr.
Anderson as audit committee financial experts does not make Mr. Robitaille, Mr.
Valdes-Fauli and Mr. Anderson &quot;experts&quot; for any purpose, impose any duties,
obligations or liability on Mr. Robitaille, Mr. Valdes-Fauli and Mr. Anderson
that are greater than those imposed on members of the audit committee and board
of directors who do not carry this designation or affect the duties, obligations
or liability of any other member of the audit committee. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p style="margin-left: 4%">H. </p>
<p style="margin-left: 8%; margin-top: -25.5pt">Code of Ethics </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY" style="text-indent: 4%">The Registrant has adopted a Code of
Ethics and Business Conduct (the &quot;Code of Conduct&quot;) that applies to all
employees and officers, including its principal executive officer, principal
financial officer and principal accounting officer. The Code of Conduct is
available at the Registrant's Internet website, <u>www.gildan.com/corporate/IR/corporateGovernance.cfm</u>,
and is available, without charge, in print to any shareholder who requests it.
</p>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p style="margin-left: 4%">I. </p>
<p style="margin-left: 8%; margin-top: -25.5pt">Principal Accountant Fees and
Services</b></font><font FACE="Times New Roman PSMT" SIZE="2"> </p>
<p ALIGN="JUSTIFY" style="text-indent: 4%">In addition to retaining KPMG to
report upon the annual consolidated financial statements of the Registrant, the
Registrant retained KPMG to provide various audit-related and non-audit services
in fiscal 2008. The aggregate fees billed for professional services by KPMG for
each of the last two (2) fiscal years, were as follows: </p>
</font><font FACE="Times New Roman PS" SIZE="2"><i>
<p ALIGN="JUSTIFY" style="margin-left: 4%">Audit Fees </i></font>
<font FACE="Times New Roman PSMT" SIZE="2">&#151; The aggregate audit fees billed by
KPMG for professional services rendered for the annual audit of the Registrant's
consolidated financial statements, quarterly reviews of the Registrant's
financial statements and services provided in connection with statutory and
regulatory filings or engagements were Cdn$1,237,028 for fiscal 2008 and
Cdn$1,214,402 for fiscal 2007. The audit fees include fees relating to KPMG's
audit of the effectiveness of the Registrant's internal control over financial
reporting. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><i>
<p style="margin-left: 4%">Audit-Related Fees </i></font>
<font FACE="Times New Roman PSMT" SIZE="2">&#151; The aggregate audit-related fees
billed by KPMG were Cdn$166,400 for fiscal 2008 and Cdn$112,800 for fiscal 2007.
These services consisted of miscellaneous assurance services. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><i>
<p ALIGN="JUSTIFY" style="margin-left: 4%">Tax Fees</i></font><font FACE="Times New Roman PSMT" SIZE="2">
&#151; The aggregate tax fees billed by KPMG were Cdn$484,817 for fiscal 2008 and
Cdn$935,066 for fiscal 2007. These services consisted of tax compliance,
including the review of tax returns, assistance regarding income, capital and
sales tax audits, the preparation of annual transfer pricing studies, tax
advisory services relating to domestic and international taxation and customs
and duties. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><i>
<p style="margin-left: 4%">All Other Fees </i></font>
<font FACE="Times New Roman PSMT" SIZE="2">&#151; The aggregate fees billed by KPMG
for all other professional services rendered were nil for fiscal 2008 and nil
for fiscal 2007. </p>
<p ALIGN="JUSTIFY" style="text-indent: 4%">All fees billed to the Registrant by
KPMG in fiscal 2008 were pre-approved by the Registrant's Audit and Finance
Committee pursuant to the procedures and policies set forth in the Audit and
Finance Committee mandate and pursuant to applicable legislation. The mandate of
the Audit and Finance Committee is available on the Registrant's Internet
website at <u>www.gildan.com/corporate/IR/corporateGovernance.cfm</u>. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p style="margin-left: 4%">J. </p>
<p style="margin-left: 8%; margin-top: -25.5pt">Off-Balance Sheet Arrangements </p>
</b><i>
<p style="margin-left: 4%">Operating leases and commitments </p>
</i></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY" style="text-indent: 4%">The Registrant has no commitments
that are not reflected in its balance sheets except for operating leases and
other purchase obligations, which are included in the table of contractual
obligations on page 33 of its MD&amp;A (see Exhibit 99.1). As disclosed in Note 13
to the Registrant's Consolidated Financial Statements (see Exhibit 99.2), the
Registrant has issued standby letters of credit and corporate guarantees
primarily from various servicing agreements amounting to $9.6 million at October
5, 2008. </p>
<HR noshade size=5 style="page-break-after:always;" color="#000000"></font><font FACE="Times New Roman PS" SIZE="2"><i>
<p style="margin-left: 4%">Derivative Financial Instruments </p>
</i></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY" style="text-indent: 4%">From time to time, the Registrant
uses forward foreign exchange contracts, primarily in Canadian dollars, British
pounds and Euros, to hedge cash flows related to sales and operating expenses in
foreign currencies (non-U.S. dollar). A forward foreign exchange contract
represents an obligation to exchange a foreign currency with a counterparty at a
predetermined rate. Credit risk exists in the event of failure by a counterparty
to meet its obligations. The Registrant's exposure to foreign currency
fluctuations is described in more detail in the &quot;Financial Risk Management&quot;
section of its MD&amp;A beginning on page 37 (see Exhibit 99.1). </p>
<p style="text-indent: 4%">The Registrant does not use derivative financial
instruments for speculative purposes. Forward foreign exchange contracts are
entered into with maturities not exceeding twenty-four months. </p>
<p style="text-indent: 4%">For the years ended October 5, 2008 and September 30,
2007, net earnings included a recognized loss of $2.1 million and a recognized
gain of $1.9 million, both relating to derivative financial instruments. </p>
<p>The following table summarizes the Registrant's commitments to buy and sell
foreign currencies as at October 5, 2008 and September 30, 2007: </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" DIR="ltr" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td valign="bottom" style="border-left-style: solid; border-left-width: 1; border-top-style: solid; border-top-width: 1; padding-left: 10; padding-right: 10"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1; padding-left: 10; padding-right: 10"><font FACE="Times New Roman" SIZE="2">
    Notional</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1; padding-left: 10; padding-right: 10"><font FACE="Times New Roman" SIZE="2">
    Exchange</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1; padding-left: 10; padding-right: 10"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1; padding-left: 10; padding-right: 10"><font FACE="Times New Roman" SIZE="2">
    Notional US dollar</font></td>
  </tr>
  <tr>
    <td valign="bottom" style="border-left-style: solid; border-left-width: 1; padding-left: 10; padding-right: 10"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="padding-left: 10; padding-right: 10"><font FACE="Times New Roman" SIZE="2">
    Amount</font></td>
    <td valign="bottom" align="right" style="padding-left: 10; padding-right: 10"><font FACE="Times New Roman" SIZE="2">Rate</font></td>
    <td valign="bottom" align="right" style="padding-left: 10; padding-right: 10"><font FACE="Times New Roman" SIZE="2">
    Maturity</font></td>
    <td valign="bottom" align="right" style="border-right-style: solid; border-right-width: 1; padding-left: 10; padding-right: 10"><font FACE="Times New Roman" SIZE="2">
    Equivalent</font></td>
  </tr>
  <tr>
    <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:solid; border-left-width:1; padding-left:10; padding-right:10">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1; padding-left:10; padding-right:10">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1; padding-left:10; padding-right:10">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1; padding-left:10; padding-right:10">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:solid; border-right-width:1; padding-left:10; padding-right:10">
    <font size="2" face="Times New Roman">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" style="border-top-style: solid; border-top-width: 1; border-left-style:solid; border-left-width:1; padding-left:10; padding-right:10">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1; padding-left:10; padding-right:10">
    <font FACE="Times New Roman" SIZE="2">(in thousands)</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1; padding-left:10; padding-right:10">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1; padding-left:10; padding-right:10">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1; border-right-style:solid; border-right-width:1; padding-left:10; padding-right:10">
    <font FACE="Times New Roman" SIZE="2">(in thousands)</font></td>
  </tr>
  <tr>
    <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:solid; border-left-width:1; padding-left:10; padding-right:10">
    <font FACE="Times New Roman" SIZE="2"><b>
    <p style="margin-left: 4%">2008:</b></font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1; padding-left:10; padding-right:10">
    <p style="margin-left: 4%"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1; padding-left:10; padding-right:10">
    <p style="margin-left: 4%"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1; padding-left:10; padding-right:10">
    <p style="margin-left: 4%"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:solid; border-right-width:1; padding-left:10; padding-right:10">
    <p style="margin-left: 4%"><font size="2" face="Times New Roman">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" style="border-top-style: solid; border-top-width: 1; border-left-style:solid; border-left-width:1; padding-left:10; padding-right:10" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" SIZE="2">Buy contracts:</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1; padding-left:10; padding-right:10" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1; padding-left:10; padding-right:10" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1; padding-left:10; padding-right:10" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1; border-right-style:solid; border-right-width:1; padding-left:10; padding-right:10" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" bgcolor="#FFFFFF" style="border-left-style: solid; border-left-width: 1; padding-left: 10; padding-right: 10"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 4%">Foreign exchange contracts:</font></td>
    <td valign="bottom" align="right" bgcolor="#FFFFFF" style="padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">CA$5,483</font></td>
    <td valign="bottom" align="right" bgcolor="#FFFFFF" style="padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">0.9302</font></td>
    <td valign="bottom" align="right" bgcolor="#FFFFFF" style="padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">Oct. 2008</font></td>
    <td valign="bottom" align="right" bgcolor="#FFFFFF" style="border-right-style: solid; border-right-width: 1; padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">$5,100</font></td>
  </tr>
  <tr>
    <td valign="bottom" bgcolor="#E9F1F8" style="border-left-style: solid; border-left-width: 1; padding-left: 10; padding-right: 10"><font size="2" face="Times New Roman">
    &#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">&#128;962</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">1.3740</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">Oct. 2008</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="border-right-style: solid; border-right-width: 1; padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">$1,322</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="20%" bgcolor="#FFFFFF" style="border-left-style: solid; border-left-width: 1; padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">Sell contracts:</font></td>
    <td valign="bottom" align="right" bgcolor="#FFFFFF" style="padding-left: 10; padding-right: 10">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#FFFFFF" style="padding-left: 10; padding-right: 10">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#FFFFFF" style="padding-left: 10; padding-right: 10">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#FFFFFF" style="border-right-style: solid; border-right-width: 1; padding-left: 10; padding-right: 10">
    <font size="2" face="Times New Roman">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="20%" bgcolor="#E9F1F8" style="border-left-style: solid; border-left-width: 1; padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 4%">Foreign exchange contracts:</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">&#128;5,650</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">1.4455 to 1.4757</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">Oct. 2008 &#150; Apr. 2009</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="border-right-style: solid; border-right-width: 1; padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">$8,244</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="20%" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:solid; border-left-width:1; padding-left:10; padding-right:10" bgcolor="#FFFFFF">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1; padding-left:10; padding-right:10" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">&#163;2,951</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1; padding-left:10; padding-right:10" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">1.7627 to 2.0339</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1; padding-left:10; padding-right:10" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">Oct. 2008 &#150; Jan. 2009</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:solid; border-right-width:1; padding-left:10; padding-right:10" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">$5,659</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="20%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:solid; border-left-width:1; padding-left:10; padding-right:10" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2"><b>2007:</b></font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; padding-left:10; padding-right:10" bgcolor="#FFFFFF">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; padding-left:10; padding-right:10" bgcolor="#FFFFFF">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; padding-left:10; padding-right:10" bgcolor="#FFFFFF">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:solid; border-right-width:1; padding-left:10; padding-right:10" bgcolor="#FFFFFF">
    <font size="2" face="Times New Roman">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="20%" style="border-top-style: solid; border-top-width: 1; border-left-style:solid; border-left-width:1; padding-left:10; padding-right:10" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" SIZE="2">Buy contracts:</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1; padding-left:10; padding-right:10" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1; padding-left:10; padding-right:10" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1; padding-left:10; padding-right:10" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1; border-right-style:solid; border-right-width:1; padding-left:10; padding-right:10" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="20%" bgcolor="#FFFFFF" style="border-left-style: solid; border-left-width: 1; padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 4%">Foreign exchange contracts:</font></td>
    <td valign="bottom" align="right" bgcolor="#FFFFFF" style="padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">&#128;4,425</font></td>
    <td valign="bottom" align="right" bgcolor="#FFFFFF" style="padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">1.3390 to 1.4222</font></td>
    <td valign="bottom" align="right" bgcolor="#FFFFFF" style="padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">Oct. 2007 &#150; Dec. 2007</font></td>
    <td valign="bottom" align="right" bgcolor="#FFFFFF" style="border-right-style: solid; border-right-width: 1; padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">$6,025</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="20%" bgcolor="#E9F1F8" style="border-left-style: solid; border-left-width: 1; padding-left: 10; padding-right: 10">&nbsp;</td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="padding-left: 10; padding-right: 10">&nbsp;</td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="padding-left: 10; padding-right: 10">&nbsp;</td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="padding-left: 10; padding-right: 10">&nbsp;</td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="border-right-style: solid; border-right-width: 1; padding-left: 10; padding-right: 10">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="20%" bgcolor="#FFFFFF" style="border-left-style: solid; border-left-width: 1; padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">Sell contracts:</font></td>
    <td valign="bottom" align="right" bgcolor="#FFFFFF" style="padding-left: 10; padding-right: 10">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#FFFFFF" style="padding-left: 10; padding-right: 10">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#FFFFFF" style="padding-left: 10; padding-right: 10">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#FFFFFF" style="border-right-style: solid; border-right-width: 1; padding-left: 10; padding-right: 10">
    <font size="2" face="Times New Roman">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="20%" bgcolor="#E9F1F8" style="border-left-style: solid; border-left-width: 1; padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 4%">Foreign exchange contracts:</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">&#128;13,980</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">1.3410 to 1.3899</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">Oct. 2007 &#150; Oct. 2008</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="border-right-style: solid; border-right-width: 1; padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">$19,096</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="20%" bgcolor="#FFFFFF" style="border-left-style: solid; border-left-width: 1; padding-left: 10; padding-right: 10">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#FFFFFF" style="padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">&#163;10,801</font></td>
    <td valign="bottom" align="right" bgcolor="#FFFFFF" style="padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">1.9640 to 2.0331</font></td>
    <td valign="bottom" align="right" bgcolor="#FFFFFF" style="padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">Oct. 2007 &#150; Oct. 2008</font></td>
    <td valign="bottom" align="right" bgcolor="#FFFFFF" style="border-right-style: solid; border-right-width: 1; padding-left: 10; padding-right: 10">
    <font FACE="Times New Roman" SIZE="2">$21,501</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="20%" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:solid; border-left-width:1; padding-left:10; padding-right:10" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" width="20%" align="right" style="border-bottom-style: solid; border-bottom-width: 1; padding-left:10; padding-right:10" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" SIZE="2">CA$3,800</font></td>
    <td valign="bottom" width="20%" align="right" style="border-bottom-style: solid; border-bottom-width: 1; padding-left:10; padding-right:10" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" SIZE="2">1.0055</font></td>
    <td valign="bottom" width="20%" align="right" style="border-bottom-style: solid; border-bottom-width: 1; padding-left:10; padding-right:10" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" SIZE="2">Oct. 2007</font></td>
    <td valign="bottom" width="20%" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:solid; border-right-width:1; padding-left:10; padding-right:10" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" SIZE="2">$3,821</font></td>
  </tr>
  <tr>
    <td height="1" style="border-top-style: solid; border-top-width: 1"></td>
  </tr>
</table>
<font FACE="Times New Roman PSMT" SIZE="2">
<p style="text-indent: 4%">The fair value of the forward foreign exchange
contracts, determined using observable market inputs, was $0.9 million as at
October 5, 2008 and ($0.8) million as at September 30, 2007. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p style="margin-left: 4%">K. </p>
<p style="margin-left: 8%; margin-top: -25.5pt">Tabular Disclosure of
Contractual Obligations </p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p>See page 33 of Exhibit 99.1. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><b>
<p style="margin-left: 4%">L. </p>
<p style="margin-left: 8%; margin-top: -25.5pt">Corporate Governance Guidelines
</p>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY" style="text-indent: 4%">The Registrant has adopted Corporate
Governance Guidelines as well as mandates for its board of directors and each of
its three committees which are available at the Registrant's Internet website,
<font color="#0000FF"><u>www.gildan.com/corporate/IR/corporateGovernance.cfm,</u></font>
and are available in print to any shareholder who requests them. </p>
</font><HR noshade size=5 style="page-break-after:always;" color="#000000"><font FACE="Times New Roman PS" SIZE="2"><b>
<p style="margin-left: 4%">M. </p>
<p style="margin-left: 8%; margin-top: -25.5pt">Identification of the Audit
Committee </p>
<p ALIGN="JUSTIFY" style="text-indent: 4%"></b></font>
<font FACE="Times New Roman PSMT" SIZE="2">The Registrant has a standing Audit
Committee established in accordance with Section 3 (a) (58) (A) of the Exchange
Act. The members of the Registrant's Audit Committee are Pierre Robitaille,
William D. Anderson, Richard P. Strubel and Gonzalo F. Valdez-Fauli. See the
Audit Committee Disclosure section of our Annual Information Form included
herein for additional information. </p>
<p align="center">[</font><font FACE="Times New Roman PS" SIZE="2"><i>Remainder
of page intentionally left blank.</i></font><font FACE="Times New Roman PSMT" SIZE="2">]</font></p>
<p align="center">&nbsp;</p>
<p align="center">&nbsp;</p>
<p align="center">&nbsp;</p>
<p align="center">&nbsp;</p>
<HR noshade size=5 style="page-break-after:always;" color="#000000"><font SIZE="2"><b>
<p align="center">SIGNATURES </p>
</b>
<p ALIGN="JUSTIFY" style="text-indent: 60">Pursuant to the requirements of the
Exchange Act, the Registrant certifies that it meets all of the requirements for
filing on Form 40-F and has duly caused this annual report to be signed on its
behalf by the undersigned, thereto duly authorized. </p>
<p align="justify" style="text-indent: 60">DATED: December 22,&nbsp; 2008</p>
</font>
<div align="right">
       <table CELLSPACING="0" BORDER="0" WIDTH="50%" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
              <tr>
                     <td COLSPAN="2" width="493">
                     <font FACE="Times New Roman PS" SIZE="2"><b>GILDAN
                     ACTIVEWEAR INC.</b></font></td>
              </tr>
              <tr>
                     <td WIDTH="37">&nbsp;</td>
                     <td WIDTH="456">&nbsp;</td>
              </tr>
              <tr>
                     <td WIDTH="37">&nbsp;</td>
                     <td WIDTH="456">&nbsp;</td>
              </tr>
              <tr>
                     <td WIDTH="37" style="border-bottom-style: solid; border-bottom-width: 1">
                     <font FACE="Times New Roman PSMT" SIZE="2">By: </font>
                     <font FACE="Times New Roman PS" SIZE="2"><i>/s/</i></font></td>
                     <td WIDTH="456" style="border-bottom-style: solid; border-bottom-width: 1">
                     <font FACE="Times New Roman PS" SIZE="2"><i>&nbsp;Jean-Fran&#231;ois
                     Legault </i></font></td>
              </tr>
              <tr>
                     <td WIDTH="37" style="border-top-style: solid; border-top-width: 1">
                     <font FACE="Times New Roman PSMT" SIZE="2">Name:</font></td>
                     <td WIDTH="456" style="border-top-style: solid; border-top-width: 1">
                     <font FACE="Times New Roman PSMT" SIZE="2">&nbsp;Jean-Fran&#231;ois
                     Legault </font></td>
              </tr>
              <tr>
                     <td WIDTH="37"><font FACE="Times New Roman PSMT" SIZE="2">
                     Title:</font></td>
                     <td WIDTH="456"><font FACE="Times New Roman PSMT" SIZE="2">
                     Vice-President, Legal, Public and Government Affairs</font></td>
              </tr>
              </table>
</div>
<p>&nbsp;</p>
<HR noshade size=5 style="page-break-after:always;" color="#000000">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
       <tr>
              <td WIDTH="100%" colspan="2" align="center">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="100%" colspan="2" align="center" bgcolor="#FFFFFF">
              <font FACE="Times New Roman PS" SIZE="2"><b>EXHIBIT INDEX</b></font></td>
       </tr>
       <tr>
              <td WIDTH="15%">&nbsp;</td>
              <td WIDTH="85%">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="15%" bgcolor="#FFFFFF"><font FACE="Times New Roman PS" SIZE="2"><b><u>
              Exhibit No.</u></b></font></td>
              <td WIDTH="85%" bgcolor="#FFFFFF"><font FACE="Times New Roman PS" SIZE="2"><b>
              <p align="left"><u>Description</u></b></font></td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top">&nbsp;</td>
              <td WIDTH="85%">
              <p align="justify">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top" bgcolor="#ECF7FB">
              <font FACE="Times New Roman PSMT" SIZE="2">
              <a href="exh991.htm" style="text-decoration: none">99.1</a></font></td>
              <td WIDTH="85%" bgcolor="#ECF7FB"><font FACE="Times New Roman PSMT" SIZE="2">
              <p align="justify">
              <a href="exh991.htm" style="text-decoration: none">Management's
              Discussion and Analysis of the Registrant for the year ended
              October 5, 2008 </a></font></td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top">&nbsp;</td>
              <td WIDTH="85%">
              <p align="justify">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top" bgcolor="#ECF7FB">
              <font FACE="Times New Roman PSMT" SIZE="2">
              <a href="exh992.htm" style="text-decoration: none">99.2</a></font></td>
              <td WIDTH="85%" bgcolor="#ECF7FB"><font FACE="Times New Roman PSMT" SIZE="2">
              <p align="justify">
              <a href="exh992.htm" style="text-decoration: none">Audited
              comparative consolidated financial statements of the Registrant as
              at and for the year ended October 5, 2008 </a></font></td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top">&nbsp;</td>
              <td WIDTH="85%">
              <p align="justify">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top" bgcolor="#ECF7FB">
              <font FACE="Times New Roman PSMT" SIZE="2">
              <a href="exh993.htm" style="text-decoration: none">99.3</a></font></td>
              <td WIDTH="85%" bgcolor="#ECF7FB"><font FACE="Times New Roman PSMT" SIZE="2">
              <p align="justify">
              <a href="exh993.htm" style="text-decoration: none">Consent of KPMG LLP</a></font></td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top">&nbsp;</td>
              <td WIDTH="85%">
              <p align="justify">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top" bgcolor="#ECF7FB">
              <font FACE="Times New Roman PSMT" SIZE="2">
              <a href="exh994.htm" style="text-decoration: none">99.4</a></font></td>
              <td WIDTH="85%" bgcolor="#ECF7FB"><font FACE="Times New Roman PSMT" SIZE="2">
              <p align="justify">
              <a href="exh994.htm" style="text-decoration: none">Schedule "D" &#150; Statement of Corporate
              Governance Practices to the Registrant's Notice of Annual Meeting
              of Shareholders and Management Proxy Circular dated as of December
              16, 2008&nbsp; </a> </font></td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top">&nbsp;</td>
              <td WIDTH="85%">
              <p align="justify">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top" bgcolor="#ECF7FB">
              <font FACE="Times New Roman PSMT" SIZE="2">
              <a href="exh995.htm" style="text-decoration: none">99.5</a></font></td>
              <td WIDTH="85%" bgcolor="#ECF7FB"><font FACE="Times New Roman PSMT" SIZE="2">
              <p align="justify">
              <a href="exh995.htm" style="text-decoration: none">Reconciliation to United States GAAP</a></font></td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top">&nbsp;</td>
              <td WIDTH="85%">
              <p align="justify">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top" bgcolor="#ECF7FB">
              <font FACE="Times New Roman PSMT" SIZE="2">
              <a href="exh996.htm" style="text-decoration: none">99.6</a></font></td>
              <td WIDTH="85%" bgcolor="#ECF7FB"><font FACE="Times New Roman PSMT" SIZE="2">
              <p align="justify">
              <a href="exh996.htm" style="text-decoration: none">Officers' Certifications Required by Rule
              13a-14(a) or Rule 15d-14(a)</a></font></td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top">&nbsp;</td>
              <td WIDTH="85%">
              <p align="justify">&nbsp;</td>
       </tr>
       <tr>
              <td WIDTH="15%" valign="top" bgcolor="#ECF7FB">
              <font FACE="Times New Roman PSMT" SIZE="2">
              <a href="exh997.htm" style="text-decoration: none">99.7</a></font></td>
              <td WIDTH="85%" bgcolor="#ECF7FB"><font FACE="Times New Roman PSMT" SIZE="2">
              <p align="justify">
              <a href="exh997.htm" style="text-decoration: none">Officers' Certifications Required by Rule
              13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of
              Title 18 of the United States Code</a></font></td>
       </tr>
</table>
<p>&nbsp;</p>
<hr color="#000000" size="5"></body>

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

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

<BODY bgcolor="#ffffff" style="font-family: 'Times New Roman';font-size: 10pt;">


<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
  <hr noshade color="#000000" size="5">
</div>
<font FACE="Times New Roman PS" SIZE="2"><b>
<p align="right">EXHIBIT 99.1</p>
</b></font>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=right width=949 colspan="2" bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">OUR BUSINESS&nbsp; </font></b>
	</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">&nbsp; </font></b>	</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">21&nbsp; </font></b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=949 colspan="2" bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">STRATEGY AND OBJECTIVES&nbsp; </font></b>
	</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">&nbsp; </font></b>	</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">23&nbsp; </font></b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=949 colspan="2" bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">RECENT DEVELOPMENTS&nbsp; </font></b>
	</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">&nbsp; </font></b>	</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">23&nbsp; </font></b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=949 colspan="2" bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">OPERATING RESULTS&nbsp; </font></b>
	</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">&nbsp; </font></b>	</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">24&nbsp; </font></b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=949 colspan="2" bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">SUMMARY OF QUARTERLY RESULTS&nbsp; </font></b>
	</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">&nbsp; </font></b>	</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">30&nbsp; </font></b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=949 colspan="2" bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">FINANCIAL CONDITION&nbsp; </font></b>
	</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">&nbsp; </font></b>	</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">31&nbsp; </font></b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=949 colspan="2" bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">CASH FLOWS&nbsp; </font></b>
	</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">&nbsp; </font></b>	</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">32&nbsp; </font></b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=949 colspan="2" bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">LIQUIDITY AND CAPITAL RESOURCES&nbsp; </font></b>
	</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">&nbsp; </font></b>	</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">32&nbsp; </font></b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=949 colspan="2" bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">LEGAL PROCEEDINGS&nbsp; </font></b>
	</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">&nbsp; </font></b>	</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">34&nbsp; </font></b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=949 colspan="2" bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">OUTLOOK&nbsp; </font></b>
	</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">&nbsp; </font></b>	</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">34&nbsp; </font></b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=949 colspan="2" bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">FINANCIAL RISK MANAGEMENT&nbsp; </font></b>
	</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">&nbsp; </font></b>	</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">35&nbsp; </font></b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=949 colspan="2" bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">CRITICAL ACCOUNTING ESTIMATES&nbsp; </font></b>
	</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">&nbsp; </font></b>	</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">39&nbsp; </font></b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=949 colspan="2" bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">CHANGES IN ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS&nbsp;
</font></b>
	</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">&nbsp; </font></b>	</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">41&nbsp; </font></b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=949 colspan="2" bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">RELATED PARTY TRANSACTIONS&nbsp; </font></b>
	</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">&nbsp; </font></b>	</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">42&nbsp; </font></b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=949 colspan="2" bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">DISCLOSURE CONTROLS&nbsp; </font></b>
	</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">&nbsp; </font></b>	</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">42&nbsp; </font></b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=949 colspan="2" bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">INTERNAL CONTROL OVER FINANCIAL REPORTING&nbsp; </font>
</b>
	</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">&nbsp; </font></b>	</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">42&nbsp; </font></b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=949 colspan="2" bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">RISKS AND UNCERTAINTIES&nbsp; </font></b>
	</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">&nbsp; </font></b>	</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">43&nbsp; </font></b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=949 colspan="2" bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">DEFINITION AND RECONCILIATION OF NON-GAAP MEASURES&nbsp;
</font></b>
	</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">&nbsp; </font></b>	</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">47&nbsp; </font></b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=949 colspan="2" bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">FORWARD-LOOKING STATEMENTS&nbsp; </font></b>
	</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">&nbsp; </font></b>	</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
<b><font color="#FFFFFF">49&nbsp; </font></b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=949 colspan="2" bgcolor="#009DDC" height="15">
&nbsp;</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
&nbsp;</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=949 colspan="2" bgcolor="#009DDC" height="15">
&nbsp;</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
&nbsp;</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=949 colspan="2" bgcolor="#009DDC" height="15">
&nbsp;</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
&nbsp;</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=949 colspan="2" bgcolor="#009DDC" height="15">
&nbsp;</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
&nbsp;</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=949 colspan="2" bgcolor="#009DDC" height="30">
<p align="center">
<B><font size="6" color="#FFFFFF">MD&amp;A</font></B></TD>
	<TD width=12 bgcolor="#009DDC" height="30">
&nbsp;</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="30">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=8 bgcolor="#009DDC" height="15">
&nbsp;</TD>
	<TD align=right width=941 bgcolor="#009DDC" height="15">
&nbsp;</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
&nbsp;</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=8 bgcolor="#009DDC" height="75">
&nbsp;</TD>
	<TD align=right width=941 bgcolor="#009DDC" height="75">
<P align="justify" style="margin-left: 130pt">
<b><font color="#FFFFFF">This Management&#146;s discussion and analysis (MD&amp;A) comments on Gildan&#146;s operations, performance and
financial condition as at and for the years ended October 5, 2008 and September 30, 2007, compared to the preceding years. For a complete
understanding of our business environment, trends, risks and uncertainties and the effect of accounting estimates on our results of operations and
financial condition, this MD&amp;A should be read together with the audited Consolidated Financial
Statements and the related notes. This MD&amp;A is dated December 18, 2008. All amounts in this report are in U.S. dollars, unless otherwise noted.</font></b></P>
	</TD>
	<TD width=12 bgcolor="#009DDC" height="75">
&nbsp;</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="75">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=8 bgcolor="#009DDC" height="15">
&nbsp;</TD>
	<TD align=right width=941 bgcolor="#009DDC" height="15">
<p style="margin-left: 130pt">&nbsp;</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
&nbsp;</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=8 bgcolor="#009DDC" height="60">
&nbsp;</TD>
	<TD align=right width=941 bgcolor="#009DDC" height="60">
<P align="justify" style="margin-left: 130pt">
<b><font color="#FFFFFF">All financial information contained in this MD&amp;A and in the audited Consolidated Financial Statements has been prepared in accordance with Canadian generally accepted accounting principles (GAAP), except for certain information discussed in the
paragraph entitled &#147;Non-GAAP Measures&#148; on page 24 of this MD&amp;A. The audited Consolidated Financial Statements and this MD&amp;A were reviewed by Gildan&#146;s Audit and Finance Committee and were approved by our Board of Directors.</font></b></P>
	</TD>
	<TD width=12 bgcolor="#009DDC" height="60">
&nbsp;</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="60">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=8 bgcolor="#009DDC" height="15">
&nbsp;</TD>
	<TD align=right width=941 bgcolor="#009DDC" height="15">
<p style="margin-left: 130pt">&nbsp;</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
&nbsp;</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=8 bgcolor="#009DDC" height="45">
&nbsp;</TD>
	<TD align=right width=941 bgcolor="#009DDC" height="45">
<P align="justify" style="margin-left: 130pt">
<b><font color="#FFFFFF">Additional information about Gildan, including our 2008 Annual Information Form, is available on our website at www.gildan.com, on the SEDAR website at www.sedar.com, and on the EDGAR section of the U.S. Securities and Exchange Commission website
(which includes the Annual Report on Form 40-F) at www.sec.gov.</font></b></P>
	</TD>
	<TD width=12 bgcolor="#009DDC" height="45">
&nbsp;</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="45">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=8 bgcolor="#009DDC" height="15">
&nbsp;</TD>
	<TD align=right width=941 bgcolor="#009DDC" height="15">
<p style="margin-left: 130pt">&nbsp;</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
&nbsp;</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=8 bgcolor="#009DDC" height="30">
&nbsp;</TD>
	<TD align=right width=941 bgcolor="#009DDC" height="30">
<P align="justify" style="margin-left: 130pt">
<b><font color="#FFFFFF">This document contains forward-looking statements, which are qualified by reference to, and should be read together with the &#147;Forward-looking Statements&#148; cautionary notice on page 49.</font></b></P>
	</TD>
	<TD width=12 bgcolor="#009DDC" height="30">
&nbsp;</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="30">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=8 bgcolor="#009DDC" height="15">
&nbsp;</TD>
	<TD align=right width=941 bgcolor="#009DDC" height="15">
<p style="margin-left: 130pt">&nbsp;</TD>
	<TD width=12 bgcolor="#009DDC" height="15">
&nbsp;</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="15">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=8 bgcolor="#009DDC" height="64">
&nbsp;</TD>
	<TD align=right width=941 bgcolor="#009DDC" height="64">
<P align="justify" style="margin-left: 130pt">
<b><font color="#FFFFFF">In this MD&amp;A, &#147;Gildan&#148;, the &#147;Company&#148;, or the words &#147;we&#148;, &#147;us&#148;, &#147;our&#148; refer, depending on the context, either to Gildan Activewear Inc. or to Gildan Activewear Inc. together with its subsidiaries
and joint venture.</font></b></P>

<P align="justify" style="margin-left: 130pt">
&nbsp;</P>

	</TD>
	<TD width=12 bgcolor="#009DDC" height="64">
&nbsp;</TD>
	<TD align=right width=25 bgcolor="#009DDC" height="64">
&nbsp;</TD>
</TR>
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	<TD align=right width=85% nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
<p align="right">21&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=85% nowrap>
<FONT color="#009ddc">MD&amp;A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
</div>

<P align="left">
<B><FONT color="#009ddc" size="3">OUR BUSINESS</FONT></B></P>
<P align="justify">
Gildan is a vertically-integrated marketer and manufacturer of activewear, socks and underwear. The Company operates in one business segment, being high-volume, basic, frequently replenished, non-fashion apparel. We are the leading supplier of
activewear for the screenprint channel in the U.S. and Canada, and also a leading supplier for this market in Europe. We also sell socks and underwear, in addition to our activewear products, to mass-market and regional retailers in North
America.</P>
<P align="justify">
In July 2006, we acquired Kentucky Derby Hosiery Co., Inc. (Kentucky Derby), a U.S.-based manufacturer of family socks, which provided us with enhanced distribution to major U.S. mass-market retailers.</P>
<P align="justify">
In October 2007, we acquired V.I. Prewett &amp; Son, Inc. (Prewett), based in Fort Payne, Alabama. Prewett is also a manufacturer of basic family socks and supplies U.S. mass-market retailers. We are now one of the leading suppliers of socks in the
U.S. mass-market retail channel.</P>
<P align="left">
<B><FONT color="#6d6f71">OUR PRODUCTS</FONT></B></P>
<P align="justify">
We specialize in marketing and large-scale low-cost manufacturing of basic, non-fashion apparel products for customers requiring an efficient supply chain and consistent product quality for high-volume automatic replenishment programs.</P>
<P align="justify">
We sell activewear products, namely T-shirts, fleece and sport shirts, in large quantities to wholesale distributors as undecorated &#147;blanks&#148;, which are subsequently sold to screenprinters and embroiderers who decorate our products with
designs and logos. Our products are made of cotton and of blends of cotton and synthetic fibers. We sell our products to wholesale distributors under the Gildan brand. Our products are used in a variety of daily activities by consumers. Uses of our
activewear product-line include work and school uniforms, athletic teamwear and other end-uses to convey individual,
group and team identity. Consumers also purchase the Company&#146;s activewear product-line in venues such as sports, entertainment and corporate events, as well as travel and tourism destinations.</P>
<P align="justify">
In the retail channel, we sell a variety of styles of socks and, to a lesser extent at this stage, men&#146;s and boys&#146; underwear and undecorated activewear products. We sell these products to mass-market and regional retailers in North America
under various retailer private label programs and under the Gildan brand.</P>
<P align="left">
<B><FONT color="#6d6f71">OUR FACILITIES</FONT></B></P>
<P align="left">
<B><U>Manufacturing</U></B></P>
<P align="justify">
To support our sales in the various markets, we have built and are continuing to build modern manufacturing facilities located in Central America and the Caribbean Basin where we manufacture T-shirts, fleece, sport shirts, socks and underwear. Our
largest manufacturing hub in Central America includes our first integrated knitting, bleaching, dyeing, finishing and cutting textile facility (Rio Nance 1) to produce activewear and, more recently, underwear fabric. This facility, located in Rio
Nance, Honduras, became operational in 2002. During 2007, we commenced production at an integrated sock manufacturing facility (Rio Nance 3) and a new integrated textile facility for the production of activewear fabric (Rio Nance 2), in Rio Nance,
Honduras. In August 2007, we announced plans for the construction of a second sock facility (Rio Nance 4) in Rio Nance, Honduras which is currently expected to begin production during fiscal 2009. During the year we announced plans to construct
another integrated textile facility for the production of activewear in Rio Nance (Rio Nance 5).</P>
<P align="justify">
We have also established a vertically-integrated Caribbean Basin manufacturing hub with a textile facility for the production of activewear fabric in Bella Vista, Dominican Republic, which became operational in fiscal 2005. As discussed in the
&#147;Outlook&#148; section in this MD&amp;A, we plan to undertake an incremental capacity
expansion of our Dominican Republic textile facility and we also intend to incrementally expand our Rio Nance 1 textile facility in Honduras.</P>
<P align="justify">
In addition to our integrated sock manufacturing facility located in our Central America hub, we operate U.S. sock manufacturing facilities in Hillsville, Virginia and Fort Payne, Alabama, purchased as part of the sock manufacturing acquisitions in
fiscal 2006 and fiscal 2008.</P>
<P align="justify">
Our sewing facilities are strategically located in close proximity to our textile manufacturing facilities. We own and operate sewing facilities in Nicaragua and Honduras to support our textile manufacturing hub in Central America. To support our
vertically-integrated production in the Dominican Republic, we utilize third-party contractors in Haiti, and we are in the process of establishing a sewing facility in the Dominican Republic which we expect to be operational in fiscal 2009.</P>
<P align="left">
<B><U>Yarn-Spinning</U></B></P>
<P align="justify">
CanAm Yarns, LLC (CanAm), our joint-venture company with Frontier Spinning Mills, Inc. (Frontier), operates yarn-spinning facilities in Georgia and North Carolina. CanAm&#146;s yarn-spinning operations, together with supply agreements currently in
place with Frontier and other third-party yarn providers, serve to meet our yarn requirements.</P>
<P align="left">
<B><U>Sales, Marketing and Distribution</U></B></P>
<P align="justify">
Our global sales and marketing office is located in St. Michael, Barbados where we employ more than 160 full-time employees. Our sales and marketing team is responsible for all customer-related functions including sales management, marketing,
customer service, credit management and sales forecasting.</P>
<P align="justify">
We distribute our products for the screenprint channel in the U.S. primarily out of our company-owned distribution centre in Eden, North Carolina, and also use third-party warehouses in the western United States, Canada, Mexico, Europe and Asia to
service our customers in
these markets. To service the mass-market retail channel, we operate distribution centers in Martinsville, Virginia and Fort Payne, Alabama.</P>

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GILDAN 2008 ANNUAL REPORT&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
22&nbsp;
	</TD>
</TR>
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<FONT color="#009ddc">MD&amp;A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
&nbsp;
	</TD>
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<P align="justify">
On May 7, 2008, we announced our intention to build a new distribution centre in Rio Nance, Honduras. In addition to supporting our continuing sales growth, the new distribution facility in Honduras will facilitate direct shipments to both U.S. and
international customers, where appropriate, and is expected to provide a lower cost structure to handle labour-intensive activities for mass-market retail customers.</P>
<P align="left">
<B><U>Employees and Corporate Offices</U></B></P>
<P align="justify">
As of the end of this fiscal year we employed more than 20,000 full-time employees worldwide. Our corporate head office is located in Montreal, Canada.</P>
<P align="left">
<B><FONT color="#6d6f71">MARKET OVERVIEW</FONT></B></P>
<P align="left">
<B><U>Target Market</U></B></P>
<P align="justify">
Our markets for activewear, socks and underwear are characterized by low fashion risk compared to many other apparel markets, since our products are basic, frequently replenished and produced in a limited range of sizes, colours and styles, and
since logos and designs for the screenprint market are not imprinted or embroidered by Gildan.</P>
<P align="justify">
The demand for activewear products in the screenprint channel has been driven by several market trends such as:</P>
<UL>
<LI>
<p align="justify">the use of activewear for uniform applications;</LI>
<LI>
<p align="justify">the use of activewear for corporate promotions;</LI>
<LI>
<p align="justify">the use of activewear for event merchandising (such as concerts, festivals, etc.);</LI>
<LI>
<p align="justify">the evolution of the entertainment/ sports licensing and merchandising businesses;</LI>
<LI>
<p align="justify">the use of activewear products for travel and tourism;</LI>
<LI>
<p align="justify">the emphasis on physical fitness; and</LI>
<LI>
<p align="justify">the use and acceptance of casual dress in the workplace.</LI>
</UL>
<P align="justify">
In addition, reductions in manufacturing costs, combined with quality enhancements in activewear apparel, such as pre-shrunk fabrics, improved fabric weight, blends and construction, as well as an increased range of colours and styles have provided
consumers with superior products at lower prices.</P>
<P align="justify">
In the U.S. screenprint channel, T-shirt unit shipments have grown at a compounded annual rate of 6.5%, between 1998 and 2007, according to S.T.A.R.S. reports produced by ACNielsen Market Decisions which tracks unit volume shipments from U.S.
wholesale distributors to U.S. screenprinters. Over the same 10-year period, industry volume for T-shirts declined only once, in 2001, by 3.4% . More recently, unit shipments for T-shirts decreased by 3.5% for the nine-month period ended September
30, 2008. While T-shirt shipments from U.S. distributors to screenprinters declined in 2001 and in the first nine months of calendar 2008, unit sales of Gildan T-shirts from U.S. distributors to screen-printers increased by 8.1% and 4.7%,
respectively, as a result of continued market share gains. As noted in the &#147;Outlook&#148; section, recent market conditions in the screenprint channel have deteriorated with overall industry shipments from U.S. wholesale distributors to
screenprinters across all product categories down significantly in the months of October and November 2008.</P>
<P align="justify">
While we have, in the past, achieved unit sales growth even during economic downturns, there can be no assurance that the current global financial market crisis and the global economic slowdown will not negatively impact demand and sales for our
products in the U.S. screen-print channel, which accounted for more than 75% of our total sales in fiscal 2008. The potential negative impact of a major economic downturn and decline in corporate and consumer spending could not only reduce unit
sales volumes for the Company&#146;s activewear products in the screenprint channel, but result in lower unit selling prices due to a more
unfavourable supply-demand and competitive environment. The same market and competitive factors and risks which could impact the U.S. screenprint channel may impact our sales and earnings in our other international screenprint markets. Similarly,
while the basic replenishment nature of our products sold into the mass-market retail channel may moderate the negative impact of a downturn in overall economic conditions and consumer spending, there is no assurance that our unit sales and selling
prices will not be negatively impacted by the current economic uncertainty.</P>
<P align="left">
<B><U>Competitive Environment</U></B></P>
<P align="justify">
The market for our products is highly competitive. Competition is generally based upon price, with reliable quality and service also being key requirements for success. Our primary competitors in North America both in the screenprint and retail
channels are the major U.S.-based manufacturers of basic family apparel for the screenprint and retail channels, such as the Hanes, Fruit of the Loom, and Jerzees brands. Competition in socks in the U.S. mass-market retail channel is more
fragmented, with a higher proportion of private label programs which are frequently outsourced from Asian contractors by their retail vendors.</P>
<P align="justify">
The competition in the European screen-print channel is similar to that in North America, as we compete primarily with the U.S.-based manufacturers mentioned above. We also have large European-based competitors that do not have integrated
manufacturing operations and source products from suppliers in Asia. In addition, we may face the threat of increasing global competition.
In particular, the U.S. sock industry is already subject to global competition, including significant imports from Asia.</P>

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GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
<p align="right">23&nbsp;
	</TD>
</TR>
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	<TD align=right width=85% nowrap>
<FONT color="#009ddc">MD&amp;A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
</TR>
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<P align="left">
<B><FONT color="#009ddc" size="3">STRATEGY AND OBJECTIVES</FONT></B></P>
<P align="justify">
We believe that our success in developing our vertically-integrated manufacturing hubs has allowed us to provide our customers with low prices, consistent product quality and a reliable supply chain, and has been the main reason that we have been
able to continue to increase our market presence and establish our market leadership in the imprinted sportswear market. These are the same factors that management believes will support Gildan&#146;s strategy to expand its presence in international
screenprint markets and further penetrate the retail channel.</P>
<P align="justify">
We are able to price our products competitively because of our success in reducing operating costs, as a result of our investments in new strategically-located, large-scale, capital-intensive manufacturing facilities with modern equipment.</P>
<P align="left">
Our growth strategy comprises the following initiatives:</P>
<P align="left">
<B><FONT color="#6d6f71">1. CONTINUE TO INCREASE MARKET SHARE IN THE U.S. SCREENPRINT CHANNEL IN ALL PRODUCT CATEGORIES</FONT></B></P>
<P align="justify">
During fiscal 2008, we further increased our leading market share position in the U.S. screenprint channel in all of our product categories as reported in the S.T.A.R.S. report produced by ACNielsen Market Decisions. We intend to seek to continue
gaining market share in all of the product categories that we serve within the U.S. screenprint channel, namely T-shirts, sport shirts and fleece, by producing consistent high quality products, reliable customer service and competitive pricing. In
addition, the introduction of new products such as softer T-shirts and sport shirts made of ring-spun cotton and new styles tailored for women, should enable us to further increase our market share by serving certain niches of the screenprint
channel in which we previously did not participate.</P>
<P align="left">
<B><FONT color="#6d6f71">2. LEVERAGE OUR SUCCESSFUL BUSINESS MODEL TO FURTHER PENETRATE THE MASS-MARKET RETAIL CHANNEL AND DEVELOP GILDAN AS A CONSUMER BRAND</FONT></B></P>
<P align="justify">
The acquisitions of Kentucky Derby and Prewett, combined with the addition of new branded and private label sock programs, have positioned us as a leading supplier of basic family socks in the U.S. mass-market retail channel. We intend to build on
our market position in socks to also establish a significant presence in the mass-market retail channel with our activewear and underwear product lines. During fiscal 2008, we obtained our first retail private label underwear program with a U.S.
national mass-market retailer. Shipments under this program began in the third quarter of this fiscal year. Our goal is to continue to provide a value proposition, combining quality, service and competitive pricing. Our main competitors in the
retail channel for basic family apparel products are essentially the same as in the screenprint channel.</P>
<P align="justify">
<B><FONT color="#6d6f71">3.</FONT></B>&nbsp;
<B><FONT color="#6d6f71">PURSUE INTERNATIONAL GROWTH OPPORTUNITIES</FONT></B></P>
<P align="justify">
We expect to pursue further market penetration primarily within our existing screenprint channels in Europe, Mexico and the Asia/Pacific region. We continue to seek opportunities for growth in Europe, as we expand our product-lines, including the
introduction of ring-spun cotton activewear products. In Mexico, we intend to expand our presence in the screenprint channel by building on the sales and distribution infrastructure that we have recently established in the country. In addition, in
fiscal 2007, we began selling our products in Japan in both the screenprint and retail channels and during fiscal 2008, we established a sales and distribution network in China to position Gildan to service both the screen-print and retail channels.
We have had a distributor network to service both the screenprint and retail markets in Australia and New Zealand since 2001.</P>
<B><FONT color="#6d6f71">4.</FONT></B>&nbsp;
<B><FONT color="#6d6f71">CONTINUE TO GENERATE MANUFACTURING AND</FONT></B>
<B><FONT color="#6d6f71">DISTRIBUTION COST</FONT></B>
<B><FONT color="#6d6f71">REDUCTIONS</FONT></B>&nbsp;
<P align="justify">
We seek to continuously improve our manufacturing and distribution processes and cost structure by developing and investing in cost-reduction initiatives.
In addition to our continuing consolidation of our manufacturing operations in our Central American and Caribbean Basin hubs, our cost reduction initiatives include, among others, our plans in fiscal 2009 to install biomass facilities as an
alternate source of natural renewable energy in order to reduce our reliance on high-cost fossil fuels and further reduce our environmental footprint, as well as our plans in fiscal 2009 to build a new distribution centre in Rio Nance, Honduras to
handle labour intensive activities for mass-market retail customers.</P>
<P align="justify">
<B><FONT color="#6d6f71">5.</FONT></B>&nbsp;
<B><FONT color="#6d6f71">PURSUE SELECTIVE COMPLEMENTARY ACQUISITIONS</FONT></B></P>
<P align="justify">
We will evaluate further selective acquisitions, which could complement our organic strategic growth opportunities. In addition, we will continue to seek opportunities where we believe we can lever our core competencies and position us in markets
that offer the potential for superior economic returns.</P>
<P align="justify">
We are subject to a variety of business risks that may affect our ability to maintain our current market share and profitability, as well as our ability to achieve our long-term strategic objectives. These risks are described in the &#147;Financial
Risk Management&#148; and the &#147;Risks and Uncertainties&#148; sections of this MD&amp;A.</P>
<P align="left">
<B><FONT color="#009ddc" size="3">RECENT DEVELOPMENTS</FONT></B></P>
<P align="left">
<B><FONT color="#6d6f71">CANADA REVENUE AGENCY AUDIT</FONT></B></P>
<P align="justify">
The Canada Revenue Agency (CRA) has been conducting an audit of our income tax returns for our 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 our foreign subsidiaries where the majority of our 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, we agreed to a tax reassessment related to the restructuring of our international wholesale business and the related transfer of our assets to our Barbados subsidiary, which occurred in fiscal 1999.
Based on the results of the audit, we continue to believe that our 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 &#36;26.9 million and a reclassification of &#36;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>

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<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" bordercolor="#111111">
<TR valign="bottom">
	<TD align=right width=85% nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
<p align="right">24&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=85% nowrap>
<FONT color="#009ddc">MD&amp;A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
</div>
<P align="left">
<B><FONT color="#6d6f71">RESTRUCTURING OF U.S. SOCK MANUFACTURING</FONT></B></P>
<P align="justify">
On December 11, 2008, we announced plans to phase out sock finishing operations in the U.S. by the end of June 2009 and consolidate operations in Honduras, in order to remain globally competitive in the current economic conditions. As part of this
restructuring, the Company will also be closing a sock knitting facility in Hillsville, Virginia. The costs associated with these closures will be accounted for as restructuring and other charges in fiscal 2009 and are not expected to be
material.</P>
<P align="left">
<B><FONT color="#009ddc" size="3">OPERATING RESULTS</FONT></B></P>
<P align="left">
<B><FONT color="#6d6f71">OPERATING RESULTS FOR THE YEAR ENDED OCTOBER 5, 2008, COMPARED TO THE YEAR ENDED SEPTEMBER 30, 2007</FONT></B></P>
<P align="left">
<B><U>Non-GAAP Measures</U></B></P>
<P align="justify">
We use non-GAAP measures to assess our operating performance. Securities regulations require that companies caution readers that earnings and other measures adjusted to a basis other than GAAP do not have standardized meanings and are unlikely to be
comparable to similar measures used by other companies. Accordingly, they should not be considered in isolation. We use non-GAAP measures such as adjusted net earnings, adjusted diluted EPS, EBITDA, free cash flow, total indebtedness and net
indebtedness to measure our performance from one period to the next without the variation caused by certain adjustments that could potentially distort the analysis of trends in
our operating performance, and because we believe such measures provide meaningful information on the Company&#146;s financial condition and operating results.</P>
<P align="justify">
We refer the reader to page 47 for the definition and complete reconciliation of all non-GAAP measures used and presented by the Company to the most directly comparable GAAP measures.</P>
<P align="left">
<B><U>Business Acquisitions</U></B></P>
<P align="justify">
Effective October 15, 2007, we acquired 100% of the capital stock of Prewett, a U.S. supplier of basic family socks to U.S. mass-market retailers, based in Fort Payne, Alabama. The aggregate purchase price of &#36;128.0 million was comprised of cash
consideration of &#36;125.3 million, a fixed payment of &#36;1.2 million, payable in fiscal 2009, and transaction costs of &#36;1.5 million. The purchase agreement provides for an additional purchase consideration of up to &#36;10.0 million
contingent on specified future events. This amount was paid into
escrow by Gildan and is included in Other assets on the consolidated balance sheet. Any further purchase price consideration paid by the Company will be accounted for as additional goodwill. We accounted for this acquisition using the purchase
method and, our results of operations for fiscal 2008 include the operations of Prewett from the date of acquisition. Please refer to Note 3 to the audited Consolidated Financial Statements for a summary of the estimated fair value of the assets
acquired and liabilities assumed at the date of acquisition.</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111" height="405">
<TR valign="bottom">
	<TD align=left width=504 height="15" bgcolor="#D1D3D4">
<U>SELECTED ANNUAL INFORMATION</U>&nbsp;
	</TD>
	<TD width=24 height="15" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=136 height="15" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=24 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=136 height="15" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=25 height="15" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=137 height="15" bgcolor="#D1D3D4">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=504 style="border-bottom:1px solid #000000;" height="16" bgcolor="#D1D3D4">
(in &#36; millions, except per share amounts)&nbsp;
	</TD>
	<TD width=24 height="16" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=136 style="border-bottom:1px solid #000000;" height="16" bgcolor="#99D8F1">
<p align="right">&nbsp;
<B>2008</B>&nbsp;</TD>
	<TD width=24 height="16" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=136 style="border-bottom:1px solid #000000;" height="16" bgcolor="#D1D3D4">
<p align="right">&nbsp;
<B>2007</B>&nbsp;
	</TD>
	<TD width=25 height="16" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=137 style="border-bottom:1px solid #000000;" height="16" bgcolor="#D1D3D4">
<p align="right">&nbsp;
<B>2006</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=504 style="border-bottom:medium none #000000;" height="18" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=24 height="17" style="border-top-style: solid; border-top-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;" height="18" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD width=24 height="17" style="border-top-style: solid; border-top-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;" height="18" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width=25 height="17" style="border-top-style: solid; border-top-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=137 style="border-bottom:medium none #000000;" height="18" bgcolor="#D1D3D4">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=504 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="17" bgcolor="#D1D3D4">
 &nbsp;Sales&nbsp;
	</TD>
	<TD width=24 height="17" style="border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="17" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>1,249.7</B>&nbsp;
	</TD>
	<TD width=24 height="17" style="border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="17" bgcolor="#D1D3D4">
<p style="margin-right: 4">964.4&nbsp;
	</TD>
	<TD width=25 height="17" style="border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=137 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="17" bgcolor="#D1D3D4">
<p style="margin-right: 4">773.2&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=504 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" height="18" bgcolor="#D1D3D4">
 &nbsp;Cost of sales&nbsp;
	</TD>
	<TD width=24 height="17" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" height="18" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>847.4</B>&nbsp;
	</TD>
	<TD width=24 height="17" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" height="18" bgcolor="#D1D3D4">
<p style="margin-right: 4">655.3&nbsp;
	</TD>
	<TD width=25 height="17" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=137 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" height="18" bgcolor="#D1D3D4">
<p style="margin-right: 4">521.1&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=504 style="border-bottom:medium none #000000;" height="14" bgcolor="#D1D3D4">
 &nbsp;Gross profit&nbsp;
	</TD>
	<TD width=24 height="15" style="border-top-style: solid; border-top-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;" height="14" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>402.3</B>&nbsp;
	</TD>
	<TD width=24 height="15" style="border-top-style: solid; border-top-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;" height="14" bgcolor="#D1D3D4">
<p style="margin-right: 4">309.1&nbsp;
	</TD>
	<TD width=25 height="15" style="border-top-style: solid; border-top-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=137 style="border-bottom:medium none #000000;" height="14" bgcolor="#D1D3D4">
<p style="margin-right: 4">252.1&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=504 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="16" bgcolor="#D1D3D4">
 &nbsp;Selling, general and administrative expenses&nbsp;
	</TD>
	<TD width=24 height="16" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="16" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>151.5</B>&nbsp;
	</TD>
	<TD width=24 height="16" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="16" bgcolor="#D1D3D4">
<p style="margin-right: 4">110.9&nbsp;
	</TD>
	<TD width=25 height="16" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=137 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="16" bgcolor="#D1D3D4">
<p style="margin-right: 4">84.4&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=504 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" height="18" bgcolor="#D1D3D4">
 &nbsp;Restructuring and other charges&nbsp;
	</TD>
	<TD width=24 height="17" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" height="18" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>5.5</B>&nbsp;
	</TD>
	<TD width=24 height="17" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" height="18" bgcolor="#D1D3D4">
<p style="margin-right: 4">28.0&nbsp;
	</TD>
	<TD width=25 height="17" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=137 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" height="18" bgcolor="#D1D3D4">
<p style="margin-right: 4">20.4&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=504 style="border-bottom:medium none #000000;" height="17" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=24 height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;" height="17" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>245.3</B>&nbsp;
	</TD>
	<TD width=24 height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;" height="17" bgcolor="#D1D3D4">
<p style="margin-right: 4">170.2&nbsp;
	</TD>
	<TD width=25 height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=137 style="border-bottom:medium none #000000;" height="17" bgcolor="#D1D3D4">
<p style="margin-right: 4">147.3&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=504 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="16" bgcolor="#D1D3D4">
 &nbsp;Depreciation and amortization&nbsp;
	</TD>
	<TD width=24 height="16" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="16" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>58.9</B>&nbsp;
	</TD>
	<TD width=24 height="16" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="16" bgcolor="#D1D3D4">
<p style="margin-right: 4">38.8&nbsp;
	</TD>
	<TD width=25 height="16" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=137 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="16" bgcolor="#D1D3D4">
<p style="margin-right: 4">32.4&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=504 height="15" style="border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
 &nbsp;Interest, net&nbsp;
	</TD>
	<TD width=24 height="15" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=136 height="15" style="border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>7.2</B>&nbsp;
	</TD>
	<TD width=24 height="15" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=136 height="15" style="border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">4.9&nbsp;
	</TD>
	<TD width=25 height="15" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=137 height="15" style="border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">3.1&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=504 height="16" bgcolor="#D1D3D4">
 &nbsp;Non-controlling interest of consolidated&nbsp;
	</TD>
	<TD width=24 height="16" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=136 height="16" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD width=24 height="16" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width=136 height="16" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD width=25 height="16" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width=137 height="16" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=504 style="border-bottom:1px solid #000000;" height="18" bgcolor="#D1D3D4">
 &nbsp; &nbsp; &nbsp;joint venture&nbsp;
	</TD>
	<TD width=24 height="17" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:1px solid #000000;" height="18" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>0.2</B>&nbsp;
	</TD>
	<TD width=24 height="17" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:1px solid #000000;" height="18" bgcolor="#D1D3D4">
<p style="margin-right: 4">1.3&nbsp;
	</TD>
	<TD width=25 height="17" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=137 style="border-bottom:1px solid #000000;" height="18" bgcolor="#D1D3D4">
<p style="margin-right: 4">0.2&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=504 style="border-bottom:medium none #000000;" height="16" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD width=24 height="17" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;" height="16" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;</TD>
	<TD width=24 height="17" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;" height="16" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD width=25 height="17" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=right width=137 style="border-bottom:medium none #000000;" height="16" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=504 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="16" bgcolor="#D1D3D4">
 &nbsp;Earnings before income taxes&nbsp;
	</TD>
	<TD width=24 height="16" style="border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="16" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>179.0</B>&nbsp;
	</TD>
	<TD width=24 height="16" style="border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="16" bgcolor="#D1D3D4">
<p style="margin-right: 4">125.2&nbsp;
	</TD>
	<TD width=25 height="16" style="border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=137 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="16" bgcolor="#D1D3D4">
<p style="margin-right: 4">111.6&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=504 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" height="18" bgcolor="#D1D3D4">
 &nbsp;Income tax expense (recovery)&nbsp;
	</TD>
	<TD width=24 height="17" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" height="18" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>34.4</B>&nbsp;
	</TD>
	<TD width=24 height="17" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" height="18" bgcolor="#D1D3D4">
(4.8)&nbsp;
	</TD>
	<TD width=25 height="17" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=137 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" height="18" bgcolor="#D1D3D4">
<p style="margin-right: 4">4.8&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=504 style="border-bottom:medium none #000000;" height="18" bgcolor="#D1D3D4">
 &nbsp;Net earnings&nbsp;
	</TD>
	<TD width=24 height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;" height="18" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>144.6</B>&nbsp;
	</TD>
	<TD width=24 height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;" height="18" bgcolor="#D1D3D4">
<p style="margin-right: 4">130.0&nbsp;
	</TD>
	<TD width=25 height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=137 style="border-bottom:medium none #000000;" height="18" bgcolor="#D1D3D4">
<p style="margin-right: 4">106.8&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=504 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="18" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD width=24 height="19" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="18" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;</TD>
	<TD width=24 height="19" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="18" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD width=25 height="19" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=right width=137 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="18" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=504 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="18" bgcolor="#D1D3D4">
 &nbsp;Basic EPS<SUP>(1)</SUP>&nbsp;
	</TD>
	<TD width=24 height="18" style="border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="18" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>1.20</B>&nbsp;
	</TD>
	<TD width=24 height="18" style="border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="18" bgcolor="#D1D3D4">
<p style="margin-right: 4">1.08&nbsp;
	</TD>
	<TD width=25 height="18" style="border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=137 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="18" bgcolor="#D1D3D4">
<p style="margin-right: 4">0.89&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=504 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="20" bgcolor="#D1D3D4">
 &nbsp;Diluted EPS<SUP>(1)</SUP>&nbsp;
	</TD>
	<TD width=24 height="19" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="20" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>1.19</B>&nbsp;
	</TD>
	<TD width=24 height="19" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="20" bgcolor="#D1D3D4">
<p style="margin-right: 4">1.07&nbsp;
	</TD>
	<TD width=25 height="19" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=137 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="20" bgcolor="#D1D3D4">
<p style="margin-right: 4">0.88&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=504 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="15" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width=24 height="17" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="15" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;</TD>
	<TD width=24 height="17" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="15" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD width=25 height="17" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=right width=137 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="15" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=504 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="17" bgcolor="#D1D3D4">
Total assets&nbsp;
	</TD>
	<TD width=24 height="17" style="border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="17" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>1,102.1</B>&nbsp;
	</TD>
	<TD width=24 height="17" style="border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="17" bgcolor="#D1D3D4">
<p style="margin-right: 4">874.5&nbsp;
	</TD>
	<TD width=25 height="17" style="border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=137 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" height="17" bgcolor="#D1D3D4">
<p style="margin-right: 4">723.3&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=504 style="border-bottom:2px solid #000000;; border-top-style:none; border-top-width:medium" height="20" bgcolor="#D1D3D4">
Total long-term financial liabilities<SUP>(2)</SUP>&nbsp;
	</TD>
	<TD width=24 height="20" style="border-bottom: 2px solid #000000" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:2px solid #000000;; border-top-style:none; border-top-width:medium" height="20" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>53.0</B>&nbsp;
	</TD>
	<TD width=24 height="20" style="border-bottom: 2px solid #000000" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=136 style="border-bottom:2px solid #000000;; border-top-style:none; border-top-width:medium" height="20" bgcolor="#D1D3D4">
<p style="margin-right: 4">59.7&nbsp;
	</TD>
	<TD width=25 height="20" style="border-bottom: 2px solid #000000" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=137 style="border-bottom:2px solid #000000;; border-top-style:none; border-top-width:medium" height="20" bgcolor="#D1D3D4">
<p style="margin-right: 4">33.9&nbsp;
	</TD>
</TR>
</TABLE>
<P align="left">
Certain minor rounding variances exist between the financial statements and this summary.</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt;">
<TR>
	<TD nowrap valign=top>
(1)&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
All earnings per share data reflect the effect of the stock split as described on page 34.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
(2)&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
Includes current portion of long-term debt.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>

<HR noshade size=5 style="page-break-after:always;" color="#000000">



<A name="page_6"></A>

<div align="right">
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" bordercolor="#111111">
<TR valign="bottom">
	<TD align=right width=85% nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
25&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=85% nowrap>
<FONT color="#009ddc">MD&amp;A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
</div>

<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD align=right colspan=3 bgcolor="#99D8F1">
&nbsp;</TD>
	<TD bgcolor="#99D8F1">
&nbsp;</TD>
	<TD align=right colspan=3 bgcolor="#99D8F1">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=center colspan=3 bgcolor="#99D8F1">
<p align="right">
<B>Nine months ended</B></TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right colspan=3 bgcolor="#99D8F1">
<p>
<B>Nine months ended</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=center style="border-bottom:1px solid #000000;" bgcolor="#99D8F1" colspan="3">
<p align="right">&nbsp;
<B>September 30,</B>&nbsp;</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left style="border-bottom:1px solid #000000;" bgcolor="#99D8F1" colspan="3">
<p align="right">&nbsp;
<B>September 30,</B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>2008</B>&nbsp;
	</TD>
	<TD style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>2008</B>&nbsp;
	</TD>
	<TD style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>2007</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right colspan=3 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<p>
<B>Unit Growth</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</TD>
	<TD style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD align=left colspan=3 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
 <p align="right">&nbsp; &nbsp; &nbsp; &nbsp;<B>Market Share&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>Gildan</B>&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>Industry</B>&nbsp;
	</TD>
	<TD style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left style="border-bottom:1px solid #000000;" colspan="3" bgcolor="#99D8F1">
<p align="right">&nbsp;
<B>Gildan</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:medium none #000000;" bgcolor="#D1D3D4">
All products&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right style="border-bottom:medium none #000000;" bgcolor="#99D8F1" width="12%">
<B>4.6 %</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right style="border-bottom:medium none #000000;" bgcolor="#99D8F1" width="12%">
<B>(3.8)%</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right style="border-bottom:medium none #000000;" bgcolor="#99D8F1" width="12%">
<B>51.9 %</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right style="border-bottom:medium none #000000;" bgcolor="#99D8F1" width="12%">
47.8 %&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
T-shirts&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" width="3%">
&nbsp;	</TD>
	<TD align=right style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1" width="12%">
<B>4.7 %</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" width="3%">
&nbsp;	</TD>
	<TD align=right style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1" width="12%">
<B>(3.5)%</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" width="3%">
&nbsp;	</TD>
	<TD align=right style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1" width="12%">
<B>52.7 %</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" width="3%">
&nbsp;	</TD>
	<TD align=right style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1" width="12%">
48.5 %&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Fleece&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>11.5 %</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>(2.4)%</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>50.0 %</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
43.7 %&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Sport shirts&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>(10.8)%</B>&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>(13.3)%</B>&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>36.0 %</B>&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
35.1 %&nbsp;
	</TD>
</TR>
</TABLE>
<P align="justify">
Effective July 6, 2006, we acquired 100% of the common shares of Kentucky Derby, a U.S. hosiery manufacturer based in Hopkinsville, Kentucky. The total purchase price of &#36;20.4 million, including transaction costs, was paid in cash except for
approximately &#36;0.5 million, which was settled through the issuance of common shares of Gildan. We accounted for this acquisition using the purchase method and the results of Kentucky Derby were consolidated with those of Gildan from the date of
acquisition. Please refer to Note 3 to the audited Consolidated Financial Statements for a summary of the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition.</P>
<P align="left">
<B><U>Sales</U></B></P>
<P align="justify">
Sales for fiscal 2008 reached &#36;1,249.7 million, up 29.6% from &#36;964.4 million in fiscal 2007. The increase in sales was due to a &#36;154.5 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">
Market growth and share data presented for the U.S. screenprint channel is based on the S.T.A.R.S. Report produced by ACNielsen Market Decisions.</P>
<P align="justify">
The table above summarizes the S.T.A.R.S. data for the nine months ended September 30, 2008.</P>
<P align="justify">
The increase in activewear unit sales was primarily due to continuing market share penetration in all of our product categories in the U.S. distributor channel, as sales of Gildan products from U.S. distributors to screenprinters increased 4.6% for
the nine months ended September 30, 2008 according to the S.T.A.R.S report, while overall industry shipments declined 3.8% . The overall decline in industry shipments primarily reflects lower demand for promotional white T-shirts. In the T-shirt
category, sales volumes of Gildan T-shirts by U.S. distributors to screenprinters grew by 4.7% for the nine months ended September 30, 2008 and our leading market share in this category increased to 52.7% . Unit volume growth of Gildan fleece
products from U.S. distributors to screenprinters was up 11.5%, while overall unit volumes in the industry declined 2.4% . We ended fiscal 2008 with a leading market share of 50.0% in this category, up from 43.7% in the same period last year. We
also increased our market share in the sport shirt category to 36.0%, up from 35.1% last year. However, industry unit shipments in this category were down 13.3% for the nine months ended September 30, 2008 and Gildan sport shirt shipments from U.S.
distributors to screenprinters declined 10.8%, due in part to lack of product availability as a result of the production shortfall from our Dominican Republic facility.</P>
<P align="left">
<U>U.S. INDUSTRY GROWTH</U><i><br>
Nine months ended September 30, 2008 (based on unit sales (%))</i></P>
<P align="left">
<img border="0" src="exh9911.gif" width="82" height="45"></P>
<P align="left">
<img border="0" src="gildan1.gif" width="219" height="357"></P>
<P align="justify">
Growth in activewear unit volumes and the sale of higher-end products were constrained by lower than anticipated production at our textile facility in the Dominican Republic, including delays in the introduction of new high-value ring-spun T-shirt
and sport shirt products. During fiscal 2008, the introduction of more complex product-lines contributed to a shortfall in production output, which resulted in cost inefficiencies. During the second half of the fiscal year we implemented a plan
which resulted in improved levels of production by the end of the year. Despite the improvement in production levels, the lower than anticipated production in the Dominican Republic prevented the Company from capitalizing on demand for its products,
in particular during the peak selling periods in the third and fourth fiscal quarters of the year.</P>

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	<TD align=right width=85% nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
26&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=85% nowrap>
<FONT color="#009ddc">MD&amp;A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
</div>

<P align="justify">
Unit shipments to Canada, Europe, Asia/ Pacific and Mexico increased by 2.5% for fiscal 2008. Growth in these markets was also constrained, particularly in the second half of the year, due to the lack of product availability and the delay of new
product introductions attributable to the Dominican Republic production shortfall.</P>
<P align="justify">
The increase in sock sales was partially offset by the impact of exiting less profitable sock product-lines, which did not fit with Gildan&#146;s strategy to focus primarily on high-volume basic sock programs in the U.S. mass-market retail channel.
In addition, average selling prices for socks were reduced, as selling prices for new sock programs were based on the projected cost structure of Gildan&#146;s new sock facility in Honduras, which was ramping up to full capacity during fiscal
2008.</P>
<P align="justify">
During fiscal 2008, we continued to make progress within the mass-market retail channel. Although we had some challenges in completing our systems integration of the Kentucky Derby operations earlier in the year, the transition is now essentially
complete and we are pleased with the improvement in our service levels to mass retailers.
We continued to implement our strategy to rationalize our sock product-mix, in order to focus on basic higher-volume products and programs which capitalize on Gildan&#146;s modern large-scale manufacturing capacity.</P>
<P align="left">
<B><U>Gross Profit</U></B></P>
<P align="justify">
Gross profit is the result of our sales less cost of sales. Gross margin reflects gross profit as a percentage of sales. Our cost of sales includes all raw material costs, manufacturing conversion costs, sourcing costs and transportation costs
incurred until the receipt of finished goods at our distribution facilities, but excludes depreciation expense. Cost of sales also includes costs relating to purchasing, receiving and inspection activities, manufacturing administration, third-party
manufacturing services, insurance, internal transfers of inventories, and customs and duties. Our reporting of
gross margins may not be comparable to this metric as reported by other companies, since some entities include depreciation expense and the cost of shipping goods to customers in cost of sales, whereas we report these items in depreciation and
amortization and in selling, general and administrative expenses, respectively. Effective the first quarter of fiscal 2009, we will change the classification of our statement of earnings which will affect reported gross profit as described in the
section &#147;Changes in Accounting Policies and Recent Accounting Pronouncements&#148; on page 41.</P>
<TABLE style="font-family: 'Times New Roman';font-size: 10pt;"><TR><TD nowrap>
<U>GROSS MARGINS</U><BR>
<i>(%)</i></TD></TR></TABLE>
<P align="justify">
<img border="0" src="gildan2.gif" width="142" height="281"></P>
<P align="justify">
Gross profit for fiscal 2008 was &#36;402.3 million, or 32.2% of sales, compared to &#36;309.1 million, or 32.1% of sales during fiscal 2007. Gross margins for fiscal 2008 were positively impacted by higher activewear selling prices and lower
promotional discounts, together with favourable manufacturing efficiencies resulting from the consolidation of our textile facilities. These positive factors were offset by higher cotton prices, increased freight and energy costs, production
inefficiencies in our Dominican Republic facility, the impact of inventory write-downs related to the liquidation of discontinued sock product-lines, and
the impact of the lower gross margins generated from our Prewett acquisition which generates lower margins than our activewear products. The production inefficiencies affecting our Dominican Republic facility were essentially resolved by the end of
the fourth quarter.</P>
<P align="left">
<B><U>Selling, General and Administrative Expenses</U></B></P>
<P align="justify">
Our selling, general and administrative (SG&amp;A) expenses include costs incurred subsequent to the receipt of finished goods at our distribution facilities, excluding depreciation expense and costs of inter-warehouse transfers of finished goods.
The principal components of our SG&amp;A expenses include warehousing and handling costs, the cost of shipping goods to customers, selling and administrative personnel costs, advertising and marketing expenses, leased facilities and equipment costs,
professional fees, bad debt and other general and administrative expenses. Effective the first quarter of fiscal 2009, we will change the classification of our statement of earnings which will affect reported SG&amp;A expenses as described in the
section &#147;Changes in Accounting Policies and Recent Accounting Pronouncements&#148; on page 41.</P>
<P align="justify">
<u><b>SG&amp;A<br>
</b></u><i>(percentage of sales(%))</i></P>
<P align="justify">
<img border="0" src="gildan3.gif" width="193" height="290"></P>

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<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" bordercolor="#111111">
<TR valign="bottom">
	<TD align=right width=85% nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
27&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=85% nowrap>
<FONT color="#009ddc">MD&amp;A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
</div>

<P align="justify">
SG&amp;A expenses were &#36;151.5 million, or 12.1% of sales during fiscal 2008, compared to &#36;111.0 million, or 11.5% of sales during fiscal 2007. The increase in SG&amp;A expenses was due to the acquisition of Prewett, higher distribution and
transportation expenses driven by volume increases and higher fuel costs, higher bad debt expense, higher corporate costs, including the impact of the higher-valued Canadian dollar during the year, a charge for the disposal of surplus fixed assets,
and professional fees for special projects.</P>
<P align="left">
<B><U>Restructuring and Other Charges</U></B></P>
<P align="justify">
The following table summarizes the components of restructuring and other charges for the years ended October 5, 2008, September 30, 2007 and October 1, 2006:</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium">
(in &#36; millions)&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium">
&nbsp;
	</TD>
	<TD style="border-top-style: none; border-top-width: medium">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium">
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>2008</B>&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>2007</B>&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>2006</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;" bgcolor="#D1D3D4">
 &nbsp;Severance (a) (b) (c)&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>0.4</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;" bgcolor="#D1D3D4">
<p style="margin-right: 4">13.6&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;" bgcolor="#D1D3D4">
<p style="margin-right: 4">2.1&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
 &nbsp;Accelerated depreciation (a)&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">3.5&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#D1D3D4">
 &nbsp;Impairment loss and write down of property,&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#D1D3D4">
 &nbsp; &nbsp; &nbsp;plant and equipment and assets held for&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;" bgcolor="#D1D3D4">
 &nbsp; &nbsp; &nbsp;sale(a) (b) (c)&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>2.7</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;" bgcolor="#D1D3D4">
<p style="margin-right: 4">3.6&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;" bgcolor="#D1D3D4">
<p style="margin-right: 4">15.1&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Net gain on disposal of long-lived assets (d)&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=center nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p align="right">
<B>(0.5)</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(1.5)&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
 &nbsp;Other exit costs (e)&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>3.5</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">8.8&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">1.7&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#D1D3D4">
 &nbsp;(Credit) charge to comply with employment&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;" bgcolor="#D1D3D4">
 &nbsp; &nbsp; &nbsp;contract (f)&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=center nowrap style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<p align="right">
<B>(0.6)</B>&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;" bgcolor="#D1D3D4">
<p style="margin-right: 4">1.5&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:2px solid #000000;" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>5.5</B>&nbsp;
	</TD>
	<TD style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;" bgcolor="#D1D3D4">
<p style="margin-right: 4">28.0&nbsp;
	</TD>
	<TD style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;" bgcolor="#D1D3D4">
<p style="margin-right: 4">20.4&nbsp;
	</TD>
</TR>
</TABLE>
<P align="left">
Certain minor rounding variances exist between the financial statements and this summary.</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt;">
<TR>
	<TD nowrap valign=top>
a)&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<p align="justify">In the fourth quarter of fiscal 2006, we announced a restructuring of our Canadian manufacturing operations, involving the closure of our textile manufacturing facility in Valleyfield, Quebec and the downsizing of our Montreal, Quebec, knitting
facility. We also announced the relocation and consolidation of our U.S. retail distribution centres, the closure of our Canadian distribution centre in Montreal, Quebec, and the closure and downsizing of sock manufacturing capacity located in North
Carolina and Virginia. In fiscal 2006, we recorded
severance charges of &#36;2.1 million relating to this restructuring. In addition, we recorded an impairment loss of &#36;15.1 million on all Canadian textile and related manufacturing assets, and reduced our estimate of the remaining economic lives of these assets. The effect of this change in estimate, amounting to
&#36;3.5 million for fiscal 2007, has been classified as accelerated depreciation and included in restructuring and other charges.	</TD>
</TR>
</TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt;">
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
b)&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<p align="justify">In fiscal 2007, we announced plans to close our two remaining textile facilities in Montreal, Quebec, and our cutting facility in Bombay, N.Y. In addition, we closed two sewing facilities in Mexico, which had been supplied with fabric from our
Canadian textile operations.	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
&nbsp;</TD>
	<TD width=100%>
&nbsp;</TD>
</TR>
<TR>
	<TD nowrap valign=top>
&nbsp;</TD>
	<TD width=100%>
<p align="justify">We recorded severance costs of &#36;13.6 million relating to these plant closures. Concurrent with the restructuring of the Canadian textile operations, we also announced plans to relocate our corporate office, which was located in the same facility
as our Montreal knitting operations, into leased premises in the Montreal area, and recorded a &#36;3.6 million impairment loss relating to this facility. In fiscal 2008, we recorded a &#36;1.0 million write-down on these assets held for sale
located in Canada.</TD>
</TR>
</TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;">
&nbsp;</TD>
	<TD>
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;">
&nbsp;</TD>
	<TD style="border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;">
&nbsp;</TD>
	<TD>
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;">
&nbsp;</TD>
</TR>
</TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt;">
<TR>
	<TD nowrap valign=top>
c)&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<p align="justify">In the third quarter of fiscal 2008, we recorded restructuring charges of &#36;2.1 million related to the planned consolidation of our Haiti sewing operations which is expected to be finalized in the first half of fiscal 2009. These restructuring charges include an impairment loss on property, plant and equipment of &#36;1.7 million and severance costs of &#36;0.4 million.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
d)&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<p align="justify">We sold some of the assets held for sale at the locations in connection with the closures noted above and recorded a net gain of &#36;0.5 million and &#36;1.5 million in fiscal 2008 and 2007, respectively.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
e)&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<p align="justify">Other exit costs of &#36;3.5 million for fiscal 2008, &#36;8.8 million for fiscal 2007 and &#36;1.7 million for fiscal 2006 relate primarily to exit costs incurred in connection with the closures noted above, including carrying and dismantling
costs associated with assets held for sale. We expect to incur additional carrying costs relating to assets held for sale, which will be accounted for as restructuring charges as incurred during fiscal 2009, until all assets related to the closures
are disposed of.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
f)&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<p align="justify">During fiscal 2004, we expensed &#36;4.6 million (&#36;3.2 million after tax) representing management&#146;s best estimate of the cost of financial obligations pursuant to an employment contract with the former Chairman and Co-Chief Executive
Officer of the Company. The employment contract includes variable components related to the Company&#146;s financial and operating performance to fiscal 2009. The change in the estimated cost resulted in a credit of &#36;0.6 million in fiscal 2008, nil in fiscal 2007 and a charge of &#36;1.5 million in fiscal 2006 relating to this employment contract. Most of the payments under this contract are payable
in Canadian dollars.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>

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GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
28&nbsp;
	</TD>
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<FONT color="#009ddc">MD&amp;A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
</div>

<P align="left">
<B><U>Depreciation and Amortization Expense</U></B></P>
<P align="justify">
Depreciation and amortization expense of &#36;58.9 million in fiscal 2008 increased by &#36;20.1 million compared to &#36;38.8 million in fiscal 2007. The increase in depreciation expense in fiscal 2008 was due to continuing capital expenditures for
organic capacity expansion, as well as a higher capital asset base resulting from the acquisition of Prewett.</P>
<P align="left">
<B><U>Interest Expense</U></B></P>
<P align="justify">
Net interest expense amounted to &#36;7.2 million during fiscal 2008, up &#36;2.3 million from &#36;4.9 million in fiscal 2007. The increase in net interest expense resulted from lower investment income and higher average borrowings during fiscal
2008, mainly due to the use of funds for the acquisition of Prewett.</P>
<P align="left">
<B><U>Income Taxes</U></B></P>
<P align="justify">
The Company recorded an income tax expense of &#36;34.4 million in fiscal 2008 compared to an income tax recovery of &#36;4.8 million in fiscal 2007. The income tax expense in fiscal 2008 included a charge of &#36;26.9 million related to the
settlement of the CRA audit, which was concluded in December 2008 as discussed under &#147;Recent Developments&#148; on page 23.
The income tax recovery in fiscal 2007 included the recognition of previously unrecognized tax benefits in the amount of &#36;7.6 million related to a prior taxation year, which became statute-barred during fiscal 2007. Excluding the impact of the
CRA audit settlement in fiscal 2008, the impact of restructuring and other charges in both years and the income tax recovery of &#36;7.6 million related to previously unrecognized tax benefits of a prior taxation year in fiscal 2007, the effective
income tax rate for the year ended October 5, 2008 was 4.4%, compared to an effective income tax rate for fiscal 2007 of 1.8% . The increase in effective income tax rate in fiscal 2008 compared to fiscal 2007 was mainly due to an income tax recovery
of &#36;3.1 million relating to the fiscal 2007 operating losses of Kentucky Derby and an increase in profits generated in higher tax jurisdictions.</P>
<P align="left">
<B><U>Net Earnings</U></B></P>
<P align="justify">
Net earnings were &#36;144.6 million, or &#36;1.19 per share on a diluted basis, in fiscal 2008, compared to net earnings of &#36;130.0 million, or &#36;1.07 per share in fiscal 2007. Results included restructuring and other charges of &#36;4.9
million after tax or &#36;0.04 per share, in fiscal 2008 and &#36;27.3 million after tax, or &#36;0.22 per share, in fiscal 2007.</P>
<P align="justify">
Before reflecting restructuring and other charges in both years, adjusted net earnings were &#36;149.5 million, compared to adjusted net earnings of &#36;157.3 million in fiscal 2007. The decrease in adjusted net earnings was due to the one-time
income tax charge of &#36;26.9 million, or &#36;0.22 per share related to the settlement of the CRA audit, higher cotton and energy costs, production inefficiencies in the Dominican Republic facility, increased SG&amp;A, depreciation and interest
expenses, and the non-recurrence of income tax benefits totaling &#36;7.6 million relating to a prior taxation year which became statute-barred in fiscal 2007. These factors more than offset the favourable impact of higher activewear selling prices,
growth in activewear unit sales volumes and manufacturing efficiencies resulting from the consolidation of our textile facilities.</P>
<P align="justify">
Adjusted diluted EPS of &#36;1.45 excluding the income tax charge was at the low end of the Company&#146;s most recent EPS guidance range of &#36;1.45 -&#36;1.50, which did not assume the income tax charge related to the settlement of the CRA audit.
We were at the low end of our guidance range due to lower than projected results in the fourth quarter of fiscal 2008. 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 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 &#36;1.5 million.</P>
<P align="left">
<U>ADJUSTED NET EARNINGS</U><SUP>(1)<br>
</SUP><i>(in $ millions)</i></P>
<img border="0" src="gildan4.gif" width="201" height="274"><TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt;">
<TR>
	<TD nowrap valign=top>
(1)&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<p align="justify">Adjusted net earnings and adjusted diluted EPS are before impact of restructuring and other charges. See page 47.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="left">
<U>ADJUSTED DILUTED EPS</U><SUP>(1)<br>
</SUP><i>(in &#36;)</i></P>
<P align="left">
<img border="0" src="gildan5.gif" width="140" height="275"></P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt;">
<TR>
	<TD nowrap valign=top>
(1)&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<p align="justify">Adjusted net earnings and adjusted diluted EPS are before impact of restructuring and other charges. See page 47.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>

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GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
29&nbsp;
	</TD>
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<FONT color="#009ddc">MD&amp;A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
</div>

<P align="justify">
<B><FONT color="#6d6f71">OPERATING RESULTS FOR THE YEAR ENDED SEPTEMBER 30, 2007, COMPARED TO THE YEAR ENDED OCTOBER 1, 2006</FONT></B></P>
<P align="left">
<B><U>Sales</U></B></P>
<P align="justify">
Sales for fiscal 2007 reached &#36;964.4 million, up 24.7% from &#36;773.2 million in fiscal 2006.
The increase in sales was due mainly to an increase of &#36;108.2 million of sock sales for the year and an increase of 11.3% in unit sales volumes for our activewear products, combined with the impact of a higher-valued product-mix, partially
offset by a decline in activewear unit selling prices compared to the prior year. Fiscal 2007 included sock sales of &#36;138.2 million pursuant to the acquisition of Kentucky Derby, which was effective July 6, 2006. This compared to the inclusion
of only one fiscal quarter of sock sales in fiscal 2006, totaling &#36;30.0 million. In addition, during fiscal 2007, we began shipment of our first branded program for men&#146;s and boys&#146; socks to a national retailer as well as our first
shipment of a major private label sock program to a large national retailer. The increase in activewear unit sales volumes was due primarily to continued market share penetration in all product categories in the U.S. distributor channel and growth
in overall industry unit shipments from U.S. distributors to screenprinters.</P>
<P align="justify">
We maintained a leading market share position in Canada and experienced strong growth momentum in our international markets. In Europe, our activewear unit sales increased 28.3% in fiscal 2007 compared to the same period in the prior year. During
fiscal 2007, we also continued to expand our distributor network in the screenprint channel in Mexico.</P>
<P align="left">
<B><U>Gross Profit</U></B></P>
<P align="justify">
Gross profit for fiscal 2007 was &#36;309.1 million, or 32.1% of sales, compared to &#36;252.1 million, or 32.6% of sales during fiscal 2006. Higher gross margins for activewear were offset by the impact of lower margins from the sale of
socks, which did not yet reflect the cost synergies from the optimization of our sock manufacturing operations. During fiscal 2007, our major new branded and private label retail sock programs were priced based on the expected ramped-up cost
structure for our new Honduran sock facility. However, a large proportion of socks for these programs was supplied from our higher-cost U.S. sock manufacturing facilities, which were closed in August 2007, as well as high-cost outside contractors.
Excluding the impact of sock sales, gross margins for fiscal 2007 increased to 35.0%, compared to 33.2% in fiscal 2006 primarily due to manufacturing efficiencies achieved through the ramp up of the Dominican Republic textile facility and the
rationalization of our Canadian textile manufacturing. This improvement was partially offset by higher cotton costs compared to the low point in cotton prices in the first half of fiscal 2006 and the non-recurrence of a &#36;1.1 million reversal of
a litigation reserve which positively impacted gross margins in the second quarter of fiscal 2006.</P>
<P align="left">
<B><U>Selling, General and Administrative Expenses</U></B></P>
<P align="justify">
SG&amp;A expenses were &#36;111.0 million, or 11.5% of sales in fiscal 2007, compared to &#36;84.4 million, or 10.9% of sales in fiscal 2006. The increase in SG&amp;A expenses in fiscal 2007 was due primarily to the impact of the acquisition of
Kentucky Derby in the fourth quarter of fiscal 2006, higher distribution costs, and increased administration and information technology costs to support our continuing growth.</P>
<P align="left">
<B><U>Depreciation and Amortization Expense</U></B></P>
<P align="justify">
Depreciation and amortization expense increased to &#36;38.8 million in fiscal 2007, compared to &#36;32.4 million in fiscal 2006. The increase in depreciation expense in fiscal 2007 was due to continuing capital expenditures for organic capacity
expansion.</P>
<P align="left">
<B><U>Interest Expense</U></B></P>
<P align="justify">
Net interest expense amounted to &#36;4.9 million during fiscal 2007, up from &#36;3.1 million in fiscal 2006. The increase in net interest expense resulted from lower investment income and higher borrowings during fiscal 2007, mainly due to the use
of funds for the acquisition of Kentucky Derby and higher capital expenditure spending during the year.</P>
<P align="left">
<B><U>Income Taxes</U></B></P>
<P align="justify">
The Company recorded an income tax recovery of &#36;4.8 million for the year ended September 30, 2007 compared to an income tax expense of &#36;4.8 million in fiscal 2006. The income tax recovery included the recognition of previously unrecognized
tax benefits in the amount of &#36;7.6 million relating to a prior taxation year, which became statute-barred during fiscal 2007. Excluding the impact of the income tax recovery in fiscal 2007, as well as the impact of restructuring and other
charges in both years, the effective income tax rate for the year ended September 30, 2007 was 1.8%, compared to an effective income tax rate of 3.9% for fiscal 2006 due to an income tax recovery of &#36;3.1 million relating to the operating losses
of Kentucky Derby in fiscal 2007.</P>
<P align="left">
<B><U>Net Earnings</U></B></P>
<P align="justify">
Net earnings for fiscal 2007 were &#36;130.0 million, or &#36;1.07 per share on a diluted basis, up respectively 21.7% and 21.6% compared to net earnings of &#36;106.8 million, or &#36;0.88 per share on a diluted basis in fiscal 2006. Net earnings
for fiscal 2007 included after-tax restructuring and other charges of &#36;27.3 million or &#36;0.22 per share. Net earnings for fiscal 2006 included restructuring and other charges of &#36;20.0 million after tax, or &#36;0.17 per share. Excluding
the impact of these restructuring and other charges, adjusted net earnings of &#36;157.3 million, or &#36;1.29 per share on a diluted basis in fiscal 2007, increased 24.1% and 22.9%, respectively, compared to adjusted net earnings of &#36;126.8
million, or &#36;1.05 per share in fiscal 2006. The increase in adjusted net earnings and adjusted diluted
EPS resulted mainly from favourable manufacturing efficiencies, growth in activewear unit sales volumes and a higher-valued product-mix for our activewear products, which more than offset lower unit selling prices for activewear and increases in the
cost of cotton, SG&amp;A, depreciation and interest expenses, and a &#36;0.03 per share dilutive impact for the year arising from the Kentucky Derby acquisition. In addition, net earnings for fiscal 2007 were positively affected by income tax
recoveries totaling approximately &#36;0.06 per share.</P>

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GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
30&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=85% nowrap>
<FONT color="#009ddc">MD&amp;A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
</div>
<P align="left">
<B><FONT color="#009ddc" size="3">SUMMARY OF QUARTERLY RESULTS</FONT></B></P>
<P align="justify">
The table below sets forth certain summarized unaudited quarterly financial data for the eight most recently completed quarters. This quarterly information is unaudited and has been prepared on the same basis as the annual audited Consolidated
Financial Statements.
The operating results for any quarter are not necessarily indicative of the results to be expected for any period.</P>
<P align="justify">
The activewear business is seasonal and we have historically experienced quarterly fluctuations in operating results. Typically, demand for our T-shirts is highest in the third quarter of each fiscal year, when distributors purchase inventory for
the peak summer selling season, and lowest in the first quarter of each fiscal year. Demand for fleece is typically highest, as a result of cooler weather, in the third and fourth quarters of each fiscal year. The seasonality of specific
product-lines is consistent with that experienced by other
companies in the activewear industry. During the year, we operate our mature facilities at full capacity in order to be cost efficient. Consequently, with the seasonal sales trends of our business, we experience fluctuations in our inventory levels
throughout the year. For our sock products, demand is typically highest in the first and fourth quarters of each fiscal year, stimulated largely by the cooler weather, the need to support requirements for the back-to-school period and the peak
retail selling during the Christmas holiday season.</P>
<P align="justify">
During the second quarter of fiscal 2007, we incurred restructuring and other charges of &#36;16.4 million after tax in connection with the closure, relocation and consolidation of manufacturing distribution facilities in Canada, the United States
and Mexico, as well as the relocation of Gildan&#146;s Canadian corporate office.</P>
<P align="justify">
The Company expects that its sales will continue to be affected by these seasonal factors, however, there can be no assurance, that these trends will continue in light of current economic conditions.</P>
<P align="left">
<B><FONT color="#6d6f71">FOURTH QUARTER RESULTS</FONT></B></P>
<P align="justify">
Sales in the fourth quarter of fiscal 2008 amounted to &#36;324.7 million, up 27.4% from &#36;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. screenprint 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 our 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.</P>
<P align="justify">
Gross profit amounted to &#36;104.2 million in the fourth quarter of fiscal 2008 compared to gross profit of &#36;82.1 million in the fourth quarter of fiscal 2007. 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 our activewear products and socks produced in our new sock manufacturing facility in Honduras.</P>
<P align="justify">
SG&amp;A expenses were &#36;39.1 million, or 12.1% of sales, compared to &#36;27.9 million, or 10.9% of sales in the fourth quarter of fiscal 2007. The increase in SG&amp;A expenses was due to the acquisition of Prewett, higher distribution and
transportation expenses, a provision of &#36;1.5 million for non-collection of accounts receivable, and higher corporate infrastructure costs.</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap colspan=3 style="border-bottom:medium none #000000;">
(in &#36; millions, except per share amounts)&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;">
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;">
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;">
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;">
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;">
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;">
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>2008</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>2007</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>Q4</B>&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>Q3</B>&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>Q2</B>&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>Q1</B>&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>Q4</B>&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>Q3</B>&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>Q2</B>&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>Q1</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;" bgcolor="#D1D3D4">
 &nbsp;Sales&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<B>324.7</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<B>380.8</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<B>293.8</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<B>250.5</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;" bgcolor="#D1D3D4">
254.9&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;" bgcolor="#D1D3D4">
291.6&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;" bgcolor="#D1D3D4">
232.1&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;" bgcolor="#D1D3D4">
185.8&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Net earnings&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>21.4</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>54.0</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>41.7</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>27.5</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
40.9&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
52.4&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
21.1&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
15.6&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Net earnings per share&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp; &nbsp;Basic EPS&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>0.18</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>0.45</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>0.35</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>0.23</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
0.34&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
0.44&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
0.18&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
0.13&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp; &nbsp;Diluted EPS&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>0.18</B>&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>0.44</B>&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>0.34</B>&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>0.23</B>&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
0.34&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
0.43&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
0.17&nbsp;
	</TD>
	<TD style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
0.13&nbsp;
	</TD>
</TR>
</TABLE>
<P align="left">
Certain minor rounding variances exist between the financial statements and this summary.</P>

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	<TD align=right width=85% nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
31&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=85% nowrap>
<FONT color="#009ddc">MD&amp;A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
</div>

<P align="justify">
Depreciation and amortization expense of &#36;15.7 million increased &#36;5.4 million compared to &#36;10.3 million in the fourth quarter of fiscal 2007. The increase 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">
We recorded an income tax expense of &#36;25.3 million in the fourth quarter of fiscal 2008, compared to an income tax recovery of &#36;4.6 million in the fourth quarter of fiscal 2007. The current year expense included a one-time income tax charge
of &#36;26.9 million, or &#36;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 &#36;1.9 million relating to a prior taxation year which became statute-barred
during fiscal 2007.</P>
<P align="justify">
Gildan reported net earnings of &#36;21.4 million and diluted EPS of &#36;0.18 for the fourth quarter of fiscal 2008, compared to net earnings of &#36;40.9 million, or &#36;0.34 per share, during the fourth quarter of fiscal 2007. Fourth quarter
results in fiscal 2008 included restructuring and other charges of &#36;1.0 million after tax. Comparative results for fiscal 2007 included restructuring and other charges of &#36;4.9 million after tax or &#36;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>
<P align="justify">
Before reflecting the impact of restructuring charges in both fiscal years, adjusted net earnings were &#36;22.4 million in the fourth quarter of fiscal 2008, or &#36;0.18 per share, compared to adjusted net earnings of &#36;45.8 million in the
fourth quarter of fiscal 2007, or &#36;0.38 per share. The &#36;23.4 million decrease in adjusted net earnings was due to the &#36;26.9 million, or &#36;0.22 per share one-time income tax charge resulting from the settlement of the CRA audit, higher
cotton and energy costs, more unfavourable activewear
product-mix, higher SG&amp;A and depreciation expenses and the non-recurrence of income tax benefits in the amount of &#36;1.9 million recognized in the fourth quarter of fiscal 2007 relating to a prior taxation year which became statute-barred
during fiscal 2007. These factors more than offset the favourable impact of 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 Prewett. Excluding the impact of the income tax charge, adjusted net earnings in the fourth quarter of fiscal 2008 were &#36;49.3 million, or &#36;0.41 per share.</P>
<P align="left">
<B><FONT color="#009ddc" size="3">FINANCIAL CONDITION</FONT></B></P>
<P align="justify">
Accounts receivable of &#36;222.2 million, as at October 5, 2008, reflected an increase of &#36;16.1 million compared to accounts receivable of &#36;206.1 million at the end of fiscal 2007. The increase was primarily due to the inclusion of accounts
receivable from the Prewett acquisition. Excluding the impact of the Prewett acquisition, accounts receivable decreased by &#36;12.1 million compared to last year, as the impact of the 8.6% sales increase in the fourth quarter was more than offset
by a decrease in days sales outstanding. During fiscal 2008, payment terms on seasonal programs invoiced with extended payment terms were reduced resulting in a decrease of accounts receivable and days sales outstanding.</P>
<P align="justify">
Inventories were &#36;316.2 million at the end of fiscal 2008, representing an increase of &#36;76.2 million from &#36;240.0 million at the end of fiscal 2007. This increase reflected the inclusion of inventories from the Prewett acquisition on
October 15, 2007. The remaining increase of &#36;32.1 million compared to last year was due mainly to unit cost increases resulting from higher cotton, freight and energy costs. Inventory volume levels were flat compared to last year as decreases in
activewear quantities on hand were offset by higher sock volumes.</P>
<P align="left">
<u>ACCOUNTS RECEIVABLE AND INVENTORY VS. SALES TREND<br>
</u><i>(in &#36; millions)</i></P>
<P align="left">
<img border="0" src="gildan6.gif" width="250" height="368"></P>
<P align="justify">
Property, plant and equipment, which are net of accumulated amortization, including asset impairment losses, amounted to &#36;436.5 million at the end of fiscal 2008, up &#36;58.9 million from last year. This increase was primarily due to net
capital expenditures of &#36;97.0 million, mainly for capacity expansion projects in Honduras and an increase of &#36;26.2 million due to the acquisition of Prewett, offset by depreciation and asset impairment losses of &#36;55.5 million and a
reclassification of property, plant and equipment to assets held for sale.</P>
<P align="justify">
Intangible assets amounted to &#36;60.0 million as at October 5, 2008 compared to &#36;2.0 million at the end of fiscal 2007. The increase in intangible assets was due to the value of acquired customer contracts and customer relationships of
&#36;61.0 million included in the purchase price for Prewett, offset by the related amortization for fiscal 2008 of
&#36;3.1 million. Goodwill of &#36;6.7 million at the end of fiscal 2008 was related to the acquisition of Prewett.</P>

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GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
32&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=85% nowrap>
<FONT color="#009ddc">MD&amp;A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
</div>
<P align="left">
<U>PROPERTY, PLANT AND EQUIPMENT BY GEOGRAPHY</U></P>
<P align="left">
<img border="0" src="gildan7.gif" width="239" height="251"></P>
<P align="justify">
Total assets were &#36;1,102.1 million on October 5, 2008, compared to &#36;874.5 million at the end of the previous year. Working capital was &#36;355.2 million compared to &#36;342.5 million on September 30, 2007. The current ratio at the end of
fiscal 2008 was 2.7 compared to 3.8 at the end of fiscal 2007.</P>
<P align="justify">
Accounts payable and accrued liabilities amounted to &#36;155.7 million at October 5, 2008, compared to &#36;116.7 million at the end of fiscal 2007. The increase of &#36;39.0 million reflected the inclusion of accounts payable and accrued
liabilities from the Prewett acquisition. Excluding the impact of the Prewett acquisition, accounts payable and accrued liabilities increased by &#36;26.2 million mainly due to volume-driven increases, in-line with the growth of our business, as
well as higher cotton, freight and energy costs.</P>
<P align="justify">
Income taxes payable were &#36;46.6 million at October 5, 2008 compared to &#36;2.9 million at September 30, 2007. The increase of &#36;43.7 million was due to the settlement of the CRA audit which was concluded in December 2008, as described in
Note 14 to the audited Consolidated Financial Statements.</P>
<P align="left">
<B><FONT color="#009ddc" size="3">CASH FLOWS</FONT></B></P>
<P align="justify">
Cash flows from operating activities in fiscal 2008 were &#36;238.9 million, compared to &#36;91.2 million for the previous year. This amount represents cash flows from operating earnings less amounts required to finance working capital
requirements, not including the working capital associated with the acquisition of Prewett on October 15, 2007, which is reflected in cash flows used in investing activities. The net increase was mainly due to higher cash operating earnings,
favourable changes in accounts payable and accrued liabilities, and accounts receivable compared to last year.</P>
<P align="justify">
Cash flows used in investing activities were &#36;227.3 million in fiscal 2008, compared to cash outflows of &#36;134.7 million in fiscal 2007. The increase was mainly due to the acquisition of Prewett, effective October 15, 2007 for a purchase
price of &#36;126.8 million, plus a contingent payment of &#36;10.0 million, which was placed in escrow. Net capital expenditures for fiscal 2008 amounted to &#36;97.0 million, down &#36;37.3 million from fiscal 2007 and lower than the estimated
capital expenditures of &#36;115.0 million projected in August 2008. The decrease compared to last year was mainly due to higher spending in fiscal 2007 for our major textile and sock manufacturing capacity expansion projects in Honduras. The
decrease in capital expenditures compared to our previous projection in August 2008 was mainly related to the timing of expenditures for our new capacity expansion projects in Central America.</P>
<P align="justify">
We generated free cash flow<SUP>1 </SUP>of &#36;148.4 million in fiscal 2008 essentially in-line with our guidance. This compared to a net use of cash of &#36;43.5 million in fiscal 2007. The increase was mainly as a result of higher cash flows from
operating activities and lower capital expenditures.</P>
<P align="justify">
Cash flows used in financing activities in fiscal 2008 amounted to &#36;8.3 million, compared to cash inflows of &#36;23.6 million in fiscal 2007. During fiscal 2008 we used our revolving long-term credit facility to finance the acquisition of
Prewett.
The funds were subsequently repaid throughout the year resulting in a net decrease in amounts drawn under our credit facility of &#36;4.0 million. In fiscal 2007, &#36;49.0 million was drawn on our credit facility to support the acceleration of our
capacity expansion plans and increased working capital requirements. During fiscal 2007, we also repaid &#36;23.2 million of long-term debt consisting of the final &#36;17.5 million principal repayment of our Senior Notes and long-term debt
repayments of our joint venture and our subsidiary Kentucky Derby. The remaining cash flows used in financing activities for fiscal 2008 were due to repayments of long-term debt and bank indebtedness of our subsidiaries.</P>
<P align="justify">
We ended fiscal 2008 with cash and cash equivalents of &#36;12.4 million compared to &#36;9.3 million at the end of fiscal 2007. Total indebtedness<SUP>2 </SUP>as at October 5, 2008 amounted to &#36;53.0 million compared to &#36;59.7 million at the
end of fiscal 2007.
As at the end of fiscal 2008, we had drawn &#36;45.0 million from our revolving long-term credit facility.</P>
<P align="left">
<B><FONT color="#009ddc" size="3">LIQUIDITY AND CAPITAL RESOURCES</FONT></B></P>
<P align="justify">
In recent years, we have funded our operations and capital requirements with cash generated from operations. A revolving credit facility has been periodically utilized to finance seasonal peak working capital requirements and business acquisitions.
Our primary use of funds on an ongoing basis is related to capital expenditures for new manufacturing facilities, inventory financing, accounts receivable funding, and business acquisitions. At the end of
fiscal 2008, &#36;45.0 million was drawn on our long-term credit facility compared to &#36;49.0 million as at September 30, 2007.</P>
<P align="justify">
____________________</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt;">
<TR>
	<TD nowrap valign=top>
1&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<p align="justify">Free cash flow is comprised of cash flows from operating activities, including net changes in non-cash working capital balances, less cash used in investing activities, excluding business acquisitions.
See page 48.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
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<TR>
	<TD nowrap valign=top>
2&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<p align="justify">Total indebtedness is comprised of bank indebtedness, and long-term debt (including current portion). See page 48.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>

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GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
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&nbsp;	</TD>
	<TD align=right width=12% nowrap>
33&nbsp;
	</TD>
</TR>
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<FONT color="#009ddc">MD&amp;A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
&nbsp;
	</TD>
</TR>
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<P align="justify">
In fiscal 2008, we used our revolving long-term credit facility, in addition to our cash flow from operations, to finance the acquisition of Prewett and capital expenditures of our major capacity expansion projects in Honduras. We paid &#36;126.8
million related to the Prewett acquisition and also placed &#36;10.0 million in escrow to provide for a further contingent increase in the purchase price of the acquisition. The funds were subsequently repaid throughout the year.</P>
<P align="justify">
On October 30, 2007, we increased our long-term credit facility to &#36;400.0 million, on an unsecured basis, which matures in June 2013. We believe that our cash flow from operating activities together with the unused portion of our credit
facilities will provide us with sufficient liquidity and capital resources in fiscal 2009 to fund our anticipated working capital and capital expenditure requirements, as well as to satisfy the income tax obligations resulting from the conclusion of
the CRA audit as described in Note 14 to the audited Consolidated Financial Statements.</P>
<P align="justify">
For fiscal 2009, we are now projecting capital expenditures of approximately &#36;115.0 million compared to our previous projection of &#36;160.0 million announced in August 2008.</P>
<P align="justify">
The projected capital investments primarily include estimated expenditures related to investments for our second sock facility in Honduras, as announced in August 2007, two biomass combustion energy projects, additional capacity expansion
investments in our Dominican Republic textile facility and our first textile facility in Rio Nance, Honduras and the construction of a new distribution center in Honduras, which is expected to be completed during fiscal 2010. The lower than
previously projected capital expenditures are primarily attributable to our decision to proceed more slowly and cautiously with our major capital investment in our new activewear and underwear textile facility, in Rio Nance, Honduras, which was
announced in May 2008.</P>
<P align="justify">
In order to maintain or adjust its capital structure, the Company, upon approval from its Board of Directors, may issue or repay long-term debt, issue shares, repurchase shares, pay dividends or undertake other activities as deemed appropriate under
the specific circumstances. We do not currently pay a
dividend. However, the Company&#146;s Board of Directors periodically evaluates the merits of introducing a dividend.</P>
<P align="left">
<B><FONT color="#6d6f71">OFF-BALANCE SHEET ARRANGEMENTS</FONT></B></P>
<P align="justify">
We have no commitments that are not reflected in our balance sheets except for operating leases and other purchase obligations, which are included in the table of contractual obligations above. As disclosed in Note 13 to our audited Consolidated
Financial Statements, we have granted corporate guarantees, irrevocable standby letters of credit and surety bonds to third parties to indemnify them in the event the Company and some of its subsidiaries do not perform its contractual obligations.
As at October 5, 2008, the maximum potential liability under these guarantees was &#36;14.1 million, of which &#36;4.5 million was for surety bonds and &#36;9.6 million was for corporate guarantees and standby letters of credit.</P>
<P align="left">
<B><U>Derivative Financial Instruments</U></B></P>
<P align="justify">
From time to time, we use forward foreign exchange contracts to hedge cash flows related to sales and operating expenses denominated in foreign currencies as described in the &#147;Financial Risk Management&#148; section beginning on page 35 in this
MD&amp;A.</P>
<P align="left">
<B><FONT color="#6d6f71">CONTRACTUAL OBLIGATIONS</FONT></B></P>
<P align="justify">
In the normal course of business, we enter into contractual obligations that will require us to disburse cash over future periods. The following table sets forth our contractual obligations by period, excluding interest on long-term debt, for the
following items as at October 5, 2008:</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width=281>
(in &#36; millions)&nbsp;
	</TD>
	<TD width=23>
&nbsp;	</TD>
	<TD align=left width=117>
&nbsp;
	</TD>
	<TD width=23>
&nbsp;	</TD>
	<TD align=left width=117>
&nbsp;
	</TD>
	<TD width=23>
&nbsp;	</TD>
	<TD align=left width=118>
&nbsp;
	</TD>
	<TD width=24>
&nbsp;	</TD>
	<TD align=left width=118>
&nbsp;
	</TD>
	<TD width=24>
&nbsp;	</TD>
	<TD align=left width=118>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=281 bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=23 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=117 bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=23 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=117 bgcolor="#99D8F1">
<B>Less than</B>&nbsp;
	</TD>
	<TD width=23 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=118 bgcolor="#99D8F1">
<B>1 to 3</B>&nbsp;
	</TD>
	<TD width=24 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=118 bgcolor="#99D8F1">
<B>4 to 5</B>&nbsp;
	</TD>
	<TD width=24 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=118 bgcolor="#99D8F1">
<B>More than</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=281 style="border-bottom:1px solid #000000;" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=23 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=117 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>Total</B>&nbsp;
	</TD>
	<TD width=23 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=117 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>1 year</B>&nbsp;
	</TD>
	<TD width=23 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=118 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>years</B>&nbsp;
	</TD>
	<TD width=24 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=118 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>years</B>&nbsp;
	</TD>
	<TD width=24 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=118 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>5 years</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=281 style="border-bottom:medium none #000000;" bgcolor="#D1D3D4">
 &nbsp;Long-term debt&nbsp;
	</TD>
	<TD width=23 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=117 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<B>53.0</B>&nbsp;
	</TD>
	<TD width=23 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=117 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<B>3.6</B>&nbsp;
	</TD>
	<TD width=23 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=118 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<B>4.4</B>&nbsp;
	</TD>
	<TD width=24 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=118 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<B>45.0</B>&nbsp;
	</TD>
	<TD width=24 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=118 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=281 style="border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
 &nbsp;Operating leases&nbsp;
	</TD>
	<TD width=23 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=117 style="border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<B>46.7</B>&nbsp;
	</TD>
	<TD width=23 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=117 style="border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<B>8.8</B>&nbsp;
	</TD>
	<TD width=23 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=118 style="border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<B>19.0</B>&nbsp;
	</TD>
	<TD width=24 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=118 style="border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<B>8.1</B>&nbsp;
	</TD>
	<TD width=24 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=118 style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<B>10.8</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=281 bgcolor="#D1D3D4">
 &nbsp;Purchase&nbsp;
	</TD>
	<TD width=23 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=117 bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=23 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=117 bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=23 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=118 bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=24 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=118 bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=24 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=118 style="border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=281 style="border-bottom:medium none #000000;" bgcolor="#D1D3D4">
<p align="left">&nbsp;&nbsp;
obligations&nbsp;
	</TD>
	<TD width=23 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=117 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<B>261.5</B>&nbsp;
	</TD>
	<TD width=23 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=117 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<B>261.5</B>&nbsp;
	</TD>
	<TD width=23 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=118 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
	<TD width=24 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=118 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
	<TD width=24 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=118 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=281 style="border-bottom:1px solid #000000; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Other obligations&nbsp;
	</TD>
	<TD width=23 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=117 style="border-bottom:1px solid #000000; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>20.3</B>&nbsp;
	</TD>
	<TD width=23 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=117 style="border-bottom:1px solid #000000; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>20.3</B>&nbsp;
	</TD>
	<TD width=23 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=118 style="border-bottom:1px solid #000000; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
	<TD width=24 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=118 style="border-bottom:1px solid #000000; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
	<TD width=24 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=118 style="border-bottom:1px solid #000000; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=281 bgcolor="#D1D3D4">
Total Contractual&nbsp;
	</TD>
	<TD width=23 style="border-top-style: solid; border-top-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=117 bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=23 style="border-top-style: solid; border-top-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=117 style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=23 style="border-top-style: solid; border-top-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=118 bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=24 style="border-top-style: solid; border-top-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=118 bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=24 style="border-top-style: solid; border-top-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=118 bgcolor="#99D8F1">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=281 style="border-bottom:1px solid #000000;" bgcolor="#D1D3D4">
<p align="left">&nbsp;&nbsp;
Obligations&nbsp;
	</TD>
	<TD width=23 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=117 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>381.5</B>&nbsp;
	</TD>
	<TD width=23 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=117 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>294.2</B>&nbsp;
	</TD>
	<TD width=23 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=118 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>23.4</B>&nbsp;
	</TD>
	<TD width=24 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=118 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>53.1</B>&nbsp;
	</TD>
	<TD width=24 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=118 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>10.8</B>&nbsp;
	</TD>
</TR>
</TABLE>
<P align="justify">
We expect that cash flows from our operating earnings, together with our year-end cash balances and unutilized bank facilities, will be sufficient to meet foreseeable cash needs for fiscal 2009.</P>
<P align="left">
<B><FONT color="#6d6f71">OUTSTANDING SHARE DATA</FONT></B></P>
<P align="justify">
Our common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange (GIL).</P>
<P align="justify">
As at 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 from treasury at the end of the vesting period, without any monetary consideration being paid to the
Company. However, the vesting of 50% of the restricted share grant is dependent upon the financial performance of the Company relative to a benchmark group of Canadian publicly-listed companies.</P>

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<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" bordercolor="#111111">
<TR valign="bottom">
	<TD align=right width=85% nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
34&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=85% nowrap>
<FONT color="#009ddc">MD&amp;A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
</div>

<P align="left">
<B><U>Stock Split</U></B></P>
<P align="justify">
On May 2, 2007, our Board of Directors approved a two-for-one stock split effected in the form of a stock dividend. The split was applicable to all shareholders of record on May 18, 2007. The Company&#146;s shares commenced trading on a post-split
basis on May 16, 2007 on the Toronto Stock Exchange (TSX), and on May 28, 2007 on the New York Stock Exchange (NYSE), in accordance with the respective requirements of these exchanges.</P>
<P align="justify">
All share and per share data in this MD&amp;A are stated after the above-noted stock split.</P>
<P align="left">
<B><FONT color="#009ddc" size="3">LEGAL PROCEEDINGS</FONT></B></P>
<P align="left">
<B><FONT color="#6d6f71">SECURITIES CLASS ACTIONS</FONT></B></P>
<P align="justify">
The Company and certain of its senior officers have been named as defendants in a number of proposed class action lawsuits filed in the United States District Court for the Southern District of New York. These U.S. lawsuits have been consolidated,
and a consolidated amended complaint has been filed.
A proposed class action has also been filed in the Ontario Superior Court of Justice and a petition for authorization to commence a class action has been filed in the Quebec Superior Court. Each of these U.S. and Canadian lawsuits, which have yet to
be certified as a class action by the respective courts at this stage, seek to represent a class comprised of persons who acquired the Company&#146;s common shares between August 2, 2007 and April 29, 2008 and allege, among other things, that the
defendants misrepresented the Company&#146;s financial condition and its financial prospects in its financial guidance concerning the 2008 fiscal year, which was subsequently revised on April 29, 2008. The U.S. lawsuits are based on United States
federal securities laws. In addition to pursuing common law claims, the Ontario action proposes to seek leave from the Ontario court to also bring statutory misrepresentation civil liability claims
under Ontario&#146;s Securities Act. The Company strongly contests the basis upon which these actions are predicated and intends to vigorously defend its position. However, due to the inherent uncertainties of litigation, it is not possible to
predict the final outcome of these lawsuits or determine the amount of any potential losses, if any. No provision for contingent loss has been recorded in the audited Consolidated Financial Statements.</P>
<P align="left">
<B><FONT color="#009ddc" size="3">OUTLOOK</FONT></B></P>
<P align="justify">
The following discussion contains numerous forward-looking statements. We have included a narrative of the underlying material factors and assumptions on which our outlook is based. While we believe that the basis for these forward looking
statements is reasonable, we note that they are based on information currently available to management and, as such, actual results could differ materially from our outlook. See &#147;Forward-Looking Statements&#148;, on page 49, for a discussion of
the factors that could cause our results or performance to differ materially from our outlook.</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, our 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.</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, we are currently planning for the balance of fiscal 2009 on the basis of assuming a continuing negative outlook
for industry demand in the U.S. screen-print channel throughout the year.
Our 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>
<P align="justify">
We are currently assuming an increase of approximately 8% in our activewear and underwear unit volumes compared with fiscal 2008, to approximately 48 million dozens, as we are implementing strategies to maximize our unit volume growth in our target
markets, including an increasing focus on servicing our international markets, for the balance of the year. In addition, we expect EPS in fiscal 2009 to be favourably impacted by the improved performance of the Dominican Republic facility in line
with our 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>

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<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" bordercolor="#111111">
<TR valign="bottom">
	<TD align=right width=85% nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
35&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=85% nowrap>
<FONT color="#009ddc">MD&amp;A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
</div>
<P align="justify">
We are assuming weaker market conditions in fiscal 2009 in the mass-market retail channel. However, we will continue our efforts to optimize our 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 our growth strategy in retail when new production capacity comes on-stream in fiscal 2010. We expect to benefit from the impact of cost reduction initiatives arising
from the consolidation of sock manufacturing and also from the assumed 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 assumed economic environment, we will place emphasis on careful management of our capital expenditures in fiscal 2009. We intend to undertake an incremental capacity expansion of our Dominican Republic textile facility, at a low capital cost,
and are also incrementally expanding our Rio Nance 1 textile facility in Honduras. These expansions of existing facilities are expected to increase annual production capacity by approximately 7-8 million dozens, and allow us to support our projected
sales growth while preserving liquidity and proceeding more slowly and cautiously with our major capital investment in our new Rio Nance 5 textile facility in Honduras. However, we have not changed our plans to construct both Rio Nance 5 and our
second sock facility in Honduras, Rio Nance 4, which are integral to our long-term strategic growth and cost reduction initiatives. Gildan is now projecting total capital expenditures of approximately &#36;115.0 million in fiscal 2009, compared with
our previous estimate of approximately &#36;160.0 million.</P>
<P align="justify">
A discussion of management&#146;s expectations as to our outlook for fiscal 2009 is contained in our fourth quarter earnings results press release dated December 11, 2008 under the section entitled &#147;Outlook for fiscal 2009&#148;. The press
release is available on the SEDAR website at <U>www.sedar.com</U>, on the EDGAR website at <U>www.sec.gov </U>and on our website at <U>www.gildan.com</U>.</P>
<P align="left">
<B><FONT color="#009ddc" size="3">FINANCIAL RISK MANAGEMENT</FONT></B></P>
<P align="justify">
This section of the MD&amp;A provides disclosures relating to the nature and extent of the Company&#146;s exposure to risks arising from financial instruments, including credit risk, liquidity risk, foreign currency risk and interest rate risk, and
how the Company manages those risks. The disclosures under this section, in conjunction with the information in Note 19 to the audited Consolidated Financial Statements (&#147;Financial Instruments&#148;), are designed to meet the requirements of
the Canadian Institute of Chartered Accountants Handbook Section 3862, &#147;Financial Instruments Disclosures&#148;, which apply to interim and
annual financial statements related to fiscal years beginning on or after October 1, 2007 and are therefore incorporated into, and are an integral part of, the audited Consolidated Financial Statements.</P>
<P align="left">
<B><FONT color="#6d6f71">CREDIT RISK</FONT></B></P>
<P align="justify">
Credit risk is the risk of an unexpected loss if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises primarily from the Company&#146;s trade receivables. The Company may also have credit risk
relating to cash and cash equivalents and forward foreign exchange contracts, which it manages by dealing only with highly-rated North American and European financial institutions.
The carrying amount of financial assets, as disclosed in Note 19 to the audited Consolidated Financial Statements, represents the Company&#146;s credit exposure at the reporting date, including trade receivables.</P>
<P align="justify">
The Company&#146;s exposure to credit risk for trade receivables by geographic area and type of customer as at October 5, 2008 was as follows:</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width=470>
(in &#36; millions)&nbsp;
	</TD>
	<TD width=292>
&nbsp;	</TD>
	<TD align=left width=224>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=470 bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=292 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=224 bgcolor="#99D8F1">
<B>October 5,</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=470 style="border-bottom:1px solid #000000;" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=292 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=224 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>2008</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=470 style="border-bottom:medium none #000000;" bgcolor="#D1D3D4">
 &nbsp;United States&nbsp;
	</TD>
	<TD width=292 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=224 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<B>176.0</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=470 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Europe&nbsp;
	</TD>
	<TD width=292 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=224 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>11.9</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=470 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Canada&nbsp;
	</TD>
	<TD width=292 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=224 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>14.2</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=470 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Other regions&nbsp;
	</TD>
	<TD width=292 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=224 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>4.2</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=470 style="border-bottom:2px solid #000000;" bgcolor="#D1D3D4">
Total trade receivables&nbsp;
	</TD>
	<TD width=292 style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=224 style="border-bottom:2px solid #000000;" bgcolor="#99D8F1">
<B>206.3</B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3 width="986">
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3 width="986">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=470>
(in &#36; millions)&nbsp;
	</TD>
	<TD width=292>
&nbsp;	</TD>
	<TD align=left width=224>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=470 bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=292 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=224 bgcolor="#99D8F1">
<B>October 5,</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=470 style="border-bottom:1px solid #000000;" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=292 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=224 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>2008</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=470 style="border-bottom:medium none #000000;" bgcolor="#D1D3D4">
 &nbsp;Distributors and screenprinters&nbsp;
	</TD>
	<TD width=292 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=224 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<B>166.2</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=470 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Mass-market and regional retailers&nbsp;
	</TD>
	<TD width=292 bgcolor="#D1D3D4" style="border-bottom-style: solid; border-bottom-width: 1">
&nbsp;	</TD>
	<TD align=right width=224 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>40.1</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=470 style="border-bottom:2px solid #000000;; " bgcolor="#D1D3D4">
Total trade receivables&nbsp;
	</TD>
	<TD width=292 style="border-bottom: 2px solid #000000; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=224 style="border-bottom:2px solid #000000;; " bgcolor="#99D8F1">
<B>206.3</B>&nbsp;
	</TD>
</TR>
</TABLE><BR>

<HR noshade size=5 style="page-break-after:always;" color="#000000">



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<div align="right">
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" bordercolor="#111111">
<TR valign="bottom">
	<TD align=right width=85% nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
36&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=85% nowrap>
<FONT color="#009ddc">MD&amp;A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
</div>

<P align="justify">
The Company&#146;s trade receivables and credit exposure fluctuate throughout the year. The Company&#146;s average trade receivables and credit exposure during an interim reporting period may be higher than the balance at the end of that reporting
period.</P>
<P align="justify">
The Company&#146;s credit risk for trade receivables is concentrated, as the majority of its sales are to a relatively small group of wholesale distributors and mass-market retailers. As at October 5, 2008, the Company&#146;s ten largest trade
debtors accounted for 58.2% of trade accounts receivable, of which one wholesale customer accounted for 13.5% and one retailer accounted for 7.9%.
Of the Company&#146;s top ten trade debtors, eight are wholesale distributors, and nine are located in the United States. The remaining trade receivable balances are dispersed among a larger number of debtors across many geographic areas including
the United States, Canada, Europe, Mexico and Australia.</P>
<P align="justify">
Most sales are invoiced with payment terms of between 30 to 60 days.
In accordance with industry practice, sales to wholesale distributors of certain seasonal products, primarily in the second half of the fiscal year, are invoiced with extended payment terms, generally not exceeding six months.</P>
<P align="justify">
The Company&#146;s customers have generally been transacting with the Company or its acquired subsidiaries for over five years, and credit losses have not been material during that period. With the exception of our largest wholesale distributor,
which is owned by a large private equity firm and largely financed by publicly traded bonds, most of our wholesale distributor customers are privately-held owner-managed enterprises. Many distributors are highly-leveraged with significant reliance
on trade credit terms provided by a few major vendors, including the Company, and third-party debt financing, including bank debt secured with accounts receivable and inventory pledged as collateral. The financial leverage of certain
of our wholesale distributor customers may limit or prevent their ability to obtain future financing, and could affect their ability to comply with restrictive debt covenants and meet other obligations. The profile and credit quality of the
Company&#146;s retail customers varies significantly. Adverse changes in a customer&#146;s financial position could cause us to limit or discontinue business with that customer, require us to assume more credit risk relating to that customer&#146;s
future purchases or result in uncollectible accounts receivable from that customer. The likelihood of such changes occurring increases in periods of economic downturns and such changes could have a material adverse effect on our business, results of
operations, financial condition and cash flows.</P>
<P align="justify">
The Company&#146;s extension of credit to customers involves considerable judgment and is based on an evaluation of each customer&#146;s financial condition and payment history. The Company has established various internal controls designed to
mitigate credit risk, including a dedicated credit function which recommends customer credit limits and payment terms that are reviewed and
approved on a quarterly basis by senior&nbsp;
management at the Company&#146;s international sales office in Barbados. Where&nbsp;
available, the Company&#146;s credit&nbsp;
department periodically reviews external&nbsp;
ratings and customer financial statements,&nbsp;
and in some cases obtains bank and&nbsp;
other references. New customers are&nbsp;
subject to a specific vetting and pre-approval process. From time to time, the Company will temporarily transact with customers on a prepayment basis where circumstances warrant. While the Company&#146;s credit controls and processes have been
effective in mitigating credit risk, these controls cannot eliminate credit risk and there can be no assurance that these controls will continue to be effective, or that the Company&#146;s low credit loss experience will continue.</P>
<P align="justify">
Customers do not provide collateral in exchange for credit, except in unusual circumstances. Receivables from selected customers are partially covered by credit insurance, with amounts usually limited to 20% of the value of the Company&#146;s
exposure. The information available through the insurance company is also considered in the decision process to determine the credit limits assigned to customers.</P>
<P align="left">
The aging of trade receivable balances as at October 5, 2008 was as follows:</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width=567>
(in &#36; millions)&nbsp;
	</TD>
	<TD width=209>
&nbsp;	</TD>
	<TD align=left width=210>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=567 bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=209 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=210 bgcolor="#99D8F1">
<B>October 5,</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=567 style="border-bottom:1px solid #000000;" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=209 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=210 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>2008</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=567 style="border-bottom:medium none #000000;" bgcolor="#D1D3D4">
 &nbsp;Not past due&nbsp;
	</TD>
	<TD width=209 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=210 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>186.0</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=567 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Past due 0-30 days&nbsp;
	</TD>
	<TD width=209 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=210 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>15.7</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=567 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Past due 31-120 days&nbsp;
	</TD>
	<TD width=209 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=210 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>5.1</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=567 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Past due 121-180 days&nbsp;
	</TD>
	<TD width=209 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=210 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>2.3</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=567 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Past due over 180 days&nbsp;
	</TD>
	<TD width=209 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=210 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=567 style="border-bottom:medium none #000000;" bgcolor="#D1D3D4">
 &nbsp;Trade receivables&nbsp;
	</TD>
	<TD width=209 style="border-top-style: solid; border-top-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=210 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>209.1</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=567 style="border-bottom:2px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Less allowance for doubtful accounts&nbsp;
	</TD>
	<TD width=209 style="border-bottom: 2px solid #000000" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=210 style="border-bottom:2px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>(2.8)</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=567 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Total trade receivables&nbsp;
	</TD>
	<TD width=209 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=210 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>206.3</B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3 width="986">
&nbsp;
	</TD>
</TR>
</TABLE>&nbsp;<HR noshade size=5 style="page-break-after:always;" color="#000000">



<!--$$/page=-->
<A name="page_18"></A>

<div align="right">

<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" bordercolor="#111111">
<TR valign="bottom">
	<TD align=right width=85% nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
37&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=85% nowrap>
<FONT color="#009ddc">MD&amp;A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
</div>

<P align="left">
The movement in the allowance for doubtful accounts in respect of trade receivables was as follows:</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width=566 style="border-bottom:1px solid #000000;">
(in &#36; millions)&nbsp;
	</TD>
	<TD width=211 style="border-bottom-style: solid; border-bottom-width: 1">
&nbsp;	</TD>
	<TD align=right width=209 style="border-bottom:1px solid #000000;">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=566 style="border-bottom:medium none #000000;; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
 &nbsp;Balance as at September 30, 2007&nbsp;
	</TD>
	<TD width=211 style="border-top-style: solid; border-top-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=209 style="border-bottom:medium none #000000;; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>2.0</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=566 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Bad debt expense&nbsp;
	</TD>
	<TD width=211 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=209 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>4.5</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=566 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Write-off of accounts receivable&nbsp;
	</TD>
	<TD width=211 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=209 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>(4.0)</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=566 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Increase due to acquisition of Prewett&nbsp;
	</TD>
	<TD width=211 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=209 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>0.3</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=566 style="border-bottom:2px solid #000000;" bgcolor="#D1D3D4">
 &nbsp;Balance as at October 5, 2008&nbsp;
	</TD>
	<TD width=211 style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=209 style="border-bottom:2px solid #000000;" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>2.8</B>&nbsp;
	</TD>
</TR>
</TABLE>
<P align="left">
<B><FONT color="#6d6f71">LIQUIDITY RISK</FONT></B></P>
<P align="justify">
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. We require continued access to capital markets to support our operations as well as to achieve our strategic plans. We rely on cash
resources, debt and cash flows generated from operations to satisfy our financing requirements. Any impediments to our ability to continue to meet the covenants and conditions contained in our revolving credit facility as well as our ability to
access capital markets, including the lack of financing capability, or the failure of a financial institution participating in our credit facility, or an adverse perception in capital markets of our financial condition or prospects, could have a
materially adverse effect on our business. In addition, our access to financing at reasonable interest rates could become influenced by the economic and credit market environment.</P>
<P align="justify">
We manage liquidity risk through the management of our capital structure and financial leverage, as outlined in Note 20 to the audited Consolidated Financial Statements (&#147;Capital Disclosures&#148;).
In addition, we manage liquidity risk by continuously monitoring actual and projected cash flows, taking into account the seasonality of our sales and receipts. We also monitor the impact of credit market conditions in the current environment. The
Board of Directors reviews and approves the Company&#146;s operating and capital budgets, as well as any material transactions out of the
ordinary course of business, including proposals on mergers, acquisitions or other major investments or divestitures.</P>
<P align="justify">
The following are the contractual maturities of financial liabilities by period, excluding derivative financial instruments and future interest payments but including interest accrued to October 5, 2008:</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=center width=265 height="15">
<p align="left">(in &#36; millions)&nbsp;
	</TD>
	<TD width=23 height="15">
&nbsp;	</TD>
	<TD align=left width=120 height="15">
&nbsp;
	</TD>
	<TD width=23 height="15">
&nbsp;	</TD>
	<TD align=left width=121 height="15">
&nbsp;
	</TD>
	<TD width=23 height="15">
&nbsp;	</TD>
	<TD align=left width=121 height="15">
&nbsp;
	</TD>
	<TD width=24 height="15">
&nbsp;	</TD>
	<TD align=left width=121 height="15">
&nbsp;
	</TD>
	<TD width=24 height="15">
&nbsp;	</TD>
	<TD align=left width=121 height="15">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=265 height="15" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=23 height="15" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=120 height="15" bgcolor="#99D8F1">
<B>Carrying</B>&nbsp;
	</TD>
	<TD width=23 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 height="15" bgcolor="#99D8F1">
<B>0 to 12</B>&nbsp;
	</TD>
	<TD width=23 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 height="15" bgcolor="#99D8F1">
<B>1 to 2</B>&nbsp;
	</TD>
	<TD width=24 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 height="15" bgcolor="#99D8F1">
<B>2 to 5</B>&nbsp;
	</TD>
	<TD width=24 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 height="15" bgcolor="#99D8F1">
<B>More than</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=265 style="border-bottom:1px solid #000000;" height="18" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=23 height="17" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=120 style="border-bottom:1px solid #000000;" height="18" bgcolor="#99D8F1">
<B>amount</B>&nbsp;
	</TD>
	<TD width=23 height="17" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:1px solid #000000;" height="18" bgcolor="#99D8F1">
<B>months</B>&nbsp;
	</TD>
	<TD width=23 height="17" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:1px solid #000000;" height="18" bgcolor="#99D8F1">
<B>years</B>&nbsp;
	</TD>
	<TD width=24 height="17" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:1px solid #000000;" height="18" bgcolor="#99D8F1">
<B>years</B>&nbsp;
	</TD>
	<TD width=24 height="17" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:1px solid #000000;" height="18" bgcolor="#99D8F1">
<B>5 years</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=265 height="15" style="border-top-style: solid; border-top-width: 1" bgcolor="#D1D3D4">
 &nbsp;Long-term credit&nbsp;
	</TD>
	<TD width=23 height="15" style="border-top-style: solid; border-top-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=120 height="15" style="border-top-style: solid; border-top-width: 1" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=23 height="15" style="border-top-style: solid; border-top-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=121 height="15" style="border-top-style: solid; border-top-width: 1" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=23 height="15" style="border-top-style: solid; border-top-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=121 height="15" style="border-top-style: solid; border-top-width: 1" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=24 height="15" style="border-top-style: solid; border-top-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=121 height="15" style="border-top-style: solid; border-top-width: 1" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=24 height="15" style="border-top-style: solid; border-top-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=121 height="15" style="border-top-style: solid; border-top-width: 1" bgcolor="#99D8F1">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=265 height="15" bgcolor="#D1D3D4">
 &nbsp; &nbsp; &nbsp;facility&nbsp;
	</TD>
	<TD width=23 height="15" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=120 height="15" bgcolor="#99D8F1">
<B>45.0</B>&nbsp;
	</TD>
	<TD width=23 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 height="15" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
	<TD width=23 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 height="15" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
	<TD width=24 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 height="15" bgcolor="#99D8F1">
<B>45.0</B>&nbsp;
	</TD>
	<TD width=24 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 height="15" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=265 height="14" bgcolor="#D1D3D4">
 &nbsp;Other long-term&nbsp;
	</TD>
	<TD width=23 height="14" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=120 height="14" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=23 height="14" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=121 height="14" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=23 height="14" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=121 height="14" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=24 height="14" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=121 height="14" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=24 height="14" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=121 height="14" bgcolor="#99D8F1">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=265 height="15" bgcolor="#D1D3D4">
 &nbsp; &nbsp; &nbsp;debt&nbsp;
	</TD>
	<TD width=23 height="15" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=120 height="15" bgcolor="#99D8F1">
<B>8.0</B>&nbsp;
	</TD>
	<TD width=23 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 height="15" bgcolor="#99D8F1">
<B>3.6</B>&nbsp;
	</TD>
	<TD width=23 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 height="15" bgcolor="#99D8F1">
<B>4.4</B>&nbsp;
	</TD>
	<TD width=24 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 height="15" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
	<TD width=24 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 height="15" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=265 height="15" bgcolor="#D1D3D4">
 &nbsp;Accounts&nbsp;
	</TD>
	<TD width=23 height="15" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=120 height="15" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=23 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=121 height="15" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=23 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=121 height="15" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=24 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=121 height="15" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=24 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=121 height="15" bgcolor="#99D8F1">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=265 height="15" bgcolor="#D1D3D4">
 &nbsp; &nbsp; &nbsp;payable and&nbsp;
	</TD>
	<TD width=23 height="15" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=120 height="15" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=23 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=121 height="15" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=23 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=121 height="15" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=24 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=121 height="15" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=24 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=121 height="15" bgcolor="#99D8F1">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=265 height="15" bgcolor="#D1D3D4">
 &nbsp; &nbsp; &nbsp;accrued&nbsp;
	</TD>
	<TD width=23 height="15" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=120 height="15" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=23 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=121 height="15" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=23 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=121 height="15" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=24 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=121 height="15" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=24 height="15" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=121 height="15" bgcolor="#99D8F1">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=265 style="border-bottom:1px solid #000000;" height="18" bgcolor="#D1D3D4">
 &nbsp; &nbsp; &nbsp;liabilities&nbsp;
	</TD>
	<TD width=23 height="17" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=120 style="border-bottom:1px solid #000000;" height="18" bgcolor="#99D8F1">
<B>155.7</B>&nbsp;
	</TD>
	<TD width=23 height="17" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:1px solid #000000;" height="18" bgcolor="#99D8F1">
<B>155.7</B>&nbsp;
	</TD>
	<TD width=23 height="17" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:1px solid #000000;" height="18" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
	<TD width=24 height="17" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:1px solid #000000;" height="18" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
	<TD width=24 height="17" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:1px solid #000000;" height="18" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=265 style="border-bottom:2px solid #000000;" height="18" bgcolor="#D1D3D4">
Total&nbsp;
	</TD>
	<TD width=23 height="19" style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=120 style="border-bottom:2px solid #000000;" height="18" bgcolor="#99D8F1">
<B>208.7</B>&nbsp;
	</TD>
	<TD width=23 height="19" style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:2px solid #000000;" height="18" bgcolor="#99D8F1">
<B>159.3</B>&nbsp;
	</TD>
	<TD width=23 height="19" style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:2px solid #000000;" height="18" bgcolor="#99D8F1">
<B>4.4</B>&nbsp;
	</TD>
	<TD width=24 height="19" style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:2px solid #000000;" height="18" bgcolor="#99D8F1">
<B>45.0</B>&nbsp;
	</TD>
	<TD width=24 height="19" style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:2px solid #000000;" height="18" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
</TR>
</TABLE>
<P align="justify">
The Company has a committed revolving credit facility for a maximum of &#36;400.0 million which expires on June 28, 2013 and which is subject to a one-year extension on an annual basis. The Company&#146;s revolving credit facility is subject to
various covenants and conditions. The Company was in compliance with all covenants as at October 5, 2008 and September 30, 2007. This facility is unsecured and amounts drawn bear interest at LIBOR rates or U.S. base rate plus an applicable margin.
As at October 5, 2008, &#36;45.0 million was drawn under this facility, bearing an effective interest rate of 4.75% . As at September 30, 2007, &#36;49.0 million was drawn under this facility bearing an effective interest rate of 6.16% .</P>
<P align="justify">
The Company&#146;s only derivative financial instruments as at October 5, 2008 were forward foreign exchange contracts, for which notional amounts, maturities, average exchange rates and the carrying and fair values are listed on page 38.</P>
<P align="left">
<B><FONT color="#6d6f71">FOREIGN CURRENCY RISK</FONT></B></P>
<P align="justify">
The majority of the Company&#146;s cash flows and financial assets and liabilities are denominated in U.S. dollars, which is the Company&#146;s functional and reporting currency. Foreign currency risk is limited to the portion of the Company&#146;s
business transactions denominated in currencies other than U.S. dollars, primarily for sales and distribution expenses for customers outside of the United States and head office expenses in Canada. The Company&#146;s
exposure relates primarily to changes in the U.S. dollar versus the Canadian dollar, the British Pound and the Euro exchange rates. For the Company&#146;s foreign currency transactions, fluctuations in the respective exchange rates relative to
the U.S. dollar will create volatility in the Company&#146;s cash flows and the reported amounts for sales and SG&amp;A expenses in its consolidated statement of earnings, both on a period-to-period basis and compared with operating budgets and
forecasts. Additional earnings variability arises from the translation of monetary assets and liabilities denominated in currencies other than the U.S. dollar at the rates of exchange at each balance sheet date, the impact of which is reported as a
foreign exchange gain or loss in the statement of earnings.</P>

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<div align="right">
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" bordercolor="#111111">
<TR valign="bottom">
	<TD align=right width=85% nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
38&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=85% nowrap>
<FONT color="#009ddc">MD&amp;A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
</div>

<P align="justify">
The Company&#146;s objective in managing its foreign currency risk is to minimize its net exposures to foreign currency cash flows, by transacting with third parties in U.S. dollars to the maximum extent possible and practical, and holding cash and
cash equivalents and incurring borrowings in U.S. dollars. The Company monitors and forecasts the values of net foreign currency cash flows and balance sheet exposures and from time-to-time will authorize the use of derivative financial instruments
such as forward foreign exchange contracts to economically hedge a portion of foreign currency cash flows, with maturities of up to two years. The Company does not use forward foreign exchange contracts for speculative purposes.</P>
<P align="justify">
As at October 5, 2008 and September 30, 2007 all outstanding forward foreign exchange contracts were reported on a mark-to-market basis and the gains and losses were included in earnings. The Company elected not to apply hedge accounting for these
derivatives.</P>
<P align="justify">
The following table summarizes the Company&#146;s derivative financial instruments relating to commitments to buy and sell foreign currencies through forward foreign exchange contracts as at October 5, 2008:</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width=206>
(in US&#36; millions)&nbsp;
	</TD>
	<TD width=15>
&nbsp;	</TD>
	<TD align=left width=113>
&nbsp;
	</TD>
	<TD width=15>
&nbsp;	</TD>
	<TD align=left width=113>
&nbsp;
	</TD>
	<TD width=15>
&nbsp;	</TD>
	<TD align=left width=113>
&nbsp;
	</TD>
	<TD width=15>
&nbsp;	</TD>
	<TD align=left width=113>
&nbsp;
	</TD>
	<TD width=16 style="border-right-style: none; border-right-width: medium">
&nbsp;	</TD>
	<TD align=left width=113 style="border-left-style: none; border-left-width: medium">
&nbsp;
	</TD>
	<TD width=26>
&nbsp;	</TD>
	<TD align=left width=113>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=206 bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=15 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=113 bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=15 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 bgcolor="#99D8F1">
<B>Notional</B>&nbsp;
	</TD>
	<TD width=15 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=113 bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=15 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=113 bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=16 style="border-right-style: solid; border-right-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=113 style="border-left-style: solid; border-left-width: 1" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=26 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=113 bgcolor="#99D8F1">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=206 bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=15 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=113 bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=15 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 bgcolor="#99D8F1">
<B>foreign</B>&nbsp;
	</TD>
	<TD width=15 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 bgcolor="#99D8F1">
<B>Average</B>&nbsp;
	</TD>
	<TD width=15 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=113 bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=16 style="border-right-style: solid; border-right-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=252 colspan=3 style="border-bottom:1px solid #000000; border-left-style:solid; border-left-width:1" bgcolor="#99D8F1">
<p align="center">
<B>Carrying and Fair Value</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=206 bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=15 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=113 bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=15 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 bgcolor="#99D8F1">
<B>currency</B>&nbsp;
	</TD>
	<TD width=15 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 bgcolor="#99D8F1">
<B>exchange</B>&nbsp;
	</TD>
	<TD width=15 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 bgcolor="#99D8F1">
<B>Notional US</B>&nbsp;
	</TD>
	<TD width=16 style="border-right-style: solid; border-right-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=113 style="border-left-style: solid; border-left-width: 1" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=26 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=113 bgcolor="#99D8F1">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=206 style="border-bottom:1px solid #000000;" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=15 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>Maturity</B>&nbsp;
	</TD>
	<TD width=15 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>amount</B>&nbsp;
	</TD>
	<TD width=15 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>rate</B>&nbsp;
	</TD>
	<TD width=15 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>equivalent</B>&nbsp;
	</TD>
	<TD width=16 style="border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:1px solid #000000;; border-left-style:solid; border-left-width:1" bgcolor="#99D8F1">
<B>Asset</B>&nbsp;
	</TD>
	<TD width=26 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>Liability</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=206 style="border-bottom:medium none #000000;" bgcolor="#D1D3D4">
 &nbsp;Buy CAD/Sell USD&nbsp;
	</TD>
	<TD width=15 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<B>0-6 months</B>&nbsp;
	</TD>
	<TD width=15 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<B>5.5</B>&nbsp;
	</TD>
	<TD width=15 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<B>0.9302</B>&nbsp;
	</TD>
	<TD width=15 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<B>5.1</B>&nbsp;
	</TD>
	<TD width=16 style="border-right-style: solid; border-right-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:medium none #000000;; border-left-style:solid; border-left-width:1" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
	<TD width=26 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=206 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Buy EUR/Sell GBP&nbsp;
	</TD>
	<TD width=15 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>0-6 months</B>&nbsp;
	</TD>
	<TD width=15 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>1.0</B>&nbsp;
	</TD>
	<TD width=15 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>1.3740</B>&nbsp;
	</TD>
	<TD width=15 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>1.3</B>&nbsp;
	</TD>
	<TD width=16 style="border-right-style: solid; border-right-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:medium none #000000;; border-left-style:solid; border-left-width:1; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
	<TD width=26 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=206 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Sell EUR/Buy USD&nbsp;
	</TD>
	<TD width=15 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>0-6 months</B>&nbsp;
	</TD>
	<TD width=15 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>5.7</B>&nbsp;
	</TD>
	<TD width=15 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>1.4591</B>&nbsp;
	</TD>
	<TD width=15 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>8.2</B>&nbsp;
	</TD>
	<TD width=16 style="border-right-style: solid; border-right-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:medium none #000000;; border-left-style:solid; border-left-width:1; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>0.5</B>&nbsp;
	</TD>
	<TD width=26 bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=206 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Sell GBP/Buy USD&nbsp;
	</TD>
	<TD width=15 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>0-6 months</B>&nbsp;
	</TD>
	<TD width=15 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>3.0</B>&nbsp;
	</TD>
	<TD width=15 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>1.9177</B>&nbsp;
	</TD>
	<TD width=15 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>5.7</B>&nbsp;
	</TD>
	<TD width=16 style="border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:1px solid #000000;; border-left-style:solid; border-left-width:1; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>0.5</B>&nbsp;
	</TD>
	<TD width=26 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=206 style="border-bottom:2px solid #000000;" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=15 style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=113 style="border-bottom:2px solid #000000;" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=15 style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=113 style="border-bottom:2px solid #000000;" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=15 style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=113 style="border-bottom:2px solid #000000;" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=15 style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:2px solid #000000;" bgcolor="#99D8F1">
<B>20.3</B>&nbsp;
	</TD>
	<TD width=16 style="border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:2px solid #000000;; border-left-style:solid; border-left-width:1" bgcolor="#99D8F1">
<B>1.0</B>&nbsp;
	</TD>
	<TD width=26 style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=113 style="border-bottom:2px solid #000000;" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
</TR>
</TABLE>
<P align="justify">
The following tables provide an indication of the Company&#146;s significant foreign currency exposures during the year ended October 5, 2008, including the year end balances of financial and monetary assets and liabilities denominated in foreign
currencies, as well as the amount of sales and operating expenses during the year that were denominated in foreign currencies, but before considering the effect of forward foreign exchange contracts.</P>
<P align="justify">
In addition to the foreign currency exposures noted below, the Company also incurs a portion of its manufacturing costs in foreign currencies, primarily payroll costs paid in Honduran Lempiras. However, the Company does not currently view its
exposure to the Honduran Lempira as a significant foreign exchange risk, since the Lempira to U.S. dollar exchange rate has not fluctuated significantly in recent years.</P>
<P align="left">
(in US&#36; millions)</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width=521 style="border-bottom:1px solid #000000;" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=18 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=125 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width=29 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=293 colspan=3 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>October 5, 2008</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=521 style="border-bottom:1px solid #000000;" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=18 style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=125 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>CAD</B>&nbsp;
	</TD>
	<TD width=29 style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=125 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>EUR</B>&nbsp;
	</TD>
	<TD width=42 align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=126 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>GBP</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=521 style="border-bottom:medium none #000000;" bgcolor="#D1D3D4">
Cash and cash equivalents&nbsp;
	</TD>
	<TD width=18 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=125 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD width=29 bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=125 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>0.8</B>&nbsp;
	</TD>
	<TD width=42 align="right" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=126 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>0.7</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=521 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Accounts receivable&nbsp;
	</TD>
	<TD width=18 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=125 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>17.6</B>&nbsp;
	</TD>
	<TD width=29 bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=125 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>4.2</B>&nbsp;
	</TD>
	<TD width=42 align="right" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=126 style="border-bottom:medium none #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>4.9</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=521 style="border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
Accounts payable and accrued liabilities&nbsp;
	</TD>
	<TD width=18 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=125 style="border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<B>(18.7)</B>&nbsp;
	</TD>
	<TD width=29 bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=125 style="border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<B>(1.9)</B>&nbsp;
	</TD>
	<TD width=42 align="right" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=126 style="border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<B>(0.1)</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=521 style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
Future income taxes and income taxes&nbsp;
	</TD>
	<TD width=18 bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=125 bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD width=29 bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=125 bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD width=42 align="right" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=126 bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=521 style="border-bottom:1px solid #000000; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;payable&nbsp;
	</TD>
	<TD width=18 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=125 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>(46.0)</B>&nbsp;
	</TD>
	<TD width=29 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=125 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>(0.6)</B>&nbsp;
	</TD>
	<TD width=42 align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=126 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>0.2</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=521 bgcolor="#D1D3D4">
Balance sheet exposure excluding financial&nbsp;
	</TD>
	<TD width=18 style="border-top-style: solid; border-top-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=125 bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD width=29 style="border-top-style: solid; border-top-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=125 bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD width=42 align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=126 bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=521 style="border-bottom:1px solid #000000;" bgcolor="#D1D3D4">
 &nbsp; &nbsp;derivatives&nbsp;
	</TD>
	<TD width=18 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=125 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>(47.1)</B>&nbsp;
	</TD>
	<TD width=29 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=125 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>2.5</B>&nbsp;
	</TD>
	<TD width=42 align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=126 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>5.7</B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7 width="986">
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7 width="986">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=521 style="border-bottom:1px solid #000000;" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=18 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=447 colspan=5 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>For the year ended, October 5, 2008</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=521 style="border-bottom:1px solid #000000;" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=18 style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=125 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>CAD</B>&nbsp;
	</TD>
	<TD width=29 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=125 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>EUR</B>&nbsp;
	</TD>
	<TD width=42 align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=126 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<B>GBP</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=521 style="border-bottom:medium none #000000;; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
Sales&nbsp;
	</TD>
	<TD width=18 style="border-top-style: solid; border-top-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=125 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
 <p style="margin-right: 4">&nbsp;<B>55.1</B>&nbsp;
	</TD>
	<TD width=29 style="border-top-style: solid; border-top-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=125 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>31.4</B>&nbsp;
	</TD>
	<TD width=42 align="right" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=126 style="border-bottom:medium none #000000;" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>23.2</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=521 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Operating expenses&nbsp;
	</TD>
	<TD width=18 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=125 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>(53.8)</B>&nbsp;
	</TD>
	<TD width=29 style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=125 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>(9.1)</B>&nbsp;
	</TD>
	<TD width=42 align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=126 style="border-bottom:1px solid #000000;; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>(2.7)</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=521 style="border-bottom:1px solid #000000;" bgcolor="#D1D3D4">
Net exposure&nbsp;
	</TD>
	<TD width=18 style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=125 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>1.3</B>&nbsp;
	</TD>
	<TD width=29 style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=125 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>22.3</B>&nbsp;
	</TD>
	<TD width=42 align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=126 style="border-bottom:1px solid #000000;" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>20.5</B>&nbsp;
	</TD>
</TR>
</TABLE>&nbsp;<HR noshade size=5 style="page-break-after:always;" color="#000000">



<div align="right">
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" bordercolor="#111111">
<TR valign="bottom">
	<TD align=right width=85% nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
39&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=85% nowrap>
<FONT color="#009ddc">MD&amp;A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
</div>
<A name="page_20"></A>

<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width=328 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width=209 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD align=right width=205 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD width=39 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD align=right width=205 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=328 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=209 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=205 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<B>Year-to-date</B>&nbsp;
	</TD>
	<TD width=39 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=205 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<B>Reporting</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=328 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=209 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=205 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>average rate</B>&nbsp;
	</TD>
	<TD width=39 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=205 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>date rate</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=328 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
CAD to USD&nbsp;
	</TD>
	<TD width=209 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=205 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>0.9954</B>&nbsp;
	</TD>
	<TD width=39 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=205 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>0.9246</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=328 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
EUR to USD&nbsp;
	</TD>
	<TD width=209 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=205 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>1.5042</B>&nbsp;
	</TD>
	<TD width=39 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=205 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>1.3816</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=328 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
GBP to USD&nbsp;
	</TD>
	<TD width=209 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=205 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>1.9857</B>&nbsp;
	</TD>
	<TD width=39 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=205 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>1.7740</B>&nbsp;
	</TD>
</TR>
</TABLE>
<P align="justify">
The table above reflects the exchange rates applied during the reporting period for the year ended October 5, 2008.</P>
<P align="justify">
Based on the Company&#146;s foreign currency exposures noted above and the forward foreign exchange contracts in effect during the year ended October 5, 2008, varying the above foreign exchange rates to reflect a 5 percent strengthening of the U.S.
dollar would have increased (decreased) net earnings as follows, assuming that all other variables remained constant:</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width=521 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
(in US&#36; millions)&nbsp;
	</TD>
	<TD width=18 style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width=131 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;
	</TD>
	<TD width=28 style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width=131 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;
	</TD>
	<TD width=26 style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width=131 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=521 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=18 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=447 colspan=5 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p align="center">
<B>For the year ended October 5, 2008</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=521 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=18 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=131 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
 <p align="right">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>CAD</B>&nbsp;
	</TD>
	<TD width=28 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=131 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<B>EUR</B>&nbsp;
	</TD>
	<TD width=26 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=131 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<B>GBP</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=521 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp;Source of net earnings variability from&nbsp;
	</TD>
	<TD width=18 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=131 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p align="right">&nbsp;
	</TD>
	<TD width=28 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=131 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p align="right">&nbsp;
	</TD>
	<TD width=26 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=131 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p align="right">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=521 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p align="left">&nbsp;changes in foreign exchange rates:&nbsp;
	</TD>
	<TD width=18 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=131 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p align="right" style="margin-right: 4">&nbsp;
	</TD>
	<TD width=28 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width=131 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p align="right" style="margin-right: 4">&nbsp;
	</TD>
	<TD width=26 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width=131 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p align="right" style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=521 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Financial instruments, including forward&nbsp;
	</TD>
	<TD width=18 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=131 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p align="right" style="margin-right: 4">&nbsp;
	</TD>
	<TD width=28 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width=131 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p align="right" style="margin-right: 4">&nbsp;
	</TD>
	<TD width=26 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width=131 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p align="right" style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=521 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p align="left">&nbsp;&nbsp;&nbsp;&nbsp;
foreign exchange contracts&nbsp;
	</TD>
	<TD width=18 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=131 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>0.1</B>&nbsp;
	</TD>
	<TD width=28 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=131 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>0.2</B>&nbsp;
	</TD>
	<TD width=26 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=131 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<B>(0.1)</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=521 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Future income tax liability and&nbsp;
	</TD>
	<TD width=18 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=131 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p align="right" style="margin-right: 4">&nbsp;
	</TD>
	<TD width=28 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width=131 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p align="right" style="margin-right: 4">&nbsp;
	</TD>
	<TD width=26 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width=131 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p align="right" style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=521 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp; &nbsp;income taxes payable&nbsp;
	</TD>
	<TD width=18 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=131 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
 <p align="right" style="margin-right: 4">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>2.3</B>&nbsp;
	</TD>
	<TD width=28 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=131 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD width=26 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=131 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=521 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Sales and operating expenses&nbsp;
	</TD>
	<TD width=18 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=131 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
 <p align="right">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>(0.1)</B>&nbsp;
	</TD>
	<TD width=28 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=131 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>(1.1)</B>&nbsp;
	</TD>
	<TD width=26 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=131 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>(1.0)</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=521 style="border-bottom:2px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p align="left">Increase (decrease) in net earnings&nbsp;
	</TD>
	<TD width=18 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom: 2px solid #000000" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=131 style="border-bottom:2px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
 <p align="right" style="margin-right: 4">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>2.3</B>&nbsp;
	</TD>
	<TD width=28 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom: 2px solid #000000" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=center width=131 style="border-bottom:2px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p align="right">
<B>(0.9)</B>&nbsp;
	</TD>
	<TD width=26 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom: 2px solid #000000" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=131 style="border-bottom:2px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<B>(1.1)</B>&nbsp;
	</TD>
</TR>
</TABLE>
<P align="justify">
An assumed 5 percent weakening of&nbsp;
the U.S. dollar during the year ended&nbsp;
October 5, 2008 would have had an&nbsp;
equal but opposite effect on the above&nbsp;
currencies to the amounts shown above,&nbsp;
on the basis that all other variables&nbsp;
remain constant.&nbsp; </P>
<P align="justify">
<B><FONT color="#6d6f71">INTEREST RATE RISK</FONT></B>&nbsp; </P>
<P align="justify">
The Company&#146;s interest rate risk is primarily&nbsp;
related to the Company&#146;s revolving&nbsp;
long-term credit facility, for which amounts&nbsp;
drawn are primarily subject to LIBOR rates&nbsp;
in effect at the time of borrowing, plus a&nbsp;
margin. Although LIBOR-based borrowings&nbsp;
under the credit facility can be fixed for&nbsp;
periods of up to six months, the Company&nbsp; generally fixes rates for periods
of one to three months. The interest rates on amounts currently drawn on this
facility and on any future borrowings will vary and are unpredictable.</P>
<P align="justify">
The Company has the ability to enter into derivative financial instruments that
would effectively fix its cost of current and future borrowings for an extended
period of time, but it has not done so in recent years.</P>
<P align="justify">
Based on the value of interest-bearing financial instruments during the year
ended October 5, 2008, an
assumed 0.5 percentage point increase&nbsp;
in interest rates during such period&nbsp;
would have decreased net earnings by&nbsp;
&#36;0.8 million, with an equal but opposite&nbsp;
effect for an assumed 0.5 percentage&nbsp;
point decrease.&nbsp; </P>
<P align="justify">
<B><font size="3" color="#009ddc">CRITICAL ACCOUNTING</font></B><font size="3">&nbsp;
<B><FONT color="#009ddc">ESTIMATES</FONT></B>&nbsp; </font> </P>
<P align="justify">
Our significant accounting policies&nbsp;
are described in Note 2 to our audited&nbsp;
Consolidated Financial Statements.&nbsp;The preparation of financial statements in&nbsp;
conformity with Canadian GAAP requires&nbsp; estimates and assumptions that
affect
our results of operations and financial&nbsp;
position. By their nature, these judgments are subject to an inherent degree of uncertainty and are based upon historical experience, trends in the industry and information available from outside sources. On an ongoing basis, management reviews its
estimates and actual results could differ materially from those estimates.</P>
<P align="justify">
Management believes that the following accounting estimates require assumptions to be made about matters that are highly uncertain.</P>
<P align="left">
<B><FONT color="#6d6f71">ALLOWANCE FOR DOUBTFUL ACCOUNTS</FONT></B></P>
<P align="justify">
Trade accounts receivable consists of amounts due from our normal business activities. We maintain an allowance for doubtful accounts to reflect expected credit losses. We provide for bad debts based on collection history and specific risks
identified on a customer-by-customer basis. A considerable amount of judgment is required to assess the ultimate realization of accounts receivable and the credit-worthiness of each customer. Furthermore, these judgments must be continuously
evaluated and updated. Uncollected accounts are written off through the allowance for doubtful accounts. We are not able to predict changes in the financial condition of our customers, and if circumstances related to our customers&#146; financial
condition deteriorate, our estimates of the recoverability of our trade receivables could be materially affected and we may be required to record additional allowances. Alternatively, if we provide more allowances than we need, we may reverse a
portion of such provisions in future periods based on our actual collection experience.</P>
<P align="left">
<B><FONT color="#6d6f71">INVENTORY OBSOLESCENCE</FONT></B></P>
<P align="justify">
Our inventory is carried at the lower of First-In-First-Out cost and net realizable value. We regularly review inventory quantities on hand and record a provision for those inventories no longer deemed to be fully recoverable. The cost of
inventories may no longer be recoverable if those inventories are slow moving, damaged, if they have become obsolete, or if their selling prices or estimated forecast of product demand decline.
If actual market conditions are less favorable than previously projected, or if liquidation of the inventory no longer deemed to be fully recoverable is more difficult than anticipated, additional provisions may be required.</P>

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<P align="left">
<B><FONT color="#6d6f71">SALES PROMOTIONAL PROGRAMS</FONT></B></P>
<P align="justify">
In the normal course of business, certain incentives are granted to our customers including discounts and rebates. At the time of sale, estimates are made for customer price discounts and rebates based on the terms of existing programs. Accruals
required for new programs, which relate to prior sales, are recorded at the time the new program is introduced. Sales are recorded net of these program costs and a provision for estimated sales returns, which is based on historical experience,
current trends and other known factors, and exclude sales taxes. If actual price discounts, rebates or returns differ from estimates, significant adjustments to net sales could be required in future periods.</P>
<P align="left">
<B><FONT color="#6d6f71">RECOVERABILITY OF LONG-LIVED ASSETS</FONT></B></P>
<P align="justify">
Our long-lived assets are comprised of property, plant and equipment and identifiable intangible assets, which are recorded at cost less accumulated amortization, including asset impairment losses. Amortization is calculated using the straight-line
method over the estimated useful lives of the assets.</P>
<P align="justify">
On a regular basis, we review the estimated useful lives of our long-lived assets. Assessing the reasonableness of the estimated useful lives of long-lived assets requires judgment and is based on currently available information, including actual
utilization experience and expected future business plans. We also review long-lived assets for potential impairment whenever events or changes in circumstances indicate that the carrying
amounts of such assets may not be recoverable. Impairment losses are recognized when the estimated undiscounted future cash flows expected to result from the use of an asset and its eventual disposition are less than its carrying amount. The amount
of impairment loss recognized is measured as the amount by which the carrying value of an asset exceeds its fair value, with fair value being determined based upon discounted cash flows or appraised values, depending on the nature of the asset. In
estimating future cash flows, the Company uses its best estimates based on internal plans, which incorporate management&#146;s judgments as to the remaining service potential of the long-lived assets. Changes in circumstances, such as technological
advances and changes to our business strategy can result in actual useful lives and future cash flows differing significantly from our estimates. Revisions to the estimated useful lives of long-lived assets or future cash flows constitute a change
in accounting estimate and are applied prospectively.</P>
<P align="left">
<B><FONT color="#6d6f71">INCOME TAXES</FONT></B></P>
<P align="justify">
We utilize the asset and liability method for accounting for income taxes which requires the establishment of future tax assets and liabilities, measured at substantively enacted tax rates, for all temporary differences caused when the tax bases of
assets and liabilities differ from those reported in our audited Consolidated Financial Statements.</P>
<P align="justify">
We recognize future income tax assets only to the extent that, in management&#146;s opinion, it is more likely than not that the future income tax assets will be realized, based on estimates of future taxable income in certain jurisdictions and
other assumptions. To the extent that it is determined that it is no longer more likely than not that the asset will be realized, a valuation allowance is provided.</P>
<P align="justify">
The Company&#146;s income tax provisions are based on interpretations of applicable tax laws, including income tax treaties between various countries in which the
Company operates as well as underlying rules and regulations with respect to transfer pricing. These interpretations involve judgments and estimates and may be challenged through government taxation audits that the Company is regularly subject to.
The Company recognizes the benefits of uncertain tax filing positions in its financial statements when it is considered likely that the tax position will be sustained upon examination by tax authorities, including resolution of any related appeals
or litigation processes, based on the technical merits of the position. The tax benefits recognized from such positions are measured at the best estimate of the amounts expected to be realized upon ultimate resolution. The Company periodically
reviews and adjusts its estimates and assumptions of income tax assets and liabilities as circumstances warrant, such as changes to tax laws, administrative guidance, change in management&#146;s assessment of the technical merits of its position due
to new information, and the resolution of uncertainties through either the conclusion of tax audits or expiration of prescribed time limits within relevant statutes. Previously recognized tax benefits relating to uncertain tax filing positions are
derecognized if it becomes likely that the tax position will no longer be upheld. Actual results, including the resolution of government tax audits and other events may vary materially compared to estimates and assumptions used by management in
determining the provision for income taxes and in valuing income tax assets and liabilities, and in such eventualities the Company may be required to reduce or increase the value of income tax assets and liabilities resulting in a material income
tax expense or recovery in future periods.</P>
<P align="left">
<B><FONT color="#6d6f71">BUSINESS ACQUISITIONS</FONT></B></P>
<P align="justify">
We account for business acquisitions using the purchase method. Accordingly, the purchase price of a business acquisition is allocated to its identifiable net assets including identifiable intangible assets, on the basis of estimated fair
values as at the date of purchase, with any excess being assigned to goodwill. We estimate the fair value of assets and liabilities acquired at the date of acquisition using a projected discounted cash flow method and other valuation methods. We use
a number of significant estimates and assumptions when calculating fair value. These estimates and assumptions include projected future cash flows, the number of years used, the discount rate and other items.</P>

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<P align="justify">
We believe that our estimates and valuation methods are reasonable, consistent with our internal planning and reflect our best estimates, but they have inherent uncertainties that management may not be able to control.</P>
<P align="justify">
<B><FONT color="#009ddc" size="3">CHANGES IN ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS</FONT></B></P>
<P align="left">
<B><FONT color="#6d6f71">CHANGES IN ACCOUNTING POLICIES</FONT></B></P>
<P align="justify">
Effective the commencement of its 2008 fiscal year, the Company adopted the Canadian Institute of Chartered Accountants (CICA) Handbook Sections 1535, &#147;Capital Disclosures&#148;, which established standards for disclosing information about an
entity&#146;s capital and how it is managed. The Company also adopted effective the commencement of its 2008 fiscal year, the CICA Handbook Sections 3862, &#147;Financial Instruments &#150; Disclosures&#148;, and 3863, &#147;Financial Instruments
&#150; Presentation&#148; which replaced the existing section 3861, &#147;Financial Instruments &#150; Disclosure and Presentation&#148;. These disclosure standards are enhanced and expanded to complement the changes in accounting policy adopted in
accordance with Section 3855, &#147;Financial Instruments &#150;Recognition and Measurement&#148;. These new standards relate to disclosure only and did not impact the financial results of the Company.</P>
<P align="left">
<B><FONT color="#6d6f71">RECENT ACCOUNTING PRONOUNCEMENTS</FONT></B></P>
<P align="left">
<B><U>Inventories</U></B></P>
<P align="justify">
In June 2007, the CICA issued Section 3031, &#147;Inventories&#148;, which replaces Section 3030, &#147;Inventories&#148; and harmonizes the Canadian standards related to inventories with International Financial Reporting Standards (IFRS). This
Section provides changes to the measurement and more extensive guidance on the determination of cost, including allocation of overhead; narrows the permitted cost formulas; requires impairment testing; clarifies that major spare parts not in use
should be included in property, plant and equipment; and expands the disclosure requirements to increase transparency. This Section applies to interim and annual financial statements for fiscal years beginning on or after January 1, 2008. The
Company will adopt this section effective October 6, 2008 on a retrospective basis. The Company has compared the requirements of this new section with its current measurement and determination of costs and has concluded that the new section will not
have an impact on the results of operations except that the new standard requires depreciation related to manufacturing activities to be included in cost of sales. The new disclosure requirements will be reflected in the Company&#146;s interim
consolidated financial statements for the first quarter of fiscal 2009.</P>
<P align="left">
<B><U>General Standards of Financial Statement Presentation</U></B></P>
<P align="justify">
In June 2007, the CICA amended Section 1400, &#147;General Standards of Financial Statement Presentation&#148;, which is effective for interim periods beginning on or after October 1, 2008, and includes requirements to assess and disclose the
Company&#146;s ability to continue as a going concern. The adoption of the amended section will have no impact on the consolidated financial statements of the Company.</P>
<P align="left">
<B><U>Goodwill and Intangible Assets</U></B></P>
<P align="justify">
In February 2008, the CICA issued Section 3064 &#150; Goodwill and Intangible Assets (Section 3064), replacing
Section 3062, &#147;Goodwill and Other Intangible Assets&#148;, and Section 3450, &#147;Research and Development Costs&#148;. Section 3064 establishes revised standards for the recognition, measurement, presentation and disclosure of goodwill and
intangible assets. The new standard also provides guidance for the treatment of preproduction and start-up costs and requires that these costs be expensed as incurred. The Company currently defers and amortizes plant start-up costs on a
straight-line basis over two years, which it will cease upon adoption of Section 3064. This Section will apply to interim and annual financial statements relating to the Company&#146;s fiscal year beginning on October 6, 2008 and will be adopted on
a retrospective basis. The estimated impact of adopting this accounting standard on a retrospective basis will be an increase of &#36;1.8 million in net earnings for fiscal 2008, a decrease in net earnings of &#36;1.0 million for fiscal 2007 and a
decrease of &#36;1.6 million in Shareholders&#146; equity at October 1, 2006.</P>
<P align="left">
<B><U>Statement of earnings classification</U></B></P>
<P align="justify">
Effective the first quarter of fiscal 2009, the Company will change the classification of its statement of earnings with retrospective application to comparative figures presented for prior periods. This new classification will align the results of
operations by function and will incorporate certain presentation requirements under Section 3031, &#147;Inventories&#148; which will be effective for the Company commencing the first quarter of fiscal 2009 as described above. Depreciation and
amortization expense will no longer be presented as a separate caption on the statement of earnings, as this expense will instead be included within cost of sales and selling, general, and administrative expenses. In particular, depreciation expense
related to manufacturing activities will be included in cost of sales. The remaining depreciation and amortization expense will be reclassified to selling, general and administrative expenses. As well, outbound freight, currently classified within
selling, general and administrative expenses, will be
reported within cost of sales. These changes in classification will result in lower gross profits and lower selling, general and administrative expenses than previously reported. The largest impact of these changes will be the decrease in gross
profits as the majority of the depreciation and amortization expense is related to manufacturing activities.</P>

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<P align="justify">
In addition, a new caption will be presented in the statement of earnings for financial charges, which will include interest income and expenses, foreign exchange gains and losses, and other financing related charges. There will be no impact on net
earnings as a result of these changes in classification.</P>
<P align="left">
<B><U>International Financial Reporting Standards</U></B></P>
<P align="justify">
In February 2008, Canada&#146;s Accounting Standards Board (AcSB) confirmed that Canadian GAAP, as used by publicly accountable enterprises, will be fully converged into IFRS, as issued by the International Accounting Standards Board (IASB). The
changeover date is for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. As a result, the Company will be required to report under IFRS for its 2012 interim and annual financial statements. The
Company will convert to these new standards according to the timetable set within these new rules. The Company is currently assessing the future impact of these new standards on its consolidated financial statements.</P>
<P align="left">
<B><FONT color="#009ddc" size="3">RELATED PARTY TRANSACTIONS</FONT></B></P>
<P align="justify">
We have transactions with Frontier, which manages the operations of CanAm. These transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by the
related parties. Total purchases of yarn from Frontier were &#36;138.6 million in fiscal 2008 (2007 &#150; &#36;103.9 million), along with &#36;0.8 million relating to management fees (2007 &#150; &#36;0.8 million). As at October 5, 2008, we had an
outstanding payable to
Frontier of &#36;32.4 million (2007 &#150;&#36;20.1 million).</P>
<P align="left">
<B><FONT color="#009ddc" size="3">DISCLOSURE CONTROLS</FONT></B></P>
<P align="justify">
Our disclosure controls and procedures are designed to ensure that information required to be disclosed in our reports filed with securities regulatory authorities is recorded, processed, summarized, and reported within prescribed time periods and
is accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.</P>
<P align="justify">
An evaluation was carried out under the supervision of, and with the participation of, our management, including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of
October 5, 2008. Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures were effective as of the end of such period.</P>
<P align="left">
<B><FONT color="#009ddc" size="3">INTERNAL CONTROL OVER FINANCIAL REPORTING</FONT></B></P>
<P align="justify">
<B><FONT color="#6d6f71">MANAGEMENT&#146;S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING</FONT></B></P>
<P align="justify">
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13(a)-15(f) and 15(d)-15(f) under the U.S. Securities Exchange Act of 1934.</P>
<P align="justify">
Our internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (2)
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted
accounting principles, and that our receipts and expenditures are being made only in accordance with authorization of our management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of our assets that could have a material effect on the financial statements.</P>
<P align="justify">
Under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer, management conducted an evaluation of the effectiveness of our internal control over financial reporting, as of October 5, 2008, based
on the framework set forth in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on its evaluation under this framework, management concluded that our internal control
over financial reporting was effective as of that date.</P>
<P align="left">
<B><FONT color="#6d6f71">ATTESTATION REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B></P>
<P align="justify">
KPMG LLP, an independent registered public accounting firm, which audited and reported on our financial statements in this Annual Report, has issued an unqualified attestation report on the effectiveness of our internal control over financial
reporting as of October 5, 2008.</P>
<P align="left">
<B><FONT color="#6d6f71">CHANGES IN INTERNAL CONTROLS OVER FINANCIAL REPORTING</FONT></B></P>
<P align="justify">
There have been no changes during fiscal 2008 in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.</P>
<P align="justify">
The design of any system of controls and procedures is based in part upon certain assumptions about the likelihood of certain events. There can be no assurance that any design will succeed in achieving its stated goals under all potential future
conditions, regardless of how remote.</P>

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<P align="left">
<B><FONT color="#009ddc" size="3">RISKS AND UNCERTAINTIES</FONT></B></P>
<P align="justify">
In addition to the risks previously described under the section &#147;Financial Risk Management&#148; and those described elsewhere in this MD&amp;A, this section describes the principal risks that could have a material and adverse effect on our
financial condition, results of operations, cash flows or business, as well as cause actual results to differ materially from our expectations expressed in or implied by our forward-looking statements. The risks described below are not the only
risks that could affect the Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our financial condition, results of operations, cash flows or
business.</P>
<P align="left">
<B><U>Our ability to implement our strategies and plans</U></B></P>
<P align="justify">
We may not be able to successfully implement our growth strategy in the future. In spite of our core competencies and historical success in achieving market share penetration and sales growth, we may not succeed in growing our market share in the
U.S. screenprint channel, in further penetrating the mass-market retail channel or in developing Gildan as a consumer brand. Also, we may not be successful in achieving further market penetration within our international markets or in pursuing other
international market expansion opportunities. We may not be successful in optimizing our manufacturing and distribution costs, and we may be unable to identify acquisition targets, to successfully integrate a newly acquired business, or achieve
expected synergies from such integration.</P>
<P align="justify">
Success factors and economic returns may be different in new market channels and new geographical markets which the Company enters. We have achieved high earnings growth and attractive economic returns on the investments which we have made to
support our growth and market share penetration in the North American screenprint channel. While we believe that we have the potential to continue to
achieve attractive economic returns and earnings growth as we diversify into the mass-market retail channel and our geographical markets, there is however no assurance that we will be able to obtain and sustain the same levels of profitability as we
have achieved historically in the North American screenprint channel.</P>
<P align="left">
<B><U>Our industry is competitive</U></B></P>
<P align="justify">
The apparel market for our products is highly competitive. Competition is generally based upon price, with reliable quality and service also being key requirements for success. Our primary competitors in North America are the major U.S.-based
manufacturers for the screenprint and retail channels, such as the Fruit of the Loom, Hanes and Jerzees brands. The competition in the European screenprint channel is similar to that in North America, as we compete primarily with the European
divisions of the U.S.-based manufacturers mentioned above. In Europe, we also have large competitors that do not have integrated manufacturing operations and source products from suppliers in Asia. In addition, we may face the threat of increasing
global competition. In particular, the U.S. sock industry is already subject to global competition, including significant imports from Asia.</P>
<P align="justify">
Our ability to remain competitive in the areas of price, quality, service, marketing, product development, manufacturing and distribution will, in large part, determine our future success. There can be no assurance that we will be able to maintain
or improve our competitive position.</P>
<P align="left">
<B><U>Our industry is affected by general economic conditions</U></B></P>
<P align="justify">
Although we manufacture basic, non-fashion, frequent-replenishment products used by consumers in a wide variety of applications, general economic conditions, globally or in one or more of the markets we serve, may adversely affect the demand for our
products. A weak economic environment may lead to lower demand for our products resulting in sale volume reductions and lower selling prices, and may cause us to
operate at levels below our optimal production capacity, which would result in higher unit production costs. A weak economic environment may also result in increased credit risk.</P>
<P align="left">
<B><U>Our customers do not commit to purchase minimum quantities</U></B></P>
<P align="justify">
Our contracts with our customers do not require them to purchase a minimum quantity of our products. If any of our customers experience a significant business downturn or fail to remain committed to our products, they may reduce or discontinue
purchases from us. Although we have maintained long-term relationships with many of our wholesale distributor and retail customers, there can be no assurance that historic levels of business from any of our customers will continue in the future.</P>
<P align="left">
<B><U>Our production volume may differ from market demand</U></B></P>
<P align="justify">
Demand for our products may vary from year to year. We must appropriately balance our production and inventory with our ability to meet market demand. Based on discussions with our customers and internally generated projections reflecting our
analysis of factors impacting industry demand at the beginning of each fiscal year, we produce and carry finished goods inventory to meet the expected demand for delivery of specific product categories. If, after producing and carrying inventory in
anticipation of deliveries, demand is significantly less than expected, we may have to carry inventory for extended periods of time, or sell excess inventory at reduced prices.
In either case, our profits would be reduced. Excess inventory could also result in slower production, lower plant and equipment utilization and lower absorption of fixed operating cost.</P>
<P align="justify">
Alternatively, we are also exposed to loss of sales opportunities and market share if we underestimate market demand and produce insufficient inventory for any particular period of specific product categories to satisfy our customers&#146; demand
for our products. Customers
could seek to fulfill their product needs from competitors and reduce the amount of business they do with us.</P>

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<P align="left">
<B><U>Our success depends on our ability to anticipate evolving consumer preferences and trends</U></B></P>
<P align="justify">
While we currently focus on basic, non-fashion products, the apparel industry, particularly within the retail channel, is subject to evolving consumer preferences and trends. Our success may be impacted by changes in consumer preferences which do
not fit with Gildan&#146;s core competency of marketing and large-scale manufacturing of basic, non-fashion apparel products.</P>
<P align="left">
<B><U>We rely on a relatively small number of significant customers</U></B></P>
<P align="justify">
We sell our products to a relatively small number of significant customers totaling approximately 200. In fiscal 2008 our largest and second largest customer accounted for 23.1% and 13.6% (2007 &#150;23.1% and 5.3%) of total sales respectively, and
our top ten customers accounted for 67.9% (2007 &#150; 62.8%) of total sales. We expect that these customers will continue to represent a significant portion of our sales in the future.</P>
<P align="justify">
Future sales volumes and profitability could be adversely affected should one or more of the following events occur:</P>
<UL>
<LI>
<p align="justify">a significant customer substantially reduces its purchases or ceases to buy from us and we cannot replace that business with sales to other customers on similar terms;</LI>
<LI>
<p align="justify">a large customer exercises its purchasing power to negotiate lower prices or to require Gildan to incur additional service costs;</LI>
<LI>
<p align="justify">further industry consolidation leads to greater customer concentration; and</LI>
<LI>
<p align="justify">a large customer encounters financial difficulties and is unable to meet its financial obligations.</LI>
</UL>
<P align="left">
<B><U>The price of the raw materials we buy is prone to significant fluctuations</U></B></P>
<P align="justify">
Cotton and polyester fibers are the primary raw materials used in the manufacture of our products. We also purchase chemicals, dyestuffs and trims through a variety of suppliers. The Company purchases cotton and polyester fibers through its
yarn-spinning joint venture, and also purchases processed cotton yarn and blended yarn from outside vendors, at prices that are correlated with the price of cotton and polyester fibers. The price of cotton fluctuates and is affected by weather,
consumer demand, speculation on the commodities market, the relative valuations and fluctuations of the currencies of producer versus consumer countries and other factors that are generally unpredictable and beyond our control. In addition,
fluctuations in crude oil or petroleum prices affect our energy consumption costs and can also influence transportation costs and the cost of related items used in our business, such as polyester fibers, chemicals, dyestuffs and trims. The Company
enters into contracts in advance of delivery to establish firm prices for cotton and cotton yarn for which it will ultimately take delivery in order to mitigate the effect of price fluctuations. For future deliveries where such fixed price contracts
have been entered into, the Company will not be able to benefit from price decreases but will be protected against price increases. Conversely, in the event that we have not entered into sufficient fixed priced contracts or made other arrangements
to lock in the price of cotton yarn in advance of delivery, we will not be protected against price increases, but will be in a position to benefit from any price decreases.</P>
<P align="justify">
Without taking into account the impact of fixed price contracts, a change of &#36;0.01 per pound in cotton prices would affect the Company&#146;s annual raw material costs by approximately &#36;3.8 million, at estimated current production levels.
The ultimate effect of this change on the
Company&#146;s earnings cannot be quantified, as the relationship between movements in cotton prices and movements in apparel selling prices cannot be predicted with any certainty. However, a dramatic increase in the price of cotton could have a
material adverse effect on our business, results of operations and financial condition if the increase or part of the increase could not be mitigated through higher industry selling prices.</P>
<P align="left">
<B><U>We depend on key suppliers</U></B></P>
<P align="justify">
Our ability to meet our customers&#146; needs depends on our ability to maintain an uninterrupted supply of raw materials. More specifically, we source cotton yarn primarily from the United States from our joint venture and from a limited number of
outside suppliers. Our business, our financial condition or results of operations could be adversely affected if any of our principal yarn suppliers had difficulty sourcing cotton fibers, experience production problems, transportation disruptions or
encounter financial difficulties.</P>
<P align="left">
<B><U>We are subject to international trade regulation</U></B></P>
<P align="justify">
There exist a number of regional trade agreements and programs, such as the North American Free Trade Agreement (NAFTA), the Caribbean Basin Trade Partnership Act (CBTPA), the Dominican Republic-Central America-United States Free Trade Agreement
(CAFTA-DR) and the Haitian Hemispheric Opportunity through Partnership Encouragement Act (HOPE) which allow qualifying textiles and apparel from participating countries duty-free access to developed countries&#146; markets. Two of the newest
programs, CAFTA-DR and HOPE, were adopted to strengthen and develop economic relations among countries which are party to the agreement. The above-mentioned international trade legislation contains provisions that may apply tariffs, quotas and/or
safeguards, as necessary.</P>
<P align="justify">
We have situated our manufacturing facilities in strategic locations to take advantage of these trade liberalization
measures, which are intended to position us to be globally competitive. However, any changes to existing international trade legislation, which the Company is currently relying on in conducting its manufacturing operations, may negatively impact our
business.</P>

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GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
45&nbsp;
	</TD>
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<FONT color="#009ddc">MD&amp;A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
&nbsp;
	</TD>
</TR>
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<P align="justify">
There also exist a number of trade agreements involving various countries engaged in textile manufacturing activities in which the Company currently does not have any operations. Any changes to such agreements or any new trade agreements or
legislation, which would allow duty-free and/or quota free access of apparel into developed countries, may also negatively impact our operations by enabling the Company&#146;s competitors to improve their cost structure.</P>
<P align="justify">
The textile and apparel industries of developed countries such as Canada, the United States and the European community, have historically received a relatively higher degree of trade protection than other industries. However, since January 2005,
quotas on imports of textiles and apparel from member countries of the World Trade Organization (WTO) have been eliminated with the exception of China, which will continue to be subject to quotas on its textile and apparel exports until the end of
the 2008 calendar year.</P>
<P align="justify">
CAFTA-DR provides for the application of safeguards in the form of reinstatement of normal duties if increased imports cause or threaten to cause substantial injury to a domestic industry. Under the current legislation, a safeguard under CAFTA
&#150;DR in the form of reinstatement of normal duties may be imposed for a period of up to three years and may not extend beyond March 31, 2011. The United States has implemented such a safeguard against socks imported from Honduras during the
period July 1, 2008 to December 31, 2008 inclusive, with an applicable duty rate of 5%. Under the provisions of the CAFTA-DR agreement, a safeguard, upon expiration, cannot be renewed. There can be no assurance that any other
safeguards under CAFTA-DR or any other trade agreements or other developments in trade legislation would not adversely impact our business.</P>
<P align="justify">
In addition, the Company is subject to customs audits in the various countries in which it operates. Although we believe that our customs compliance programs are effective, we cannot predict the outcome of any governmental audit.</P>
<P align="left">
<B><U>We currently pay income tax at a comparatively low effective rate, which could change in the future</U></B></P>
<P align="justify">
The Company benefits from a low overall effective corporate tax rate due to the majority of its global sales, marketing, and manufacturing operations being carried out in low tax rate jurisdictions in Central America and the Caribbean Basin. The
Company&#146;s income tax filing positions and income tax provisions are based on interpretations of applicable tax laws, including income tax treaties between various countries in which the Company operates as well as underlying rules and
regulations with respect to transfer pricing. These interpretations involve judgments and estimates and may be challenged through government taxation audits that the Company is regularly subject to. Although the Company believes its tax filing
positions are sustainable, we cannot predict with certainty the outcome of any audit undertaken by taxation authorities in any jurisdiction which we operate, and the final result may vary compared to the estimates and assumptions used by management
in determining the Company&#146;s consolidated income tax provision and in valuing its income tax assets and liabilities. Depending on the ultimate outcome of any such audit, there may be a material adverse impact on the Company&#146;s financial
position, results of operations and cash flows. In addition, if the Company were to receive a tax reassessment by a taxation authority prior to the ultimate resolution of an audit, the Company could be required to submit an advance deposit on the
amount reassessed.</P>
<P align="justify">
The Company&#146;s overall effective income tax rate may also be adversely affected by the following: unanticipated changes to current domestic laws in the countries in which the Company operates; changes to the income tax treaties the Company
currently relies on; changes in the location of the Company&#146;s operations that would result in a higher proportion of taxable income being reported in higher tax rate jurisdictions; an increase in income tax rates; and, changes to free trade and
export processing zone rules in certain countries where the Company is currently not subject to income tax.</P>
<P align="left">
<B><U>Our operations are subject to climate, political, social and economic risks</U></B></P>
<P align="justify">
The majority of our products are now manufactured and sewn in Central America, primarily in Honduras, and the Caribbean Basin. Some of the countries in which we operate have experienced political, social and economic instability in the past, and we
cannot be certain of their future stability.</P>
<P align="justify">
The following conditions or events could disrupt our supply chain, interrupt production at our facilities, increase our cost of sales or result in capital expenditures:</P>
<UL>
<LI>
<p align="justify">fire or natural disasters, such as hurricanes, floods and earthquakes;</LI>
<LI>
<p align="justify">political instability, labour unrest, war or terrorism;</LI>
<LI>
<p align="justify">disruptions in shipping and freight forwarding services;</LI>
<LI>
<p align="justify">interruptions in the availability of basic services and infrastructure, including power and water shortages.</LI>
</UL>

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GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
46&nbsp;
	</TD>
</TR>
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	<TD align=right width=85% nowrap>
<FONT color="#009ddc">MD&amp;A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
</div>

<P align="left">
<B><U>Our operations are subject to environmental regulation</U></B></P>
<P align="justify">
We are subject to various federal, state and local environmental and occupational health and safety laws and regulations in the jurisdictions in which we operate concerning, among other things, wastewater discharges, storm water flows, and solid
waste disposal. Our manufacturing plants generate small quantities of hazardous waste, which are either recycled or disposed of off-site. As part of our Corporate Environmental Policy, we monitor, control and manage environmental issues through
policies including, but not limited to, the recycling and creation of measures for waste prevention, minimization, recovery and treatment at all stages of the production cycle including the off-site disposal of any hazardous waste.
We believe that we are in compliance in all material respects with the regulatory requirements of those jurisdictions in which our facilities are located. In line with our commitment to the environment as well as to the health and safety of our
employees we incur capital and other expenditures each year that are aimed at achieving compliance with current environmental standards. Although we do not expect that the amount of these expenditures in the future will have a material adverse
effect on our operations, financial condition or liquidity, there can be no assurance that future changes in federal, state, or local regulations, interpretations of existing regulations or the discovery of currently unknown problems or conditions
will not require substantial additional environmental remediation expenditures or manufacturing interruption that could have a material adverse effect on our business. Similarly, the extent of our liability, if any, for past failures to comply with
laws, regulations and permits applicable to our operations cannot be reasonably determined.</P>
<P align="left">
<B><U>Our business operations significantly rely on our information systems</U></B></P>
<P align="justify">
We depend on information systems to purchase raw materials and supplies, schedule and manage production, process transactions, respond to customer inquiries, manage inventories and ship
goods on a timely basis to our customers. There can be no assurance that we will not experience operational problems with our information systems as a result of system failures, viruses, security breaches, disasters or other causes. In addition,
there can be no assurance that we will be able to timely modify or adapt our systems to meet evolving requirements for our business. Any material disruption or slowdown of our systems could cause operational delays.</P>
<P align="justify">
<B><U>Our operations could be affected by changes in our relationship with our employees or changes to domestic and foreign employment regulations</U></B></P>
<P align="justify">
We employ more than 20,000 employees worldwide. As a result, changes in domestic and foreign laws governing our relationships with our employees, including wage and human resources laws and regulations, fair labour standards, overtime pay,
unemployment tax rates, workers&#146; compensation rates and payroll taxes, would likely have a direct impact on our operating costs. The majority of our employees are employed outside of Canada and the United States. A significant increase in wage
rates in the countries in which we operate could have a material impact on our operating costs.</P>
<P align="justify">
The Company has historically been able to operate in a productive manner in all of its manufacturing facilities without experiencing labour disruptions, such as strikes or work stoppages. If labour relations were to change or deteriorate, this could
adversely affect the productivity and cost structure of the Company&#146;s manufacturing operations.</P>
<P align="justify">
<B><U>We may suffer negative publicity if we, or our third party contractors, are found to have violated labour laws or engage in labour and other business practices that are viewed as unethical</U></B></P>
<P align="justify">
We are committed to ensuring that all of our manufacturing facilities comply with our strict internal Code of Conduct, local and international laws, and the codes and principles to which we subscribe, including those of Worldwide Responsible
Accredited Production (WRAP) and the Fair Labor Association (FLA). While the
majority of our manufacturing operations are conducted through company-owned facilities, we also utilize third-party contractors to complement our vertically-integrated production. If one of our own manufacturing operations or one of our third-party
contractors violates or is accused of violating local or international labour laws or other applicable regulations, or engages in labour or other practices that would be viewed, in any market in which our products are sold, as unethical, we could
suffer negative publicity which could impact our reputation and result in a loss of sales.</P>
<P align="left">
<B><U>We depend on key management</U></B></P>
<P align="justify">
Our success depends upon the continued contributions of our key management, some of whom have unique talents and experience and would be difficult to replace in short order. The loss or interruption of the services of a key executive could have a
material adverse effect on our business during the transitional period that would be required to restructure the organization or for a successor to assume the responsibilities of the key management position. Our future success will also depend on
our ability to attract and retain key managers, sales people and others. We may not be able to attract or retain these employees, which could adversely affect our business.</P>

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GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
47&nbsp;
	</TD>
</TR>
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	<TD align=right width=85% nowrap>
<FONT color="#009ddc">MD&amp;A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
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<P align="left">
<B><FONT color="#009ddc" size="3">DEFINITION AND RECONCILIATION OF NON-GAAP MEASURES</FONT></B></P>
<P align="justify">
We use non-GAAP measures to assess our operating performance and financial condition. The terms and definitions of the non-GAAP measures used in this report and a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure
are provided below. The non-GAAP measures are presented on a consistent basis for all periods presented in this MD&amp;A. These non-GAAP measures do not have any standardized meanings prescribed by Canadian GAAP and are therefore unlikely to be
comparable to similar measures presented by other companies. Accordingly, they should not be considered in isolation.</P>
<P align="left">
<B><FONT color="#6d6f71">ADJUSTED NET EARNINGS AND ADJUSTED DILUTED EPS</FONT></B></P>
<P align="justify">
To measure our performance from one period to the next, without the variations caused by the impacts of restructuring and other charges as discussed on page 27, management uses adjusted net earnings and adjusted diluted earnings per share, which are
calculated as net earnings and earnings per share excluding these items. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in our business performance.
Excluding these items does not imply they are necessarily non-recurring.</P>
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<TR valign="bottom">
	<TD align=left width=729 colspan=3 style="border-style: none; border-width: medium">
<U>ADJUSTED NET EARNINGS AND ADJUSTED DILUTED EPS</U>&nbsp;
	</TD>
	<TD width=19 style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width=109 style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD width=20 style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width=109 style="border-style: none; border-width: medium">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=489 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
(in $ millions, except per share amounts)&nbsp;
	</TD>
	<TD width=131 style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;
	</TD>
	<TD width=19 style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;
	</TD>
	<TD width=20 style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=489 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=131 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>2008</B>&nbsp;
	</TD>
	<TD width=19 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>2007</B>&nbsp;
	</TD>
	<TD width=20 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>2006</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=489 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Sales&nbsp;
	</TD>
	<TD width=131 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>1,249.7</B>&nbsp;
	</TD>
	<TD width=19 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">964.4&nbsp;
	</TD>
	<TD width=20 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">773.2&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=489 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Cost of sales&nbsp;
	</TD>
	<TD width=131 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>847.4</B>&nbsp;
	</TD>
	<TD width=19 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">655.3&nbsp;
	</TD>
	<TD width=20 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">521.1&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=489 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;Gross profit&nbsp;
	</TD>
	<TD width=131 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>402.3</B>&nbsp;
	</TD>
	<TD width=19 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">309.1&nbsp;
	</TD>
	<TD width=20 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">252.1&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=489 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Selling, general and administrative expenses&nbsp;
	</TD>
	<TD width=131 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>151.5</B>&nbsp;
	</TD>
	<TD width=19 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">110.9&nbsp;
	</TD>
	<TD width=20 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">84.4&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=489 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Restructuring and other charges&nbsp;
	</TD>
	<TD width=131 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>5.5</B>&nbsp;
	</TD>
	<TD width=19 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">28.0&nbsp;
	</TD>
	<TD width=20 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">20.4&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=489 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=131 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>245.3</B>&nbsp;
	</TD>
	<TD width=19 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">170.2&nbsp;
	</TD>
	<TD width=20 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">147.3&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=489 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Depreciation and amortization&nbsp;
	</TD>
	<TD width=131 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>58.9</B>&nbsp;
	</TD>
	<TD width=19 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">38.8&nbsp;
	</TD>
	<TD width=20 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">32.4&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=489 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp;Interest, net&nbsp;
	</TD>
	<TD width=131 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=109 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>7.2</B>&nbsp;
	</TD>
	<TD width=19 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">4.9&nbsp;
	</TD>
	<TD width=20 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">3.1&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=489 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp;Non-controlling interest of&nbsp;
	</TD>
	<TD width=131 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=109 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD width=19 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width=109 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD width=20 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width=109 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=489 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p align="left">&nbsp;&nbsp;&nbsp; consolidated joint venture&nbsp;
	</TD>
	<TD width=131 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>0.2</B>&nbsp;
	</TD>
	<TD width=19 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">1.3&nbsp;
	</TD>
	<TD width=20 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">0.2&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=489 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;Earnings before income taxes&nbsp;
	</TD>
	<TD width=131 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>179.0</B>&nbsp;
	</TD>
	<TD width=19 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">125.2&nbsp;
	</TD>
	<TD width=20 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">111.6&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=489 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Income taxes&nbsp;
	</TD>
	<TD width=131 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>34.4</B>&nbsp;
	</TD>
	<TD width=19 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
(4.8)&nbsp;
	</TD>
	<TD width=20 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">4.8&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=489 style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;Net earnings and comprehensive income&nbsp;
	</TD>
	<TD width=131 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>144.6</B>&nbsp;
	</TD>
	<TD width=19 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">130.0&nbsp;
	</TD>
	<TD width=20 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">106.8&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=489 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
 &nbsp;Adjustments for:&nbsp;
	</TD>
	<TD width=131 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=109 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD width=19 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width=109 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD width=20 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width=109 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=489 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Restructuring<SUP>(1)</SUP>&nbsp;
	</TD>
	<TD width=131 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>5.5</B>&nbsp;
	</TD>
	<TD width=19 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">28.0&nbsp;
	</TD>
	<TD width=20 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">20.4&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=489 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Less: Income taxes on restructuring&nbsp;
	</TD>
	<TD width=131 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>(0.6)</B>&nbsp;
	</TD>
	<TD width=19 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
(0.7)&nbsp;
	</TD>
	<TD width=20 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
(0.4)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=489 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;Adjusted net earnings&nbsp;
	</TD>
	<TD width=131 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>149.5</B>&nbsp;
	</TD>
	<TD width=19 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">157.3&nbsp;
	</TD>
	<TD width=20 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">126.8&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=489 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;Basic EPS&nbsp;
	</TD>
	<TD width=131 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>1.20</B>&nbsp;
	</TD>
	<TD width=19 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">1.08&nbsp;
	</TD>
	<TD width=20 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">0.89&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=489 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Diluted EPS&nbsp;
	</TD>
	<TD width=131 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>1.19</B>&nbsp;
	</TD>
	<TD width=19 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">1.07&nbsp;
	</TD>
	<TD width=20 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">0.88&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=489 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Adjusted diluted EPS&nbsp;
	</TD>
	<TD width=131 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>1.23</B>&nbsp;
	</TD>
	<TD width=19 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">1.29&nbsp;
	</TD>
	<TD width=20 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=109 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">1.05&nbsp;
	</TD>
</TR>
</TABLE>
<P align="left">
Certain minor rounding variances exist between the financial statements and this
summary.<br>
(1) Adjustment to remove restructuring and other charges, and the income tax effect thereon. See page 27.</P>
<P align="left">
<B><FONT color="#6d6f71">EBITDA</FONT></B></P>
<P align="justify">
EBITDA is calculated as earnings before interest, taxes and depreciation and amortization and excludes the impact of restructuring and other charges, as discussed on page 27 as well as the non-controlling interest of consolidated joint venture. We
use EBITDA, among other measures, to assess the operating performance of our business. We also believe this measure is commonly used by investors and analysts to measure a company&#146;s ability to service debt and to meet other payment obligations,
or as a
common valuation measurement. We&nbsp;exclude depreciation and amortization&nbsp;
expenses, which are non-cash in nature
and can vary significantly depending upon&nbsp;accounting methods or non-operating&nbsp;factors such as historical cost. Excluding these items does not imply they&nbsp;are necessarily non-recurring.&nbsp; </P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width=456 height="15" style="border-style: none; border-width: medium">
<U>EBITDA</U>&nbsp;
	</TD>
	<TD width=162 height="15" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width=106 height="15" style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD width=24 height="15" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width=107 height="15" style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD width=24 height="15" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width=107 height="15" style="border-style: none; border-width: medium">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=456 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="16">
(in &#36; millions)&nbsp;
	</TD>
	<TD width=162 height="16" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width=106 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="16">
&nbsp;
	</TD>
	<TD width=24 height="16" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width=107 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="16">
&nbsp;
	</TD>
	<TD width=24 height="16" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width=107 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="16">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=456 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="18" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=162 height="18" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=106 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="18" bgcolor="#99D8F1">
<B>2008</B>&nbsp;
	</TD>
	<TD width=24 height="18" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=107 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="18" bgcolor="#99D8F1">
<B>2007</B>&nbsp;
	</TD>
	<TD width=24 height="18" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=107 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="18" bgcolor="#99D8F1">
<B>2006</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=456 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="16" bgcolor="#D1D3D4">
 &nbsp;Net earnings&nbsp;
	</TD>
	<TD width=162 height="16" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=106 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="16" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>144.6</B>&nbsp;
	</TD>
	<TD width=24 height="16" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=107 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="16" bgcolor="#99D8F1">
<p style="margin-right: 4">130.0&nbsp;
	</TD>
	<TD width=24 height="16" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=107 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="16" bgcolor="#99D8F1">
<p style="margin-right: 4">106.8&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=456 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="18" bgcolor="#D1D3D4">
 &nbsp;Restructuring and other charges<SUP>(1)</SUP>&nbsp;
	</TD>
	<TD width=162 height="18" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=106 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="18" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>5.5</B>&nbsp;
	</TD>
	<TD width=24 height="18" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=107 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="18" bgcolor="#99D8F1">
<p style="margin-right: 4">28.0&nbsp;
	</TD>
	<TD width=24 height="18" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=107 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="18" bgcolor="#99D8F1">
<p style="margin-right: 4">20.4&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=456 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="16" bgcolor="#D1D3D4">
 &nbsp;Depreciation and amortization&nbsp;
	</TD>
	<TD width=162 height="16" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=106 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="16" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>58.9</B>&nbsp;
	</TD>
	<TD width=24 height="16" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=107 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="16" bgcolor="#99D8F1">
<p style="margin-right: 4">38.8&nbsp;
	</TD>
	<TD width=24 height="16" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=107 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="16" bgcolor="#99D8F1">
<p style="margin-right: 4">32.4&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=456 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="16" bgcolor="#D1D3D4">
 &nbsp;Interest, net&nbsp;
	</TD>
	<TD width=162 height="16" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=106 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="16" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>7.2</B>&nbsp;
	</TD>
	<TD width=24 height="16" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=107 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="16" bgcolor="#99D8F1">
<p style="margin-right: 4">4.9&nbsp;
	</TD>
	<TD width=24 height="16" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=107 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="16" bgcolor="#99D8F1">
<p style="margin-right: 4">3.1&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=456 height="15" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp;Income tax expense (recovery)&nbsp;
	</TD>
	<TD width=162 height="15" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=106 height="15" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>34.4</B>&nbsp;
	</TD>
	<TD width=24 height="15" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=107 height="15" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
(4.8)&nbsp;
	</TD>
	<TD width=24 height="15" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=107 height="15" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">4.8&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=456 height="15" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp;Non-controlling interest of consolidated&nbsp;
	</TD>
	<TD width=162 height="15" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=106 height="15" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD width=24 height="15" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width=107 height="15" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD width=24 height="15" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width=107 height="15" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=456 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="18" bgcolor="#D1D3D4">
 &nbsp; &nbsp; &nbsp;joint venture&nbsp;
	</TD>
	<TD width=162 height="18" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=106 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="18" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>0.2</B>&nbsp;
	</TD>
	<TD width=24 height="18" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=107 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="18" bgcolor="#99D8F1">
<p style="margin-right: 4">1.3&nbsp;
	</TD>
	<TD width=24 height="18" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=107 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="18" bgcolor="#99D8F1">
<p style="margin-right: 4">0.2&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=456 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" height="18" bgcolor="#D1D3D4">
 &nbsp;EBITDA&nbsp;
	</TD>
	<TD width=162 height="18" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=106 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" height="18" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>250.8</B>&nbsp;
	</TD>
	<TD width=24 height="18" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=107 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" height="18" bgcolor="#99D8F1">
<p style="margin-right: 4">198.2&nbsp;
	</TD>
	<TD width=24 height="18" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=107 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" height="18" bgcolor="#99D8F1">
<p style="margin-right: 4">167.7&nbsp;
	</TD>
</TR>
</TABLE>
<p>Certain minor rounding variances exist between the financial statements and this summary.&nbsp;
<br>
(1) See page 27.&nbsp; </p>

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GILDAN 2008 ANNUAL REPORT&nbsp;
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48&nbsp;
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<FONT color="#009ddc">MD&amp;A</FONT>&nbsp;
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&nbsp;
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<P align="left">
<B><FONT color="#6d6f71">FREE CASH FLOW</FONT></B></P>
<P align="justify">
Free cash flow is defined as cash from operating activities including net changes in non-cash working capital balances, less cash flow used in investing activities excluding business acquisitions.
We consider free cash flow to be an important indicator of the financial strength and performance of our business, because it shows how much cash is available after capital expenditures to repay debt and to reinvest in our business. We believe this
measure is commonly used by investors and analysts when valuing a business and its underlying assets.</P>
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<U>FREE CASH FLOW</U>&nbsp;
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	<TD width=80 style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width=121 style="border-style: none; border-width: medium">
&nbsp;
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	<TD width=18 style="border-style: none; border-width: medium">
&nbsp;	</TD>
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&nbsp;
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&nbsp;	</TD>
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&nbsp;
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(in &#36; millions)&nbsp;
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	<TD width=80 style="border-style: none; border-width: medium">
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&nbsp;
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	<TD width=18 style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;
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	<TD width=18 style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;
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</TR>
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	<TD align=left width=507 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=80 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>2008</B>&nbsp;
	</TD>
	<TD width=18 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>2007</B>&nbsp;
	</TD>
	<TD width=18 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>2006</B>&nbsp;
	</TD>
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	<TD align=left width=507 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;Cash flows from operating activities&nbsp;
	</TD>
	<TD width=80 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>238.9</B>&nbsp;
	</TD>
	<TD width=18 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">91.2&nbsp;
	</TD>
	<TD width=18 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=center width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p align="right" style="margin-right: 4">94.7&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=507 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Cash flows used in investing activities&nbsp;
	</TD>
	<TD width=80 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>(227.3)</B>&nbsp;
	</TD>
	<TD width=18 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(134.7)&nbsp;
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	<TD width=18 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 <p align="right">&nbsp; &nbsp; &nbsp; &nbsp;(96.1)&nbsp;
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	<TD align=left width=507 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Add back:&nbsp;
	</TD>
	<TD width=80 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD width=18 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD width=18 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p align="right" style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=507 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp; &nbsp;Business acquisitions&nbsp;
	</TD>
	<TD width=80 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>126.8</B>&nbsp;
	</TD>
	<TD width=18 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD width=18 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 <p align="right" style="margin-right: 4">&nbsp; &nbsp; &nbsp; &nbsp;19.9&nbsp;
	</TD>
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	<TD align=left width=507 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp; &nbsp;Restricted cash related to acquisition&nbsp;
	</TD>
	<TD width=80 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>10.0</B>&nbsp;
	</TD>
	<TD width=18 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD width=18 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=507 style="border-bottom:2px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;<B>Free cash flow</B>&nbsp;
	</TD>
	<TD width=80 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:2px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>148.4</B>&nbsp;
	</TD>
	<TD width=18 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:2px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
(43.5)&nbsp;
	</TD>
	<TD width=18 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width=121 style="border-bottom:2px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 <p align="right" style="margin-right: 4">&nbsp; &nbsp; &nbsp; &nbsp;18.5&nbsp;
	</TD>
</TR>
</TABLE>
<P align="left">
<B><FONT color="#6d6f71">TOTAL INDEBTEDNESS AND NET INDEBTEDNESS</FONT></B></P>
<P align="justify">
We consider total indebtedness and net indebtedness to be important indicators of the financial leverage of the Company.</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
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	<TD align=left width=507 style="border-style: none; border-width: medium">
<U>TOTAL INDEBTEDNESS AND NET INDEBTEDNESS</U>&nbsp;
	</TD>
	<TD width=80 style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width=121 style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD width=18 style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width=121 style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD width=18 style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width=121 style="border-style: none; border-width: medium">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=507 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
(in &#36; millions)&nbsp;
	</TD>
	<TD width=80 style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;
	</TD>
	<TD width=18 style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;
	</TD>
	<TD width=18 style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=507 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width=80 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>2008</B>&nbsp;
	</TD>
	<TD width=18 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>2007</B>&nbsp;
	</TD>
	<TD width=18 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>2006</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=507 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;Bank indebtedness&nbsp;
	</TD>
	<TD width=80 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD width=18 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD width=18 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
(3.5)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=507 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Current portion of long-term debt&nbsp;
	</TD>
	<TD width=80 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>(3.6)</B>&nbsp;
	</TD>
	<TD width=18 style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(3.7)&nbsp;
	</TD>
	<TD width=18 style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(21.8)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=507 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Long-term debt&nbsp;
	</TD>
	<TD width=80 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>(49.4)</B>&nbsp;
	</TD>
	<TD width=18 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(56.0)&nbsp;
	</TD>
	<TD width=18 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width=121 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 <p align="right">&nbsp; &nbsp; &nbsp; &nbsp;(12.0)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=507 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;<B>Total indebtedness</B>&nbsp;
	</TD>
	<TD width=80 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<B>(53.0)</B>&nbsp;
	</TD>
	<TD width=18 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
(59.7)&nbsp;
	</TD>
	<TD width=18 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width=121 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 <p align="right">&nbsp; &nbsp; &nbsp; &nbsp;(37.3)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=507 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Cash and cash equivalents&nbsp;
	</TD>
	<TD width=80 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>12.4</B>&nbsp;
	</TD>
	<TD width=18 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">9.3&nbsp;
	</TD>
	<TD width=18 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=center width=121 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p align="right" style="margin-right: 4">29.0&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=507 style="border-bottom:2px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;<B>Net indebtedness</B>&nbsp;
	</TD>
	<TD width=80 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:2px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<B>(40.6)</B>&nbsp;
	</TD>
	<TD width=18 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:2px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
(50.4)&nbsp;
	</TD>
	<TD width=18 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=121 style="border-bottom:2px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
(8.3)&nbsp;
	</TD>
</TR>
</TABLE>
<P align="left">
Certain minor rounding variances exist between the financial statements and this summary.</P>

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<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" bordercolor="#111111">
<TR valign="bottom">
	<TD align=right width=85% nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
49&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=85% nowrap>
<FONT color="#009ddc">MD&amp;A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
</div>

<P align="left">
<B><FONT color="#009ddc" size="3">FORWARD-LOOKING STATEMENTS</FONT></B></P>
<P align="justify">
Certain statements included in this MD&amp;A constitute &#147;forward-looking statements&#148; 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 &#147;may&#148;, &#147;will&#148;, &#147;expect&#148;, &#147;intend&#148;, &#147;estimate&#148;, &#147;anticipate&#148;, &#147;plan&#148;, &#147;foresee&#148;, &#147;believe&#148; or
&#147;continue&#148; or the negatives of these terms or variations of them or similar terminology. We refer you to the Company&#146;s filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission, as
well as the &#147;Risks and Uncertainties&#148; section of this MD&amp;A, beginning on page 43, and the risks described under the section &#147;Financial Risk Management&#148; in this MD&amp;A beginning on page 35 for a discussion of the various
factors that may affect the Company&#146;s future results. Material factors and assumptions that were applied in drawing a conclusion or making a forecast or projection are also set out throughout this document.</P>
<P align="justify">
Forward-looking information is inherently uncertain and the results or events predicted in such forward-looking information may differ materially from actual results or events. Material factors, which could cause actual results or events to differ
materially from a conclusion, forecast or projection in such forward-looking information, include, but are not limited to:</P>
<UL>
<LI>
<p align="justify">general economic conditions such as commodity prices, currency exchange rates, interest rates and other factors over which we have no control;</LI>
<LI>
<p align="justify">the impact of economic and business conditions, industry trends and other external, political and social factors in the countries in which we operate;</LI>
<LI>
<p align="justify">the intensity of competitive activity;</LI>
<LI>
<p align="justify">changes in environmental, tax, trade, employment and other laws and regulations;</LI>
<LI>
<p align="justify">our ability to implement our strategies and plans;</LI>
<LI>
<p align="justify">our ability to complete and successfully integrate acquisitions;</LI>
<LI>
<p align="justify">our reliance on a small number of significant customers;</LI>
<LI>
<p align="justify">changes in consumer preferences, customer demand for our products and our ability to maintain customer relationships and grow our business;</LI>
<LI>
<p align="justify">the fact that our customers do not commit to minimum quantity purchases;</LI>
<LI>
<p align="justify">the seasonality of our business;</LI>
<LI>
<p align="justify">our ability to attract and retain key personnel;</LI>
<LI>
<p align="justify">our reliance on computerized information systems;</LI>
<LI>
<p align="justify">changes in accounting policies and estimates; and</LI>
<LI>
<p align="justify">disruption to manufacturing and distribution activities due to labour disruptions, bad weather, natural disasters and other unforeseen adverse events.</LI>
</UL>
<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 write-downs or other charges announced or occurring after forward-looking statements are made. The financial impact of such transactions and non-recurring and other
special items can be complex and necessarily depends on the facts particular to each of them.</P>
<P align="justify">
We believe that the expectations represented by our forward-looking statements are reasonable, yet there can be no assurance that such expectations will prove to be correct. The purpose of the forward-looking statements is to provide the reader with
a description of management&#146;s expectations regarding the Company&#146;s fiscal 2009 financial performance and may not be appropriate for other purposes. Furthermore, unless otherwise stated, the forward-looking statements contained in this
report are made as of the date of this report, and we do not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise unless required
by applicable legislation or regulation. The forward-looking statements contained in this report are expressly qualified by this cautionary statement.</P>
<P align="left">
December 18, 2008</P>



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

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<HEAD>
   <TITLE>Gildan Activewear Inc.: Exhibit 99.2 - Prepared by TNT Filings Inc.</TITLE>
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<p align="right"><b>EXHIBIT 99.2</b></p>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="100%" bgcolor="#58595B"><br>
    <br>
    <br>
&nbsp;</td>
  </tr>
  <tr>
    <td width="100%" bgcolor="#58595B">
    <p align="center">
    <img border="0" src="financ2.gif" width="764" height="598"></td>
  </tr>
  <tr>
    <td width="100%" bgcolor="#58595B"><br>
    <br>
    <br>
&nbsp;</td>
  </tr>
</table>
</P>

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<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap>
<font color="#808080">&nbsp; </font>
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
51&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
</TABLE><font FACE="HRLNWI+Helvetica Neue LTStd" SIZE="5" color="#808080">
<p>REPORT OF INDEPENDENT <br>
REGISTERED<br>
PUBLIC ACCOUNTING FIRM</font><BR>
</p>
<P align="left">
To the Shareholders and Board of Directors of Gildan Activewear Inc.</P>
<P align="justify">
We have audited the accompanying consolidated balance sheets of Gildan
Activewear Inc. (the "Company") and subsidiaries as of October 5, 2008 and
September 30, 2007 and the related consolidated statements of earnings and
comprehensive income, shareholders' equity and cash flows for the years ended
October 5, 2008, September 30, 2007 and October 1, 2006. These consolidated
financial statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these consolidated financial
statements based on our audits.</P>
<P align="justify">
We conducted our audits in accordance with Canadian generally accepted auditing
standards and the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.</P>
<P align="justify">
In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position of the Company and
subsidiaries as of October 5, 2008 and September 30, 2007, and the results of
their operations and their cash flows for the years ended October 5, 2008,
September 30, 2007 and October 1, 2006, in conformity with Canadian generally
accepted accounting principles.</P>
<P align="justify">
We have also audited, in accordance with the standards of the Public Company
Accounting Oversight Board (United States), the Company's internal control over
financial reporting as of October 5, 2008, based on criteria established in
Internal Control &#150; Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO), and our report dated December
10, 2008 expressed an unqualified opinion on the effectiveness of the Company's
internal control over financial reporting.</P>
<P align="left">
<TABLE style="font-family: 'Times New Roman';font-size: 10pt;"><TR><TD nowrap>
&nbsp;</TD></TR><TR><TD nowrap>
&nbsp;</TD></TR><TR><TD nowrap>
(Signed: KPMG )<BR>
<BR>
<B>Chartered Accountants</B></TD></TR></TABLE>
</P>
<P align="left">
<TABLE style="font-family: 'Times New Roman';font-size: 10pt;"><TR><TD nowrap>
Montr&#233;al, Canada<BR>
December 10, 2008</TD></TR><TR><TD nowrap>
&nbsp;</TD></TR><TR><TD nowrap>
&nbsp;</TD></TR><TR><TD nowrap>
&nbsp;</TD></TR><TR><TD nowrap>
&nbsp;</TD></TR><TR><TD nowrap>
&nbsp;</TD></TR></TABLE>
</P>

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<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap>
<font color="#808080">&nbsp; </font>
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
52&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
</TABLE><font FACE="HRLNWI+Helvetica Neue LTStd" SIZE="5" color="#808080">
<p>REPORT OF INDEPENDENT <br>
REGISTERED<br>
PUBLIC ACCOUNTING FIRM</font><BR>
</p>
<P align="left">
To the Shareholders and Board of Directors of Gildan Activewear Inc.</P>
<P align="justify">
We have audited Gildan Activewear Inc.'s (the "Company") internal control over
financial reporting as of October 5, 2008, based on the criteria established in
Internal Control &#150; Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO). The Company's management is
responsible for maintaining effective internal control over financial reporting
and for its assessment of the effectiveness of internal control over financial
reporting as presented in the section entitled "Management's Annual Report on
Internal Control over Financial Reporting" included in Management's Discussion
and Analysis. Our responsibility is to express an opinion on the Company's
internal control over financial reporting based on our audit.</P>
<P align="justify">
We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether effective
internal control over the financial reporting was maintained in all material
respects. Our audit included obtaining an understanding of internal control over
financial reporting, assessing the risk that a material weakness exists, and
testing and evaluating the design and operating effectiveness of internal
control based on the assessed risk. Our audit also included performing such
other procedures as we considered necessary in the circumstances. We believe
that our audit provides a reasonable basis for our opinion.</P>
<P align="justify">
A company's internal control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A company's internal control over
financial reporting includes those policies and procedures that (1) pertain to
the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company; (2)
provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorizations of management and directors of
the company; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the company's
assets that could have a material effect on the financial statements.</P>
<P align="justify">
Because of its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.</P>
<P align="justify">
In our opinion, the Company maintained, in all material respects, effective
internal control over financial reporting as of October 5, 2008, based on
criteria established in Internal Control &#150; Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO).</P>
<P align="justify">
We also have conducted our audits on the consolidated financial statements in
accordance with Canadian generally accepted auditing standards and the standards
of the Public Company Accounting Oversight Board (United States). Our report
dated December 10, 2008 expressed an unqualified opinion on those consolidated
financial statements.</P>
<P align="left">
<TABLE style="font-family: 'Times New Roman';font-size: 10pt;"><TR><TD nowrap>
&nbsp;</TD></TR><TR><TD nowrap>
&nbsp;</TD></TR><TR><TD nowrap>
(Signed: KPMG )<BR>
<BR>
<B>Chartered Accountants</B></TD></TR></TABLE>
</P>
<P align="left">
<TABLE style="font-family: 'Times New Roman';font-size: 10pt;"><TR><TD nowrap>
Montr&#233;al, Canada<BR>
December 10, 2008</TD></TR></TABLE>
</P>

<p></p>
<p></p>
<p></p>
<p></p>
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	<TD align=left nowrap>
<font color="#808080">&nbsp; </font>
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
53&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT color="#808080" size="5">CONSOLIDATED</FONT></TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap valign="top">
<FONT color="#009ddc">CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<font color="#808080" size="5">BALANCE SHEETS</font></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<font FACE="HRLNWI+Helvetica Neue LTStd" SIZE="2">OCTOBER 5, 2008 AND SEPTEMBER
30, 2007 </font>
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<font FACE="HRLNWI+Helvetica Neue LTStd" SIZE="2">(IN THOUSANDS OF US DOLLARS)</font></TD>
	<TD>
&nbsp;	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>2008</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>2007</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>Assets</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Current assets:&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Cash and cash equivalents&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium" width="3%">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1" width="12%">
<p style="margin-right: 10">
<B>$ 12,357</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium" width="3%">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4" width="12%">
$ 9,250&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Accounts receivable&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" width="3%" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="12%" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>222,158</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
206,088&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Inventories&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium" width="3%">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1" width="12%">
<p style="margin-right: 10">
<B>316,172</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
239,963&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Prepaid expenses and deposits&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>10,413</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
7,959&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Future income taxes (note 14)&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
2,610&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>561,100</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
465,870&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Property, plant and equipment (note 4)&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>436,516</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
377,617&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Intangible assets (note 5)&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>59,954</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
2,024&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Other assets (note 6)&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>18,067</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
11,426&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Assets held for sale (note 16)&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>10,497</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
6,610&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Goodwill (note 3)&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>6,709</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&#150;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
Future income taxes (note 14)&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>9,283</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
10,939&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 1,102,126</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
$ 874,486&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>Liabilities and Shareholders' Equity</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Current liabilities:&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Accounts payable and accrued liabilities&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>155,669</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
116,683&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Income taxes payable&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>46,627</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
2,949&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Current portion of long-term debt (note 8)&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>3,556</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
3,689&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>205,852</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
123,321&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Long-term debt (note 8)&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>49,448</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
55,971&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Future income taxes (note 14)&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>27,331</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
24,612&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Non-controlling interest in consolidated joint venture&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>7,162</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
6,932&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Shareholders' equity (note 9):&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Share capital&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>89,377</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
88,061&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Contributed surplus&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>6,728</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
3,953&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Accumulated other comprehensive income&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>26,248</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
26,248&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Retained earnings&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>689,980</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
545,388&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>716,228</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
571,636&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Total shareholders' equity&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>812,333</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
663,650&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 1,102,126</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
$ 874,486&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap>
Commitments and contingent liabilities (note 12)&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
See accompanying notes to consolidated financial statements.&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
On behalf of the Board:&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width="50%"><P>(Signed: Glenn J. Chamandy) <br>
&nbsp;</P>
    <P>Director<br>
    <B>Glenn J. Chamandy</B></P>

	</TD>
	<TD width="50%"><P>(Signed: Pierre Robitaille) <br>
&nbsp;</P>
    <P>Director<br>
    <B>Pierre Robitaille</B></P>

	</TD>
</TR>
</TABLE>&nbsp;<hr style="page-break-after: always" align="center" width="100%" color="black" noShade SIZE="5">

<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
54&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<font size="5" color="#939598">CONSOLIDATED STATEMENTS</font><font size="5">&nbsp;
</font>
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap valign="top">
<FONT color="#009ddc">CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<FONT color="#939598" size="5">OF EARNINGS AND </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5>
<font color="#808080" size="5">COMPREHENSIVE INCOME</font></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
YEARS ENDED OCTOBER 5, 2008, SEPTEMBER 30, 2007 AND OCTOBER 1, 2006&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
(IN THOUSANDS OF US DOLLARS, EXCEPT PER SHARE AMOUNTS)
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>



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<TR>
	<TD colspan=7 style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7 style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>2008</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">
<B>2007</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">
<B>2006</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=right width=12% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Sales&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 1,249,711</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">$ 964,429&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=12% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">$ 773,190&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Cost of sales&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>847,392</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">655,280&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">521,095&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;Gross Profit</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>402,319</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">309,149&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">252,095&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Selling, general and administrative expenses&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>151,453</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">110,979&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">84,388&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Restructuring and other charges (note 16)&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>5,489</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">28,012&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">20,386&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;Earnings before the undernoted items&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>245,377</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">170,158&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">147,321&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Depreciation and amortization (note 17 (a))&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>58,932</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">38,777&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">32,383&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Interest, net&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>7,223</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">4,898&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">3,067&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
 &nbsp;Non-controlling interest of consolidated joint venture&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>230</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 4">1,278&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 4">260&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>66,385</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 4">44,953&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 4">35,710&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Earnings before income taxes&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>178,992</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">125,205&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">111,611&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Income tax expense (recovery) (note 14)&nbsp;
	</TD>
	<TD style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>34,400</B>&nbsp;
	</TD>
	<TD style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(4,815)&nbsp;
	</TD>
	<TD style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">4,782&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; " bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-bottom-style:none; border-bottom-width:medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; " bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-bottom-style:none; border-bottom-width:medium">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; " bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-bottom-style:none; border-bottom-width:medium">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; " bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Net earnings and comprehensive income&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 144,592</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">$ 130,020&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">$ 106,829&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Earnings per share (note 15):&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-left: 26">Basic&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 1.20</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">$ 1.08&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">$ 0.89&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-left: 26">Diluted&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>1.19</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">1.07&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">0.88&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7 style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7 style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
See accompanying notes to consolidated financial statements.&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
&nbsp;
	</TD>
</TR>
</TABLE><BR>

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&nbsp;
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GILDAN 2008 ANNUAL REPORT&nbsp;
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&nbsp;	</TD>
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55&nbsp;
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<font size="5" color="#939598">CONSOLIDATED STATEMENTS</font><font size="5">&nbsp;
</font>
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	<TD height="16">
&nbsp;	</TD>
	<TD align=right nowrap height="16" valign="top">
<FONT color="#009ddc">CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
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&nbsp;	</TD>
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&nbsp;
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<TR>
	<TD colspan=5 height="15">
<font size="5" color="#939598">OF SHAREHOLDERS' EQUITY</font><font size="5">&nbsp;
</font>
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<TR>
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&nbsp;
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<TR valign="bottom">
	<TD align=left nowrap height="15">
YEARS ENDED OCTOBER 5, 2008, SEPTEMBER 30, 2007 AND OCTOBER 1, 2006&nbsp;
	</TD>
	<TD height="15">
&nbsp;	</TD>
	<TD align=left nowrap height="15">
&nbsp;
	</TD>
	<TD width=2% height="15">
&nbsp;	</TD>
	<TD align=left width=2% nowrap height="15">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap height="15">
(IN THOUSANDS OF US DOLLARS, EXCEPT SHARE AMOUNTS)&nbsp;
	</TD>
	<TD height="15">
&nbsp;	</TD>
	<TD align=left nowrap height="15">
&nbsp;
	</TD>
	<TD width=2% height="15">
&nbsp;	</TD>
	<TD align=left width=2% nowrap height="15">
&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width="28%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="text-indent: -26; margin-left: 26">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap colspan=3 style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p align="center" style="margin-right: 4">
<B>Share capital</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="text-indent: -26; margin-left: 26">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4" width="2%">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4" width="2%">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width="10%" nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4" width="2%">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width="10%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4" width="2%">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">
<B>Accumulated</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4" width="2%">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width="10%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4" width="2%">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width="10%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="text-indent: -26; margin-left: 26">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">
<B>other</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">
<B>Total</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="text-indent: -26; margin-left: 26">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">
<B>Contributed</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">
<B>comprehensive</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">
<B>Retained</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">
<B>shareholders'</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="text-indent: -26; margin-left: 26">&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">
<B>Number</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">
<B>Amount</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">
<B>surplus</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">
<B>income</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">
<B>earnings</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">
<B>equity</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="text-indent: -26; margin-left: 26">Balance, October 2, 2005&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">119,909,060&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">$ 84,177&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">$ 1,596&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">$ 26,248&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">$308,539&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">$420,560&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 <p style="text-indent: -26; margin-left: 26">Stock-based compensation related
 to stock options and Treasury restricted share units&nbsp;(note 10 (b))&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">908&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">908&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 <p style="text-indent: -26; margin-left: 26">Shares issued pursuant to business
 acquisition (note 3)&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">20,000&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">460&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">460&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 <p style="text-indent: -26; margin-left: 26">Shares issued under employee share
 purchase plan (note 10 (a))&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">16,642&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">360&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">360&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 <p style="text-indent: -26; margin-left: 26">Shares issued pursuant to exercise
 of stock options (note 10 (b))&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">281,966&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">1,448&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">1,448&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 <p style="text-indent: -26; margin-left: 26">Ascribed value credited to share
 capital from exercise of stock options and Treasury restricted share units&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">139&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(139)&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="text-indent: -26; margin-left: 26">Net earnings&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">106,829&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">106,829&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="text-indent: -26; margin-left: 26">Balance, October 1, 2006&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">120,227,668&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">86,584&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">2,365&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">26,248&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">415,368&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">530,565&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 <p style="text-indent: -26; margin-left: 26">&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 <p style="text-indent: -26; margin-left: 26">Stock-based compensation related
 to stock options and Treasury restricted share units (note 10 (b))&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">1,814&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">1,814&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 <p style="text-indent: -26; margin-left: 26">Shares issued under employee share
 purchase plan (note 10 (a))&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">18,279&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">530&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">530&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 <p style="text-indent: -26; margin-left: 26">Shares issued pursuant to exercise
 of stock options (note 10 (b))&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">149,034&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">786&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">786&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 <p style="text-indent: -26; margin-left: 26">Shares issued pursuant to exercise
 of Treasury restricted share units (note 10 (b))&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">26,917&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 <p style="text-indent: -26; margin-left: 26">Ascribed value credited to share
 capital from exercise of stock options and Treasury restricted share units&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">226&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(226)&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="text-indent: -26; margin-left: 26">Share repurchases&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(2,437)&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(65)&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(65)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="text-indent: -26; margin-left: 26">Net earnings&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">130,020&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">130,020&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="text-indent: -26; margin-left: 26">Balance, September 30, 2007&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>120,419,461</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>88,061</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>3,953</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>26,248</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>545,388</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>663,650</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 <p style="text-indent: -26; margin-left: 26">&nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 <p style="text-indent: -26; margin-left: 26">Stock-based compensation related
 to stock options and Treasury restricted share units (note 10 (b))&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">
<B>2,965</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">
<B>2,965</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 <p style="text-indent: -26; margin-left: 26">Shares issued under employee share
 purchase plan (note 10 (a))&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">
<B>21,313</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">
<B>720</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">
<B>720</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 <p style="text-indent: -26; margin-left: 26">Shares issued pursuant to exercise
 of stock options (note 10 (b))&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">
<B>81,356</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">
<B>418</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">
<B>418</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 <p style="text-indent: -26; margin-left: 26">Shares issued pursuant to exercise
 of Treasury restricted share units (note 10 (b))&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">
<B>14,779</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 <p style="text-indent: -26; margin-left: 26">Ascribed value credited to share
 capital from exercise of stock options and Treasury restricted share units&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>190</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>(190)</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="text-indent: -26; margin-left: 26">Share repurchases&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>(408)</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>(12)</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>(12)</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="text-indent: -26; margin-left: 26">Net earnings&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>144,592</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>144,592</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="text-indent: -26; margin-left: 26">Balance, October 5, 2008&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>120,536,501</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>$ 89,377</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>$ 6,728</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>$ 26,248</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>$689,980</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>$812,333</B>&nbsp;
	</TD>
</TR>
</TABLE>
<P align="left">
See accompanying notes to consolidated financial statements.</P>

<hr style="page-break-after: always" align="center" width="100%" color="black" noShade SIZE="5">



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<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
56&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<font size="5" color="#939598">CONSOLIDATED STATEMENTS</font><font size="5">&nbsp;
</font>
	</TD>
	<TD valign="top">
&nbsp;	</TD>
	<TD align=right nowrap valign="top">
<FONT color="#009ddc">CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<FONT color="#939598" size="5">OF CASH FLOWS</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
YEARS ENDED OCTOBER 5, 2008, SEPTEMBER 30, 2007 AND OCTOBER 1, 2006&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
(IN THOUSANDS OF US DOLLARS)&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111" height="861">
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>2008</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">
<B>2007</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">
<B>2006</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium; padding-right: 10">
&nbsp;</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; padding-right:10" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Cash flows from (used in) operating activities:&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium; padding-right: 10">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Net earnings&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>$ 144,592</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">$ 130,020&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">$ 106,829&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Adjustments for:&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium; padding-right: 10">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Depreciation and
 amortization (note 17 (a))&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>58,932</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">38,777&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">32,383&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Restructuring charges
 related to assets held for sale and&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium; padding-right: 10">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium; padding-right: 10">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 &nbsp;property, plant and equipment (note 16)&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>2,174</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">5,523&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">15,149&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Loss on disposal of
 assets held for sale&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium; padding-right: 10">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium; padding-right: 10">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
and property, plant and equipment&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>1,369</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">332&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">1,197&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Stock-based
 compensation costs&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium; padding-right: 10">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>2,965</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">1,814&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">908&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Future income taxes&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<B>(15,837)</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(8,919)&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">1,764&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Non-controlling
 interest&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium; padding-right: 10">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>230</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">1,278&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">260&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Unrealized foreign
 exchange (gain) loss&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<B>(2,270)</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">3,226&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">843&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Changes in non-cash working capital balances:&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium; padding-right: 10">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Accounts receivable&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>8,223</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(36,392)&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(41,058)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Inventories&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium; padding-right: 10">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<B>(32,135)</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(39,310)&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(35,435)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Prepaid expenses and
 deposits&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<B>(881)</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(2,202)&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">95&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Accounts payable and
 accrued liabilities&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium; padding-right: 10">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>27,740</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(3,327)&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">11,046&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Income taxes payable&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>43,802</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">343&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">740&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium; padding-right: 10">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; padding-right:10" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>238,904</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">91,163&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">94,721&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 &nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium; padding-right: 10">
&nbsp;</TD>
	<TD align=left nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium; padding-right: 10">
&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 &nbsp;Cash flows from (used in) financing activities:&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium; padding-right: 10">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium; padding-right: 10">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;(Decrease) increase in amounts drawn under revolving&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;long-term credit
 facility&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium; padding-right: 10">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<B>(4,000)</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">49,000&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Decrease in bank indebtedness&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<B>(2,739)</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(3,500)&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(17,830)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Increase in other long-term debt&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium; padding-right: 10">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">691&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Repayment of other long-term debt&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<B>(2,656)</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(23,201)&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(23,866)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Repayment of capital leases&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium; padding-right: 10">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(186)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Proceeds from the issuance of shares&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>1,138</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">1,316&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">1,808&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Repurchase of shares&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1; padding-right: 10">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<B>(12)</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(65)&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; padding-right:10" bgcolor="#99D8F1">
<B>(8,269)</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">23,550&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
(39,383)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium; padding-right: 10">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Cash flows from (used in) investing activities:&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium; padding-right: 10">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Purchase of property, plant and equipment&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<B>(97,030)</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(134,282)&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(80,183)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Business acquisitions (note 3)&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium; padding-right: 10">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<B>(126,819)</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(19,911)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Restricted cash related to acquisition&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<B>(10,000)</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&#150;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Proceeds from the sale of assets held for sale&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium; padding-right: 10">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>3,736</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">6,668&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">5,027&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Net decrease (increase) in other assets&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>2,787</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(7,075)&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(986)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium; padding-right: 10">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; padding-right:10" bgcolor="#99D8F1">
<B>(227,326)</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
(134,689)&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
(96,053)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp;Effect of exchange rate changes on cash and cash equivalents&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;denominated in foreign currencies&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<B>(202)</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">219&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(80)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium; padding-right: 10">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; padding-right:10" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Net increase (decrease) in cash and cash equivalents during the year&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium; padding-right: 10">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>3,107</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(19,757)&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(40,795)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Cash and cash equivalents, beginning of year&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#99D8F1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; padding-right:10" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>9,250</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">29,007&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 4">69,802&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; padding-right: 10">
&nbsp;</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000; padding-right:10" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
&nbsp;</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
&nbsp;</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
 &nbsp;Cash and cash equivalents, end of year&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; padding-right: 10">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1; padding-right:10" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>$ 12,357</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 4">$ 9,250&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 4">$ 29,007&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">
&nbsp;</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium; padding-right: 10" bgcolor="#FFFFFF">
&nbsp;</TD>
	<TD align=left nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium; padding-right: 10" bgcolor="#FFFFFF">
&nbsp;</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">
&nbsp;</TD>
	<TD align=left nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">
&nbsp;</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">
&nbsp;</TD>
	<TD align=left nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
Supplemental disclosure of cash flow information (note 17 (d))&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#FFFFFF">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#FFFFFF">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
&nbsp;</TD>
	<TD style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#FFFFFF">
&nbsp;</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium; padding-right: 10" bgcolor="#FFFFFF">
&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
&nbsp;</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
&nbsp;</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
See accompanying notes to consolidated financial statements.&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#FFFFFF">
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
</TABLE><BR>

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<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
57&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<font color="#808080" size="5">NOTES TO CONSOLIDATED</font></TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap valign="top">
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<font color="#939598" size="5">FINANCIAL STATEMENTS</font></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
YEARS ENDED OCTOBER 5, 2008, SEPTEMBER 30, 2007 AND OCTOBER 1, 2006&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
(IN THOUSANDS OF US DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS)&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
<P align="justify">
Gildan Activewear Inc. (the "Company") is incorporated under the Canada Business
Corporations Act. Its principal business activity is the manufacture and sale of
activewear, socks and underwear. The Company's fiscal year ends on the first
Sunday following September 28. All references to 2008, 2007 and 2006 represent
the fiscal years ended October 5, 2008, September 30, 2007 and October 1, 2006,
respectively.</P>
<P align="left">
<TABLE style="font-family: 'Times New Roman';font-size: 10pt;"><TR><TD nowrap>
<FONT color="#939598" size="5">1 &#150; ACCOUNTING CHANGES</FONT></TD></TR></TABLE>
</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR>
	<TD nowrap valign=top>
<B>(a)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
<B>Accounting changes in fiscal 2008:</B>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD align="justify" width="5%">&nbsp;</TD>
<TD width=100% align="justify" style="text-align: justify">
Effective at the commencement of its 2008 fiscal year, the Company adopted the
Canadian Institute of Chartered Accountants (CICA) Handbook Section 1535,
Capital Disclosure, which established standards for disclosing information about
an entity's capital and how it is managed. The Company also adopted effective at
the commencement of its 2008 fiscal year, the CICA Handbook Sections 3862,
Financial Instruments &#150; Disclosures, and 3863, Financial Instruments &#150;
Presentation which replaced the existing Section 3861, Financial Instruments &#150;
Disclosure and Presentation. These disclosure standards are enhanced and
expanded to complement the changes in accounting policy adopted in accordance
with Section 3855, Financial Instruments &#150; Recognition and Measurement. These
new standards relate to disclosure only and did not impact the financial results
of the Company. The effect of adopting the new accounting standards as at
October 1, 2007 are presented in notes 19 and 20.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<B>(b)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
<B>Future accounting changes:</B>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD width=100% align="justify" style="text-align: justify">
<i>
<B>Inventories</B> </i>	</TD>
</TR>
<TR>
<TD align="justify">&nbsp;</TD>
<TD width=100% align="justify" style="text-align: justify">
In June 2007, the CICA issued Section 3031, Inventories, which replaces Section
3030 and harmonizes the Canadian standards related to inventories with
International Financial Reporting Standards (IFRS). This Section provides
changes to the measurement of, and more extensive guidance on, the determination
of cost, including allocation of overhead; narrows the permitted cost formulas;
requires impairment testing; clarifies that major spare parts not in use should
be included in property, plant and equipment; and expands the disclosure
requirements to increase transparency. This Section applies to interim and
annual financial statements for fiscal years beginning on or after January 1,
2008. The Company will adopt this Section effective October 6, 2008 on a
retrospective basis. The Company has compared the requirements of this new
Section with its current measurement and determination of costs and has
concluded that the new Section will not have an impact on the results of
operations, except that the new Section requires depreciation expense related to
manufacturing activities to be included in Cost of sales. The new disclosure
requirements will be reflected in the Company's interim consolidated financial
statements for the first quarter of fiscal 2009.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD width=100% align="justify" style="text-align: justify">
<i>
<B>General Standards of Financial Statement Presentation</B> </i>	</TD>
</TR>
<TR>
<TD align="justify">&nbsp;</TD>
<TD width=100% align="justify" style="text-align: justify">
In June 2007, the CICA amended Section 1400, General Standards of Financial
Statement Presentation, which is effective for interim periods beginning on or
after October 1, 2008 and which includes requirements to assess and disclose the
Company's ability to continue as a going concern. The adoption of the amended
Section will have no impact on the consolidated financial statements of the
Company.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD width=100% align="justify" style="text-align: justify">
<i>
<B>Goodwill and Intangible Assets</B> </i>	</TD>
</TR>
<TR>
<TD align="justify">&nbsp;</TD>
<TD width=100% align="justify" style="text-align: justify">
In February 2008, the CICA issued Section 3064, Goodwill and Intangible Assets
(Section 3064), replacing Section 3062, Goodwill and Other Intangible Assets,
and Section 3450, Research and Development Costs. Section 3064 establishes
revised standards for the recognition, measurement, presentation and disclosure
of goodwill and intangible assets. The new Section also provides guidance for
the treatment of preproduction and start-up costs and requires that these costs
be expensed as incurred.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD align="justify">&nbsp;</TD>
<TD width=100% align="justify" style="text-align: justify">
The Company currently defers and amortizes plant start-up costs on a
straight-line basis over two years, which it will cease upon adoption of Section
3064. This Section will apply to interim and annual financial statements
relating to the Company's fiscal year beginning on October 6, 2008 and will be
adopted on a retrospective basis. The estimated impact of adopting this
accounting standard, on a retrospective basis, will be an increase of $1,758 in
net earnings for fiscal 2008, a decrease in net earnings of $958 for fiscal 2007
and a decrease of $1,590 in Shareholders' equity at October 1, 2006.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>

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<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
58&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<TABLE style="font-family: 'Times New Roman';font-size: 10pt;"><TR><TD nowrap>
<font size="4">1 &#150; ACCOUNTING CHANGES (CONTINUED)</font></TD></TR></TABLE>
</P>
<P align="left">
<B>(b) </B></P>
<P align="left" style="margin-left: 5%; margin-top: -25.5pt">
<B>Future accounting changes (continued):</B></P>
<P align="left" style="margin-left: 5%">
<i>
<B>International Financial Reporting Standards<br>
</B></i>In February 2008, Canada's Accounting Standards Board (AcSB) confirmed that
Canadian generally accepted accounting principles, as used by publicly
accountable enterprises, will be fully converged into International Financial
Reporting Standards (IFRS), as issued by the International Accounting Standards
Board (IASB). The changeover date is for interim and annual financial statements
relating to fiscal years beginning on or after January 1, 2011. Therefore the
Company will be required to report under IFRS for its 2012 interim and annual
financial statements. The Company will convert to these new standards according
to the timetable set within these new rules. The Company is currently assessing
the future impact of these new standards on its consolidated financial
statements.</P>
<P align="justify">
<FONT color="#939598" size="5">2 &#150; SIGNIFICANT ACCOUNTING POLICIES</FONT></P>
<P align="justify" style="margin-left: 5%">
The consolidated financial statements are expressed in US dollars and have been
prepared in accordance with Canadian generally accepted accounting principles.
The principal accounting policies of the Company are summarized as follows:</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR>
	<TD nowrap valign=top align="justify">
<B>(a)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
<B>Basis of presentation:</B>	</TD>
</TR>
<TR><TD colspan=2 align="justify">&nbsp;</TD></TR><TR>
<TD align="justify" width="5%">&nbsp;</TD>
<TD width=100% align="justify" style="text-align: justify">
The accompanying consolidated financial statements include the accounts of the
Company and its subsidiaries and a joint venture for which the Company is
considered the primary beneficiary. All significant intercompany balances and
transactions have been eliminated on consolidation.	</TD>
</TR>
<TR><TD colspan=2 align="justify">&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<B>(b)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
<B>Cash and cash equivalents:</B>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD width=100% align="justify" style="text-align: justify">
The Company considers all liquid investments with maturities of three months or
less when acquired to be cash equivalents.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<B>(c)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
<B>Inventories:</B>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD width=100% align="justify" style="text-align: justify">
Inventories are stated at the lower of First-In First-Out cost and net
realizable value. Inventory costs include the purchase price and other costs
directly related to the acquisition of materials. Inventory costs also include
the costs directly related to the conversion of materials to finished goods,
such as direct labour, and a systematic allocation of fixed and variable
production overheads. The allocation of fixed production overheads to the cost
of inventories is based on a normal range of capacity of the production
facilities.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<B>(d)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
<B>Property, plant and equipment:</B>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD width=100% align="justify" style="text-align: justify">
Property, plant and equipment are recorded at cost. Amortization is recorded on
a straight-line basis over the estimated useful lives of the assets at the
following annual rates:	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<div align="right">
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="95%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width="80%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>Asset</B>&nbsp;
	</TD>
	<TD width="5%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>Rate</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="5%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Buildings and improvements&nbsp;
	</TD>
	<TD width="5%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>2 1/2% to 20%</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Equipment&nbsp;
	</TD>
	<TD width="5%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>10% to 25%</B>&nbsp;
	</TD>
</TR>
</TABLE>
</div>
<p align="justify" style="margin-left: 5%">Assets not in service include expenditures incurred to-date, including deposits
for equipment and plant expansions which are still in process or are not yet in
service as at the balance sheet date. Amortization on these assets commences
when the assets are put into service.</p>
<P align="justify" style="margin-left: 5%">
The cost of information technology projects including internally developed
software is capitalized and included in equipment commencing at the point at
which conceptual formulation, design and testing of possible software project
alternatives are complete and management authorizes and commits to funding the
project. The Company does not capitalize pilot projects where it believes that
future economic benefits are less than probable. The costs of information
technology projects that are capitalized include the cost of software tools and
licenses used in the development of the projects as well as direct payroll and
consulting costs.</P>

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<tr>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
59&nbsp;
	</TD>
</tr>
<tr>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</tr>
</TABLE><BR>
<P align="left">
<TABLE style="font-family: 'Times New Roman';font-size: 10pt;"><TR><TD nowrap>
<font size="4">2 &#150; SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</font></TD></TR></TABLE>
</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR>
	<TD nowrap valign=top width="5%">
<p style="margin-top: 0; margin-bottom: 0">
<B>(e)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD style="text-align: justify">
<p style="margin-top: 0; margin-bottom: 0">
<B>Assets held for sale:</B>	</TD>
</TR>
<TR><TD colspan=2>
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR><TR>
<TD align="justify">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD align="justify" style="text-align: justify">
<p style="margin-top: 0; margin-bottom: 0">Long-lived assets are classified as
held for sale when certain criteria are met, which include: the Company's
commitment to a plan to sell the assets; the assets are available for immediate
sale in their present condition; an active program to locate buyers and other
actions to sell the assets have been initiated; the sale of the assets is
probable and their transfer is expected to qualify for recognition as a
completed sale within one year; the assets are being actively marketed at
reasonable prices in relation to their fair value; and it is unlikely that
significant changes will be made to the plan to sell the assets or that the plan
will be withdrawn.	</TD>
</TR>
<TR><TD colspan=2 align="justify">
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR><TR>
<TD align="justify">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD align="justify" style="text-align: justify">
<p style="margin-top: 0; margin-bottom: 0">The Company measures assets held for
sale at the lower of carrying amount or fair value less cost to sell. These
assets are not depreciated.	</TD>
</TR>
<TR><TD colspan=2>
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<p style="margin-top: 0; margin-bottom: 0">
<B>(f)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD align="justify" style="text-align: justify">
<p style="margin-top: 0; margin-bottom: 0">
<B>Intangible assets:</B>	</TD>
</TR>
<TR><TD colspan=2>
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR><TR>
<TD align="justify">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD align="justify" style="text-align: justify">
<p style="margin-top: 0; margin-bottom: 0">Intangible assets, which represent
customer contracts and customer relationships included in the acquisitions of
Kentucky Derby Hosiery Co., Inc., and V.I. Prewett &amp; Son, Inc. are being
amortized on a straight-line basis over a period of twenty years.	</TD>
</TR>
<TR><TD colspan=2>
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<p style="margin-top: 0; margin-bottom: 0">
<B>(g)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD align="justify" style="text-align: justify">
<p style="margin-top: 0; margin-bottom: 0">
<B>Goodwill:</B>	</TD>
</TR>
<TR><TD colspan=2>
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR><TR>
<TD>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD align="justify" style="text-align: justify">
<p style="margin-top: 0; margin-bottom: 0">Goodwill represents the excess of the
purchase price over the fair value of net assets acquired. Goodwill is not
amortized and is tested for impairment annually, or more frequently if events or
changes in circumstances indicate that the asset might be impaired. When the
carrying amount of a reporting unit exceeds the estimated fair value of the
reporting unit, an impairment loss is recognized in an amount equal to the
excess of the carrying value over the fair value of the goodwill, if any.	</TD>
</TR>
<TR><TD colspan=2>
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<p style="margin-top: 0; margin-bottom: 0">
<B>(h)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD align="justify" style="text-align: justify">
<p style="margin-top: 0; margin-bottom: 0">
<B>Impairment of long-lived assets:</B>	</TD>
</TR>
<TR><TD colspan=2>
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR><TR>
<TD>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD align="justify" style="text-align: justify">
<p style="margin-top: 0; margin-bottom: 0">Long-lived assets, consisting of
property, plant and equipment and intangible assets with finite lives, are
reviewed for potential impairment whenever events or changes in circumstances
indicate that the carrying amounts of such assets may not be recoverable. An
impairment loss would be recognized when the estimated undiscounted future cash
flows expected to result from the use of an asset and its eventual disposition
are less than its carrying amount. The amount of the impairment loss recognized
is measured as the amount by which the carrying value for an asset exceeds the
fair value of the asset, with fair value being determined based upon discounted
cash flows or appraised values, depending on the nature of the asset.	</TD>
</TR>
<TR><TD colspan=2>
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<p style="margin-top: 0; margin-bottom: 0">
<B>(i)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD align="justify" style="text-align: justify">
<p style="margin-top: 0; margin-bottom: 0">
<B>Deferred charges:</B>	</TD>
</TR>
<TR><TD colspan=2>
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR><TR>
<TD>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD align="justify" style="text-align: justify">
<p style="margin-top: 0; margin-bottom: 0">Plant start-up costs are deferred and
amortized on a straight-line basis over two years. The amortization of these
charges is included in Depreciation and amortization.	</TD>
</TR>
<TR><TD colspan=2>
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<p style="margin-top: 0; margin-bottom: 0">
<B>(j)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD align="justify" style="text-align: justify">
<p style="margin-top: 0; margin-bottom: 0">
<B>Foreign currency translation:</B>	</TD>
</TR>
<TR><TD colspan=2>
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR><TR>
<TD>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD align="justify" style="text-align: justify">
<p style="margin-top: 0; margin-bottom: 0">Monetary assets and liabilities of
the Canadian and foreign operations denominated in currencies other than US
dollars are translated at the rates of exchange at the balance sheet date. Other
balance sheet items, denominated in currencies other than US dollars, are
translated at the rates prevailing at the respective transaction dates. Income
and expenses, denominated in currencies other than US dollars, are translated at
average rates prevailing during the year. Gains or losses on foreign exchange
are recorded in the consolidated statements of earnings.	</TD>
</TR>
<TR><TD colspan=2>
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR><TR>
<TD>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD align="justify" style="text-align: justify">
<p style="margin-top: 0; margin-bottom: 0">The foreign subsidiaries are
considered to be integrated foreign operations, and their accounts have been
translated using the temporal method with translation gains and losses included
in the consolidated statements of earnings. The Company does not currently have
any self-sustaining foreign subsidiaries.	</TD>
</TR>
<TR><TD colspan=2>
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<p style="margin-top: 0; margin-bottom: 0">
<B>(k)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD align="justify" style="text-align: justify">
<p style="margin-top: 0; margin-bottom: 0">
<B>Revenue recognition:</B>	</TD>
</TR>
<TR><TD colspan=2>
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR><TR>
<TD>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD align="justify" style="text-align: justify">
<p style="margin-top: 0; margin-bottom: 0">Revenue is recognized upon shipment
of products to customers, since title passes upon shipment. At the time of sale,
estimates are made for customer price discounts and volume rebates based on the
terms of existing programs. Accruals required for new programs, which relate to
prior sales, are recorded at the time the new program is introduced. Sales are
recorded net of these program costs and a provision for estimated sales returns,
which is based on historical experience, current trends and other known factors,
and exclude sales taxes.	</TD>
</TR>
<TR><TD colspan=2>
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR></TABLE>

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<tr>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
60&nbsp;
	</TD>
</tr>
<tr>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</tr>
</TABLE><BR>
<P align="left">
<TABLE style="font-family: 'Times New Roman';font-size: 10pt;"><TR><TD nowrap>
<font size="4">2 &#150; SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</font></TD></TR></TABLE>
</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR>
	<TD nowrap valign=top>
<B>(l)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% style="text-align: justify">
<B>Trade accounts receivable:</B>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=100% align="justify" style="text-align: justify">
Trade accounts receivable consist of amounts due from our normal business
activities. We maintain an allowance for doubtful accounts to reflect expected
credit losses. We provide for bad debts based on collection history and specific
risks identified on a customer-by-customer basis. Uncollected accounts are
written off through the allowance for doubtful accounts.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<B>(m)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
<B>Cost of sales and gross profit:</B>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD width=100% align="justify" style="text-align: justify">
Cost of sales includes all raw material costs, manufacturing conversion costs,
sourcing costs and transportation costs incurred until the receipt of finished
goods at the Company's distribution facilities, but excludes depreciation
expense. Cost of sales also includes costs relating to purchasing, receiving and
inspection activities, manufacturing administration, third-party manufacturing
services, insurance, internal transfers of inventory, and customs and duties.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD width=100% align="justify" style="text-align: justify">
Gross profit is the result of sales less cost of sales. The Company's gross
profit may not be comparable to this metric as reported by other companies,
since some entities include depreciation expense and distribution costs in Cost
of sales, whereas the Company includes these items in Depreciation and
amortization and Selling, general and administrative expenses, respectively.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<B>(n)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
<B>Selling, general and administrative expenses:</B>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD width=100% align="justify" style="text-align: justify">
Selling, general and administrative (SG&amp;A) expenses include costs incurred
subsequent to the receipt of finished goods at the Company's distribution
facilities, excluding depreciation expense and costs of inter-warehouse
transfers of finished goods. The principal components of SG&amp;A expenses include
warehousing and handling costs, the cost of shipping goods to customers, selling
and administrative personnel costs, advertising and marketing expenses, leased
facilities and equipment, professional fees, bad debt and other general and
administrative expenses.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<B>(o)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
<B>Advertising and product introduction expenditures:</B>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD width=100% align="justify" style="text-align: justify">
Advertising and co-op advertising expenses are expensed as incurred in Selling,
general and administrative expenses. Product introduction expenditures are
one-time fees paid to retailers to allow the Company's products to be placed on
store shelves. These fees are recognized as a reduction in revenue when incurred
unless the Company receives a benefit over a period of time and certain other
criteria are met, such as recoverability and enforceability. In this case, these
fees are recorded as an asset and are amortized as a reduction of revenue over
the term of the arrangement. The Company evaluates the recoverability of these
assets on a quarterly basis.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<B>(p)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
<B>Cotton and yarn procurements:</B>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD width=100% align="justify" style="text-align: justify">
The Company contracts to buy cotton and yarn with future delivery dates at fixed
prices in order to reduce the effects of fluctuations in the prices of cotton
used in the manufacture of its products. These contracts are not used for
trading purposes. The Company commits to fixed prices on a percentage of its
cotton and yarn requirements up to eighteen months in the future. If market
prices for cotton and yarn fall significantly below the committed future
purchase prices, the Company estimates the costs of cotton and yarn that are not
recoverable in future sales of finished goods, and records a charge to earnings.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<B>(q)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
<B>Financial instruments and hedging relationships:</B>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD width=100% align="justify" style="text-align: justify">
Effective at the commencement of its 2007 fiscal year, the Company adopted the
CICA Handbook Section 3251, Equity, Section 3855, Financial Instruments &#150;
Recognition and Measurement, Section 3861, Financial Instruments &#150; Disclosure
and Presentation, and Section 3865, Hedges.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD width=100% align="justify" style="text-align: justify">
Under these standards, all financial instruments are classified into one of the
following five categories: held-for-trading, held-to- maturity investments,
loans and receivables, available-for-sale financial assets or other financial
liabilities. All financial instruments, including derivatives, are included on
the consolidated balance sheet and are measured at fair market value with the
exception of loans and receivables, held-to-maturity investments and other
financial liabilities, which are measured at amortized cost. Subsequent
measurement and recognition of changes in fair value of financial instruments
depend on their initial classification. Held- for-trading financial investments
are measured at fair value and all gains and losses are included in net earnings
in the period in which they arise. Available-for-sale financial instruments are
measured at fair value with revaluation gains and losses included in other
comprehensive income until the asset is removed from the balance sheet.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>

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<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
61&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<TABLE style="font-family: 'Times New Roman';font-size: 10pt;"><TR><TD nowrap>
<font size="4">2 &#150; SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</font></TD></TR></TABLE>
</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR>
	<TD nowrap valign=top>
<B>(q)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% style="text-align: justify">
<B>Financial instruments and hedging relationships (continued):</B>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=100% align="justify" style="text-align: justify">
The standards require derivative instruments to be recorded as either assets or
liabilities measured at their fair value unless exempted from derivative
treatment as a normal purchase and sale. Certain derivatives embedded in other
contracts must also be measured at fair value. All changes in the fair value of
derivatives are recognized in earnings unless specific hedge criteria are met,
which requires that a company must formally document, designate and assess the
effectiveness of transactions that receive hedge accounting. Derivatives that
qualify as hedging instruments must be designated as either a "cash flow hedge",
when the hedged item is a future cash flow, or a "fair value hedge", when the
hedged item is a recognized asset or liability. The unrealized gains and losses
related to a cash flow hedge are included in other comprehensive income. For a
fair value hedge, both the derivative and the hedged item are recorded at fair
value in the consolidated balance sheet and the unrealized gains and losses from
both items are included in earnings. Any derivative instrument that does not
qualify for hedge accounting is marked-to-market at each reporting date and the
gains or losses are included in net earnings.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD width=100% align="justify" style="text-align: justify">
As a result of the adoption of these standards, the Company has classified cash
equivalents as available for sale. The Company has also classified accounts
receivable as loans and receivables, and accounts payable and long-term debt as
other financial liabilities, all of which are measured at amortized cost. The
adoption of these standards had no impact on the consolidated statement of
earnings.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD width=100% align="justify" style="text-align: justify">
The Company may periodically use derivative financial instruments, such as
forward foreign exchange contracts, to manage risks related to fluctuations in
exchange rates. Derivative financial instruments are not used for trading
purposes. Forward foreign exchange contracts are entered into with maturities
not exceeding twenty-four months.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD width=100% align="justify" style="text-align: justify">
When the Company utilizes derivatives in hedge accounting relationships, the
Company formally documents all relationships between hedging instruments and
hedged items, as well as its risk management objective and strategy for
undertaking various hedge transactions. This process includes linking all
derivatives to specific assets and liabilities on the balance sheet or to
specific firm commitments or anticipated transactions. The Company also formally
assesses, both at the hedge's inception and on an ongoing basis, whether the
derivatives that are used in hedging transactions are effective in offsetting
cash flows of hedged items. When hedging instruments become ineffective before
their maturity or the hedging relationship is terminated, deferred gains or
losses on such instruments continue to be deferred and charged to earnings in
the same period as for the corresponding gains or losses for the hedged items;
gains and losses realized subsequently as a result of marking-to-market are
charged directly to earnings. If the hedged item ceases to exist due to its
maturity, expiry, cancellation or exercise before the hedging instrument
expires, deferred gains or losses are charged to earnings. Any derivative
instrument that does not qualify for hedge accounting is marked-to-market at
each reporting date and the gains or losses are included in earnings.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD width=100% align="justify" style="text-align: justify">
As at October 5, 2008 and September 30, 2007, all outstanding forward foreign
exchange contracts were reported on a mark-to- market basis, and the gains or
losses were included in earnings. The Company elected not to apply hedge
accounting for these derivatives.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<B>(r)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
<B>Comprehensive income:</B>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD width=100% align="justify" style="text-align: justify">
Effective at the commencement of its 2007 fiscal year, the Company adopted the
CICA Handbook Section 1530, Comprehensive Income. Comprehensive income, which
consists of net earnings and other comprehensive income, is defined as the
change in shareholders' equity from transactions and other events from non-owner
sources. Other comprehensive income refers to items recognized in comprehensive
income but that are excluded from net earnings calculated in accordance with
generally accepted accounting principles and includes unrealized gains and
losses on financial assets classified as available for sale, unrealized foreign
currency translation gains and losses arising from self-sustaining foreign
subsidiaries and changes in the fair value of the effective portion of
qualifying cash flow hedging instruments. The adoption of the new Section
resulted in the reclassification of an amount of $26,248 previously recorded in
Cumulative translation adjustment to Accumulated other comprehensive income on
the consolidated balance sheets. The adoption of this Section had no impact on
the consolidated statement of earnings.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>

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<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
62&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<TABLE style="font-family: 'Times New Roman';font-size: 10pt;"><TR><TD nowrap>
<font size="4">2 &#150; SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</font></TD></TR></TABLE>
</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR>
	<TD nowrap valign=top>
<B>(s)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% style="text-align: justify">
<B>Income taxes:</B>	</TD>
</TR>
<TR><TD colspan=2 align="justify">&nbsp;</TD></TR><TR>
<TD align="justify" width="5%">&nbsp;</TD>
<TD width=100% align="justify" style="text-align: justify">
The Company utilizes the asset and liability method for accounting for income
taxes which requires the establishment of future tax assets and liabilities,
measured at substantively enacted tax rates, for all temporary differences
caused when the tax bases of assets and liabilities differ from those reported
in the financial statements. Future income tax assets are evaluated and a
valuation allowance is provided to the extent that it is determined that it is
no longer more likely than not that the asset will be realized.	</TD>
</TR>
<TR><TD colspan=2 align="justify">&nbsp;</TD></TR><TR>
<TD align="justify">&nbsp;</TD>
<TD width=100% align="justify" style="text-align: justify">
The Company's income tax provision is based on interpretations of applicable tax
laws, including income tax treaties between various countries in which the
Company operates as well as underlying rules and regulations with respect to
transfer pricing. These interpretations involve judgments and estimates and may
be challenged through government taxation audits that the Company is regularly
subject to. The Company recognizes the benefits of uncertain tax filing
positions in its financial statements when it is considered likely that the tax
position will be sustained upon examination by tax authorities, including the
resolution of any related appeals or litigation processes, based on the
technical merits of the position. The tax benefits recognized from such
positions are measured at the best estimate of the amounts expected to be
realized upon ultimate resolution. The Company periodically reviews and adjusts
its estimates and assumptions of income tax assets and liabilities as
circumstances warrant, such as changes to tax laws, administrative guidance,
change in management's assessment of the technical merits of its position due to
new information, and the resolution of uncertainties through either the
conclusion of tax audits or expiration of prescribed time limits within relevant
statutes. Previously recognized tax benefits relating to uncertain tax filing
positions are derecognized if it becomes likely that the Company's tax position
will no longer be upheld.	</TD>
</TR>
<TR><TD colspan=2 align="justify">&nbsp;</TD></TR><TR>
	<TD nowrap valign=top align="justify">
<B>(t)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
<B>Stock-based compensation and other stock-based payments:</B>	</TD>
</TR>
<TR><TD colspan=2 align="justify">&nbsp;</TD></TR><TR>
<TD align="justify">&nbsp;</TD>
<TD width=100% align="justify" style="text-align: justify">
The Company follows the fair value-based method to account for all transactions
where services are received in exchange for stock-based compensation and other
stock-based payments. For stock options and Treasury restricted share units,
compensation cost is measured at the fair value at the date of grant and is
expensed over the award's vesting period. For non-Treasury restricted share
units, the compensation cost is ultimately measured based on the market price of
the Company's shares at the vesting date and is recognized by amortizing the
cost over the vesting period. The offsetting liability is marked-to-market until
the vesting date with any changes in the market value of the Company's shares
resulting in a change in the measure of compensation cost for these awards until
vested, which is recorded in the periods in which these changes occur.	</TD>
</TR>
<TR><TD colspan=2 align="justify">&nbsp;</TD></TR><TR>
<TD align="justify">&nbsp;</TD>
<TD width=100% align="justify" style="text-align: justify">
In fiscal 2006, the Company changed its accounting policy to estimate
forfeitures of stock options and restricted share units when determining
stock-based compensation. In prior years, the Company accounted for forfeitures
as they occurred. This change in accounting policy had no significant impact on
the financial position of the Company or on the results of its operations.	</TD>
</TR>
<TR><TD colspan=2 align="justify">&nbsp;</TD></TR><TR>
<TD align="justify">&nbsp;</TD>
<TD width=100% align="justify" style="text-align: justify">
For employee share purchase plans, the Company's contribution, on the employee's
behalf, is recognized as compensation expense with an offset to share capital,
and consideration paid by employees on purchase of stock is also recorded as an
increase to share capital.	</TD>
</TR>
<TR><TD colspan=2 align="justify">&nbsp;</TD></TR><TR>
	<TD nowrap valign=top align="justify">
<B>(u)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
<B>Employee future benefits:</B>	</TD>
</TR>
<TR><TD colspan=2 align="justify">&nbsp;</TD></TR><TR>
<TD align="justify">&nbsp;</TD>
<TD width=100% align="justify" style="text-align: justify">
The Company offers group defined contribution plans to eligible employees
whereby the Company matches employees' contributions up to a fixed percentage of
the employee's salary. Contributions by the Company to trustee-managed
investment portfolios or employee associations are expensed as incurred.	</TD>
</TR>
<TR><TD colspan=2 align="justify">&nbsp;</TD></TR><TR>
	<TD nowrap valign=top align="justify">
<B>(v)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
<B>Earnings per share:</B>	</TD>
</TR>
<TR><TD colspan=2 align="justify">&nbsp;</TD></TR><TR>
<TD align="justify">&nbsp;</TD>
<TD width=100% align="justify" style="text-align: justify">
Basic earnings per share are computed by dividing net earnings by the weighted
average number of common shares outstanding for the year. Diluted earnings per
share are computed using the treasury stock method where the weighted average
number of common shares outstanding for the period is increased to include the
additional shares assumed to be issued from the assumed exercise of options, if
dilutive, and the issuance of restricted share units less the shares assumed to
be repurchased using the proceeds from the exercise of options at the average
share price for the period combined with the amount of unrecognized stock based
compensation expense.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>

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<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
63&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<TABLE style="font-family: 'Times New Roman';font-size: 10pt;"><TR><TD nowrap>
<font size="4">2 &#150; SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</font></TD></TR></TABLE>
</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR>
	<TD nowrap valign=top>
<B>(w)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% style="text-align: justify">
<B>Environmental expenditures:</B>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=100% align="justify" style="text-align: justify">
Environmental expenditures that relate to current operations are expensed or
capitalized as appropriate. Expenditures that extend the life of the related
property or mitigate or prevent future environmental contamination are
capitalized in Property, plant and equipment and are generally amortized over
the remaining useful life of the underlying asset. Expenditures that relate to
an existing condition caused by past operations and which are not expected to
contribute to current or future operations are expensed. Liabilities are
recorded when environmental assessments and/or remedial efforts are likely, and
when the costs, based on a specific plan of action in terms of the technology to
be used and the extent of the corrective action required, can be reasonably
estimated. Where there is a legal obligation associated with the retirement of
property, plant and equipment, a liability is initially recognized at its
estimated fair value and a corresponding asset retirement cost is added to the
carrying value of the related asset and amortized over the remaining life of the
underlying asset. The Company had no asset retirement obligations as at October
5, 2008 and September 30, 2007. However, the Company may be obliged to incur
certain costs should it decide to discontinue some of its activities. There were
no liabilities recorded for such costs in the consolidated balance sheets
because the Company plans to continue its activities for an indefinite period,
and the information available is insufficient to reasonably estimate a schedule
for future asset retirement.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<B>(x)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
<B>Business acquisitions:</B>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD width=100% align="justify" style="text-align: justify">
The Company accounts for business acquisitions using the purchase method.
Accordingly, the purchase price of a business acquisition is allocated to its
identifiable net assets including identifiable intangible assets, on the basis
of estimated fair values as at the date of purchase, with any excess being
assigned to goodwill. When the amounts assigned to identifiable net assets
exceed the cost of the purchase, resulting in negative goodwill, the excess is
applied, to the extent possible, to certain non-current assets, with the balance
recorded as an extraordinary gain.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<B>(y)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
<B>Use of estimates:</B>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD width=100% align="justify" style="text-align: justify">
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Financial results as determined by actual events could differ materially from
those estimates.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD width=100% align="justify" style="text-align: justify">
Significant areas requiring the use of management estimates and assumptions
include the allowance for doubtful accounts, inventory obsolescence, income tax
assets and liabilities, accruals for sales promotional programs, the fair value
of identifiable tangible and intangible assets acquired in a business
combination, impairment of assets and the recoverability of long-lived assets.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>

<hr style="page-break-after: always" align="center" width="100%" color="black" noShade SIZE="5">



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<A name="page_15"></A>

<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
64&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
<P align="left">
<FONT color="#939598" size="5">3 &#150; BUSINESS ACQUISITIONS</FONT></P>
<P align="left">
<B>V.I. Prewett &amp; Son, Inc.</B></P>
<P align="justify">
On October 15, 2007, the Company acquired 100% of the capital stock of V.I.
Prewett &amp; Son, Inc. (Prewett), a U.S. supplier of basic family socks primarily
to U.S. mass-market retailers. Prewett's corporate headquarters are located in
Fort Payne, Alabama. The acquisition is intended to enhance further the
Company's position as a full-product supplier of socks, activewear and underwear
for the retail channel.</P>
<P align="justify">
The aggregate purchase price of $128,015 was comprised of a cash consideration
of $125,294, a fixed payment of $1,196 payable in fiscal 2009, and transaction
costs of $1,525. The purchase agreement provides for an additional purchase
consideration of up to $10,000 contingent on specified future events. This
amount was paid into escrow by the Company and is included in Other assets on
the consolidated balance sheet. Any further purchase price consideration paid by
the Company will be accounted for as additional goodwill.</P>
<P align="justify">
The Company accounted for this acquisition using the purchase method and the
results of Prewett have been consolidated with those of the Company from the
date of acquisition.</P>
<P align="justify">
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 align="justify">
The following table summarizes the estimated fair value of assets acquired and
liabilities assumed at the date of acquisition:</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD width="84%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Assets acquired:&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Accounts receivable&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 28,228</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Inventories&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>44,074</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Prepaid expenses&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>1,573</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Property, plant and equipment&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>26,202</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Customer contracts and customer relationships&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>61,000</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Other assets&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>196</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>161,273</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Liabilities assumed:&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Bank indebtedness&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>(2,739)</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Accounts payable and accrued liabilities&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>(12,800)</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Future income taxes&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>(24,428)</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>(39,967)</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
Net identifiable assets acquired&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>121,306</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
Goodwill&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>6,709</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
Purchase price&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 128,015</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=left width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Consideration:&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Cash&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 125,294</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Transaction costs&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>1,525</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Fixed payment payable in fiscal 2009&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>1,196</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 128,015</B>&nbsp;
	</TD>
</TR>
</TABLE>
<P align="justify">
Immediately following the acquisition, the Company repaid the entire amount of
bank indebtedness assumed at the date of acquisition.</P>
<P align="justify">
Goodwill recorded in connection with this acquisition is not deductible for tax
purposes.</P>

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<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
65&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
<P align="left">
<font size="4">3 &#150; BUSINESS ACQUISITIONS (CONTINUED)</font></P>
<P align="left">
<B>Kentucky Derby Hosiery Co., Inc.</B></P>
<P align="justify">
Effective July 6, 2006, the Company acquired 100% of the common shares of
Kentucky Derby Hosiery Co., Inc. (Kentucky Derby), a U.S. hosiery manufacturer
with corporate headquarters in Hopkinsville, Kentucky. The total purchase price
of $20,371, including transaction costs, was paid in cash, except for $460 which
was settled through the issuance of common shares of the Company. The purpose of
the acquisition was to enhance and accelerate the Company's strategy to enter
the North American mass-market retail channel as a supplier of socks, underwear
and activewear.</P>
<P align="justify">
The Company accounted for this acquisition using the purchase method and the
results of Kentucky Derby have been consolidated with those of the Company from
the date of acquisition.</P>
<P align="justify">
The following table summarizes the estimated fair value of the assets acquired
and liabilities assumed at the date of acquisition:</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Assets acquired:&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Accounts receivable&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 15,081&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Income taxes receivable&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">775&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Inventory&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">30,357&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Prepaid expenses&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">1,458&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Property, plant and equipment&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">6,993&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Customer contracts and customer relationships&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">9,866&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">64,530&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Liabilities assumed:&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Bank indebtedness&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">(17,350)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Accounts payable and accrued liabilities&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">(16,734)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Long-term debt&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">(10,075)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">(44,159)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
Net assets acquired&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 20,371&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3 valign="bottom" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Consideration:&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Cash&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 19,000&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;20,000 common shares&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">460&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Transaction costs&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 14">911&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="15%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 20,371&nbsp;
	</TD>
</TR>
</TABLE>
<P align="justify">
Immediately following the acquisition, the Company repaid the entire amount of
bank indebtedness and $3,987 of long-term debt.</P>
<P align="justify">
The value of the shares issued as consideration for the business acquisition was
$23.00 per share, which was determined using the Company's average closing share
price on the New York Stock Exchange over a reasonable period before and after
the date on which the terms of the purchase consideration were agreed to and
announced.</P>
<P align="justify">
Included in the purchase price allocation was an accrual of $1,500 for estimated
costs, which includes severance and other employee related costs for the
restructuring and integration of the operations of Kentucky Derby. During fiscal
2008, $725 (2007 &#150; $775) was paid relating to severance and other employee
related costs. As at October 5, 2008, the balance of nil (2007 &#150; $725) is
included in Accounts payable and accrued liabilities.</P>

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<A name="page_17"></A>

<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
66&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>

<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width=69% nowrap colspan=3>
<font size="5" color="#939598">4 &#150; PROPERTY, PLANT AND EQUIPMENT</font><font size="5">&nbsp;
</font>
	</TD>
	<TD width="1%">
&nbsp;	</TD>
	<TD align=left width="12%" nowrap>
&nbsp;
	</TD>
	<TD width="1%">
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>2008</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>Accumulated</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>Net book</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>Cost</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>depreciation</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>value</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
 &nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width="12%" nowrap bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width="12%" nowrap bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width=12% nowrap bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 &nbsp;Land&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">
<B>$ 19,110</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">
<B>$ &#150;</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width=12% nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">
<B>$ 19,110</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp;Buildings and improvements&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>151,989</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>35,066</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>116,923</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 &nbsp;Equipment&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">
<B>420,893</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">
<B>141,960</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">
<B>278,933</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
 &nbsp;Assets not in service&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>21,550</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>&#150;</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>21,550</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 613,542</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 177,026</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 436,516</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium">
&nbsp;</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium">
&nbsp;</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium">
&nbsp;</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>2007</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>Accumulated</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>Net book</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>Cost</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>depreciation</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>value</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
 &nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 &nbsp;Land&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">$ 22,951&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">$ &#150;&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">$ 22,951&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp;Buildings and improvements&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">125,916&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">22,503&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">103,413&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 &nbsp;Equipment&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">315,841&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">103,218&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">212,623&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
 &nbsp;Assets not in service&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">38,630&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">&#150;&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">38,630&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 503,338&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 125,721&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 377,617&nbsp;
	</TD>
</TR>
</TABLE>
<P align="justify">
Assets not in service include expenditures incurred to-date for plant expansions
which are still in process and equipment not yet in service as at the balance
sheet date.</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111" height="132">
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<font size="5" color="#939598">5 &#150; INTANGIBLE ASSETS</font><font size="5">&nbsp;
</font>
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 14">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 14">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>2008</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">
<B>2007</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Customer contracts and customer relationships (note 3)&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 63,526</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 9,866&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Reversal of valuation allowance on acquired future tax assets&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>&#150;</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">(7,340)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
 &nbsp;Accumulated amortization&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>(3,572)</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">(502)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 59,954</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 2,024&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;</TD>
</TR>
</TABLE>
<P align="justify">
In the fourth quarter of fiscal 2007, the Company determined that it was more
likely than not that it would be able to realize the future income tax assets
with respect to its wholly-owned subsidiary, Kentucky Derby, which were not
originally recognized at the date of acquisition. In accordance with generally
accepted accounting principles, this benefit was recorded as a reduction of the
unamortized intangible asset related to this acquisition.</P>

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<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
67&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>

<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;">
<font size="5" color="#939598">6 &#150; OTHER ASSETS</font><font size="5">&nbsp;
</font>
	</TD>
	<TD style="border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width=12% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>2008</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>2007</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Long-term prepaid expenses and other&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 5,461</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 5,482&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Plant start-up costs, net of accumulated amortization of $3,400 (2007 &#150;
 $1,603)&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>790</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">2,548&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Long-term receivable&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>1,748</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">2,251&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Restricted cash related to the acquisition of Prewett (note 3)&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>10,000</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&#150;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Deferred corporate transaction costs in connection with the acquisition of
 Prewett (note 3)&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">1,070&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
 &nbsp;Deposits&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>68</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">75&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 18,067</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 11,426&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
</TABLE>
<P align="left">
<FONT color="#939598" size="5">7 &#150; REVOLVING LINE OF CREDIT</FONT></P>
<P align="justify">
The Company's joint venture, CanAm, has a revolving line of credit in the amount
of $4,000. The borrowings are due on demand and bear interest at 30-day LIBOR
plus 2.0% (4.49% at October 5, 2008; 7.12% at September 30, 2007). The line of
credit is secured by a first ranking security interest on the assets of the
joint venture. There were no amounts drawn under the line of credit at October
5, 2008 (2007 &#150; nil).</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width="72%" style="border-bottom:medium none #000000;">
<font size="5" color="#939598">8 &#150; LONG-TERM DEBT</font><font size="5">&nbsp;
</font>
	</TD>
	<TD width="2%" style="border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" style="border-bottom:medium none #000000;">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" style="border-bottom:medium none #000000;">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width="12%" style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width="12%" style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>2008</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>2007</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
 &nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 &nbsp;<B>Secured:</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Term loan, repayable in monthly instalments, bearing
 interest at 30-day LIBOR plus 2.50%&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;(4.99% at October 5,
 2008; 7.62% at September 30, 2007) maturing in September 2012;&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;secured by assets (b)&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 4,889</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 6,659&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 &nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 &nbsp;&nbsp;&nbsp; &nbsp;Term loan, repayable in monthly instalments, bearing
 interest at a fixed rate of&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, maturing in
 December 2008; secured by equipment (b)&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>60</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">407&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Municipal bonds, repayable in annual instalments, bearing
 interest at variable rates&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;(2.60% at October 5,
 2008; 4.15% at September 30, 2007) maturing in January 2010;&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;secured by building and
 equipment (c)&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>1,429</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">2,144&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 &nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 &nbsp;&nbsp;&nbsp; &nbsp;Notes payable to bank due in monthly instalments, bearing
 interest at fixed rates ranging&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;from 4.69% to 5.29%,
 maturing from February to June 2009; secured by equipment (c)&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>208</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">974&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Note payable to bank due in monthly instalments, bearing
 interest at fixed rate of 4.84%,&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;maturing in October
 2009; secured by equipment (c)&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>210</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">438&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>6,796</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">10,622&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Current portion of secured debt&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>2,827</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">3,652&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 3,969</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 6,970&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=right width="12%" style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=right width="12%" style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;</TD>
</TR>
</TABLE><BR>

<hr style="page-break-after: always" align="center" width="100%" color="black" noShade SIZE="5">



<!--$$/page=-->
<A name="page_19"></A>

<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
68&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>

<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<font size="4">8 &#150; LONG-TERM DEBT (CONTINUED)&nbsp; </font>
	</TD>
	<TD style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>2008</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>2007</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width=12% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Unsecured:&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width=12% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Revolving term credit facility (a)&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 45,000</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 49,000&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 &nbsp;&nbsp;&nbsp; &nbsp;Term loans, bearing interest at rates up to 5% per annum,
 maturing&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p align="left">&nbsp;&nbsp;&nbsp;&nbsp;
at various dates through 2010&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>1,208</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">38&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>46,208</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">49,038&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Current portion of unsecured debt&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>729</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">37&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>45,479</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">49,001&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Total secured and unsecured long-term debt&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 49,448</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 55,971&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR>
	<TD nowrap valign=top width="5%">
<B>(a)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
The Company has a committed revolving term credit facility for a maximum of
$400,000, which matures in June 2013. The facility is unsecured. As at October
5, 2008, $45,000 (2007 &#150; $49,000) was drawn under this facility bearing a
combined effective interest rate of 4.75% (2007 &#150; 6.16%). In addition, an amount
of $3,550 has been committed against this facility to cover various letters of
credit as described in note 13.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<B>(b)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
These term loans have been entered into by CanAm, the Company's joint venture
with Frontier Spinning Mills, Inc.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD width=100% align="justify" style="text-align: justify">
The property, plant and equipment of CanAm serve as collateral for the long-term
borrowings of CanAm. Other creditors of CanAm do not have any recourse to the
general credit of the Company.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<B>(c)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
As a result of the acquisition of Kentucky Derby, described in note 3, the
Company assumed the obligations entered into by Kentucky Derby. The property,
plant and equipment of Kentucky Derby serve as collateral for the long-term
borrowings of Kentucky Derby.
Other creditors of Kentucky Derby do not have any recourse to the general credit
of the Company.	</TD>
</TR>
</TABLE>
<P align="left">
Under various financing arrangements with its bankers and other long-term
lenders, the Company is required to meet certain financial covenants. The
Company was in compliance with all of these financial covenants as at October 5,
2008 and September 30, 2007.</P>
<P align="left">
Principal payments due on long-term debt are as follows:</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>Fiscal year</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
2009&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>$ 3,556</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
2010&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>2,776</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
2011&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>1,672</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
2012&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
2013&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<B>45,000</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<B>$ 53,004</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
&nbsp;</TD>
</TR>
</TABLE><BR>

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<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
69&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
<P align="left">
<FONT color="#939598" size="5">9 &#150; SHAREHOLDERS' EQUITY</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR>
	<TD nowrap valign=top align="justify" width="5%">
<B>(a)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
The Company has a shareholder rights plan which provides the Board of Directors
and the shareholders with additional time to assess any unsolicited take-over
bid for the Company and, where appropriate, pursue other alternatives for
maximizing shareholder value.	</TD>
</TR>
<TR><TD colspan=2 align="justify">&nbsp;</TD></TR><TR>
	<TD nowrap valign=top align="justify">
<B>(b)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
On May 2, 2007, the Board of Directors of the Company declared a two-for-one
stock split, effected in the form of a stock dividend, applicable to all of its
issued and outstanding common shares, to shareholders of record on May 18, 2007.
All share and per share data in these consolidated financial statements reflect
the effect of the stock split on a retroactive basis.	</TD>
</TR>
<TR><TD colspan=2 align="justify">&nbsp;</TD></TR><TR>
	<TD nowrap valign=top align="justify">
<B>(c)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
<B>Accumulated other comprehensive income:</B>	</TD>
</TR>
<TR><TD colspan=2 align="justify">&nbsp;</TD></TR><TR>
<TD align="justify">&nbsp;</TD>
<TD width=100% align="justify" style="text-align: justify">
At the commencement of fiscal 2004, the Company adopted the US dollar as its
functional and reporting currency.
The change in the functional currency for the prior periods resulted in a
currency translation adjustment of $26,248, which is reflected in Accumulated
other comprehensive income.	</TD>
</TR>
<TR><TD colspan=2 align="justify">&nbsp;</TD></TR><TR>
	<TD nowrap valign=top align="justify">
<B>(d)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
<B>Share capital:</B>	</TD>
</TR>
<TR><TD colspan=2 align="justify">&nbsp;</TD></TR><TR>
<TD align="justify">&nbsp;</TD>
<TD width=100% align="justify" style="text-align: justify">
Authorized:	</TD>
</TR>
</TABLE>
<P align="justify" style="margin-left: 10%">
First preferred shares, without limit as to number and without par value,
issuable in series and non-voting. Second preferred shares, without limit as to
number and without par value, issuable in series and non-voting. As at October
5, 2008 and September 30, 2007 none of the first and second preferred shares
were issued. Common shares authorized without limit as to number and without par
value.</P>
<P align="justify" style="margin-left: 5%">
Issued:</P>
<P align="justify" style="margin-left: 10%">
As at October 5, 2008, there were 120,536,501 (2007 &#150; 120,419,461) common shares
issued and outstanding.</P>
<P align="justify">
<FONT color="#939598" size="5">10 &#150; STOCK-BASED COMPENSATION</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR>
	<TD nowrap valign=top>
<p align="justify">
<B>(a)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% style="text-align: justify">
<p align="justify">
<B>Employee share purchase plans:</B>	</TD>
</TR>
<TR><TD colspan=2>
  <p align="justify">&nbsp;</TD></TR><TR>
<TD width="5%">
<p align="justify">&nbsp;</TD>	<TD width=100% style="text-align: justify">
<p align="justify">The Company has employee share purchase plans which allow
eligible employees to authorize payroll deductions of up to 10% of their salary
to purchase, from Treasury, common shares of the Company at a price of 90% of
the then current stock price as defined in the plans. Shares purchased under the
plans prior to January 1, 2008 must be held for a minimum of one year. Employees
purchasing shares under the plans subsequent to January 1, 2008 must hold the
shares for a minimum of two years. The Company has reserved 2,800,000 common
shares for issuance under the plans. As at October 5, 2008, a total of 161,746
(2007 &#150; 140,433) shares were issued under these plans. Included as compensation
costs in Selling, general and administrative expenses is $72 (2007 &#150; $53; 2006 &#150;
$36) relating to the employee share purchase plans.	</TD>
</TR>
<TR><TD colspan=2>
  <p align="justify">&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<p align="justify">
<B>(b)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% style="text-align: justify">
<p align="justify">
<B>Stock options and restricted share units:</B>	</TD>
</TR>
<TR><TD colspan=2>
  <p align="justify">&nbsp;</TD></TR><TR>
<TD>
<p align="justify">&nbsp;</TD>	<TD width=100% style="text-align: justify">
<p align="justify">The Company's Long Term Incentive Plan (the LTIP) includes
stock options and restricted share units. The LTIP allows the Board of Directors
to grant stock options, dilutive restricted share units (Treasury RSUs) and
non-dilutive restricted share units (non-Treasury RSUs) to officers and other
key employees of the Company and its subsidiaries. On February 2, 2006, the
shareholders of the Company approved an amendment to the LTIP to fix at
6,000,316 the number of common shares that are issuable pursuant to the exercise
of stock options and the vesting of Treasury RSUs. As at October 5, 2008,
3,684,740 common shares remained authorized for future issuance under this plan.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD align="justify">&nbsp;</TD>
<TD width=100% align="justify" style="text-align: justify">
The exercise price payable for each common share covered by a stock option is
determined by the Board of Directors at the date of the grant, but may not be
less than the closing price of the common shares of the Company on the trading
day immediately preceding the effective date of the grant. Stock options vest
equally beginning on and after the second, third, fourth and fifth anniversary
of the grant date and expire no more than ten years after the date of the grant.	</TD>
</TR>
<TR><TD colspan=2 align="justify">&nbsp;</TD></TR></TABLE>

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<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
70&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>

<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width="99%" nowrap height="15">
<font size="4">10 &#150; STOCK-BASED COMPENSATION (CONTINUED)</font></TD>
</TR>
</TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR>
	<TD nowrap valign=top width="5%">
&nbsp;</TD>
	<TD width=100%>
&nbsp;</TD>
</TR>
<TR>
	<TD nowrap valign=top width="5%">
<p align="justify">
<B>(b)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100%>
<p align="justify">
<B>Stock options and restricted share units (continued):</B>	</TD>
</TR>
<TR><TD colspan=2>
  <p align="justify">&nbsp;</TD></TR></TABLE>

<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=center width="99%" nowrap height="15">
<p align="justify" style="margin-left: 5%">Changes in outstanding stock options were as follows:&nbsp;
<br>
&nbsp;</TD>
</TR>
</TABLE>
<div align="right">

<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="95%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>Weighted average</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>Number</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>exercise price</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>(in Canadian dollars)</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 <p style="margin-right: 14">Options outstanding,
 October 1, 2006&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>855,590</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 6.35</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 <p style="margin-right: 14">Granted&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>180,632</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>27.28</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 <p style="margin-right: 14">Exercised&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>(149,034)</B></TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>5.54</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 <p style="margin-right: 14">Forfeited&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
 <p style="margin-right: 10">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>(34,630)</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>27.25</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 <p style="margin-right: 14">Options outstanding,
 September 30, 2007&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>852,558</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>10.08</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 <p style="margin-right: 14">Granted&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>127,773</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>39.37</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 <p style="margin-right: 14">Exercised&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
 <p style="margin-right: 10">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>(81,356)</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>5.32</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
 <p style="margin-right: 14">Forfeited&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
 <p style="margin-right: 10">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>(21,337)</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>32.85</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
 <p style="margin-right: 14">Options outstanding,
 October 5, 2008&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>877,638</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 14.23</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
&nbsp;</TD>
</TR>
</TABLE>
</div>
<P align="justify" style="margin-left: 5%">
The weighted average fair value of each option granted in fiscal 2008 was
estimated on the date of grant using the Black-Scholes pricing model with the
following weighted average assumptions:</P>
<div align="right">
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="95%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width="78%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Risk-free interest rate&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>4.17%</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="78%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Expected volatility&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>30.73%</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="78%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Expected life&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>4.68 years</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="78%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Expected dividend yield&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>&#150;</B>&nbsp;
	</TD>
</TR>
</TABLE>
</div>
<P align="justify" style="margin-left: 5%">
The grant date weighted average fair value of options granted in fiscal 2008 was
CA$13.03.</P>
<P align="justify" style="margin-left: 5%">
The following table summarizes information about stock options outstanding and
exercisable at October 5, 2008:</P>
<div align="right">
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="95%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>Options outstanding</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>Options exercisable</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="15%" nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="15%" nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="15%" nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width="15%" nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="15%" nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="15%" nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="15%" nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="15%" nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="15%" nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="15%" nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">
<B>Weighted</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="15%" nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="15%" nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="15%" nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">
<B>Weighted average</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">
<B>average remaining</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">
<B>Weighted average</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<B>Range of exercise prices</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>Number</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>exercise price</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>contractual life (yrs)</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>Number</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>exercise price</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<B>(in Canadian dollars)</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>(in Canadian dollars)</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>(in Canadian dollars)</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
$1.44 &#150;&nbsp; $2.44</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>51,576</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 2.43</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>0.57</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>51,576</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 2.43</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
$5.00 &#150;&nbsp;
$5.39&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>64,504</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>5.24</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>3.08</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>64,504</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>5.24</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
$6.06 &#150;&nbsp;
$6.88&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>300,778</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>6.34</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>1.98</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>300,778</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>6.34</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
$8.50 &#150;&nbsp;
$8.70&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>208,338</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>8.64</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>2.37</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>208,338</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>8.64</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
$27.17 &#150; $39.39&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>252,442</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>32.94</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>5.46</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>31,946</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>27.17</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>877,638</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 14.23</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>657,142</B>&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 7.67</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
</TABLE>
</div>
<BR>

<hr style="page-break-after: always" align="center" width="100%" color="black" noShade SIZE="5">



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<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
71&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
<P align="left">
<font size="4">10 &#150; STOCK-BASED COMPENSATION (CONTINUED)</font></P>
<P align="left">
<B>(b) </B></P>
<P align="left" style="margin-left: 5%; margin-top: -25.5pt">
<B>Stock options and restricted share units (continued):</B></P>
<P align="justify" style="margin-left: 5%">
A Treasury RSU represents the right of an individual to receive one common share
on the vesting date without any monetary consideration being paid to the
Company. With the exception of a special, one-time award, which vests at the end
of an eight-year period, all other Treasury RSUs awarded to date vest at the end
of a five-year vesting period. The vesting of 50% of the Treasury RSUs are
dependent upon the fiscal performance of the Company relative to a benchmark
group of Canadian publicly listed companies. Compensation expense relating to
the Treasury RSUs is recognized in the financial statements over the vesting
period based on the fair value of the Treasury RSUs on the date of the grant and
estimates relating to forfeitures and the probability of the performance
objectives being met. The fair value of the Treasury RSUs granted is equal to
the market price of the common shares of the Company at the time of grant.</P>
<div align="right">
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="95%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-style: none; border-width: medium">
Changes in outstanding Treasury RSUs were as follows:&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=left width="12%" nowrap style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>Weighted average</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>Number</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>fair value per unit</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Treasury RSUs outstanding, October 1, 2006&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>833,000</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 12.00</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Granted&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>240,000</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>27.70</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Settled through the issuance of common shares&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
 <p style="margin-right: 10">&nbsp;<B>(26,917)</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>8.39</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Forfeited&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>(104,768)</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>11.74</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;Treasury RSUs outstanding, September 30, 2007&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>941,315</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>16.13</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Granted&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>132,500</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>29.35</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Settled through the issuance of common shares&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
 <p style="margin-right: 10">&nbsp;<B>(14,779)</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>12.87</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
 &nbsp;Forfeited&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
 <p style="margin-right: 10">&nbsp;<B>(80,536)</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>22.69</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
 &nbsp;Treasury RSUs outstanding, October 5, 2008&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>978,500</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 17.43</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;</TD>
</TR>
</TABLE>
</div>
<P align="justify" style="margin-left: 5%">
As of October 5, 2008, none of the outstanding Treasury RSUs were vested. The
compensation expense included in Selling, general and administrative expenses
and Cost of sales, in respect of the options and Treasury RSUs, was $2,965 (2007
&#150; $1,814; 2006 &#150; $908). The counterpart has been recorded as contributed
surplus. When the shares are issued to the employees, the amounts previously
credited to contributed surplus are transferred to share capital.</P>
<P align="left" style="margin-left: 5%">
Changes in outstanding non-Treasury RSUs were as follows:</P>
<div align="right">
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="95%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="18" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>Number</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
Non-Treasury RSUs outstanding, October 1, 2006&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" height="16" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>&#150;</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Granted&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="16" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>69,628</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Settled&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="16" bgcolor="#99D8F1">
<B>(88)</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Forfeited&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="18" bgcolor="#99D8F1">
<B>(13,264)</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
Non-Treasury RSUs outstanding, September 30, 2007&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" height="16" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>56,276</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Granted&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="16" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>50,131</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Settled&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" height="16" bgcolor="#99D8F1">
<B>(1,039)</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
Forfeited&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" height="18" bgcolor="#99D8F1">
<B>(6,494)</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
Non-Treasury RSUs outstanding, October 5, 2008&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" height="1" bgcolor="#99D8F1">
<p style="margin-right: 4">
<B>98,874</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" height="1" bgcolor="#99D8F1">
&nbsp;</TD>
</TR>
</TABLE>
</div>
<BR>

<hr style="page-break-after: always" align="center" width="100%" color="black" noShade SIZE="5">



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<A name="page_23"></A>

<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
72&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
<P align="left">
<font size="4">10 &#150; STOCK-BASED COMPENSATION (CONTINUED)</font></P>
<P align="left">
<B>(b) </B></P>
<P align="left" style="margin-left: 5%; margin-top: -25.5pt">
<B>Stock options and restricted share units (continued):</B></P>
<P align="justify" style="margin-left: 5%">
Non-Treasury RSUs have the same features as Treasury RSUs, except that their
vesting period is a maximum of three years and they will be settled in cash at
the end of the vesting period. The settlement amount is based on the Company's
stock price at the vesting date. As of October 5, 2008, the weighted average
fair value per non-Treasury RSU was CA$21.73. No common shares are issued from
treasury under such awards and they are, therefore, non-dilutive. As of October
5, 2008, none of the outstanding non-Treasury RSUs were vested.</P>
<P align="justify" style="margin-left: 5%">
The compensation expense included in Selling, general and administrative
expenses and Cost of sales, in respect of the non-Treasury RSUs, was $338 (2007
&#150; $440; 2006 &#150; nil). The total obligation under this plan as at October 5, 2008
is $774 (2007 &#150; $510) and is recorded in Accounts payable and accrued
liabilities.</P>
<P align="justify">
<FONT color="#939598" size="5">11 &#150; DEFERRED SHARE UNIT PLAN</FONT></P>
<P align="justify">
The Company has a deferred share unit plan for independent members of the
Company's Board of Directors who must receive $40 of their annual board
retainers in the form of deferred share units (DSUs). The value of these DSUs is
the market price of the Company's common shares at the time of payment of the
retainers or fees. DSUs granted under the plan will be redeemable and the value
thereof payable in cash only after the director ceases to act as a director of
the Company. As at October 5, 2008, there were 19,499 (2007 &#150; 11,504) DSUs
outstanding at a value of $424 (2007 &#150; $453). This amount is included in
Accounts payable and accrued liabilities. The DSU obligation is adjusted each
quarter based on the market value of the Company's common shares. The Company
includes the cost of the DSU plan in Selling, general and administrative
expenses.</P>
<P align="left">
Changes in outstanding DSUs were as follows:</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
DSUs outstanding, October 1, 2006&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>3,982</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Granted&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>7,522</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
DSUs outstanding, September 30, 2007&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>11,504</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Granted&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>7,995</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
DSUs outstanding, October 5, 2008&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>19,499</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
</TABLE>
<P align="left">
<FONT color="#939598" size="5">12 &#150; COMMITMENTS AND CONTINGENT LIABILITIES</FONT></P>
<P align="left">
<B>(a) </B>The minimum annual lease payments under operating leases for
premises, equipment and aircraft are approximately as follows:</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>Fiscal year</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
2009&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">$ 8,793&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
2010&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">7,337&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
2011&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">6,635&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
2012&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">4,991&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
2013&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">4,397&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
Thereafter&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">14,588&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">$ 46,741&nbsp;
	</TD>
</TR>
</TABLE><BR>

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<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
73&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE><font color="#808080"><BR>
</font><font size="4">12 &#150; COMMITMENTS AND CONTINGENT LIABILITIES (CONTINUED)</font><TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR>
	<TD nowrap valign=top width="5%">
&nbsp;</TD>
	<TD width=100% align="justify" style="text-align: justify">
&nbsp;</TD>
</TR>
<TR>
	<TD nowrap valign=top width="5%">
<B>(b)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
As at October 5, 2008, there were contractual obligations outstanding of
approximately $14,141 for the acquisition of property, plant and equipment (2007
&#150; $40,507).	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<B>(c)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
The Company and certain of its senior officers have been named as defendants in
a number of proposed class action lawsuits filed in the United States District
Court for the Southern District of New York. These U.S. lawsuits have been
consolidated, and a consolidated amended complaint has been filed. A proposed
class action has also been filed in the Ontario Superior Court of Justice and a
petition for authorization to commence a class action has been filed in the
Quebec Superior Court. Each of these U.S. and Canadian lawsuits, which have yet
to be certified as a class action by the respective courts at this stage, seek
to represent a class comprised of persons who acquired the Company's common
shares between August 2, 2007 and April 29, 2008 and allege, among other things,
that the defendants misrepresented the Company's financial condition and its
financial prospects in its financial guidance concerning the 2008 fiscal year,
which was subsequently revised on April 29, 2008. The U.S. lawsuits are based on
United States federal securities laws. In addition to pursuing common law
claims, the Ontario action proposes to seek leave from the Ontario court to also
bring statutory misrepresentation civil liability claims under Ontario's
Securities Act. The Company strongly contests the basis upon which these actions
are predicated and intends to vigorously defend its position. However, due to
the inherent uncertainties of litigation, it is not possible to predict the
final outcome of these lawsuits or determine the amount of any potential losses,
if any. No provision for contingent loss has been recorded in the consolidated
financial statements.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<B>(d)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
The Company is a party to other claims and litigation arising in the normal
course of operations. The Company does not expect the resolution of these
matters to have a materially adverse effect on the financial position or results
of operations of the Company.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="left">
<FONT color="#939598" size="5">13 &#150; GUARANTEES</FONT></P>
<P align="justify">
The Company, and some of its subsidiaries, have granted corporate guarantees,
irrevocable standby letters of credit and surety bonds to third parties to
indemnify them in the event the Company and some of its subsidiaries do not
perform their contractual obligations. As at October 5, 2008, the maximum
potential liability under these guarantees was $14,100, of which $4,500 was for
surety bonds and $9,600 was for corporate guarantees and standby letters of
credit. The standby letters of credit mature at various dates in fiscal 2009,
the surety bonds are automatically renewed on an annual basis and the corporate
guarantees mature at various dates up to fiscal 2010.</P>
<P align="justify">
As at October 5, 2008, the Company has recorded no liability with respect to
these guarantees, as the Company does not expect to make any payments for the
aforementioned items. Management has determined that the fair value of the
non-contingent obligations requiring performance under the guarantees in the
event that specified triggering events or conditions occur approximates the cost
of obtaining the standby letters of credit and surety bonds.</P>

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<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
74&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
<P align="left">
<FONT color="#939598" size="5">14 &#150; INCOME TAXES</FONT></P>
<P align="justify">
The income tax provision differs from the amount computed by applying the
combined Canadian federal and provincial tax rates to earnings before income
taxes. The reasons for the difference and the related tax effects are as
follows:</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>2008</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>2007</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>2006</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Combined basic Canadian federal and provincial income taxes&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 56,114</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">$ 40,291&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">$ 35,459&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Increase (decrease) in income taxes resulting from:&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Effect of different tax rates on earnings of
 foreign subsidiaries&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>(51,292)</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">(38,288)&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">(33,664)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Effect of income tax charge (recovery)&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>26,906</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">(7,601)&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&#150;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Effect of non-deductible expenses and other&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>2,672</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 14">783&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 14">2,987&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 34,400</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">$ (4,815)&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 14">$ 4,782&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
&nbsp;</TD>
</TR>
</TABLE>
<P align="justify">
The Canada Revenue Agency (CRA) has been conducting an audit of the Company'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'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'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'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 $26,906
and a reclassification of $17,290 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="justify">
For fiscal 2007, the income tax recovery of $7,601 relates to previously
unrecognized tax positions of a prior taxation year.</P>
<P align="left">
The components of income tax expense (recovery) are as follows:</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>2008</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>2007</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>2006</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
Current income taxes&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 50,285</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">$ 4,104&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">$ 3,018&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
Future income taxes&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>(15,885)</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">(8,919)&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 14">1,764&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 34,400</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">$ (4,815)&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 14">$ 4,782&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
&nbsp;</TD>
</TR>
</TABLE>
<P align="justify">
The Company has not recognized a future income tax liability for the
undistributed earnings of its subsidiaries in the current or prior years because
the Company currently does not expect to sell those investments, and for those
undistributed earnings that would become taxable, there is no intention to
repatriate the earnings.</P>

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<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
75&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>

<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap>
<font size="4">14 &#150; INCOME TAXES (CONTINUED)&nbsp; </font>
	</TD>
	<TD align=left width="14%" nowrap>
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD width="2%">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width="12%" nowrap>
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;</TD>
	<TD align=left width="14%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p align="justify">Significant components of the Company's future income tax assets and liabilities
are as follows:&nbsp;
	</TD>
	<TD align=left width="14%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 4">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
<p style="margin-right: 4">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 4">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;</TD>
	<TD align=right width="14%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 4">&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" width="2%">
<p style="margin-right: 4">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 4">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD align=right width="14%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>2008</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" width="2%">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">
<B>2007</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;Future income tax assets (liabilities):&nbsp;
	</TD>
	<TD align=left width="14%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Non-capital losses and research and development expenses&nbsp;
	</TD>
	<TD align=right width="14%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 9,442</B></TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 11,872&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Reserves and accruals&nbsp;
	</TD>
	<TD align=right width="14%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>5,690</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">2,263&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Other&nbsp;
	</TD>
	<TD align=right width="14%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>1,910</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">321&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD align=right width="14%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>17,042</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">14,456&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Valuation allowance&nbsp;
	</TD>
	<TD align=right width="14%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>(907)</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">(907)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD align=right width="14%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>16,135</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">13,549&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Property, plant and equipment, intangible assets, and other&nbsp;
	</TD>
	<TD align=right width="14%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>(34,183)</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">(24,612)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;Net future income tax liability&nbsp;
	</TD>
	<TD align=right width="14%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ (18,048)</B></TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ (11,063)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD align=left width="14%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Presented as:&nbsp;
	</TD>
	<TD align=left width="14%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Current assets&nbsp;
	</TD>
	<TD align=right width="14%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ &#150;</B></TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 2,610&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Long-term assets&nbsp;
	</TD>
	<TD align=right width="14%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>9,283</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">10,939&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Long-term liabilities&nbsp;
	</TD>
	<TD align=right width="14%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>(27,331)</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">(24,612)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD align=right width="14%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ (18,048)</B></TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="2%">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ (11,063)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD align=right width="14%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" width="2%">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;</TD>
</TR>
</TABLE>
<P align="justify">
In fiscal 2006, the Company recorded a valuation allowance of $7,340, due to the
uncertainty of recognizing the tax benefits of unused tax losses and deductible
temporary differences arising from the acquisition of Kentucky Derby. During
fiscal 2007, the Company concluded that these tax benefits were more likely than
not to be realized. Accordingly, the valuation allowance was reversed and
applied to reduce the unamortized portion of the intangible assets relating to
the Kentucky Derby acquisition, as indicated in note 5 to the consolidated
financial statements.</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=center nowrap style="border-style: none; border-width: medium" width="58%">
<p align="left">
<font size="5" color="#939598">15 &#150; EARNINGS PER SHARE</font><font size="5">&nbsp;
</font>
	</TD>
	<TD style="border-style: none; border-width: medium" width="2%">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" width="12%">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" width="2%">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" width="12%">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" width="2%">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" width="12%">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="58%">
&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" width="2%">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" width="2%">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" width="2%">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="58%">
A reconciliation between basic and diluted earnings per share is as follows:&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" width="2%">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" width="2%">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" width="2%">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>2008</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>2007</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>2006</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;Basic earnings per share:&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Basic weighted average number of common shares outstanding&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>120,479,288</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">120,339,830&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">120,103,366&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Basic earnings per share&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 1.20</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 1.08&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 0.89&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Diluted earnings per share:&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Basic weighted average number of common shares outstanding&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>120,479,288</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">120,339,830&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">120,103,366&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Plus impact of stock options and Treasury RSUs&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>1,142,449</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">1,198,482&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">1,148,402&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Diluted weighted average number of common shares
 outstanding&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>121,621,737</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">121,538,312&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">121,251,768&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;Diluted earnings per share&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 1.19</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 1.07&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 0.88&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
</TABLE>
<P align="justify">
All stock options and Treasury RSUs outstanding for fiscal 2007 and 2006 were
dilutive. Excluded from the above calculation for the year ended October 5, 2008
are 125,208 stock options and 25,575 Treasury RSUs, which were deemed to be
anti-dilutive.</P>

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<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
76&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>

<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap colspan=7 style="border-style: none; border-width: medium">
<font size="5" color="#939598">16 &#150; RESTRUCTURING, OTHER CHARGES AND ASSETS HELD FOR SALE</font>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7 style="border-style: none; border-width: medium">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=2 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p align="justify">The following table summarizes the components of restructuring and other
charges:&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7 style="border-style: none; border-width: medium">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>2008</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">
<B>2007</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">
<B>2006</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Severance (a) (b) (c)&nbsp;
	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 400</B></TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 13,619&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 2,141&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 &nbsp;Accelerated depreciation (a)&nbsp;
	</TD>
	<TD align=left width="2%" nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">
<B>&#150;</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">3,493&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&#150;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 &nbsp;Impairment loss and write-down of property, plant and equipment and&nbsp;
	</TD>
	<TD align=left width="2%" nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD align=left width="12%" nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;assets held for sale (a) (b) (c)&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>2,700</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">3,560&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">15,149&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Net gain on disposal of assets held for sale (d)&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>(526)</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">(1,530)&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&#150;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Other exit costs (e)&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>3,470</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">8,870&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">1,640&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;(Credit) charge to comply with employment contract (f)&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>(555)</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">1,456&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; " bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; " bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; " bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 5,489</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-bottom-style:solid; border-bottom-width:1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; " bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 28,012&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-bottom-style:solid; border-bottom-width:1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; " bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 20,386&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; " bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; " bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; " bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-bottom-style:none; border-bottom-width:medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; " bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-bottom-style:none; border-bottom-width:medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; " bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR>
	<TD nowrap valign=top width="5%">
<B>(a)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
In the fourth quarter of fiscal 2006, the Company announced a restructuring of
its Canadian manufacturing operations, involving the closure of its textile
manufacturing facility in Valleyfield, Quebec and the downsizing of its
Montreal, Quebec, knitting facility.
The Company also announced the relocation and consolidation of its U.S. retail
distribution centres, the closure of its Canadian distribution centre in
Montreal, Quebec, and the closure and downsizing of the sock manufacturing
capacity located in North Carolina and Virginia. In fiscal 2006, the Company
recorded severance charges of $2,141 relating to this restructuring. In
addition, the Company recorded an impairment loss of $15,149 on all Canadian
textile and related manufacturing assets, and reduced its estimate of the
remaining economic lives of these assets. The effect of this change in estimate,
amounting to $3,493 for fiscal 2007, has been classified as accelerated
depreciation and included in Restructuring and other charges.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<B>(b)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
In fiscal 2007, the Company announced plans to close its two remaining textile
facilities in Montreal, Quebec, and its cutting facility in Bombay, N.Y. In
addition, the Company closed two sewing facilities in Mexico, which had been
supplied with fabric from the Company's Canadian textile operations. The Company
recorded severance costs of $13,619 relating to these plant closures.
Concurrent with the restructuring of the Canadian textile operations, the
Company also announced plans to relocate its corporate office, which was located
in the same facility as its Montreal knitting operations, into leased premises
in the Montreal area, and recorded a $3,560 impairment loss in fiscal 2007
relating to this facility. In fiscal 2008, the Company recorded a $1,000
write-down on these assets held for sale located in Canada.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<B>(c)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
In the third quarter of fiscal 2008, the Company recorded restructuring charges
of $2,100 related to the planned consolidation of its Haiti sewing operations
which is expected to be finalized in the first half of fiscal 2009. These
restructuring charges include an impairment loss on property, plant and
equipment of $1,700 and severance costs of $400.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<B>(d)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
The Company sold some of the assets held for sale at the locations in connection
with the closures noted above and recorded a net gain of $526 and $1,530 in
fiscal 2008 and 2007, respectively.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<B>(e)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% align="justify" style="text-align: justify">
Other exit costs of $3,470 for fiscal 2008, $8,870 for fiscal 2007 and $1,640
for fiscal 2006 relate primarily to exit costs incurred in connection with the
closures noted above, including carrying and dismantling costs associated with
assets held for sale. The Company expects to incur additional carrying costs
relating to assets held for sale, which will be accounted for as restructuring
charges as incurred during fiscal 2009, until all assets related to the closures
are disposed of.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>

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<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
77&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
<P align="left">
<font size="4">16 &#150; RESTRUCTURING, OTHER CHARGES AND ASSETS HELD FOR SALE
(CONTINUED)</font></P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt;">
<TR>
	<TD nowrap valign=top width="5%">
<B>(f)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100% style="text-align: justify">
<p align="justify">During fiscal 2004, the Company expensed $4,614 ($3,184 after
tax) representing management's best estimate of the cost of financial
obligations pursuant to an employment contract with the former Chairman and
Co-Chief Executive Officer of the Company. The employment contract includes
variable components related to the Company's financial and operating performance
to fiscal 2009.	</TD>
</TR>
</TABLE>
<P align="justify" style="margin-left: 5%">
The change in the estimated costs resulted in a credit of $555 in fiscal 2008,
nil in 2007 and a charge of $1,456 in fiscal 2006 relating to this employment
contract. Most of the payments under this contract are payable in Canadian
dollars.</P>
<P align="justify">
Accounts payable and accrued liabilities include amounts relating to
restructuring activities and charges to comply with an employment contract, as
follows:</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Balance, October 1, 2006&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 5,429</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Severance costs&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>13,619</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Foreign exchange adjustment&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>234</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Payments&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>(15,034)</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
Balance, September 30, 2007&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>4,248</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Severance costs&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>400</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Foreign exchange adjustment&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>(95)</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
Payments&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>(2,560)</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
Balance, October 5, 2008&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 1,993</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="86%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
&nbsp;</TD>
</TR>
</TABLE>
<P align="justify">
Assets held for sale of $10,497 as at October 5, 2008 (September 30, 2007 &#150;
$6,610) include land, building and equipment at the locations in connection with
the closures noted above. The Company ceases recording depreciation on these
assets, which are recorded at the lower of their net book value or fair value
less costs to sell. Any gains or losses on the disposition of these assets will
be accounted for as restructuring charges as incurred.</P>

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<A name="page_29"></A>

<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
78&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap colspan=2 style="border-bottom-style: none; border-bottom-width: medium">
<font size="5" color="#939598">17 &#150; OTHER INFORMATION</font><font size="5">&nbsp;
</font>
	</TD>
	<TD style="border-bottom-style: none; border-bottom-width: medium">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom-style: none; border-bottom-width: medium">
&nbsp;
	</TD>
	<TD style="border-bottom-style: none; border-bottom-width: medium">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom-style: none; border-bottom-width: medium">
&nbsp;
	</TD>
	<TD style="border-bottom-style: none; border-bottom-width: medium">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom-style: none; border-bottom-width: medium">
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=8 style="border-style: none; border-width: medium">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="5%" nowrap bgcolor="#FFFFFF" style="border-style: none; border-width: medium">
<B>(a)</B>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#FFFFFF">
<p align="justify">The following items were included in depreciation and amortization:&nbsp;
	</TD>
	<TD width="2%" bgcolor="#FFFFFF" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#FFFFFF">
&nbsp;
	</TD>
	<TD width="2%" bgcolor="#FFFFFF" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#FFFFFF">
&nbsp;
	</TD>
	<TD width="2%" bgcolor="#FFFFFF" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#FFFFFF">
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=8 bgcolor="#FFFFFF" style="border-style: none; border-width: medium">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#FFFFFF" style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>2008</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>2007</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>2006</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#FFFFFF" style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=left width="53%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#FFFFFF" style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left width="53%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Depreciation expense of property, plant and equipment&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 53,144</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 36,891&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 31,006&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#FFFFFF" style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left width="53%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Impairment loss and write-down of property, plant and equipment&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>700</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&#150;&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&#150;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#FFFFFF" style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left width="53%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Amortization expense of deferred start-up costs and other&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>2,018</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">1,737&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">1,024&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#FFFFFF" style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left width="53%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
 &nbsp;Amortization of intangible assets&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>3,070</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">149&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">353&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#FFFFFF" style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 58,932</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 38,777&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 32,383&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#FFFFFF" style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR>
	<TD colspan=8 bgcolor="#FFFFFF" style="border-style: none; border-width: medium">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#FFFFFF" style="border-style: none; border-width: medium">
<B>(b)</B>&nbsp;
	</TD>
	<TD align=left nowrap colspan=3 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#FFFFFF">
<p align="justify">The following items were included in the determination of the Company's net
earnings:&nbsp;
	</TD>
	<TD bgcolor="#FFFFFF" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#FFFFFF">
&nbsp;
	</TD>
	<TD bgcolor="#FFFFFF" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#FFFFFF">
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=8 bgcolor="#FFFFFF" style="border-style: none; border-width: medium">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#FFFFFF" style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>2008</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">
<B>2007</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">
<B>2006</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#FFFFFF" style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#FFFFFF" style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Defined contribution expense&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 1,827</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 1,360&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 1,035&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#FFFFFF" style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Research and development tax credits&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">(646)&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">(1,290)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#FFFFFF" style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Bad debt expense (recovery)&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>4,543</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">(1,300)&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">(282)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#FFFFFF" style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR>
	<TD nowrap valign=top width="5%">
<B>(c)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD>
<p align="justify">During fiscal 2008, the Company expensed $6,136 (2007 &#150;
$4,693; 2006 &#150; $3,229) in Cost of sales, representing management's best estimate
of the cost of statutory severance and pre-notice benefit obligations relating
to employees located in the Caribbean Basin and Central America. As at October
5, 2008, an amount of $12,808 (2007 &#150; $9,373) has been included in Accounts
payable and accrued liabilities.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<B>(d)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD>
Supplemental cash flow disclosure:	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<div align="right">
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="95%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>2008</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>2007</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>2006</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">Cash paid during the year for:&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 <p style="margin-right: 10">&nbsp; &nbsp;Interest&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 7,866</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 5,447&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 4,771&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 <p style="margin-right: 10">&nbsp; &nbsp;Income taxes&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>5,867</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">4,780&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">2,031&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">Non-cash transactions:&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 <p style="margin-right: 10">&nbsp; &nbsp;Additions to property, plant and equipment included in Accounts&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 <p style="margin-right: 10">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;payable and accrued liabilities&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>1,720</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">2,566&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">2,979&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 <p style="margin-right: 10">&nbsp; &nbsp;Issuance of shares on acquisition of Kentucky Derby&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">
<B>&#150;</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&#150;&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">460&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 <p style="margin-right: 10">&nbsp; &nbsp;Ascribed value accredited to share capital from issuance of stock&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 <p style="margin-right: 10">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;options and Treasury RSUs&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>190</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">226&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">139&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 <p style="margin-right: 10">&nbsp; &nbsp;Reversal of valuation allowance on acquired future tax assets&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>&#150;</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">7,340&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&#150;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 <p style="margin-right: 10">&nbsp; &nbsp;Proceeds on disposal of long-lived assets in Other assets&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>1,382</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">1,855&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&#150;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 <p style="margin-right: 10">&nbsp; &nbsp;Proceeds on disposal of long-lived assets in Accounts receivable&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>&#150;</B>&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">1,050&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&#150;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 <p style="margin-right: 10">&nbsp; &nbsp;Business acquisition in Accounts payable and accrued liabilities&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>1,196</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&#150;&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&#150;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">Cash and cash equivalents consist of:&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 <p style="margin-right: 10">&nbsp; &nbsp;Cash balances with banks&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">
<B>$ 8,068</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">$ 9,250&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">$ 27,810&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 <p style="margin-right: 10">&nbsp; &nbsp;Short-term investments, bearing interest at rates up to 2.22%&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
 <p style="margin-right: 10">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;in 2008 (2006 &#150; 4.90%)&nbsp;
	</TD>
	<TD bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>4,289</B>&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">&#150;&nbsp;
	</TD>
	<TD bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">1,197&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 12,357</B>&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 9,250&nbsp;
	</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 29,007&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
</TR>
</TABLE>
</div>
<BR>

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&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
79&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
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<P align="left">
<FONT color="#939598" size="5">18 &#150; RELATED PARTY TRANSACTIONS</FONT></P>
<P align="justify">
The Company has transactions with Frontier Spinning Mills, Inc., which manages
the operations of CanAm. These transactions are in the normal course of
operations and are measured at the exchange amount, which is the amount of
consideration established and agreed to by the related parties. The following is
a summary of the related party transactions and balances owed:</P>
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<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>2008</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>2007</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>2006</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Transactions:&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Yarn purchases&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 138,642</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 103,902&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 100,432&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Management fee expense&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>750</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">750&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">750&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p align="left">Balances outstanding:&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Accounts payable&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>32,445</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">20,130&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">18,877&nbsp;
	</TD>
</TR>
</TABLE>
<P align="left">
<FONT color="#939598" size="5">19 &#150; FINANCIAL INSTRUMENTS</FONT></P>
<P align="justify">
In the first quarter of fiscal 2008, the Company adopted the requirements of the
CICA Handbook Section 3862, Financial Instruments Disclosures, which apply to
fiscal years beginning on or after October 1, 2007. This new Handbook Section
requires disclosures to enable users to evaluate the significance of financial
instruments for the entity's financial position and performance, and the nature
and extent of an entity's exposure to risks arising from financial instruments,
including how the entity manages those risks.</P>
<P align="justify">
Disclosures relating to exposure to risks, in particular credit risk, liquidity
risk, foreign currency risk and interest rate risk, are included in the section
entitled "Financial Risk Management" of the Management's Discussion and Analysis
of the Company's operations, performance and financial condition as at October
5, 2008, which is included in the Annual Report. Accordingly, these disclosures
are incorporated into these consolidated financial statements by
cross-reference.</P>

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	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
80&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
<P align="left">
<font size="4">19 &#150; FINANCIAL INSTRUMENTS (CONTINUED)</font></P>
<P align="left">
<B>(a) </B></P>
<P align="left" style="margin-left: 5%; margin-top: -25.5pt">
<B>Financial instruments &#150; carrying values and fair values:</B></P>
<P align="left" style="margin-left: 5%">
The fair values of financial assets and liabilities, together with the carrying
amounts included in the consolidated balance sheets, are as follows:</P>
<div align="right">
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="95%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width="36%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>2008</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>2007</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>Carrying</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>Fair</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>Carrying</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>Fair</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>amount</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>value</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>amount</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>value</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>Financial assets</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Available-for-sale financial assets:&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Cash and cash equivalents&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 12,357</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 12,357</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 9,250&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 9,250&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Loans and receivables:&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Accounts receivable &#150; trade&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>206,276</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>206,276</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">189,070&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">189,070&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Accounts receivable &#150; other&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>15,882</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>15,882</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">17,018&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">17,018&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 &nbsp; &nbsp;Long-term receivable included in Other assets&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">
<B>1,748</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">
<B>1,748</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">2,251&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">2,251&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Restricted cash related to Prewett acquisition&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;included in Other assets&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">
<B>10,000</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">
<B>10,000</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&#150;&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&#150;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
Forward foreign exchange contracts included&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;in Other assets&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>929</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>929</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">293&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">293&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>Financial liabilities</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Other financial liabilities:&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 &nbsp; &nbsp;Accounts payable and accrued liabilities&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">
<B>$ 155,669</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">
<B>$ 155,669</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">$ 115,596&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">$ 115,596&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 &nbsp; &nbsp;Long-term debt &#150; bearing interest at variable&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;rates:&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Revolving long-term credit facility&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>45,000</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>45,000</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">49,000&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">49,000&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Other long-term debt&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">
<B>6,319</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">
<B>6,319</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">8,803&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">8,803&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp; &nbsp;Long-term debt &#150; bearing interest&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;at fixed rates&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>1,685</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>1,685</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">1,857&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">1,857&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Forward foreign exchange contracts&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>&#150;</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>&#150;</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">1,087&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">1,087&nbsp;
	</TD>
</TR>
</TABLE>
</div>
<P align="justify" style="margin-left: 5%">
The Company has determined that the fair value of its short-term financial
assets and liabilities approximates their respective carrying amounts as at the
balance sheet dates because of the short-term maturity of those instruments. The
fair values of the long-term receivable and the restricted cash related to the
acquisition of Prewett, and the Company's interest-bearing financial liabilities
also approximate their respective carrying amounts. The fair value of forward
foreign exchange contracts was determined using observable market inputs.</P>

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<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
81&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<TABLE style="font-family: 'Times New Roman';font-size: 10pt;"><TR><TD nowrap>
<font size="4">19 &#150; FINANCIAL INSTRUMENTS (CONTINUED)</font></TD></TR></TABLE>
</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR>
	<TD nowrap valign=top>
<B>(b)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100%>
<B>Financial income and expense:</B>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>	<TD width=100%>
<p align="justify">The following components of income and expense relating to financial instruments
are included in the consolidated statement of earnings:	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD width=100%>
<p align="justify">(i) Interest income and expense:	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<div align="right">
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="95%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>2008</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">
<B>2007</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">
<B>2006</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right width=12% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">Interest expense on long-term indebtedness&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 7,422</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 4,997&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width=12% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 4,142&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">Interest expense on short-term indebtedness&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>191</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">233&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">280&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">Interest income on available-for-sale financial assets&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>(413)</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">(460)&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">(1,466)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">Interest income on loans and receivables&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>(80)</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&#150;&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&#150;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 14">Other interest&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>103</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 14">128&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 14">111&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 14">Interest expense, net&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 7,223</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 4,898&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 3,067&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
</TR>
</TABLE>
</div>
<P align="justify" style="margin-left: 5%">
Interest income on available-for-sale financial assets consists of interest
earned from cash invested in short-term deposits. Interest income on loans and
receivables relates to interest earned on the Company's long-term receivable
included in Other assets.</P>
<div align="right">
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="95%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=center width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p align="left">(ii)
Foreign exchange (loss) gain:&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 14">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>2008</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">
<B>2007</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">
<B>2006</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
 &nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=left width="12%" nowrap bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=left width="12%" nowrap bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=left width="12%" nowrap bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 &nbsp;(Loss) gain relating to financial assets and liabilities, excluding&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
 &nbsp;&nbsp;&nbsp; &nbsp;forward foreign exchange contracts&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">
<B>$ (674)</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">$ 1,486&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">$ 207&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp;(Loss) gain relating to forward exchange contracts, including&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;amounts realized on contracts maturity and changes in fair&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;&nbsp;&nbsp; &nbsp;value of open positions&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>(2,084)</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">1,945&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">4,886&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;Foreign exchange (loss) gain relating to financial instruments&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>(2,758)</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">3,431&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">5,093&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
 &nbsp;Other foreign exchange gain (loss)&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>1,687</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">(2,714)&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">(1,251)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
 &nbsp;Foreign exchange (loss) gain&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ (1,071)</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 717&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 3,842&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
</TR>
</TABLE>
</div>
<BR>

<hr style="page-break-after: always" align="center" width="100%" color="black" noShade SIZE="5">



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<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
82&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
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</TR>
</TABLE>
<P align="left">
<font size="4">19 &#150; FINANCIAL INSTRUMENTS (CONTINUED)</font></P>
<P align="left">
<B>(c) </B></P>
<P align="left" style="margin-left: 5%; margin-top: -25.5pt">
<B>Forward foreign exchange contracts:</B></P>
<P align="justify" style="margin-left: 5%">
The following table summarizes the Company's derivative financial instruments
relating to commitments to buy and sell foreign currencies through forward
foreign exchange contracts as at October 5, 2008 and September 30, 2007:</P>
<div align="right">
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="95%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width="34%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width="10%" nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<B>Notional</B>&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width="10%" nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right nowrap colspan=3 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>Carrying and fair value</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width="10%" nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<B>foreign</B>&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<B>Average</B>&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<B>Notional</B>&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width="10%" nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width="10%" nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<B>currency</B>&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<B>exchange</B>&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<B>US</B>&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=left width="10%" nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>October 5, 2008</B>&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>Maturity</B>&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>amount</B>&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>rate</B>&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>equivalent</B>&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>Asset</B>&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>Liability</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
Buy CAD/sell USD&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<B>0-6 months</B>&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<B>5,483</B>&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<B>0.9302</B>&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<B>$ 5,100</B>&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<B>$ &#150;</B>&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<B>$ &#150;</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Buy EUR/sell GBP&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>0-6 months</B>&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>962</B>&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>1.3740</B>&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>1,322</B>&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Sell EUR/buy USD&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>0-6 months</B>&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>5,650</B>&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>1.4591</B>&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>8,244</B>&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>472</B>&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
Sell GBP/buy USD&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<B>0-6 months</B>&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<B>2,951</B>&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<B>1.9177</B>&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<B>5,659</B>&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<B>457</B>&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<B>&#150;</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
&nbsp;	</TD>
	<TD align=left width="10%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
&nbsp;	</TD>
	<TD align=left width="10%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
&nbsp;	</TD>
	<TD align=left width="10%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<B>$ 20,325</B>&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<B>$ 929</B>&nbsp;
	</TD>
	<TD width="1%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<B>$ &#150;</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">
&nbsp;</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">
&nbsp;</TD>
	<TD align=left width="10%" nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">
&nbsp;</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">
&nbsp;</TD>
	<TD align=right width="10%" nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">
&nbsp;</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">
&nbsp;</TD>
	<TD align=left width="10%" nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">
&nbsp;</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">
&nbsp;</TD>
	<TD align=left width=10% nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">
&nbsp;</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">
&nbsp;</TD>
	<TD align=right nowrap colspan=3 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#FFFFFF">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width="10%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<B>Notional</B>&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width="10%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right nowrap colspan=3 style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>Carrying and fair value</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width="10%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<B>foreign</B>&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<B>Average</B>&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<B>Notional</B>&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width="10%" nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width="10%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<B>currency</B>&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<B>exchange</B>&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<B>US</B>&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=left width="10%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>September 30, 2007</B>&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>Maturity</B>&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>amount</B>&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>rate</B>&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>equivalent</B>&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>Asset</B>&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<B>Liability</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
Buy EUR/Sell USD&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
0-6 months&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
4,425&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
1.3616&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
$ 6,025&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
$ 293&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
$ &#150;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Sell EUR/buy USD&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
0-6 months&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
4,899&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
1.3626&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
6,675&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&#150;&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(278)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
6-12 months&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
9,081&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
1.3677&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
12,421&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&#150;&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(467)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Sell GBP/buy USD&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
0-6 months&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
4,781&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
1.9988&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
9,558&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&#150;&nbsp;
	</TD>
	<TD width="1%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(146)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
6-12 months&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
6,019&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
1.9841&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
11,942&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&#150;&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
(196)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
Sell CAD/buy USD&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
0-6 months&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
3,800&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
1.0055&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
3,821&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
&#150;&nbsp;
	</TD>
	<TD width="1%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
&#150;&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
&nbsp;	</TD>
	<TD align=left width="10%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
&nbsp;	</TD>
	<TD align=left width="10%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
&nbsp;	</TD>
	<TD align=left width="10%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
$ 50,442&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
$ 293&nbsp;
	</TD>
	<TD width="1%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
&nbsp;	</TD>
	<TD align=right width="10%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
$ (1,087)&nbsp;
	</TD>
</TR>
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&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
83&nbsp;
	</TD>
</TR>
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	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE>
<P align="left">
<FONT color="#939598" size="5">20 &#150; CAPITAL DISCLOSURES</FONT></P>
<P align="justify">
The Company's objective in managing capital is to ensure sufficient liquidity to
pursue its organic growth strategy and undertake selective acquisitions, while
at the same time taking a conservative approach towards financial leverage and
management of financial risk.</P>
<P align="justify">
The Company's capital is composed of net debt and shareholders' equity. Net debt
consists of interest-bearing debt less cash and cash equivalents. The Company's
primary uses of capital are to finance increases in non-cash working capital and
capital expenditures for capacity expansion as well as acquisitions. The Company
currently funds these requirements out of its internally-generated cash flows
and the periodic use of its revolving long-term bank credit facility.</P>
<P align="justify">
The primary measure used by the Company to monitor its financial leverage is its
ratio of net debt to earnings before interest, taxes, depreciation and
amortization, non-controlling interest, and restructuring and other charges (EBITDA),
which it aims to maintain at less than 3.0:1. Net debt is computed as at the
most recent quarterly balance sheet date. EBITDA is based on the last four
quarters ending on the same date as the balance sheet date used to compute net
debt. The net debt to EBITDA ratio as at October 5, 2008, September 30, 2007 and
October 1, 2006 was as follows:</P>
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&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>2008</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">
<B>2007</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">
<B>2006</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1" width="12%">
<p style="margin-right: 14">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4" width="12%">
<p style="margin-right: 14">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4" width="12%">
<p style="margin-right: 14">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Bank indebtedness&nbsp;
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	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1" width="12%">
<p style="margin-right: 14">
<B>$ &#150;</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ &#150;&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 3,500&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Current portion of long-term debt&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="12%" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>3,556</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">3,689&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">21,820&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Long-term debt&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>49,448</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">55,971&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">12,041&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
Less: cash and cash equivalents&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>(12,357)</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">(9,250)&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">(29,007)&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
Net debt&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 40,647</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 50,410&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 8,354&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 style="border-style: none; border-width: medium">
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7 style="border-style: none; border-width: medium">
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7 style="border-style: none; border-width: medium">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#FFFFFF">
&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#FFFFFF">
<p style="margin-right: 14">&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap colspan=3 style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#FFFFFF">
<p style="margin-right: 14">
<B>For the last four quarters ended on</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>October 5,</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">
<B>September 30,</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">
<B>October 1,</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>2008</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">
<B>2007</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">
<B>2006</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 14">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Net earnings&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 144,592</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 130,020&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 106,829&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Restructuring and other charges&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>5,489</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">28,012&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">20,386&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Depreciation and amortization&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>58,932</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">38,777&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">32,383&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Interest, net&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>7,223</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">4,898&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">3,067&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Income tax expense (recovery)&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>34,400</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">(4,815)&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">4,782&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
Non-controlling interest in consolidated joint venture&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>230</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">1,278&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 14">260&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
EBITDA&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>$ 250,866</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 198,170&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 14">$ 167,707&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
Net debt to EBITDA ratio&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 14">
<B>0.2:1</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 14">0.3:1&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 14">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 14">0.0:1&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;</TD>
</TR>
</TABLE>
<P align="justify">
The terms of the revolving credit facility require the Company to maintain a net
debt to EBITDA ratio below 3.0:1, although this limit may be exceeded under
certain circumstances. The Company does not currently plan to refinance its
revolving credit facility, or a portion thereof, with debt of longer maturities
or to raise additional equity capital.</P>
<P align="justify">
In order to maintain or adjust its capital structure, the Company, upon approval
from its Board of Directors, may issue or repay long-term debt, issue shares,
repurchase shares, pay dividends or undertake other activities as deemed
appropriate under the specific circumstances. The Company does not currently pay
a dividend. However, the Company's Board of Directors periodically evaluates the
merits of introducing a dividend.</P>
<P align="justify">
The Company is not subject to any capital requirements imposed by a regulator.</P>

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	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
GILDAN 2008 ANNUAL REPORT&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
84&nbsp;
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	<TD align=left nowrap>
&nbsp;</TD>
	<TD>
&nbsp;	</TD>
	<TD align=right nowrap>
<FONT color="#009ddc">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=2% nowrap>
&nbsp;
	</TD>
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</TABLE>
<P align="left">
<FONT color="#939598" size="5">21 &#150; SEGMENTED INFORMATION</FONT></P>
<P align="left">
The Company manufactures and sells activewear, socks and underwear. The Company
operates in one business segment, being high-volume, basic, frequently
replenished, non-fashion apparel.</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR valign="bottom">
	<TD align=left width="5%" nowrap style="border-style: none; border-width: medium">
<B>(a)</B>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<B>Sales by major product group:</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 10">&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>2008</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>2007</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>2006</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Activewear and underwear&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 957,061</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 826,252&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 743,215&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
 &nbsp;Socks&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>292,650</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">138,177&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">29,975&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 1,249,711</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 964,429&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 773,190&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
	<TD align=right width="12%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111">
<TR>
	<TD nowrap valign=top width="5%">
<B>(b)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</TD>
	<TD width=100%>
<B>Major customers and revenues by geographic area:</B>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD width=100%>
(i) The Company has two customers accounting for greater than 10% of total
sales:	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt; border-collapse:collapse" width="100%" bordercolor="#111111" height="433">
<TR valign="bottom">
	<TD align=left width="5%" nowrap style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left width="53%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width=12% nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>2008</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width="12%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>2007</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width=12% nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>2006</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=left width="53%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width=12% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left width="53%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Customer A&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width=12% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>23.1%</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">23.1%&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">28.2%&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left width="53%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Customer B&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right width=12% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>13.6%</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">5.3%&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&#150; %&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=left width="53%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right width=12% nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR>
	<TD colspan=8 style="border-style: none; border-width: medium">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left nowrap colspan=3 style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
(ii) Sales were derived from customers located in the following geographic
areas:&nbsp;
	</TD>
	<TD width=2% style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;
	</TD>
	<TD width=2% style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=8 style="border-style: none; border-width: medium">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left width="53%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>2008</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>2007</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>2006</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=left width="53%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left width="53%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;United States&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 1,125,961</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 852,522&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 680,048&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left width="53%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Canada&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>56,353</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">53,336&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">50,440&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left width="53%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
 &nbsp;Europe and other&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>67,397</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">58,571&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">42,702&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left width="53%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 1,249,711</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 964,429&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 773,190&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=left width="53%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR>
	<TD colspan=8 style="border-style: none; border-width: medium">
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=8 style="border-style: none; border-width: medium">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
<B>(c)</B>&nbsp;
	</TD>
	<TD align=left width="53%" nowrap style="border-style: none; border-width: medium">
<B>Property, plant and equipment by geographic area are as follows:</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium">
&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=8 style="border-style: none; border-width: medium">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left width="53%" nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>October 5,</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>September 30,</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left width="53%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>2008</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">
<B>2007</B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=left width="53%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
 &nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left width="53%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;Caribbean Basin and Central America&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 325,670</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-style: none; border-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 294,063&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left width="53%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
 &nbsp;United States&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>83,264</B>&nbsp;
	</TD>
	<TD width="2%" style="border-style: none; border-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">65,399&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left width="53%" nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
 &nbsp;Canada and other&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" bgcolor="#99D8F1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>27,582</B>&nbsp;
	</TD>
	<TD width="2%" bgcolor="#D1D3D4" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" bgcolor="#D1D3D4">
<p style="margin-right: 10">18,155&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;
	</TD>
	<TD align=left width="53%" nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">
<B>$ 436,516</B>&nbsp;
	</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">$ 377,617&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=left width="53%" nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#99D8F1">
<p style="margin-right: 10">&nbsp;</TD>
	<TD width="2%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" bgcolor="#D1D3D4">
<p style="margin-right: 10">&nbsp;</TD>
</TR>
</TABLE>
<P align="left">
<FONT color="#939598" size="5">22 &#150; COMPARATIVE FIGURES</FONT></P>
<P align="left">
Certain comparative figures have been reclassified in order to conform with the
current year's presentation.</P>

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


</BODY>

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

<head>

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


<html>

<body>
<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
       <hr size="5" noshade color="#000000">
</div>
<b>
<font FACE="Times New Roman" size="2">
<font FACE="Times New Roman PS" SIZE="2">
<p align="right">EXHIBIT 99.3</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
       <tr>
              <td WIDTH="40%" align="left" valign="top">
              <img border="0" src="exh9931.gif" width="126" height="64"></td>
              <td WIDTH="30%"><font FACE="Univers" size="2"><b>KPMG LLP</b></font><font FACE="Univers" size="2"><b><br>
              Chartered Accountants</b><br>
              600 de Maisonneuve Blvd. West<br>
              Suite 1500<br>
              Montr&#233;al Qu&#233;bec H3A 03A</font></td>
              <td WIDTH="30%" align="center"><font FACE="Univers" size="2">
              <p align="left">Telephone </font>
              <font FACE="Univers" size="2">&nbsp;&nbsp; (514) 840-2100<br>
              Fax&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
              (514) 840-2187<br>
              Internet&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
              www.kpmg.ca</font></td>
       </tr>
</table>
<p>&nbsp;</p>
</font>
<font FACE="Times New Roman">
<p align="center">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </p>
</font>
</b>
<font FACE="Times New Roman" size="2">
<p align="justify">To the Board of Directors of <br>
Gildan Activewear Inc. </p>
<font SIZE="2">
<p>We consent to the inclusion in this annual report on Form 40-F of: </p>
</font>
<ul>
  <li>
  <p style="margin-top: 0; margin-bottom: 0"><font SIZE="2">our Report of
  Independent Registered Public Accounting Firm dated December 10, 2008 on the
  consolidated balance sheets of Gildan Activewear Inc. as at October 5, 2008
  and September 30, 2007 and the consolidated statements of earnings and
  comprehensive income, shareholders' equity and cash flows for the years ended
  October 5, 2008, September 30, 2007 and October 1, 2006 </font></li>
  <li>
  <p style="margin-top: 0; margin-bottom: 0"><font SIZE="2">our Report of
  Independent Registered Public Accounting Firm dated December 10, 2008 on the
  reconciliation to United States generally accepted accounting principles </li>
  </font>
  <li>
  <p style="margin-top: 0; margin-bottom: 0"><font SIZE="2">our Report of
  Independent Registered Public Accounting Firm dated December 10, 2008 on the
  Company's internal control over financial reporting as of October 5, 2008 </li>
</ul>
<p>each of which is contained in this annual report on Form 40-F of Gildan
Activewear Inc. for the fiscal year ended October 5, 2008. </p>
</font>
<p>/<i>s</i>/KPMG LLP </p>
<p>Chartered Accountants </p>
<p>Montr&#233;al, Canada <br>
December 19, 2008</p>
<p>&nbsp;</p>
<hr color="#000000" size="5">
</font>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exh994.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<html>

<head>
<title>Gildan Activewear Inc: Exhibit 99.4 - Prepared by TNT Filings Inc.</title>
</head>

<body>

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
  <hr noshade color="#000000" size="5">
</div>
<font SIZE="2"><font FACE="Times New Roman PS" SIZE="2"><b>
<p align="right">EXHIBIT 99.4 </p>
</b></font><i>
<p>For the purposes of Exhibit 99.4, the reference to the &quot;Corporation&quot; shall
mean to Gildan Activewear Inc. </p>
</i><b>
<p>Statement of Corporate Governance Practices </p>
</b>
<p align="justify">The Board of Directors considers first-class corporate
governance practices to be an important factor in the overall success of the
Corporation. Under the rules of the Canadian securities regulators, the
Corporation is required to disclose information relating to its system of
corporate governance with reference to certain corporate governance standards
adopted by the Canadian Securities Administrators (&quot;CSA&quot;) (the &quot;CSA Standards&quot;).
</p>
<p align="justify">In the last few years, the Corporation has undertaken a
comprehensive review of its corporate governance practices in order to best
comply with and exceed the corporate governance requirements of Canadian
securities regulators as well as the NYSE Corporate Governance Standards, the <i>
Sarbanes-Oxley Act of 2002</i> and other applicable U.S. securities legislation.
For example, the Board recently updated the Corporation's Insider Trading Policy
to include a prohibition against monetizing transactions and other hedging
procedures by all insiders of the Corporation, including directors, that would
reduce the exposure related to such insiders' equity holdings. The Corporation's
disclosure addressing each of the CSA Standards is set out in Schedule &quot;A&quot; of
the Corporation's Notice of Annual Meeting of Shareholders and Management Proxy
Circular dated as of December 16, 2008. </p>
<hr noshade color="#000000" size="5"></font>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exh995.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>

<head>
<title>Gildan Activewear Inc: Exhibit 99.5 - 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>
<font FACE="Times New Roman PS" SIZE="2"><b>
<p align="right">EXHIBIT 99.5</p>
</b></font>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber1" height="66">
  <tr>
    <td width="33%" height="66">
    <p align="center">
    <img border="0" src="exh9941.gif" width="114" height="52"></td>
    <td width="33%" height="66">&nbsp;</td>
    <td width="34%" height="66">&nbsp;</td>
  </tr>
</table>
<font SIZE="2">
<p style="margin-left: 300">Supplementary Information of </p>
</font><font size="5"><b>
<p style="margin-left: 300">GILDAN ACTIVEWEAR INC. </p>
</b></font><font SIZE="2">
<p style="margin-left: 300">Three years ended October 5, 2008 </p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5><p Style='page-break-before:always'></font>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber2" height="120">
  <tr>
    <td width="33%" height="43">
    <p align="center">
    <b>
<font FACE="Times New Roman" size="2">
              <img border="0" src="exh9931.gif" width="126" height="64"></font></b></td>
    <td width="33%" height="43">&nbsp;</td>
    <td width="34%" height="43">&nbsp;</td>
  </tr>
  <tr>
    <td width="33%" height="77">&nbsp;</td>
    <td width="33%" height="77"><font SIZE="2"><b>KPMG LLP</b> <b><br>
    Chartered Accountants</b> <br>
    600 de Maisonneuve Blvd. West <br>
    Suite 1500 <br>
    Tour KPMG <br>
    Montr&#233;al Qu&#233;bec H3A 03A </font></td>
    <td width="34%" height="77" valign="top"><font SIZE="2">
    <p ALIGN="JUSTIFY">Telephone&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (514) 840-2100
    <br>
    Fax&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (514) 840-2187 <br>
    Internet&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    www.kpmg.ca </font></td>
  </tr>
</table>
<font size="5">
<p>AUDITORS' REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON
RECONCILIATION TO UNITED STATES GAAP </p>
</b></font><font SIZE="2">
<p>To the Board of Directors of Gildan Activewear Inc. </p>
<font FACE="Times New Roman" SIZE="2">
<p align="justify">On December 10, 2008, we reported on the consolidated balance
sheets of Gildan Activewear Inc. (the &quot;Company&quot;) as at October 5, 2008 and
September 30, 2007 and the consolidated statements of earnings and comprehensive
income, shareholders' equity and cash flows for the years ended October 5, 2008,
September 30, 2007 and October 1, 2006, which are included in the annual report
on Form 40-F. In connection with our audits conducted in accordance with
Canadian generally accepted auditing standards, and the standards of the Public
Company Accounting Oversight Board (United States), of the aforementioned
consolidated financial statements, we also have audited the related supplemental
note entitled &quot;Reconciliation to United States GAAP&quot; included in the Form 40-F.
This supplemental note is the responsibility of the Company's management. Our
responsibility is to express an opinion on this supplemental note based on our
audits. </p>
<p align="justify">In our opinion, such supplemental note, when considered in
relation to the basic consolidated financial statements taken as a whole,
presents fairly, in all material respects, the information set forth therein.
</p>
</font>
<p>/<i>s</i>/KPMG LLP </p>
<p>Chartered Accountants </p>
<p>Montr&#233;al, Canada <br>
December 10, 2008</p>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
       <tr>


              <font FACE="Univers" SIZE="1">
              <td width="25%">&nbsp;</td>
</font>



              <font FACE="Univers" SIZE="1">
              <td width="50%">
              <p align="justify">
              <font FACE="Times New Roman" style="font-size: 9pt">KPMG LLP is a
              Canadian limited liability partnership and a member firm of the
              KPMG network of independent member firms affiliated with KPMG
              International, a Swiss cooperative. <br>
              KPMG Canada provides services to KPMG LLP.</font></td>
</font>



              <font FACE="Univers" SIZE="1">
              <td width="25%"><font FACE="Univers" SIZE="1">&nbsp;</font></td>
</font>


       </tr>
</table>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5></font><font size="5"><b>
<p>GILDAN ACTIVEWEAR INC. </b></font><font SIZE="2"><br>
Reconciliation to United States GAAP </p>
<font FACE="Times New Roman" SIZE="2">
<p>Years ended October 5, 2008, September 30, 2007 and October 1, 2006 <br>
(In thousands of US dollars, except share and per share amounts) </p>
</font>
<hr color="#000000">
<font FACE="Times New Roman" SIZE="2">
<p ALIGN="JUSTIFY">The consolidated financial statements of the Company are
expressed in US dollars and are prepared in accordance with Canadian generally
accepted accounting principles (&quot;GAAP&quot;), which conform, in all material
respects, with those generally accepted in the United States, except as
described below: </p>
</font>
<p align="justify" style="margin-bottom: 0">(a) </p>
<p align="justify" style="margin-left: 30; margin-top: -11pt">Consolidated
statements of earnings: </p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" DIR="ltr" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td valign="bottom" width="3%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td valign="bottom" width="52%" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Timsz" SIZE="2">2008</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Timsz" SIZE="2">2007</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Timsz" SIZE="2">2006</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td valign="bottom" width="52%" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td valign="bottom" width="52%" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">Net earnings and comprehensive income</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%">&nbsp;</td>
    <td valign="bottom" width="52%" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">
    <p style="margin-left: 2%">as per Canadian GAAP</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">$</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">
    <p style="margin-right: 4">144,592</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">$</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4"><font FACE="Timsz" SIZE="2">130,020</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">$</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">
    <p style="margin-right: 4">106,829</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%">&nbsp;</td>
    <td valign="bottom" width="52%"><font FACE="Timsz" SIZE="2">Adjustments:</font></td>
    <td valign="bottom" width="3%" align="right"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right">
    <p style="margin-right: 4"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right"><font face="Timsz" size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%">&nbsp;</td>
    <td valign="bottom" width="52%" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">
    <p style="margin-left: 4%">Swap revenue (i)</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="12%" align="right" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="12%" align="right" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">(29)</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="12%" align="right" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">(94)</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%">&nbsp;</td>
    <td valign="bottom" width="52%"><font FACE="Timsz" SIZE="2">
    <p style="margin-left: 4%">Start-up costs (ii)</font></td>
    <td valign="bottom" width="3%" align="right"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right"><font FACE="Timsz" SIZE="2">
    <p style="margin-right: 4">1,758</font></td>
    <td valign="bottom" width="3%" align="right"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right"><font FACE="Timsz" SIZE="2">(958)</font></td>
    <td valign="bottom" width="3%" align="right"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right"><font FACE="Timsz" SIZE="2">(537)</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%">&nbsp;</td>
    <td valign="bottom" width="52%" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">
    <p style="margin-left: 4%">Tax effect of above adjustments</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">
    <p style="margin-right: 4">9</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">
    <p style="margin-right: 4">29</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%">&nbsp;</td>
    <td valign="bottom" width="52%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%">&nbsp;</td>
    <td valign="bottom" width="52%" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Timsz" SIZE="2">Net earnings as per United States GAAP</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Timsz" SIZE="2">
    <p style="margin-right: 4">146,350</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4"><font FACE="Timsz" SIZE="2">129,042</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Timsz" SIZE="2">
    <p style="margin-right: 4">106,227</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%">&nbsp;</td>
    <td valign="bottom" width="52%"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right"><font face="Timsz" size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%">&nbsp;</td>
    <td valign="bottom" width="52%" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">Other comprehensive income:</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%">&nbsp;</td>
    <td valign="bottom" width="52%" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">
    <p style="margin-left: 4%">Adjustments:</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%">&nbsp;</td>
    <td valign="bottom" width="52%" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">
    <p style="margin-left: 6%">Mark-to-market adjustments on</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%">&nbsp;</td>
    <td valign="bottom" width="52%" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">
    <p style="margin-left: 8%">foreign exchange contracts,</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%">&nbsp;</td>
    <td valign="bottom" width="52%" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">
    <p style="margin-left: 8%">net of tax (d)</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">(2,037)</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%">&nbsp;</td>
    <td valign="bottom" width="52%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%">&nbsp;</td>
    <td valign="bottom" width="52%" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Timsz" SIZE="2">Net earnings and comprehensive</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%">&nbsp;</td>
    <td valign="bottom" width="52%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Timsz" SIZE="2">
    <p style="margin-left: 2%">income as per United States GAAP</font></td>
    <td valign="bottom" width="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Timsz" SIZE="2">$</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Timsz" SIZE="2">
    <p style="margin-right: 4">146,350</font></td>
    <td valign="bottom" width="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Timsz" SIZE="2">$</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4"><font FACE="Timsz" SIZE="2">129,042</font></td>
    <td valign="bottom" width="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Timsz" SIZE="2">$</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Timsz" SIZE="2">
    <p style="margin-right: 4">104,190</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%">&nbsp;</td>
    <td valign="bottom" width="52%" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 3">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 3">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 3">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 3">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 3">
    <p style="margin-right: 4"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 3">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 3">
    <font face="Timsz" size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%">&nbsp;</td>
    <td valign="bottom" width="52%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Timsz" SIZE="2">2008</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Timsz" SIZE="2">2007</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Timsz" SIZE="2">2006</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%">&nbsp;</td>
    <td valign="bottom" width="52%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%">&nbsp;</td>
    <td valign="bottom" width="52%" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">Earnings per share as per United States GAAP:</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%">&nbsp;</td>
    <td valign="bottom" width="52%"><font FACE="Timsz" SIZE="2">
    <p style="margin-left: 4%">Basic</font></td>
    <td valign="bottom" width="3%" align="right"><font FACE="Timsz" SIZE="2">$&#12288;</font></td>
    <td valign="bottom" align="right"><font FACE="Timsz" SIZE="2">&nbsp;1.21</font></td>
    <td valign="bottom" width="3%" align="right"><font face="Timsz" size="2">&#12288;$</font></td>
    <td valign="bottom" align="right"><font FACE="Timsz" SIZE="2">1.07</font></td>
    <td valign="bottom" width="3%" align="right"><font FACE="Timsz" SIZE="2">$&#12288;</font></td>
    <td valign="bottom" align="right"><font FACE="Timsz" SIZE="2">&nbsp;0.88</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td valign="bottom" width="52%" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">
    <p style="margin-left: 4%">Diluted</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">1.20</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">1.06</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">0.88</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td valign="bottom" width="52%" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 3">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font face="Timsz" size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td valign="bottom" width="52%" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1">
    <font face="Timsz" size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td valign="bottom" width="52%" style="border-left-style: none; border-left-width: medium">
    <font FACE="Timsz" SIZE="2">Weighted average number of common shares</font></td>
    <td valign="bottom" align="right">&nbsp;</td>
    <td valign="bottom" align="right"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right"><font face="Timsz" size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td valign="bottom" width="52%" style="border-left-style: none; border-left-width: medium">
    <font FACE="Timsz" SIZE="2">
    <p style="margin-left: 2%">outstanding:</font></td>
    <td valign="bottom" width="3%" align="right"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" width="3%" align="right"><font face="Timsz" size="2">&#12288;</font></td>
    <td valign="bottom" align="right"><font face="Timsz" size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td valign="bottom" width="52%" style="border-left-style: none; border-left-width: medium" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">
    <p style="margin-left: 4%">Basic</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">120,479,288</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">120,339,830</font></td>
    <td valign="bottom" width="3%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Timsz" SIZE="2">120,103,366</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td valign="bottom" width="52%" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Timsz" SIZE="2">
    <p style="margin-left: 4%">Diluted</font></td>
    <td valign="bottom" width="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">&nbsp;</td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Timsz" SIZE="2">121,621,737</font></td>
    <td valign="bottom" width="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">&nbsp;</td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Timsz" SIZE="2">121,538,312</font></td>
    <td valign="bottom" width="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">&nbsp;</td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Timsz" SIZE="2">121,251,768</font></td>
  </tr>
</table>
<p align="justify" style="margin-left: 30; margin-top: -11pt">&nbsp;</p>
</font>
<p align="center"><font size="2">1</font></p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5><font size="5"><b>
<p>GILDAN ACTIVEWEAR INC. </b></font><font SIZE="2"><br>
Reconciliation to United States GAAP, Continued</p>
<font FACE="Times New Roman" SIZE="2">
<p>Years ended October 5, 2008, September 30, 2007 and October 1, 2006 <br>
(In thousands of US dollars, except share and per share amounts) </p>
</font>
<hr color="#000000">
<p align="justify" style="margin-bottom: 0"><font face="Times New Roman">(a)
</font> </p>
<p align="justify" style="margin-left: 30; margin-top: -11pt">
<font face="Times New Roman">Consolidated
statements of earnings (continued): </font> </p>
<p align="justify" style="margin-left: 30; margin-bottom: 0">
<font face="Times New Roman">(i) </font> </p>
<p align="justify" style="margin-left: 60; margin-top: -11pt">
<font face="Times New Roman">Swap revenue: </font> </p>
<font FACE="Times New Roman" SIZE="2">
<p ALIGN="JUSTIFY" style="margin-left: 60">Under Canadian GAAP, the Company was
using hedge accounting for certain derivative instruments. The gain realized on
cancellation of a cross-currency interest rate swap arrangement was deferred,
and was being amortized over the term of the related debt. Under United States
GAAP, the Company had not designated the derivative instrument in a hedging
relationship and, consequently, upon cancellation of the instrument, the Company
recognized the gain immediately into earnings. </p>
</font>
<p align="justify" style="margin-left: 30; margin-bottom: 0">
<font face="Times New Roman">(ii) </font> </p>
<p align="justify" style="margin-left: 60; margin-top: -11pt">
<font face="Times New Roman">Start-up costs: </font>
</p>
<p align="justify" style="margin-left: 60"><font face="Times New Roman">Costs
incurred during the start-up period for new manufacturing and distribution
facilities are deferred and amortized on a straight-line basis over two years.&nbsp;
United States GAAP requires such costs to be expensed as incurred.&nbsp; The
adjustment to net earnings in accordance with United States GAAP includes the
write-off of current year's start-up costs, and the reversal of the current
year's amortization of start-up costs deferred under Canadian GAAP. </font> </p>
<p align="justify" style="margin-bottom: 0">(b) </p>
<p align="justify" style="margin-left: 30; margin-top: -11pt">Consolidated
statements of cash flows: </p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" DIR="ltr" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1" colspan="4">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" size="2">2008</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" size="2">2007</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" size="2">2006</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" style="border-top-style: solid; border-top-width: 1" colspan="4" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" colspan="4" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">Changes due to United States GAAP:</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" colspan="4" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">
    <p style="margin-left: 4%">Cash flows from operating activities as per</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" colspan="4" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">
    <p style="margin-left: 6%">Canadian GAAP</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">$</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">
    <p style="margin-right: 4">238,904</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">$</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">
    <p style="margin-right: 4">91,163</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">$</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">
    <p style="margin-right: 4">94,721</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1" colspan="4">
    <font FACE="Times New Roman" size="2">
    <p style="margin-left: 4%">Start-up costs</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" size="2">
    <p style="margin-right: 4">&#150;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" size="2">(2,467)</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" size="2">(1,328)</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" style="border-top-style: solid; border-top-width: 1" colspan="4" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">
    <p style="margin-left: 4%">Net cash provided by operating activities</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" colspan="4" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">
    <p style="margin-left: 6%">as per United States GAAP</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">
    <p style="margin-right: 4">238,904</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">
    <p style="margin-right: 4">88,696</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">
    <p style="margin-right: 4">93,393</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" colspan="4"><font FACE="Times New Roman" size="2">
    <p style="margin-left: 4%">Cash flows used in investing activities</font></td>
    <td valign="bottom" align="right"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right"><font size="2" face="Times New Roman">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" colspan="4"><font FACE="Times New Roman" size="2">
    <p style="margin-left: 6%">as per Canadian GAAP</font></td>
    <td valign="bottom" align="right"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right"><font FACE="Times New Roman" size="2">
    (227,326)</font></td>
    <td valign="bottom" align="right"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right"><font FACE="Times New Roman" size="2">
    (134,689)</font></td>
    <td valign="bottom" align="right"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right"><font FACE="Times New Roman" size="2">
    (96,053)</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">
    <p style="margin-left: 4%">Start-up costs</font></td>
    <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">&nbsp;</td>
    <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">&nbsp;</td>
    <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">&nbsp;</td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">
    <p style="margin-right: 4">&#150;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">
    <p style="margin-right: 4">2,467</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">
    <p style="margin-right: 4">1,328</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" style="border-top-style: solid; border-top-width: 1" colspan="4">
    <font FACE="Times New Roman" size="2">
    <p style="margin-left: 4%">Net cash used in investing activities</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1">
    <font size="2" face="Times New Roman">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" colspan="4"><font FACE="Times New Roman" size="2">
    <p style="margin-left: 6%">as per United States GAAP</font></td>
    <td valign="bottom" align="right"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right"><font FACE="Times New Roman" size="2">
    (227,326)</font></td>
    <td valign="bottom" align="right"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right"><font FACE="Times New Roman" size="2">
    (132,222)</font></td>
    <td valign="bottom" align="right"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right"><font FACE="Times New Roman" size="2">
    (94,725)</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" colspan="4" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">Financing activities as per Canadian
    GAAP</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" colspan="4" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">
    <p style="margin-left: 2%">and United States GAAP</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">(8,269)</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">
    <p style="margin-right: 4">23,550</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">(39,383)</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" colspan="4"><font FACE="Times New Roman" size="2">Effect
    of exchange rate changes on</font></td>
    <td valign="bottom" align="right"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right"><font size="2" face="Times New Roman">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" colspan="4" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Times New Roman" size="2">
    <p style="margin-left: 2%">cash and cash equivalents</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Times New Roman" size="2">
    (202)</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Times New Roman" size="2">
    <p style="margin-right: 4">219</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Times New Roman" size="2">(80)</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" width="52%" colspan="4" bgcolor="#E9F1F8" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" size="2">Net increase (decrease) in cash and
    cash</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="border-top-style: solid; border-top-width: 1">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="border-top-style: solid; border-top-width: 1">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="border-top-style: solid; border-top-width: 1">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="border-top-style: solid; border-top-width: 1">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="border-top-style: solid; border-top-width: 1">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="border-top-style: solid; border-top-width: 1">
    <font size="2" face="Times New Roman">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" width="52%" colspan="4" bgcolor="#E9F1F8" style="border-bottom-style: none; border-bottom-width: medium">
    <font FACE="Times New Roman" size="2">
    <p style="margin-left: 2%">equivalents, during the year</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="border-bottom-style: none; border-bottom-width: medium">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="border-bottom-style: none; border-bottom-width: medium">
    <font FACE="Times New Roman" size="2">
    <p style="margin-right: 4">3,107</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="border-bottom-style: none; border-bottom-width: medium">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="border-bottom-style: none; border-bottom-width: medium">
    <font FACE="Times New Roman" size="2">(19,757)</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="border-bottom-style: none; border-bottom-width: medium">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8" style="border-bottom-style: none; border-bottom-width: medium">
    <font FACE="Times New Roman" size="2">(40,795)</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" style="border-top-style: none; border-top-width: medium" colspan="4">
    <font FACE="Times New Roman" size="2">Cash and cash equivalents, United</font></td>
    <td valign="bottom" align="right" style="border-top-style: none; border-top-width: medium">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: none; border-top-width: medium">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: none; border-top-width: medium">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: none; border-top-width: medium">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: none; border-top-width: medium">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: none; border-top-width: medium">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" colspan="4"><font FACE="Times New Roman" size="2">
    <p style="margin-left: 2%">States GAAP, beginning of year</font></td>
    <td valign="bottom" align="right"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right"><font FACE="Times New Roman" size="2">
    <p style="margin-right: 4">9,250</font></td>
    <td valign="bottom" align="right"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right"><font FACE="Times New Roman" size="2">
    <p style="margin-right: 4">29,007</font></td>
    <td valign="bottom" align="right"><font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right"><font FACE="Times New Roman" size="2">
    <p style="margin-right: 4">69,802</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" style="border-top-style: solid; border-top-width: 1" colspan="4" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">Cash and cash equivalents, United</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%">&nbsp;</td>
    <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 3" colspan="4" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">
    <p style="margin-left: 2%">States GAAP, end of year</font></td>
    <td valign="bottom" width="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">$</font></td>
    <td valign="bottom" width="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">
    <p style="margin-right: 4">12,357</font></td>
    <td valign="bottom" width="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">$</font></td>
    <td valign="bottom" width="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">
    <p style="margin-right: 4">9,250</font></td>
    <td valign="bottom" width="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">$</font></td>
    <td valign="bottom" width="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E9F1F8">
    <font FACE="Times New Roman" size="2">
    <p style="margin-right: 4">29,007</font></td>
  </tr>
</table>
<p align="justify" style="margin-left: 30; margin-top: -11pt">&nbsp;</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 size="5"><b>
<p>GILDAN ACTIVEWEAR INC. </b></font><font SIZE="2"><br>
Reconciliation to United States GAAP , Continued</p>
<font FACE="Times New Roman" SIZE="2">
<p>Years ended October 5, 2008, September 30, 2007 and October 1, 2006<br>
(In thousands of US dollars, except share and per share amounts) </p>
</font>
<hr color="#000000">
<p align="justify" style="margin-bottom: 0">(b) </p>
<p align="justify" style="margin-left: 30; margin-top: -11pt">Consolidated
statements of cash flows (continued): </p>
<font FACE="Times New Roman" SIZE="2">
<p ALIGN="JUSTIFY" style="margin-left: 30">In 2007 and 2006, the Company
included the reversal of the current year's amortization of startup costs, as
described in note a (ii), as part of the United States GAAP adjustments in the
consolidated statements of cash flows. The figures have been reclassified to
exclude the reversal of the non-cash amortization in the consolidated statements
of cash flows resulting in a decrease of $1,509 in net cash provided by
operating activities, and net cash used in investing activities for fiscal 2007,
and a decrease of $791 in net cash provided by operating activities, and net
cash used in investing activities for fiscal 2006. </p>
<font SIZE="2">
<p align="justify" style="margin-bottom: 0">(c) </p>
<p align="justify" style="margin-left: 30; margin-top: -11pt">Consolidated
balance sheets: </p>
<p style="margin-left: 30">A reconciliation of shareholders' equity under
Canadian GAAP to United States GAAP is as follows: </p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" DIR="ltr" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" 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" align="right" 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" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2008</font></td>
    <td valign="bottom" align="right" 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" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2007</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" width="67%" bgcolor="#E9F1F8"><font SIZE="2">
    Shareholders' equity as per Canadian GAAP</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8"><font SIZE="2">$</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">812,333</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8"><font SIZE="2">$</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">663,650</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" width="67%" bgcolor="#E9F1F8"><font SIZE="2">United
    States GAAP adjustments:</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8"><font size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8"><font size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8"><font size="2">&#12288;</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8"><font size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" width="67%"><font SIZE="2">
    <p style="margin-left: 4%">Start-up costs</font></td>
    <td valign="bottom" align="right"><font size="2">&#12288;</font></td>
    <td valign="bottom" align="right"><font SIZE="2">(790)</font></td>
    <td valign="bottom" align="right"><font size="2">&#12288;</font></td>
    <td valign="bottom" align="right"><font SIZE="2">(2,548)</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" width="67%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">&#12288;</font></td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="3%">&nbsp;</td>
    <td valign="bottom" width="67%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E9F1F8">
    <font SIZE="2">Shareholders' equity as per United States GAAP</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E9F1F8">
    <font SIZE="2">$</font></td>
    <td valign="bottom" width="12%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">811,543</font></td>
    <td valign="bottom" width="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E9F1F8">
    <font SIZE="2">$</font></td>
    <td valign="bottom" width="12%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">661,102</font></td>
  </tr>
</table>
<p>(d) </p>
<p style="margin-left: 30; margin-top: -25.5pt">Accumulated other comprehensive
income: </p>
<p ALIGN="JUSTIFY" style="margin-left: 30">Accumulated other comprehensive
income, which resulted from (a) the change in functional currency in fiscal 2004
and (b) the market value of the forward foreign exchange contracts considered as
hedges against cash flow items in fiscal 2004 and fiscal 2005, the effect of
which reversed in fiscal 2006, is as follows: </p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" DIR="ltr" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td valign="bottom">&nbsp;</td>
</font>
    </font><font SIZE="2"><font SIZE="2" face="Tiems">
    <td valign="bottom" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    &#12288;</td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    &#12288;</td>
    </font><font FACE="Times New Roman" SIZE="2">
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Tiems" SIZE="2">2008</font></td>
    <font SIZE="2" face="Tiems">
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    &#12288;</td>
    </font>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Tiems" SIZE="2">2007</font></td>
    <font SIZE="2" face="Tiems">
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    &#12288;</td>
    </font>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 3; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Tiems" SIZE="2">2006</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <font SIZE="2" face="Tiems">
    <td valign="bottom" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    &#12288;</td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    &#12288;</td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    &#12288;</td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    &#12288;</td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    &#12288;</td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    &#12288;</td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    &#12288;</td>
  </tr>
  </font>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" bgcolor="#E9F1F8"><font FACE="Tiems" SIZE="2">
    Accumulated other comprehensive</font></td>
    <font SIZE="2" face="Tiems">
    <td valign="bottom" align="right" bgcolor="#E9F1F8">&#12288;</td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">&#12288;</td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">&#12288;</td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">&#12288;</td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">&#12288;</td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">&#12288;</td>
  </tr>
  </font>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" bgcolor="#E9F1F8"><font FACE="Tiems" SIZE="2">
    <p style="margin-left: 2%">income as per United States GAAP,</font></td>
    <font SIZE="2" face="Tiems">
    <td valign="bottom" align="right" bgcolor="#E9F1F8">&#12288;</td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">&#12288;</td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">&#12288;</td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">&#12288;</td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">&#12288;</td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">&#12288;</td>
  </tr>
  </font>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" width="52%" bgcolor="#E9F1F8">
    <font FACE="Tiems" SIZE="2">
    <p style="margin-left: 2%">beginning of year</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Tiems" SIZE="2">$</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Tiems" SIZE="2">
    <p style="margin-right: 4">26,248</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Tiems" SIZE="2">$</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Tiems" SIZE="2">
    <p style="margin-right: 4">26,248</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Tiems" SIZE="2">$</font></td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">
    <font FACE="Tiems" SIZE="2">
    <p style="margin-right: 4">28,285</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" width="52%"><font FACE="Tiems" SIZE="2">Change during
    the year</font></td>
    <font SIZE="2" face="Tiems">
    <td valign="bottom" align="right">&#12288;</td>
    </font>
    <td valign="bottom" align="right"><font FACE="Tiems" SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
    <font SIZE="2" face="Tiems">
    <td valign="bottom" align="right">&#12288;</td>
    </font>
    <td valign="bottom" align="right"><font FACE="Tiems" SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
    <font SIZE="2" face="Tiems">
    <td valign="bottom" align="right">&#12288;</td>
    </font>
    <td valign="bottom" align="right"><font FACE="Tiems" SIZE="2">(2,037)</font></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <font SIZE="2" face="Tiems">
    <td valign="bottom" width="52%" style="border-bottom-style: solid; border-bottom-width: 1">
    &#12288;</td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    &#12288;</td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    &#12288;</td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    &#12288;</td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    &#12288;</td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    &#12288;</td>
    <td valign="bottom" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    &#12288;</td>
  </tr>
  </font>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" width="52%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font FACE="Tiems" SIZE="2">Accumulated other comprehensive</font></td>
    <font SIZE="2" face="Tiems">
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    &#12288;</td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    &#12288;</td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    &#12288;</td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    &#12288;</td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    &#12288;</td>
    <td valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    &#12288;</td>
  </tr>
  </font>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" width="52%" bgcolor="#E9F1F8">
    <font FACE="Tiems" SIZE="2">
    <p style="margin-left: 2%">income as per United States GAAP,</font></td>
    <font SIZE="2" face="Tiems">
    <td valign="bottom" align="right" bgcolor="#E9F1F8">&#12288;</td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">&#12288;</td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">&#12288;</td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">&#12288;</td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">&#12288;</td>
    <td valign="bottom" align="right" bgcolor="#E9F1F8">&#12288;</td>
  </tr>
  </font>
  <tr>
    <td valign="bottom" width="3%">&nbsp;</td>
    <td valign="bottom" width="52%" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E9F1F8">
    <font FACE="Tiems" SIZE="2">
    <p style="margin-left: 2%">end of year</font></td>
    <td valign="bottom" width="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E9F1F8">
    <font FACE="Tiems" SIZE="2">$</font></td>
    <td valign="bottom" width="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E9F1F8">
    <font FACE="Tiems" SIZE="2">
    <p style="margin-right: 4">26,248</font></td>
    <td valign="bottom" width="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E9F1F8">
    <font FACE="Tiems" SIZE="2">$</font></td>
    <td valign="bottom" width="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E9F1F8">
    <font FACE="Tiems" SIZE="2">
    <p style="margin-right: 4">26,248</font></td>
    <td valign="bottom" width="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E9F1F8">
    <font FACE="Tiems" SIZE="2">$</font></td>
    <td valign="bottom" width="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E9F1F8">
    <font FACE="Tiems" SIZE="2">
    <p style="margin-right: 4">26,248</font></td>
  </tr>
</table>
</font>
</font>
</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 size="5"><b>
<p>GILDAN ACTIVEWEAR INC. </b></font><font SIZE="2"><br>
Reconciliation to United States GAAP, Continued </p>
<font FACE="Times New Roman" SIZE="2">
<p>Years ended October 5, 2008, September 30, 2007 and October 1, 2006 <br>
(In thousands of US dollars, except share and per share amounts) </p>
</font>
<hr color="#000000">
<font SIZE="2" face="Times New Roman">
<p>(e) </p>
<p style="margin-left: 30; margin-top: -25.5pt">Accounting changes in 2008: </p>
<p ALIGN="JUSTIFY" style="margin-left: 30">In July 2006, the Financial
Accounting Standards Board (&quot;FASB&quot;) issued FASB Interpretation No. 48, <i>
Accounting for Uncertainty in Income Taxes </i>(&quot;FIN 48&quot;). FIN 48 clarifies the
accounting for uncertainty in income taxes recognized in an enterprise's
financial statements in accordance with Financial Accounting Standard No. 109,
<i>Accounting for Income Taxes</i>,<i> </i>and prescribes a recognition
threshold and measurement attribute for the financial statements recognition and
measurement of a tax position taken or expected to be taken in a tax return. The
provisions of FIN 48 are to be applied upon initial adoption, with the
cumulative effect adjustment reported as an adjustment to the opening balance of
retained earnings. The Company adopted this interpretation on October 1, 2007
and this adoption had no impact on the Company's consolidated financial
statements. </p>
</font>
<dir>
  <p style="margin-left: 30">&#12288;</p>
</dir>
<p style="margin-left: 30; margin-top: -11pt">&nbsp;</p>
</font>
<p align="center"><font size="2">4</font></p>
<hr color="#000000" size="5">
</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>exh996.htm
<DESCRIPTION>EXHIBIT 99.6
<TEXT>
<html>

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

<body>

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
  <hr noshade color="#000000" size="5">
</div>
<b><font SIZE="2">
<p align="right">EXHIBIT 99.6 </p>
<p ALIGN="CENTER">CERTIFICATION <br>
REQUIRED BY RULE 13a-14(a) <br>
OR RULE 15d-14(a) </p>
</font></b><font SIZE="2">
<p>I, Glenn J. Chamandy, certify that: </p>
<p>1. </p>
<p style="margin-left: 4%; margin-top: -25.5pt">I have reviewed this annual
report on Form 40-F of Gildan Activewear Inc.; </p>
<p ALIGN="JUSTIFY">2. </p>
<p ALIGN="JUSTIFY" style="margin-left: 4%; margin-top: -25.5pt">Based on my
knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light
of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report; </p>
<p ALIGN="JUSTIFY">3. </p>
<p ALIGN="JUSTIFY" style="margin-left: 4%; margin-top: -25.5pt">Based on my
knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the issuer as of, and for, the periods
presented in this report; </p>
<p ALIGN="JUSTIFY">4. </p>
<p ALIGN="JUSTIFY" style="margin-left: 4%; margin-top: -25.5pt">The issuer's
other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules 13(a) &#150; 15(f) and 15(d) &#150; 15(f)) for the issuer and have: </p>
<p ALIGN="JUSTIFY" style="margin-left: 4%">(a) </p>
<p ALIGN="JUSTIFY" style="margin-left: 8%; margin-top: -25.5pt">Designed such
disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material
information relating to the issuer, including its consolidated subsidiaries, is
made known to us by others within those entities, particularly during the period
in which this report is being prepared; </p>
<p style="margin-left: 4%">(b) </p>
<p style="margin-left: 8%; margin-top: -25.5pt">Designed such internal control
over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted
accounting principles; </p>
<p ALIGN="JUSTIFY" style="margin-left: 4%">(c) </p>
<p ALIGN="JUSTIFY" style="margin-left: 8%; margin-top: -25.5pt">Evaluated the
effectiveness of the issuer's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report
based on such evaluation; and </p>
<p ALIGN="JUSTIFY" style="margin-left: 4%">(d) </p>
<p ALIGN="JUSTIFY" style="margin-left: 8%; margin-top: -25.5pt">Disclosed in
this report any change in the issuer's internal control over financial reporting
that occurred during the period covered by the annual report that has materially
affected, or is reasonably likely to materially affect, the issuer's internal
control over financial reporting; and </p>
<p ALIGN="JUSTIFY">5. </p>
<p ALIGN="JUSTIFY" style="margin-left: 4%; margin-top: -25.5pt">The issuer's
other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the issuer's
auditors and the audit committee of the issuer's board of directors (or persons
performing the equivalent functions): </p>
<p ALIGN="JUSTIFY" style="margin-left: 4%">(a) </p>
<p ALIGN="JUSTIFY" style="margin-left: 8%; margin-top: -25.5pt">All significant
deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect
the issuer's ability to record, process, summarize and report financial
information; and </p>
<p style="margin-left: 4%">(b) </p>
<p style="margin-left: 8%; margin-top: -25.5pt">Any fraud, whether or not
material, that involves management or other employees who have a significant
role in the issuer's internal control over financial reporting. </p>
<p>Date: December 22, 2008 </p>
</font>
<div align="right">
  <table CELLSPACING="0" BORDER="0" WIDTH="50%" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
    <tr>
      <td><font FACE="Times New Roman PSMT" SIZE="2"><u>/s/ </u></font><u>
      <font FACE="Times New Roman PS" SIZE="2"><i>Glenn J. Chamandy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </i></font></u></td>
    </tr>
    <tr>
      <td WIDTH="100%"><font FACE="Times New Roman PSMT" SIZE="2">Name: Glenn J.
      Chamandy</font></td>
    </tr>
    <tr>
      <td WIDTH="100%"><font FACE="Times New Roman PSMT" SIZE="2">Title:
      President and Chief Executive Officer</font></td>
    </tr>
  </table>
</div>
<HR noshade size=5 style="page-break-after:always;" color="#000000"><font SIZE="2"><b>
<p ALIGN="CENTER">CERTIFICATION <br>
REQUIRED BY RULE 13a-14(a) <br>
OR RULE 15d-14(a) </p>
</b>
<p>I, Laurence G. Sellyn, certify that: </p>
<p>1.</p>
<p style="margin-left: 4%; margin-top: -25.5pt">I have reviewed this annual
report on Form 40-F of Gildan Activewear Inc.; </p>
<p ALIGN="JUSTIFY">2. </p>
<p ALIGN="JUSTIFY" style="margin-left: 4%; margin-top: -25.5pt">Based on my
knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light
of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report; </p>
<p ALIGN="JUSTIFY">3. </p>
<p ALIGN="JUSTIFY" style="margin-left: 4%; margin-top: -25.5pt">Based on my
knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the issuer as of, and for, the periods
presented in this report; </p>
<p ALIGN="JUSTIFY">4. </p>
<p ALIGN="JUSTIFY" style="margin-left: 4%; margin-top: -25.5pt">The issuer's
other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules 13(a) &#150; 15(f) and 15(d) &#150; 15(f)) for the issuer and have: </p>
<p ALIGN="JUSTIFY" style="margin-left: 4%">(a) </p>
<p ALIGN="JUSTIFY" style="margin-left: 8%; margin-top: -25.5pt">Designed such
disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material
information relating to the issuer, including its consolidated subsidiaries, is
made known to us by others within those entities, particularly during the period
in which this report is being prepared; </p>
<p style="margin-left: 4%">(b) </p>
<p style="margin-left: 8%; margin-top: -25.5pt">Designed such internal control
over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted
accounting principles; </p>
<p ALIGN="JUSTIFY" style="margin-left: 4%">(c) </p>
<p ALIGN="JUSTIFY" style="margin-left: 8%; margin-top: -25.5pt">Evaluated the
effectiveness of the issuer's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report
based on such evaluation; and </p>
<p ALIGN="JUSTIFY" style="margin-left: 4%">(d) </p>
<p ALIGN="JUSTIFY" style="margin-left: 8%; margin-top: -25.5pt">Disclosed in
this report any change in the issuer's internal control over financial reporting
that occurred during the period covered by the annual report that has materially
affected, or is reasonably likely to materially affect, the issuer's internal
control over financial reporting; and </p>
<p ALIGN="JUSTIFY">5. </p>
<p ALIGN="JUSTIFY" style="margin-left: 4%; margin-top:-25.5pt">The issuer's other certifying officer
and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the issuer's auditors and the audit committee of
the issuer's board of directors (or persons performing the equivalent
functions): </p>
<p ALIGN="JUSTIFY" style="margin-left: 4%">(a) </p>
<p ALIGN="JUSTIFY" style="margin-left: 8%; margin-top: -25.5pt">All significant
deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect
the issuer's ability to record, process, summarize and report financial
information; and </p>
<p style="margin-left: 4%">(b)</p>
<p style="margin-left: 8%; margin-top: -25.5pt">Any fraud, whether or not
material, that involves management or other employees who have a significant
role in the issuer's internal control over financial reporting. </p>
<p>Date: December 22, 2008<b> </p>
</b></font>
<div align="right">
  <table CELLSPACING="0" BORDER="0" WIDTH="50%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td><font FACE="Times New Roman PSMT" SIZE="2"><u>/s/ </u></font><u>
      <font FACE="Times New Roman PS" SIZE="2"><i>Laurence G. Sellyn&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </i></font></u></td>
    </tr>
    <tr>
      <td WIDTH="100%"><font FACE="Times New Roman PSMT" SIZE="2">Name: Laurence
      G. Sellyn</font></td>
    </tr>
    <tr>
      <td WIDTH="100%"><font FACE="Times New Roman PSMT" SIZE="2">Title:
      Executive Vice-President, Chief Financial and Administrative Officer</font></td>
    </tr>
  </table>
</div>
<hr noshade color="#000000" size="5">

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>8
<FILENAME>exh997.htm
<DESCRIPTION>EXHIBIT 99.7
<TEXT>
<html>

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

<body>

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
  <hr noshade color="#000000" size="5">
</div>
<b><font SIZE="2">
<p align="right">EXHIBIT 99.7 </p>
<p align="center">CERTIFICATION </font><font SIZE="2" FACE="Times New Roman PS">
<br>
REQUIRED BY RULE 13a-14(b) OR RULE 15d-14(b) AND <br>
SECTION 1350 OF CHAPTER 63 OF TITLE 18 <br>
OF THE UNITED STATES CODE </p>
</font></b><font SIZE="2">
<p>Gildan Activewear Inc. (the &quot;Corporation&quot;) is filing its annual report on
Form 40-F for the fiscal year ended October 5, 2008 (the &quot;Report&quot;) with the
United States Securities and Exchange Commission. </p>
<p align="justify">I, Glenn J. Chamandy, President and Chief Executive Officer
of the Corporation, certify, pursuant to 18 U.S.C. section 1350, as enacted
pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of
my knowledge: </p>
<ol>
  <li>
  <p align="justify">The Report fully complies with the requirements of Section
  13(a) or 15(d) of the U.S. Securities Exchange Act of 1934; and <br>
&nbsp;</li>
  <li>
  <p align="justify">The information contained in the Report fairly presents, in
  all material respects, the financial condition and results of operations of
  the Corporation. </li>
</ol>
<p align="justify">Dated: December 22, 2008 </p>
</font>
<div align="right">
  <table CELLSPACING="0" BORDER="0" WIDTH="50%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td><font SIZE="2"><u>/s/ <i>Glenn J. Chamandy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </i></u></font></td>
    </tr>
    <tr>
      <td WIDTH="100%"><font SIZE="2">Name: Glenn J. Chamandy</font></td>
    </tr>
    <tr>
      <td WIDTH="100%"><font SIZE="2">Title: President and Chief Executive
      Officer</font></td>
    </tr>
  </table>
</div>
<HR noshade size=5 style="page-break-after:always;" color="#000000"><b><font SIZE="2">
<p align="center">CERTIFICATION <br>
REQUIRED BY RULE 13a-14(b) OR RULE 15d-14(b) AND <br>
SECTION 1350 OF CHAPTER 63 OF TITLE 18 <br>
OF THE UNITED STATES CODE </p>
</font></b><font SIZE="2">
<p align="justify">Gildan Activewear Inc. (the &quot;Corporation&quot;) is filing its
annual report on Form 40-F for the fiscal year ended October 5, 2008 (the
&quot;Report&quot;) with the United States Securities and Exchange Commission. </p>
<p ALIGN="JUSTIFY">I, Laurence G. Sellyn, Executive Vice-President, Finance and
Chief Financial Officer of the Corporation, certify, pursuant to 18 U.S.C.
section 1350, as enacted pursuant to section 906 of the Sarbanes-Oxley Act of
2002, that, to the best of my knowledge: </p>
<ol>
  <li>
  <p align="justify">The Report fully complies with the requirements of Section
  13(a) or 15(d) of the U.S. Securities Exchange Act of 1934; and <br>
&nbsp;</li>
  <li>
  <p align="justify">The information contained in the Report fairly presents, in
  all material respects, the financial condition and results of operations of
  the Corporation. </li>
</ol>
<p>Dated: December 22, 2008 </p>
</font>
<div align="right">
  <table CELLSPACING="0" BORDER="0" WIDTH="50%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td><font FACE="Times New Roman PSMT" SIZE="2"><u>/s/ </u></font><u>
      <font FACE="Times New Roman PS" SIZE="2"><i>Laurence G. Sellyn&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </i></font></u></td>
    </tr>
    <tr>
      <td WIDTH="100%"><font FACE="Times New Roman PSMT" SIZE="2">Name: Laurence
      G. Sellyn</font></td>
    </tr>
    <tr>
      <td WIDTH="100%"><font FACE="Times New Roman PSMT" SIZE="2">Title:
      Executive Vice-President, Chief Financial and Administrative Officer</font></td>
    </tr>
  </table>
</div>
<hr noshade color="#000000" size="5">

</body>

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