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<SEC-DOCUMENT>0001204459-09-000234.txt : 20090212
<SEC-HEADER>0001204459-09-000234.hdr.sgml : 20090212
<ACCEPTANCE-DATETIME>20090211204559
ACCESSION NUMBER:		0001204459-09-000234
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20090211
FILED AS OF DATE:		20090212
DATE AS OF CHANGE:		20090211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Gildan Activewear Inc.
		CENTRAL INDEX KEY:			0001061894
		STANDARD INDUSTRIAL CLASSIFICATION:	APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14830
		FILM NUMBER:		09591424

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GILDAN ACTIVEWEAR INC
		DATE OF NAME CHANGE:	19980515
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>gildan021009form6kpr.htm
<DESCRIPTION>FORM 6-K
<TEXT>

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



<html>

<body>

<div style="border-top: 1px solid; padding-top: 1px">
  <hr color="#000000" SIZE="5">
</div>
<font face="Times New Roman" size="5"><b>
<p align="center">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION</b> <br>
</font><font face="Times New Roman" size="2"><b>Washington, DC 20549</b> </p>
</font><font face="Times New Roman" size="5"><b>
<p align="center">Form 6-K</b> </p>
</font><font face="Times New Roman" size="2"><b>
<p align="center">Report of Foreign Private Issuer <br>
Pursuant to Rule 13a-16 or 15d-16 of<br>
&nbsp;the Securities Exchange Act of 1934</b> </p>
<div align="center">
  <center>
  <table id="AutoNumber1" style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="50%" border="0">
    <tr>
      <td width="50%">
      <p align="center"><font face="Times New Roman" size="2">For the month of:
      February 2009</font></td>
      <td width="50%">
      <p align="center"><font face="Times New Roman" size="2">&nbsp;Commission File
      Number: 1-14830 </font></td>
    </tr>
  </table>
  </center>
</div>
<font face="Times New Roman" size="5"><b>
<p align="center">GILDAN ACTIVEWEAR INC.</b> <br>
</font>(<i>Translation of Registrant's name into English</i>) </p>
<p align="center">
<b>
              600 de Maisonneuve Boulevard West<br>
33rd Floor<br>
Montr&#233;al, Qu&#233;bec <br>
Canada H3A 3J2</b><br>
              (<i>Address of Principal Executive Offices</i>) </p>
<p align="left">Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F: </p>
<div align="center">
  <center>
  <table id="AutoNumber1" style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="50%" border="0">
    <tr>
      <td align="middle" width="50%"><font face="Times New Roman" size="2">Form
      20-F </font><font face="Wingdings 2" size="3">&#163;</font></td>
      <td align="middle" width="50%"><font face="Times New Roman" size="2">Form
      40-F </font><font face="Wingdings 2" size="3">Q</font></td>
    </tr>
  </table>
  </center>
</div>
<p>Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): <font face="Wingdings 2" size="3">
&#163;</font></p>
<p>Indicate by check mark if the registrant is submitting the form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): <font face="Wingdings 2" size="3">
&#163;</font></p>
<p>Indicate by check mark whether by furnishing the information contained in
this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
<font face="Wingdings 2" size="3">&#163;</font></p>
<div align="center">
  <center>
  <table id="AutoNumber2" style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="50%" border="0">
    <tr>
      <td align="middle" width="50%"><font face="Times New Roman" size="2">Yes
      </font><font face="Wingdings 2" size="3">&#163;</font></td>
      <td align="middle" width="50%"><font face="Times New Roman" size="2">No
      </font><font face="Wingdings 2" size="3">Q</font></td>
    </tr>
  </table>
  </center>
</div>
<p>If &quot;Yes&quot; is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): N/A </p>
<hr color="#000000" SIZE="5">
<p style="page-break-before: always"><b></p>
<p align="center">SIGNATURES</b> </p>
<p style="text-indent: 30px" align="justify">Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized. </p>
<table style="font-size: 10pt; border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td vAlign="top" align="left" style="font-size: 10pt" width="50%">&nbsp;</td>
    <td align="left" colSpan="2" style="font-size: 10pt"><b>GILDAN ACTIVEWEAR INC.</b></td>
  </tr>
  <tr>
    <td align="left" style="font-size: 10pt" width="50%">&nbsp;</td>
    <td vAlign="top" style="font-size: 10pt" width="1%">&nbsp;</td>
    <td style="border-bottom: medium none #000000; font-size:10pt" align="left" width="49%">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" style="font-size: 10pt" width="50%">Date: February 11, 2009</td>
    <td vAlign="top" style="font-size: 10pt" width="1%">By:&nbsp;&nbsp;</td>
    <td style="border-top: medium none; border-bottom: 1px solid #000000; font-size:10pt" align="left" width="49%">
    /s/ Lindsay Matthews &nbsp;</td>
  </tr>
  <tr>
    <td align="left" style="font-size: 10pt" width="50%">&nbsp;</td>
    <td style="font-size: 10pt" width="1%">&nbsp;</td>
    <td vAlign="top" style="font-size: 10pt" width="49%">
    <p style="margin-top: 0; margin-bottom: 0">Name:&nbsp;&nbsp;</p>
    <p style="margin-left: 26pt; margin-top: -11pt; margin-bottom: 0"><font face="Times New Roman" size="2">Lindsay Matthews&nbsp;</font></td>
  </tr>
  <tr>
    <td align="left" style="font-size: 10pt" width="50%">&nbsp;</td>
    <td style="font-size: 10pt" width="1%">&nbsp;</td>
    <td vAlign="top" style="font-size: 10pt" width="49%">
    <p style="margin-top: 0; margin-bottom: 0">Title:&nbsp;&nbsp;</p>
    <p style="margin-left: 26pt; margin-top: -11pt; margin-bottom: 0"><font face="Times New Roman" size="2">Director, Legal Services and<br>
    Corporate Secretary&nbsp;</font></td>
  </tr>
  </table>
<p>&nbsp;</p>
<hr color="#000000" SIZE="5">
<p style="page-break-before: always"><b></p>
<p align="center">EXHIBIT INDEX</b> </p>
<table style="font-size: 10pt; border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr style="font-size: 8pt" vAlign="bottom">
    <td style="border-bottom: 1px solid #000000" noWrap align="left" height="16">
    <b><font face="Times New Roman" size="2">Exhibit</font></b></td>
    <td height="16"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td style="border-bottom: 1px solid #000000" noWrap align="middle" height="16">
    <p align="left"><b><font face="Times New Roman" size="2">Description of
    Exhibit</font></b></td>
  </tr>
  <tr vAlign="bottom">
    <td vAlign="top" height="1"></td>
    <td vAlign="top" height="1"></td>
    <td vAlign="top" height="1"></td>
  </tr>
  <tr vAlign="bottom">
    <td vAlign="center" height="15"></td>
    <td vAlign="center" height="15"></td>
    <td vAlign="center" height="15"></td>
  </tr>
  <tr vAlign="bottom">
    <td vAlign="center" bgColor="#E9F1F8" height="15">
    <a href="gil991.htm" style="text-decoration: none">99.1</a></td>
    <td vAlign="center" bgColor="#E9F1F8" height="15">&nbsp;</td>
    <td vAlign="center" bgColor="#E9F1F8" height="15">
    <a href="gil991.htm" style="text-decoration: none">Press Release Dated February 11, 2009</a></td>
  </tr>
  </table>
<p>&nbsp;</p>
<hr color="#000000" size="5">
</font>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>gil991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>

<head>
<title>Gildan Activewear Inc. Press Release - Prepared by TNT FIlings Inc.</title>
</head>

<BODY style="font-size:10pt;">

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
  <hr color="#000000" size="5"></div>
<p align="center">
<img border="0" src="gil_pr1.jpg" width="281" height="77"></p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="10%">&nbsp;</td>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="50%"><i><b>
    <p align="right"><font size="2">For Immediate Release</font></b></i></td>
  </tr>
  <tr>
    <td WIDTH="10%"><font SIZE="2">Contacts:</font></td>
    <td WIDTH="40%"><font SIZE="2">Laurence G. Sellyn, Executive Vice-President,</font></td>
    <td WIDTH="50%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="10%">&nbsp;</td>
    <td WIDTH="40%"><font SIZE="2">Chief Financial and Administrative Officer</font></td>
    <td WIDTH="50%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="10%">&nbsp;</td>
    <td WIDTH="40%"><font SIZE="2">Tel: (514) 343-8805</font></td>
    <td WIDTH="50%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="10%">&nbsp;</td>
    <td WIDTH="40%"><font SIZE="2">Email: <u>lsellyn@gildan.com</u></font></td>
    <td WIDTH="50%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="10%">&nbsp;</td>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="50%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="10%">&nbsp;</td>
    <td WIDTH="40%"><font SIZE="2">Patrice Ouimet, Vice-President,</font></td>
    <td WIDTH="50%"><font SIZE="2">Benoit Leroux, Director,</font></td>
  </tr>
  <tr>
    <td WIDTH="10%">&nbsp;</td>
    <td WIDTH="40%"><font SIZE="2">Corporate Development and</font></td>
    <td WIDTH="50%"><font SIZE="2">Corporate Development</font></td>
  </tr>
  <tr>
    <td WIDTH="10%">&nbsp;</td>
    <td WIDTH="40%"><font SIZE="2">Enterprise Risk Management</font></td>
    <td WIDTH="50%"><font SIZE="2">Tel: (514) 343-8898</font></td>
  </tr>
  <tr>
    <td WIDTH="10%">&nbsp;</td>
    <td WIDTH="40%"><font SIZE="2">Tel: (514) 340-8933</font></td>
    <td WIDTH="50%"><font SIZE="2">Email: <u>bleroux@gildan.com</u></font></td>
  </tr>
  <tr>
    <td WIDTH="10%">&nbsp;</td>
    <td WIDTH="40%"><font SIZE="2">Email:<i> </i><u>pouimet@gildan.com</u></font></td>
    <td WIDTH="50%">&nbsp;</td>
  </tr>
</table>
<b><font size="5">
<p align="center"><u>Gildan Activewear Announces First Quarter Results Within
Guidance Range <br>
And Suspends EPS Guidance For Full Fiscal Year </u></p>
</font><font SIZE="2">
<p ALIGN="JUSTIFY">Montr&#233;al, Wednesday, February 11, 2009</font></b><font size="2">
&#150; Gildan Activewear Inc. (GIL; TSX and NYSE) today announced its financial
results for the  first quarter of its 2009 fiscal year, and suspended its
EPS guidance for the full fiscal year, which it had initiated on December 11,
2008, due to increasing uncertainty about macro-economic conditions and the
potential impact of the economic and financial crisis on Gildan&#146;s served markets
and customer base. The Company also updated its capital expenditure plans for
fiscal 2009. </p>
<p align="justify"><u>First Quarter Sales and Earnings </u></p>
<p ALIGN="JUSTIFY">Gildan reported net earnings of U.S. $4.3 million and diluted
EPS of U.S. $0.04 for its first fiscal quarter ended January 4, 2009, compared
with net earnings of U.S. $27.9 million and diluted EPS of U.S. $0.23 in the
first quarter of fiscal 2008. The Company had provided EPS guidance of US $0.00
&#150; $0.05 for the  first quarter of fiscal 2009. </p>
<p ALIGN="JUSTIFY">The reduction in net earnings and EPS in the first quarter
compared to last year was primarily due to significantly lower unit sales
volumes, combined with higher cotton and energy costs reflected in inventories
consumed in cost of sales during the quarter, more unfavourable activewear
product-mix, and increased provisions for accounts receivable. Cotton costs are
projected to be at their highest point during the  year in the first
quarter of fiscal 2009, and were at their lowest point during fiscal 2008 in the
first quarter. These negative factors were partially offset by favourable
manufacturing efficiencies and higher net selling prices for activewear,
compared to the first quarter of fiscal 2008. Compared to the Company&#146;s EPS
guidance for the quarter, the impact of lower than projected selling price
discounts was offset by lower than projected unit sales volumes, due to
continuing inventory destocking by U.S. wholesale distributors, and increased
provisions for accounts receivable. </p>
</font><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5><font FACE="Times New Roman" SIZE="2">
<p ALIGN="JUSTIFY">Sales in the first quarter of fiscal 2009, which is
seasonally the lowest quarter of the fiscal year for Gildan&#146;s activewear sales,
amounted to U.S. $184.0 million, down 26.5% from U.S. $250.5 million in the
first quarter of last year. Increased market share penetration in the U.S.
screenprint channel was more than offset by an 11.6% decline in overall industry
unit shipments in the channel and the significant impact of inventory reductions
during the quarter by U.S. wholesale distributors. Sales were also negatively
impacted by more unfavourable activewear product-mix. Sales of socks included an
extra two weeks of sales from the Prewett acquisition, which was effective from
October 15, 2007. However, unit sales of socks decreased due to the elimination
of unprofitable sock product-lines during fiscal 2008, and a reduction in
inventories carried by retailers. Unit sales of Gildan socks from the Company&#146;s major
retail customers to consumers were essentially unchanged compared with the
previous year, in spite of weak overall retail market conditions. </p>
<p>The table below summarizes data from the S.T.A.R.S. report produced by
ACNielsen Market Decisions, which tracks unit volume shipments from wholesale
distributors to U.S. screenprinters, for the calendar quarter ended December 31,
2008: </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman" SIZE="2"><b><u>
    Gildan</u></b></font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman" SIZE="2"><b><u>
    Gildan</u></b></font></td>
    <td WIDTH="20%" align="center">&nbsp;</td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman" SIZE="2"><b><u>
    Gildan</u></b></font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman" SIZE="2"><b><u>
    Industry</u></b></font></td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman" SIZE="2"><b><u>
    Market Share</u></b></font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman" SIZE="2"><b><u>
    Market Share</u></b></font></td>
    <td WIDTH="20%" align="center">&nbsp;</td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman" SIZE="2"><b><u>
    Unit Growth</u></b></font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman" SIZE="2"><b><u>
    Unit Growth</u></b></font></td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman" SIZE="2"><b><u>
    Q1 2009</u></b></font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman" SIZE="2"><b><u>
    Q1 2008</u></b></font></td>
    <td WIDTH="20%" align="center">&nbsp;</td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman" SIZE="2"><b><u>
    Q1 2009 vs.</u></b></font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman" SIZE="2"><b><u>
    Q1 2009 vs.</u></b></font></td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center">&nbsp;</td>
    <td WIDTH="20%" align="center">&nbsp;</td>
    <td WIDTH="20%" align="center">&nbsp;</td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman" SIZE="2"><b><u>
    Q1 2008</u></b></font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman" SIZE="2"><b><u>
    Q1 2008</u></b></font></td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" SIZE="2">53.3%</font></td>
    <td WIDTH="20%" align="center" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" SIZE="2">49.3%</font></td>
    <td WIDTH="20%" align="center" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" SIZE="2">All activewear products</font></td>
    <td WIDTH="20%" align="center" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" SIZE="2">(4.7%)</font></td>
    <td WIDTH="20%" align="center" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" SIZE="2">(11.6%)</font></td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center" bgcolor="#E6EFFF">&nbsp;</td>
    <td WIDTH="20%" align="center" bgcolor="#E6EFFF">&nbsp;</td>
    <td WIDTH="20%" align="center" bgcolor="#E6EFFF">&nbsp;</td>
    <td WIDTH="20%" align="center" bgcolor="#E6EFFF">&nbsp;</td>
    <td WIDTH="20%" align="center" bgcolor="#E6EFFF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman" SIZE="2">54.2%</font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman" SIZE="2">50.0%</font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman" SIZE="2">
    T-shirts</font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman" SIZE="2">(3.8%)</font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman" SIZE="2">(10.9%)</font></td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center">&nbsp;</td>
    <td WIDTH="20%" align="center">&nbsp;</td>
    <td WIDTH="20%" align="center">&nbsp;</td>
    <td WIDTH="20%" align="center">&nbsp;</td>
    <td WIDTH="20%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" SIZE="2">51.9%</font></td>
    <td WIDTH="20%" align="center" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" SIZE="2">49.1%</font></td>
    <td WIDTH="20%" align="center" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" SIZE="2">Fleece</font></td>
    <td WIDTH="20%" align="center" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" SIZE="2">(7.1%)</font></td>
    <td WIDTH="20%" align="center" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" SIZE="2">(12.0%)</font></td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center" bgcolor="#E6EFFF">&nbsp;</td>
    <td WIDTH="20%" align="center" bgcolor="#E6EFFF">&nbsp;</td>
    <td WIDTH="20%" align="center" bgcolor="#E6EFFF">&nbsp;</td>
    <td WIDTH="20%" align="center" bgcolor="#E6EFFF">&nbsp;</td>
    <td WIDTH="20%" align="center" bgcolor="#E6EFFF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman" SIZE="2">35.4%</font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman" SIZE="2">35.4%</font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman" SIZE="2">Sport
    shirts</font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman" SIZE="2">(25.7%)</font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman" SIZE="2">(25.8%)</font></td>
  </tr>
</table>
<font SIZE="2">
<p ALIGN="JUSTIFY">Gross margins in the first quarter were 21.1%, compared to
26.2% after recasting prior year comparatives to reflect the reclassification of
manufacturing depreciation and certain items from selling, general and
administrative expenses to cost of sales. Recast prior year comparative figures
have been provided in the Investor Relations section of the Company&#146;s website.
Compared to the recast gross margins for the first quarter of fiscal 2008, the
decline in gross margins was due to significantly higher cotton and energy
costs, more unfavourable activewear product-mix due to a lower proportion of
high-valued fleece and long-sleeve T-shirts, higher depreciation expenses
absorbed in cost of sales, a higher proportion of sales of socks compared to
activewear, the temporary impact of additional packaging costs related to a
transition in sock private label brands for Gildan&#146;s largest retail customer,
which is being implemented in the second half of fiscal 2009, and higher labour
costs, partially offset by increased manufacturing efficiencies, the
non-recurrence of sock inventory write-downs in the first quarter of fiscal
2008, and higher net
selling prices compared to the first quarter of last year. </p>
<p ALIGN="JUSTIFY">Selling, general and administrative expenses, after
reflecting the reclassification of certain items in both years as disclosed in
the Company&#146;s website, were U.S. $33.5 million, compared with U.S. $31.7
million in the first quarter of fiscal 2008. The approximate U.S. $2 million
impact of an increase in accounts receivable provisions, together with higher
professional and legal fees, were partially offset by lower volume-related
distribution expenses and the impact of the reduction in the value of the
Canadian dollar on Gildan&#146;s corporate administrative expenses. </p>
<p align="right">2</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>
<p align="justify"><u>EPS Outlook and Guidance for Fiscal 2009 </u></p>
<font FACE="Times New Roman" SIZE="2">
<p ALIGN="JUSTIFY">Although the Company initiated EPS guidance for fiscal 2009
in mid-December, and has so far met its EPS expectations in spite of difficult
market conditions, the Company believes that it is prudent to suspend its
earnings guidance due to increasing uncertainty regarding the severity and
duration of the current economic and financial crisis. In addition, continuing
weak end-use demand and tighter credit markets may affect the financial
condition and liquidity of wholesale customers, resulting in increased credit
risk and a need for the Company to prudently balance short-term market share
considerations with such increased customer credit risk. </p>
<p ALIGN="JUSTIFY">Gildan&#146;s operations are performing well, and the Company
believes that its strong competitive positioning, combined with its strong
balance-sheet and free cash flow generation, will allow it to take advantage of
potential opportunities resulting from any industry rationalization or
restructuring that may occur as a result of a prolonged industry downturn and
crisis in liquidity.</p>
</font>
<p align="justify"><u>Cash Flows and Capital Expenditures </u></p>
<p ALIGN="JUSTIFY">The Company generated free cash flow of approximately U.S. $3
million in the first quarter of fiscal 2009, after capital expenditures and the
payment of prior year income taxes pursuant to the Company&#146;s settlement of its
transfer pricing audit with the Canada Revenue Agency. Cash flows from operating
activities before depreciation expenses and other non-cash items, together with
approximately U.S. $120 million of cash inflows from the collection of accounts
receivables in the quarter, were used to finance an approximate U.S. $66 million
increase in inventories to meet anticipated sales demand and approximately U.S.
$14 million of capital expenditures, as well as to pay approximately U.S. $24
million of income taxes, and U.S. $31 million of accounts payable and accrued
liabilities. </p>
<p ALIGN="JUSTIFY">The Company ended the first quarter of fiscal 2009 with net
indebtedness of approximately U.S. $37 million, and continues to have
significant financing capacity and flexibility under its revolving bank credit
facility, which matures in 2013. A major objective for the Company in fiscal
2009 will be to maintain its strong financing position and ensure that it
continues to be in a position to take advantage of any strategic growth
opportunities that may arise. </p>
<p ALIGN="JUSTIFY">Consequently, in the current economic environment, Gildan
intends to prudently manage its receivable and inventory levels and its capital
expenditures. Inventories will be carefully monitored in relation to market
conditions as they evolve, and the Company will evaluate the need for production
downtime as required to align inventories with sales demand. The Company is
continuing to defer construction of its Rio Nance 5 facility until the economic
outlook in support of further major capacity expansion becomes clearer. In
addition, the Company has decided to proceed cautiously on other expansion
projects and defer the ramp-up of its second sock manufacturing facility in
Honduras. Gildan plans to transfer its U.S. sock finishing operations to an
existing leased facility in Honduras in order to achieve planned manufacturing
efficiencies without incurring major capital costs or creating significant new
industry overcapacity. The Rio Nance 4 building will be utilized as a
distribution centre while sock capacity expansion requirements are re-assessed.
Capital expenditures for fiscal 2009 are now projected at approximately U.S. $80
million, compared with the Company&#146;s most recent forecast of U.S. $115 million.
</p>
<p align="justify"><u>Disclosure of Outstanding Share Data </u></p>
<p ALIGN="JUSTIFY">As of January 31<sup>st</sup>, 2009, there were 120,637,793
common shares issued and outstanding along with 1,081,328 stock options and
890,112 dilutive restricted share
units (Treasury RSUs) outstanding. Each stock option entitles the holder to
purchase one common share at the end of the vesting period at a pre-determined
option price. Each Treasury RSU entitles the holder to receive one common share
at the end of the vesting period, without any monetary consideration being paid
to the Company. However, the vesting of 50% of the restricted share grant is
dependent upon the financial <font FACE="Times New Roman" SIZE="2">performance
of the Company, relative to a benchmark group of Canadian publicly-listed
companies. </p>
</font>
<p align="right">3</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>
<p align="justify"><u>Information for shareholders </u></p>
<p align="justify">This release should be read in conjunction with Gildan&#146;s 2009
First Quarter MD&amp;A dated February 11, 2009 (available at <u>
<font color="#0000FF">http://gildan.com/corporate/IR/quarterlyReports.cfm</font></u>)
which is incorporated by reference in this release, filed by Gildan with the
Canadian securities regulatory authorities and with the U.S. Securities and
Exchange Commission. </p>
<p align="justify">Gildan Activewear Inc. will hold a conference call to discuss
these results today at 5:00 PM EST. The conference call can be accessed by
dialing 800-261-3417<b> </b>(Canada &amp; U.S.) or 617-614-3673 (international) and
entering passcode 13357882, or by live sound webcast on Gildan's Internet site
(&quot;Investor Relations&quot; section) at the following address: <u>
<font color="#0000FF">http://gildan.com/corporate/IR/webcastPresentations.cfm</font></u>.
If you are unable to participate in the conference call, a replay will be
available starting that same day at 8:00 PM EST by dialing 888-286-8010 (Canada
&amp; U.S.) or 617-801-6888 (international) and entering passcode 68475073, until
Wednesday, February 18, 2009 at midnight, or by sound webcast on Gildan's
Internet site for 30 days. </p>
<p align="justify"><u>Profile </u></p>
<p ALIGN="JUSTIFY">Gildan is a vertically-integrated marketer and manufacturer
of quality branded basic apparel. The Company is the leading supplier of
activewear for the screenprint channel in the U.S. and Canada. It is also a
leading supplier to this market in Europe, and is establishing a growing
presence in Mexico and the Asia-Pacific region. The Company sells T-shirts,
sport shirts and fleece in large quantities to wholesale distributors as
undecorated &quot;blanks&quot;, which are subsequently decorated by screenprinters with
designs and logos. Consumers ultimately purchase the Company&#146;s products, with
the Gildan label, in venues such as sports, entertainment and corporate events,
and travel and tourism destinations. The Company&#146;s products are also utilized
for work uniforms and other end-uses to convey individual, group and team
identity. The Company is also a leading supplier of private label and Gildan
branded socks primarily sold to mass-market retailers. In addition, Gildan has
an objective to become a significant supplier of men&#146;s and boys&#146; underwear and
undecorated activewear products to mass-market retailers in North America. </p>
</font><i><font SIZE="2">
<p align="justify"><u>Forward-Looking Statements </u></p>
<p ALIGN="JUSTIFY">Certain statements included in this press release, in
particular in the &quot;Outlook&quot; section, constitute &quot;forward-looking statements&quot;
within the meaning of the U.S. Private Securities Litigation Reform Act of 1995
and Canadian securities legislation and regulations, and are subject to
important risks, uncertainties and assumptions. This forward-looking information
includes, amongst others, information with respect to our objectives and the
strategies to achieve these objectives, as well as information with respect to
our beliefs, plans, expectations, anticipations, estimates and intentions.
Forward-looking statements generally can be identified by the use of conditional
or forward-looking terminology such as &quot;may&quot;, &quot;will&quot;, &quot;expect&quot;, &quot;intend&quot;,
&quot;estimate&quot;, &quot;project&quot;, &quot; assume&quot;, &quot;anticipate&quot;, &quot;plan&quot;, &quot;foresee&quot;, &quot;believe&quot; or
&quot;continue&quot; or the negatives of these terms or variations of them or similar
terminology. We refer you to the Company&#146;s filings with the Canadian securities
regulatory authorities and the U.S. Securities and Exchange Commission, as well
as the &quot;Risks and Uncertainties&quot; section and the risks described under the
section &quot;Financial Risk Management&quot; of the 2008 Annual MD&amp;A, as subsequently
updated in our first quarter 2009 interim MD&amp;A, for a discussion of the various
factors that may affect the Company&#146;s future results. Material factors and
assumptions that were applied in drawing a conclusion or making a forecast or
projection are also set out throughout this press release, in particular in the
&quot;Outlook&quot; section. </p>
</font></i><font SIZE="2">
<p align="right">4</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5></font><i><font SIZE="2">
<p align="justify">Forward-looking information is inherently uncertain and
results or events predicted in such forward-looking information may differ
materially from actual results or events. Material factors, which could cause
actual results or events to differ materially from a conclusion, forecast or
projection in such forward-looking information, include, but are not limited to:
general economic conditions such as commodity prices, currency exchange rates,
interest rates and other factors over which we have no control; the impact of
economic and business conditions, industry trends and other external, political
and social factors in the countries in which we operate; the intensity of
competitive activity; changes in environmental, tax, trade, employment and other
laws and regulations; our ability to implement our strategies and plans; our
ability to complete and successfully integrate acquisitions; our reliance on a
small number of significant customers; changes in consumer preferences, customer
demand for our products and our ability to maintain customer relationships and
grow our business; the fact that our customers do not commit to minimum quantity
purchases; the seasonality of our business; our ability to attract and retain
key personnel; our reliance on computerized information systems; changes in
accounting policies and estimates; and disruption to manufacturing and
distribution activities due to labour disruptions, bad weather, natural
disasters and other unforeseen adverse events. </p>
<p align="justify">These factors may cause the Company&#146;s actual performance and
financial results in future periods to differ materially from any estimates or
projections of future performance or results expressed or implied by such
forward-looking statements. Forward-looking statements do not take into account
the effect that transactions or non-recurring or other special items announced
or occurring after the statements are made have on the Company&#146;s business. For
example, they do not include the effect of business dispositions, acquisitions,
other business transactions, asset writedowns or other charges announced or
occurring after forward-looking statements are made. The financial impact of
such transactions and non-recurring and other special items can be complex and
necessarily depends on the facts particular to each of them. </p>
<p align="justify">We believe that the expectations represented by our
forward-looking statements are reasonable, yet there can be no assurance that
such expectations will prove to be correct. The purpose of the forward-looking
statements is to provide the reader with a description of management&#146;s
expectations regarding the Company&#146;s fiscal 2009 financial performance and may
not be appropriate for other purposes. Furthermore, unless otherwise stated, the
forward-looking statements contained in this press release are made as of the
date of this press release, and we do not undertake any obligation to update
publicly or to revise any of the included forward-looking statements, whether as
a result of new information, future events or otherwise unless required by
applicable legislation or regulation. The forward-looking statements contained
in this press release are expressly qualified by this cautionary statement. </p>
</font></i><font SIZE="2">
<p align="right">5</p>
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<i><font SIZE="2">
<p><u>Non-GAAP Financial Measures </u></p>
<p ALIGN="JUSTIFY">This release includes reference to certain non-GAAP financial
measures such as free cash flow and net indebtedness. These non-GAAP measures do
not have any standardized meanings prescribed by Canadian GAAP and are therefore
unlikely to be comparable to similar measures presented by other companies.
Accordingly, they should not be considered in isolation. The terms and
definitions of the non-GAAP measures used in this press release and a
reconciliation of each non-GAAP measure to the most directly comparable GAAP
measure are provided below. </p>
<p><u>Free cash flow </u></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. </font><font FACE="Arial" SIZE="2"></p>
</font></i>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><i>(in US$ millions)</i></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">Q1 2009</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">Q1 2008</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%" bgcolor="#E6EFFF"><font SIZE="2">Cash flows from operating
    activities</font></td>
    <td WIDTH="15%" align="right" bgcolor="#E6EFFF"><font SIZE="2"><b>
    <p style="margin-right: 4">15.9</b></font></td>
    <td WIDTH="15%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">103.4</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Cash flows from investing activities</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>(12.1)</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">(169.2)</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" bgcolor="#E6EFFF"><font SIZE="2">Add back:</font></td>
    <td WIDTH="15%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Acquisition of Prewett</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">-</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">126.8</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">Restricted cash related to acquisition</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2"><b>(0.9)</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">10.0</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: double; border-bottom-width: 3">
    <font SIZE="2"><b>Free cash flow</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: double; border-bottom-width: 3">
    <font SIZE="2"><b>
    <p style="margin-right: 4">2.9</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: double; border-bottom-width: 3">
    <font SIZE="2">
    <p style="margin-right: 4">71.0</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2"><i>Certain minor rounding variances exist
    between the financial statements and this summary.</i></font></td>
    <td WIDTH="15%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
</table>
<font FACE="Times New Roman" SIZE="2"><i>
<p><u>Net indebtedness </u></p>
<p>We consider total indebtedness and net indebtedness to be important
indicators of the financial leverage of the Company. </p>
</i></font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="55%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><i>(in US$ millions)</i></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">Q1 2009</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">Q4 2008</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">Q1 2008</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">Current portion of long-term debt</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2"><b>
    <p style="margin-right: 4">3.0</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">3.6</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">4.6</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Long-term debt</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">48.2</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">49.4</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">126.2</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2"><b>Total indebtedness</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2"><b>
    <p style="margin-right: 4">51.2</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">53.0</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">130.8</font></td>
  </tr>
  <tr>
    <td WIDTH="55%">&nbsp;</td>
    <td WIDTH="15%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="55%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Cash and cash equivalents</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>(14.4)</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(12.4)</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(13.6)</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2"><b>Net indebtedness</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2"><b>
    <p style="margin-right: 4">36.8</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">40.6</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">117.2</font></td>
  </tr>
</table>
<i><font SIZE="2">
<p align="center">- 30 - </p>
</font></i><font SIZE="2">
<p align="right">6</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5></font>

<body>

<!--$$/page=--><A name=page_1></A>
<P align=center><B>Gildan Activewear Inc.</B><BR><B>Interim Consolidated Balance
Sheets</B><BR>(in thousands of US dollars)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%" nowrap><U>January 4, 2009</U> </TD>
    <TD align=left width="2%" nowrap>&nbsp;</TD>
    <TD align=left width="1%" nowrap>&nbsp;</TD>
    <TD align=right width="10%" nowrap><U>October 5, 2008</U> </TD>
    <TD align=left width="2%" nowrap>&nbsp;</TD>
    <TD align=left width="1%" nowrap>&nbsp;</TD>
    <TD align=right width="10%" nowrap><U>December 30, 2007</U> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(unaudited) </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(audited) </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(unaudited) </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(Recast-note 3</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(Recast-note 3</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Current assets: </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Cash and cash equivalents </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;14,377 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;12,357 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;13,598 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Accounts receivable </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">98,842 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">222,158 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">152,001 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Inventories (note 5) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>386,378 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>316,172 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>294,541 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Prepaid expenses and deposits </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">8,550 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">10,413 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">8,775 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Future income taxes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>3,864 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">508,147 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">561,100 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">472,779 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Property, plant and equipment </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">435,230 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">436,516 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">413,303 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Intangible assets </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>59,154 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>59,954 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>65,663 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Other assets </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">14,996 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">17,277 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">18,377 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Assets held for sale (note 8) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>10,497 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>10,497 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>12,681 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Goodwill </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">6,709 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">6,709 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Future income taxes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>8,751 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>9,283 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>10,489 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Total assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;1,043,484 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;1,101,336 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;993,292 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Current liabilities: </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Accounts payable and accrued liabilities </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="10%">&nbsp;124,647 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="10%">&nbsp;155,669 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="10%">&nbsp;118,880 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Income taxes payable </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>17,394 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>46,627 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>5,613 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Current portion of long-term debt </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">3,050
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">3,556
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">4,589
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>145,091 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>205,852 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>129,082 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Long-term debt </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>48,195 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>49,448 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>126,231 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Future income taxes </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">26,516 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">27,331 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">40,760 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Non-controlling interest in consolidated
      joint venture </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>6,773 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>7,162 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>7,223 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Contingencies (note 12) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Shareholders' equity: </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Share capital </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">90,389 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">89,377 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">88,463 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Contributed surplus </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>6,733 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>6,728 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>4,505 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Retained earnings </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">693,359</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">689,190 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">570,780 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Accumulated other
      comprehensive income </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>26,248 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>26,248 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>26,248 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">719,787</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">715,438</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">597,028</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%" bgcolor="#E6EFFF">816,909 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%" bgcolor="#E6EFFF">811,543 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%" bgcolor="#E6EFFF">689,996 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%" bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#FFFFFF>&nbsp; </TD>
    <TD width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD width="10%" bgColor=#FFFFFF>&nbsp; </TD>
    <TD width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD width="10%" bgColor=#FFFFFF>&nbsp; </TD>
    <TD width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD width="10%" bgColor=#FFFFFF>&nbsp; </TD>
    <TD width="2%" bgColor=#FFFFFF>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#FFFFFF">Total liabilities and shareholders' equity </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%" bgcolor="#FFFFFF">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%" bgcolor="#FFFFFF">&nbsp;1,043,484 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%" bgcolor="#FFFFFF">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%" bgcolor="#FFFFFF">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%" bgcolor="#FFFFFF">&nbsp;1,101,336 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%" bgcolor="#FFFFFF">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%" bgcolor="#FFFFFF">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%" bgcolor="#FFFFFF">&nbsp;993,292 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%" bgcolor="#FFFFFF">&nbsp;</TD></TR></TABLE>
<P align=left>See accompanying notes to interim consolidated financial
statements.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<P align=center><B>Gildan Activewear Inc.<BR>Interim Consolidated
Statements of Earnings and Comprehensive Income<BR></B>(In thousands of US
dollars, except per share data)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="27%" colSpan=4><B><I>Three months ended</I></B>
</TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><U>January 4, 2009</U> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><U>December 30, 2007</U> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(unaudited) </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(unaudited) </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%" nowrap>(Recast-notes 1 and 3</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net sales </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;183,995 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;250,457 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Cost of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">145,105 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">184,886 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Gross profit </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>38,890 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>65,571 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Selling, general and administrative expenses </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">33,479 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">31,698 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Restructuring and other charges (note 8)
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>925 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>823 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Operating income </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">4,486 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">33,050 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Financial expense, net (note 11(b)) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>189 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,739 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Non-controlling interest in consolidated joint venture </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(389</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">291
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Earnings before income taxes </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,686 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>30,020 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Income taxes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">337
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2,080
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net earnings and comprehensive income </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;4,349 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;27,940 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Basic EPS (note 9) </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;0.04 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;0.23 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Diluted EPS (note 9) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="12%">&nbsp;0.04 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="12%">&nbsp;0.23 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR></TABLE>
<P align=left>See accompanying notes to interim consolidated financial
statements.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A>
<P align=center><B>Gildan Activewear Inc.</B><BR><B>Interim Consolidated
Statements of Cash Flows</B><BR>(In thousands of US dollars)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="27%" colSpan=4><B><I>Three months ended</I></B>
</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><U>January 4, 2009</U> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><U>December 30, 2007</U> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(unaudited) </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(unaudited) </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(Recast-note 3</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash flows from (used in) operating
      activities: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Net earnings </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;4,349 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;27,940 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Adjustments for: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Depreciation and amortization
      (note 10(b)) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">15,887 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">12,381 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Variation of
      depreciation included in inventories (note 10(b)) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(4,415</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,421</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring
      charges related to assets held for sale and property, plant and equipment
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(289</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal
      of assets held for sale and property, plant and equipment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>21 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>59 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Stock-based compensation costs
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">747 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">678 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Future income
      taxes </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(178</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,235</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Non-controlling interest </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(389</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">291 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized net gain
      on foreign exchange and forward foreign exchange contracts </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(1,224</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(239</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">14,798</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">38,165 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Changes in non-cash working
      capital balances: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Accounts receivable </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">119,735 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">83,347 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Inventories </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(65,791</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(9,734</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Prepaid expenses and deposits
</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,863 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">554 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Accounts payable
      and accrued liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(30,768</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(11,506</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Income taxes payable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(23,935</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2,568
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>15,902 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>103,394 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash flows from (used in) financing
      activities: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Increase in amounts drawn under revolving
      long-term credit facility </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">71,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Decrease in bank indebtedness
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,261</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Increase in other long-term debt </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">36 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,561 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Repayment of other long-term
      debt </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,795</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,401</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Proceeds from the issuance of shares </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">270
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">276
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,489</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>70,175 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash flows from (used in) investing
      activities: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Purchase of property, plant and equipment </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(13,663</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(34,150</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Acquisition of V.I. Prewett
      &amp; Son, Inc. </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(126,819</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Restricted cash related to acquisition </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">939 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(10,000</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Proceeds on disposal of assets
      held for sale </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>212 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>421 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Net decrease in other assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">376
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,381
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(12,136</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(169,167</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Effect of exchange rate changes on cash and
      cash equivalents denominated in foreign currencies </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(257</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(54</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net increase in cash and cash equivalents
      during the period </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,020 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,348 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash and cash equivalents, beginning of
      period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>12,357 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>9,250 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash and cash equivalents, end of period
</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;14,377 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;13,598 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=left>See accompanying notes to interim consolidated financial
statements.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A>
<P align=center><B>Gildan Activewear Inc.<BR>Interim Consolidated
Statement of Shareholders' Equity <br>
Three months ended January 4, 2009 and
December 30, 2007<BR></B>(in thousands or thousands of US dollars)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left rowSpan=2 valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><BR></TD>
    <TD align=left width="1%" rowSpan=2 valign="bottom"><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="17%" colSpan=4>Share capital </TD>
    <TD vAlign=bottom align=center width="2%" rowSpan=2 style="border-bottom-style: none; border-bottom-width: medium"><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%" rowSpan=2><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="7%" rowSpan=2>Contributed <BR>surplus </TD>
    <TD vAlign=bottom align=center width="2%" rowSpan=2 style="border-bottom-style: none; border-bottom-width: medium"><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%" rowSpan=2><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="7%" rowSpan=2>Accumulated other <BR>comprehensive income </TD>
    <TD vAlign=bottom align=center width="2%" rowSpan=2 style="border-bottom-style: none; border-bottom-width: medium"><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%" rowSpan=2><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="7%" rowSpan=2>Retained <BR>earnings </TD>
    <TD vAlign=bottom align=center width="2%" rowSpan=2 style="border-bottom-style: none; border-bottom-width: medium"><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%" rowSpan=2><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="7%" rowSpan=2>Total shareholders' <BR>equity </TD>
    <TD align=left width="2%" rowSpan=2 style="border-bottom-style: none; border-bottom-width: medium" valign="bottom"><BR></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="7%">Number </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; " vAlign=bottom align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="7%">Amount </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" valign="bottom">
    <p style="text-indent: -26; margin-left: 26">Balance, September 30, 2007, as previously reported </TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">120,419 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">$</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;88,061 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">$</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;3,953 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">$</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;26,248 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">$</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;545,388 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">$</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;663,650 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26">Cumulative effect of adopting a new accounting policy (note
      3) </TD>
    <TD align=left width="1%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" valign="bottom">- </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left
    width="1%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" valign="bottom">- </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left
    width="1%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" valign="bottom">- </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left
    width="1%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" valign="bottom">- </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left
    width="1%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right
    width="7%" valign="bottom">(2,548</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left width="2%" valign="bottom">) </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left
    width="1%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right
    width="7%" valign="bottom">(2,548</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left width="2%" valign="bottom">)
</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" valign="bottom">
    <p style="text-indent: -26; margin-left: 26">Balance, September 30, 2007, as recast </TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">120,419 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">88,061 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">3,953 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">26,248 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">542,840 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">661,102 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26">Stock-based compensation related to stock options and
      Treasury restricted share units </TD>
    <TD align=left width="1%" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">678 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">678 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" valign="bottom">
    <p style="text-indent: -26; margin-left: 26">Shares issued under employee share purchase plan </TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">2 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">52 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">52 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26">Shares issued pursuant to exercise of stock options </TD>
    <TD align=left width="1%" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">28 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">224 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">224 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" valign="bottom">
    <p style="text-indent: -26; margin-left: 26">Shares issued pursuant to exercise of Treasury restricted
      share units </TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">8 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26">Ascribed value credited to share capital from exercise of
      Treasury restricted share units </TD>
    <TD align=left width="1%" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">126 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">(126</TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">) </TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" valign="bottom">
    <p style="text-indent: -26; margin-left: 26">Net earnings, recast (note 3) </TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" bgcolor="#E6EFFF" valign="bottom">- </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left
    width="1%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" bgcolor="#E6EFFF" valign="bottom">- </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left
    width="1%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" bgcolor="#E6EFFF" valign="bottom">- </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left
    width="1%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" bgcolor="#E6EFFF" valign="bottom">- </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left
    width="1%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" bgcolor="#E6EFFF" valign="bottom">27,940
    </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left
    width="1%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" bgcolor="#E6EFFF" valign="bottom">27,940
    </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26">Balance, December 30, 2007, as recast (unaudited) </TD>
    <TD align=left width="1%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right
      width="7%" valign="bottom">120,457 </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%" valign="bottom">$</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right
      width="7%" valign="bottom">&nbsp;88,463 </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%" valign="bottom">$</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right
      width="7%" valign="bottom">&nbsp;4,505 </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%" valign="bottom">$</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right
      width="7%" valign="bottom">&nbsp;26,248 </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%" valign="bottom">$</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right
      width="7%" valign="bottom">&nbsp;570,780 </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%" valign="bottom">$</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right
      width="7%" valign="bottom">&nbsp;689,996 </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" valign="bottom">&nbsp;</TD></TR>
  <TR>
    <TD valign="bottom">
    <p style="text-indent: -26; margin-left: 26">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="7%" valign="bottom">&nbsp; </TD>
    <TD width="2%" style="border-top-style: none; border-top-width: medium" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="7%" valign="bottom">&nbsp; </TD>
    <TD width="2%" style="border-top-style: none; border-top-width: medium" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="7%" valign="bottom">&nbsp; </TD>
    <TD width="2%" style="border-top-style: none; border-top-width: medium" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="7%" valign="bottom">&nbsp; </TD>
    <TD width="2%" style="border-top-style: none; border-top-width: medium" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="7%" valign="bottom">&nbsp; </TD>
    <TD width="2%" style="border-top-style: none; border-top-width: medium" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">&nbsp; </TD>
    <TD width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26">&nbsp; </TD>
    <TD align=left width="1%" rowSpan=2 valign="bottom"><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="17%" colSpan=4>Share capital </TD>
    <TD vAlign=bottom align=center width="2%" rowSpan=2 style="border-bottom-style: none; border-bottom-width: medium"><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%" rowSpan=2><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="7%" rowSpan=2>Contributed <BR>surplus </TD>
    <TD vAlign=bottom align=center width="2%" rowSpan=2 style="border-bottom-style: none; border-bottom-width: medium"><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%" rowSpan=2><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="7%" rowSpan=2>Accumulated other <BR>comprehensive income </TD>
    <TD vAlign=bottom align=center width="2%" rowSpan=2 style="border-bottom-style: none; border-bottom-width: medium"><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%" rowSpan=2><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="7%" rowSpan=2>Retained <BR>earnings </TD>
    <TD vAlign=bottom align=center width="2%" rowSpan=2 style="border-bottom-style: none; border-bottom-width: medium"><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%" rowSpan=2><BR></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" vAlign=bottom align=center
    width="7%" rowSpan=2>Total shareholders' <BR>equity </TD>
    <TD align=left width="2%" rowSpan=2 style="border-style: none; border-width: medium" valign="bottom"><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="7%">Number </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; " vAlign=bottom align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="7%">Amount </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" valign="bottom">
    <p style="text-indent: -26; margin-left: 26">Balance, October 5, 2008, as previously reported </TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">120,536 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">$</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;89,377 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">$</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;6,728 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">$</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;26,248 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">$</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;689,980 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">$</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;812,333 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26">Cumulative effect of adopting a new accounting policy (note
      3) </TD>
    <TD align=left width="1%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" valign="bottom">- </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left
    width="1%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" valign="bottom">- </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left
    width="1%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" valign="bottom">- </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left
    width="1%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" valign="bottom">- </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left
    width="1%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right
width="7%" valign="bottom">(790</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left width="2%" valign="bottom">) </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left
    width="1%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right
width="7%" valign="bottom">(790</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left width="2%" valign="bottom">)
</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" valign="bottom">
    <p style="text-indent: -26; margin-left: 26">Balance, October 5, 2008, as recast </TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">120,536 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">89,377 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">6,728 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">26,248 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">689,190 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">811,543 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26">Stock-based compensation related to stock options and
      Treasury restricted share units </TD>
    <TD align=left width="1%" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">747 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">747 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" valign="bottom">
    <p style="text-indent: -26; margin-left: 26">Shares issued under employee share purchase plan </TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">10 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">265 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">265 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26">Shares issued pursuant to exercise of stock options </TD>
    <TD align=left width="1%" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">2 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">5 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">5 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" valign="bottom">
    <p style="text-indent: -26; margin-left: 26">Shares issued pursuant to exercise of Treasury restricted
      share units </TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">81 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26">Ascribed value credited to share capital from exercise of
      Treasury restricted share units </TD>
    <TD align=left width="1%" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">742 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">(742</TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">) </TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" style="border-right-style: none; border-right-width: medium" valign="bottom">- </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" valign="bottom">
    <p style="text-indent: -26; margin-left: 26">Net earnings </TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" bgcolor="#E6EFFF" valign="bottom">- </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left
    width="1%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" bgcolor="#E6EFFF" valign="bottom">- </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left
    width="1%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" bgcolor="#E6EFFF" valign="bottom">- </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left
    width="1%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" bgcolor="#E6EFFF" valign="bottom">- </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left
    width="1%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" bgcolor="#E6EFFF" valign="bottom">4,349
    </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left
    width="1%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" bgcolor="#E6EFFF" valign="bottom">4,349
    </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26">Balance, January 4, 2009 (unaudited) </TD>
    <TD align=left width="1%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right
      width="7%" valign="bottom">120,629 </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%" valign="bottom">$</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right
      width="7%" valign="bottom">&nbsp;90,389 </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%" valign="bottom">$</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right
      width="7%" valign="bottom">&nbsp;6,733 </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%" valign="bottom">$</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right
      width="7%" valign="bottom">&nbsp;26,248 </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%" valign="bottom">$</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right
      width="7%" valign="bottom">&nbsp;693,539 </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%" valign="bottom">$</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right
      width="7%" valign="bottom">&nbsp;816,909 </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
    width="2%" valign="bottom">&nbsp;</TD></TR>
  </TABLE>
<p align="left">See accompanying notes to interim consolidated financial
statements.<BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>

<p><img border="0" src="gil_no2.jpg" width="90" height="25"></p>
<font size="2">
<p align="right">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS </p>
<b>
<p align="justify"><u>NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS <br>
</u>(For the period ended January 4, 2009) <br>
(Tabular amounts in thousands or thousands of US dollars, except per share data
or unless otherwise noted) <br>
(unaudited) </p>
<p align="justify">1. Basis of presentation: </p>
</b>
<p ALIGN="JUSTIFY">The accompanying unaudited interim consolidated financial
statements have been prepared in accordance with Canadian generally accepted
accounting principles for interim financial information and include all normal
and recurring entries that are necessary for a fair presentation of the
statements. Accordingly, they do not include all of the information and
footnotes required by Canadian generally accepted accounting principles for
complete financial statements, and should be read in conjunction with the
Company&#146;s annual consolidated financial statements for the year ended October 5,
2008. </p>
<p align="justify">The Company's revenues and income are subject to seasonal
variations. Consequently, the results of operations for the first fiscal quarter
are traditionally not indicative of the results to be expected for the full
fiscal year. </p>
<p align="justify">All amounts in the attached notes are unaudited unless
specifically identified. </p>
<i><b>
<p align="justify">Statement of earnings classification: <br>
</b></i>Effective the first quarter of fiscal 2009, the Company changed certain
classifications of its Statement of Earnings and Comprehensive Income with
retrospective application to comparative figures presented for prior periods.
These new classifications align the results of operations by function and
incorporate presentation requirements under Canadian Institute of Chartered
Accountants (CICA) Handbook Section 3031, <i>Inventories</i>, which has been
adopted effective the first quarter of fiscal 2009. Pursuant to the requirements
of Section 3031, depreciation expense related to manufacturing activities is
included in Cost of sales. The remaining depreciation and amortization expense
has been reclassified to Selling, general and administrative expenses.
Depreciation and amortization expense is therefore no longer presented as a
separate caption on the Statement of Earnings and Comprehensive Income. In
addition, the Company reclassified certain other items in its Statement of
Earnings and Comprehensive Income. Outbound freight, previously classified
within Selling, general and administrative expenses, is now reported within Cost
of sales. Also, a new caption is now presented for Financial expenses and
income, which includes interest income and expenses, foreign exchange gains and
losses (including mark-to-market adjustments of forward foreign exchange
contracts), and other financial charges. Interest expense net of interest income
was previously reported as a separate caption, while foreign exchange gains and
losses (including mark-to-market adjustments of forward foreign exchange
contracts) were previously included in Cost of sales. Other financial charges
were previously reflected in Selling, general and administrative expenses. These
changes in classification have resulted in a decrease of $13.4 million and $0.9
million in Gross profit and Selling, general and administrative expenses,
respectively, compared to the amounts previously reported for the first quarter
of fiscal 2008. For the period ended December 30, 2007, the decrease of $13.4
million in Gross profit is due to reclassifications of $9.5 million of
depreciation and amortization expense, $3.6 million of outbound freight and $0.3
million of foreign exchange gains and other financial income. There has been no
impact on net earnings as a result of these changes in classification. </p>
<b>
<p align="justify">2. Significant accounting policies: </p>
</b>
<p ALIGN="JUSTIFY">Except for the adoption of the new accounting standards
described in Note 3 below and the Statement of earnings classification changes
in Note 1 above, the Company applied the same accounting policies in the
preparation of the interim consolidated financial statements, as disclosed in
Note 1(a) and Note 2 of its audited consolidated financial statements for the
year ended October 5, 2008. </p>
</font><b><font SIZE="2">
<p align="justify">3. Adoption of new accounting standards: </p>
<i>
<p align="justify">Inventories: </i></font></b><font SIZE="2"><br>
Effective the commencement of its 2009 fiscal year, the Company adopted CICA
Handbook Section 3031, <i>Inventories</i>, which replaces Section 3030, <i>
Inventories,</i> and harmonizes the Canadian standards related to inventories
with International Financial Reporting Standards (IFRS). This Section, which was
issued in June 2007, 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. The
Company compared the requirements of this new Section with its current
measurement and determination of costs and concluded that the new Section did
not have a significant impact on the results of operations.
</font>
<font FACE="Times New Roman PSMT">
The Company previously included and will continue to include
the amount of depreciation related to manufacturing activities as a component of
the cost of inventories. However, the new Section requires depreciation expense
related to inventories which have been sold to be presented in Cost of sales. As
a result, effective the first quarter of fiscal 2009, depreciation expense
related to manufacturing activities has been reclassified to Cost of sales.
</font><font SIZE="2">&nbsp;See the section, Statement of earnings
classification, in Note 1 above and Note 5 for the new disclosure requirements
related to the adoption of Section 3031.
</font> </p>
<font SIZE="2">
<i><b>
<p align="justify">General Standards of Financial Statement Presentation: <br>
</b></i>Effective the commencement of its 2009 fiscal year, the Company adopted
the amendment of CICA Handbook Section 1400, <i>General Standards of Financial
Statement Presentation</i>, which is effective for interim periods beginning on
or after October 1, 2008 and which includes requirements to assess and disclose
the Company&#146;s ability to continue as a going concern. The adoption of the
amended Section did not have an impact on the interim consolidated financial
statements of the Company. </p>
</font><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>
<p><img border="0" src="gil_no2.jpg" width="90" height="25"></p>
<font size="2">
<p align="right">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS </p>
</font><b><font SIZE="2">
<p align="justify">3. Adoption of new accounting standards (continued): </p>
<i>
<p align="justify">Goodwill and intangible assets: </i></font></b>
<font SIZE="2"><br>
In February 2008, the CICA issued Handbook Section 3064, <i>Goodwill and
Intangible Assets</i>, replacing Section 3062, <i>Goodwill and Other Intangible
Assets</i>, and Section 3450, <i>Research and Development Costs</i>. 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. This Section applies to
interim and annual financial statements relating to the Company&#146;s fiscal year
beginning on October 6, 2008 and has been adopted on a retrospective basis
effective from the first quarter of fiscal 2009. </p>
<p ALIGN="JUSTIFY">Prior to the adoption of Section 3064, the Company deferred
and amortized plant start-up costs on a straight-line basis over two years. The
impact of adopting this Section, on a retrospective basis, is an increase of
$0.5 million in net earnings for the three-month period ended December 30, 2007,
with no change in the reported basic and diluted earnings per share, and a
decrease of $0.8 million and $2.5 million in shareholders&#146; equity at October 5,
2008 and September 30, 2007, respectively. </p>
</font><b><font SIZE="2">
<p align="justify">4. New Accounting Pronouncements: </p>
<i>
<p align="justify">Credit risk and the fair value of financial assets and
financial liabilities: </i></font></b><font SIZE="2"><br>
On January 20, 2009, the Emerging Issues Committee (EIC) of the Canadian
Accounting Standards Board (AcSB) issued EIC Abstract 173, <i>Credit Risk and
Fair Value of Financial Assets and Financial Liabilities</i>, which establishes
that an entity&#146;s own credit risk and the credit risk of the counterparty should
be taken into account in determining the fair value of financial assets and
financial liabilities, including derivative instruments. EIC 173 should be
applied retrospectively without restatement of prior years to all financial
assets and liabilities measured at fair value in interim and annual financial
statements for periods ending on or after January 20, 2009 and is applicable to
the Company for its second quarter of fiscal 2009 with retrospective
application, if any, to the beginning of its current fiscal year. The Company is
currently assessing the impact of EIC 173 on its consolidated financial
statements. </font></p>
<b><font SIZE="2"><i>
<p align="justify">Business combinations:</i> </font></b><font SIZE="2"><br>
In January 2009, the CICA issued Handbook Section 1582, <i>Business Combinations</i>,
which replaces Section 1581, <i>Business Combinations</i>, and provides the
equivalent to IFRS 3, <i>Business Combinations</i> (January 2008). The new
Section expands the definition of a business subject to an acquisition and
establishes significant new guidance on the measurement of consideration given,
and the recognition and measurement of assets acquired and liabilities assumed
in a business combination. The new Section requires that all business
acquisitions be measured at the full fair value of the acquired entity at the
acquisition date even if the business combination is achieved in stages, or if
less than 100 percent of the equity interest in the acquiree is owned at the
acquisition date. The measurement of equity consideration given in a business
combination will no longer be based on the average of the fair value of the
shares a few days before and after the day the terms and conditions have been
agreed to and the acquisition announced, but rather at the acquisition date.
Subsequent changes in fair value of contingent consideration classified as a
liability will be recognized in earnings and not as an adjustment to the
purchase price. Restructuring and other direct costs of a business combination
are no longer considered part of the acquisition accounting. Instead, such costs
will be expensed as incurred, unless they constitute the costs associated with
issuing debt or equity securities. The Section applies prospectively to business
combinations for which the acquisition date is on or after the beginning of the
first annual reporting period beginning on or after January 1, 2011. Earlier
adoption is permitted. This new Section will only have an impact on our
consolidated financial statements for future acquisitions that will be made in
periods subsequent to the date of adoption. </p>
</font><b><font SIZE="2"><i>
<p align="justify">Consolidated financial statements and non-controlling
interests:</i> </font></b><font SIZE="2"><br>
In January 2009, the CICA issued Handbook Section 1601, <i>Consolidated
Financial Statements,</i> and Handbook Section 1602, <i>Non-Controlling
Interests</i>, which together replace Section 1600, <i>Consolidated Financial
Statements</i>. These two Sections are the equivalent to the corresponding
provisions of International Accounting Standard 27, <i>Consolidated and Separate
Financial Statements (January 2008)</i>. Section 1602 applies to the accounting
for non-controlling interests and transactions with non-controlling interest
holders in consolidated financial statements. The new Sections require that, for
each business combination, the acquirer measure any non-controlling interest in
the acquiree either at fair value or at the non-controlling interest's
proportionate share of the acquiree's identifiable net assets. The new Sections
also require non-controlling interest to be presented as a separate component of
shareholders' equity. Under Section 1602, non-controlling interest in income is
not deducted in arriving at consolidated net income or other comprehensive
income. Rather, net income and each component of other comprehensive income are
allocated to the controlling and non-controlling interests based on relative
ownership interests. These Sections apply to interim and annual consolidated
financial statements relating to fiscal years beginning on or after January 1,
2011, and should be adopted concurrently with Section 1582. The Company is
currently assessing the future impact of these new Sections on its consolidated
financial statements. </p>
</font><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>
<p><img border="0" src="gil_no2.jpg" width="90" height="25"></p>
<font size="2">
<p align="right">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS </p>
</font><b><font SIZE="2">
<p>4. New Accounting Pronouncements (continued) </p>
<i>
<p>International Financial Reporting Standards:</i></font></b><font SIZE="2">
<br>
In February 2008, Canada&#146;s Accounting Standards Board (AcSB) confirmed that IFRS,
as issued by the International Accounting Standards Board, will replace Canadian
generally accepted accounting principles for publicly accountable enterprises
effective for fiscal years beginning on or after January 1, 2011. As a result,
the Company will be required to change over to IFRS for its fiscal 2012 interim
and annual financial statements with comparative information for fiscal 2011.
</p>
<b>
<p>5. Inventories: </p>
</b>
<p>Inventories were comprised of the following: </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="55%" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="15%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">January 4, 2009</font></td>
    <td WIDTH="15%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">October 5, 2008</font></td>
    <td WIDTH="15%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">December 30, 2007</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">Raw materials and spare parts inventories</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">59,449</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">59,742</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">47,495</font></td>
  </tr>
  <tr>
    <td WIDTH="55%"><font SIZE="2">Work in process</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">30,639</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">29,086</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">32,956</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">Finished goods</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">296,290</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">227,344</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">214,090</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">Total</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">386,378</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">316,172</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">294,541</font></td>
  </tr>
</table>
<font SIZE="2">
<p ALIGN="JUSTIFY">The amount of inventory recognized as an expense and included
in Cost of sales for the three-month periods ended January 4, 2009 and December
30, 2007 was $142.9 million and $181.3 million, respectively, which included an
expense of $0.5 million and $1.7 million, respectively, related to the
write-down of slow-moving inventory. </p>
<b>
<p>6. Stock-based compensation: </p>
</b>
<p ALIGN="JUSTIFY">The Company&#146;s Long Term Incentive Plan (the &quot;LTIP&quot;) includes
stock options and restricted share units. The LTIP allows the Board of Directors
to grant stock options, dilutive restricted share units (&quot;Treasury RSUs&quot;) and
non-dilutive restricted share units (&quot;Non-Treasury RSUs&quot;) to officers and other
key employees of the Company and its subsidiaries. </p>
<p>Changes in outstanding stock options were as follows: </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="30%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">Weighted average</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">Number</font></td>
    <td WIDTH="30%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">exercise price</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="30%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">(in Canadian dollars)</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" bgcolor="#E6EFFF"><font SIZE="2">Options outstanding, October 5, 2008</font></td>
    <td WIDTH="15%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">878</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">14.23</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Granted</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">233</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">23.49</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" bgcolor="#E6EFFF"><font SIZE="2">Exercised</font></td>
    <td WIDTH="15%" align="right" bgcolor="#E6EFFF"><font SIZE="2">(2)</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">4.32</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Forfeited</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(18)</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">30.96</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">Options outstanding, January 4, 2009</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">1,091</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">15.94</font></td>
  </tr>
</table>
<font SIZE="2">
<p ALIGN="JUSTIFY">As at January 4, 2009, 657 of the outstanding options were
exercisable at the weighted average price of CA$7.72. Based on the Black-Scholes
option pricing model, the grant date weighted average fair value of the options
granted during the first quarter ended January 4, 2009 was CA$9.99. </p>
<p>Changes in outstanding Treasury RSUs were as follows: </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="29%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">Weighted average</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">Number</font></td>
    <td WIDTH="29%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">fair value per unit</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">Treasury RSUs outstanding, October 5, 2008</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">979</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">17.43</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Granted</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">50</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">16.98</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" bgcolor="#E6EFFF"><font SIZE="2">Settled through the issuance of common shares</font></td>
    <td WIDTH="15%" align="right" bgcolor="#E6EFFF"><font SIZE="2">(81)</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">9.21</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Forfeited</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(38)</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">27.70</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">Treasury RSUs outstanding, January 4, 2009</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">910</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">17.70</font></td>
  </tr>
</table>
<font SIZE="2">
<p>As at January 4, 2009, none of the awarded and outstanding Treasury RSUs were
vested. </p>
</font><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>
<p><img border="0" src="gil_no2.jpg" width="90" height="25"></p>
<font size="2">
<p align="right">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS </p>
<b>
<p align="justify">6. Stock-based compensation (continued): </p>
</b>
<p ALIGN="JUSTIFY">The compensation expense recorded for the three-month periods
ended January 4, 2009 and December 30, 2007, respectively, was $0.7 million and
$0.7 million, in respect of the Treasury RSUs and stock options. The counterpart
has been recorded as contributed surplus. When the shares are issued to the
employees, the amounts previously credited to contributed surplus are
reclassified to share capital. </p>
<p align="justify">Changes in outstanding Non-Treasury RSUs were as follows: </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="85%" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">Number</font></td>
  </tr>
  <tr>
    <td WIDTH="85%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">Non-Treasury RSUs outstanding, October 5, 2008</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">99</font></td>
  </tr>
  <tr>
    <td WIDTH="85%"><font SIZE="2">Granted</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">106</font></td>
  </tr>
  <tr>
    <td WIDTH="85%" bgcolor="#E6EFFF"><font SIZE="2">Settled</font></td>
    <td WIDTH="15%" align="right" bgcolor="#E6EFFF"><font SIZE="2">(1)</font></td>
  </tr>
  <tr>
    <td WIDTH="85%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Forfeited</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(7)</font></td>
  </tr>
  <tr>
    <td WIDTH="85%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">Non-Treasury RSUs outstanding, January 4, 2009</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">197</font></td>
  </tr>
</table>
<font SIZE="2">
<p ALIGN="JUSTIFY">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 will be
based on the Company&#146;s stock price at the vesting date. As of January 4, 2009,
the weighted average fair value per non-Treasury RSU was $12.20. No common
shares are issued from treasury under such awards and they are therefore
non-dilutive. As of January 4, 2009, none of the awarded and outstanding
non-Treasury RSUs were vested. </p>
<p ALIGN="JUSTIFY">The compensation  expense (recovery) recorded for the
three-month periods ended January 4, 2009 and December 30, 2007, respectively,
was $(0.2) million and $0.3 million, in respect of the non-Treasury RSUs. The
counterpart has been recorded in Accounts payable and accrued liabilities. </p>
<b>
<p>7. Guarantees: </p>
</b>
<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 January 4,
2009, the maximum potential liability under these guarantees was $9.9 million,
of which $3.9 million was for surety bonds and $6.0 million was for corporate
guarantees and standby letters of credit. The standby letters of credit mature
at various dates up to fiscal 2010, 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 January 4, 2009, 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>
<b>
<p>8. Restructuring and other charges and assets held for sale: </p>
</b>
<p ALIGN="JUSTIFY">In fiscal 2006 and 2007, the Company announced the closure,
relocation and consolidation of manufacturing and distribution facilities in
Canada, the United States and Mexico, as well as the relocation of its corporate
office. In addition, in the third quarter of fiscal 2008, the Company announced
the planned consolidation of its Haiti sewing operation to be finalized in the
first half of fiscal 2009. The costs incurred in connection with these
initiatives have been recorded as restructuring and other charges. </p>
<p ALIGN="JUSTIFY">Restructuring charges of $0.9 million in the first quarter of
fiscal 2009 include $0.3 million of additional severance relating to the
closures noted above, and $0.6 million of exit costs, mainly for the closure of
the Haiti sewing facility. Restructuring charges of $0.8 million in the first
quarter of fiscal 2008 were composed of $1.1 million of other exit costs,
primarily related to the closures noted above, including carrying and
dismantling costs associated with assets held for sale less a gain of $0.3
million recognized on the disposal of assets held for sale. </p>
<p ALIGN="JUSTIFY">Assets held for sale of $10.5 million as at January 4, 2009
(October 5, 2008 - $10.5 million; December 30, 2007 - $12.7 million) include
property, plant and equipment at these various locations. The Company expects to
incur additional carrying costs relating to these assets, which will be
accounted for as restructuring charges as incurred during fiscal 2009, until all
property, plant and equipment related to the closures are disposed of. Any gains
or losses on the disposition of the assets held for sale will also be accounted
for as restructuring charges as incurred. </p>
</font><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>
<p><img border="0" src="gil_no2.jpg" width="90" height="25"></p>
<font size="2">
<p align="right">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS </p>
<b>
<p>9. Earnings per share: </p>
</b>
<p>A reconciliation between basic and diluted earnings per share is as follows:
</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="46%" colspan="4" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p align="center">Three months ended</font></td>
  </tr>
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="15%" COLSPAN="2" align="right"><font SIZE="2">
    <p style="margin-right: 4">January 4, 2009</font></td>
    <td WIDTH="15%" COLSPAN="2" align="right"><font SIZE="2">
    <p style="margin-right: 4">December 30, 2007</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">Basic earnings per share:</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">
    <p style="margin-left: 5%">Basic weighted average number of common shares
    outstanding</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">120,573</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">120,428</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-left: 5%">Basic earnings per share</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">0.04</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">0.23</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Diluted earnings per share:</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-left: 5%">Basic weighted average number of common shares
    outstanding</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">120,573</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">120,428</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-left: 5%">Plus impact of stock options and Treasury RSUs</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">835</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">1,228</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-left: 5%">Diluted weighted average number of common shares
    outstanding</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">121,408</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">121,656</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-left: 5%">Diluted earnings per share</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">0.04</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">0.23</font></td>
  </tr>
</table>
<font SIZE="2">
<p ALIGN="JUSTIFY">Excluded from the above calculation for the three months
ended January 4, 2009 are 467 stock options and 189 Treasury RSUs, which were
deemed to be anti-dilutive. All stock options and Treasury RSUs outstanding for
the three months ended December 30, 2007 were dilutive. </p>
<b>
<p>10. Other information: </p>
</b>
<p>(a) </p>
<p style="margin-left: 3%; margin-top: -25.5pt">Supplemental cash flow
disclosure<b>: </p>
</b></font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="58%" COLSPAN="4" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p align="center">Three months ended</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="15%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">January 4, 2009</font></td>
    <td WIDTH="15%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">December 30, 2007</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" bgcolor="#E6EFFF"><font SIZE="2">Cash paid during the period for:</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">
    <p style="margin-left: 5%">Interest</font></td>
    <td WIDTH="7%" align="right"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">947</font></td>
    <td WIDTH="7%" align="right"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">2,826</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-left: 5%">Income taxes</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">24,014</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">917</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="55%" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="15%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">January 4, 2009</font></td>
    <td WIDTH="15%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">October 5, 2008</font></td>
    <td WIDTH="15%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">December 30, 2007</font></td>
  </tr>
  <tr>
    <td WIDTH="55%">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" colspan="2" align="right"><font SIZE="2">
    <p style="margin-right: 4">(audited)</font></td>
    <td WIDTH="27%" align="right" colspan="2">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="55%" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">Balance of non-cash transactions:</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="55%"><font SIZE="2">
    <p style="margin-left: 5%">Additions to property, plant and equipment
    included in</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="55%"><font SIZE="2">
    <p style="margin-left: 7%">Accounts payable and accrued liabilities</font></td>
    <td WIDTH="7%" align="right"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">1,823</font></td>
    <td WIDTH="7%" align="right"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">1,720</font></td>
    <td WIDTH="7%" align="right"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">1,662</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-left: 5%">Ascribed value credited to share capital from
    issuance of</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-left: 7%">Treasury RSUs</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">742</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">190</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">126</font></td>
  </tr>
  <tr>
    <td WIDTH="55%"><font SIZE="2">
    <p style="margin-left: 5%">Proceeds on disposal of long-lived assets in
    Other assets</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">1,236</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">1,382</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">1,723</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-left: 5%">Proceeds on disposal of long-lived assets in
    Accounts</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">1,050</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-left: 7%">receivable</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="55%"><font SIZE="2">
    <p style="margin-left: 5%">Business acquisition in Accounts payable and
    accrued</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">1,196</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">1,196</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
  </tr>
  <tr>
    <td WIDTH="55%"><font SIZE="2">
    <p style="margin-left: 7%">liabilities</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="55%" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6EFFF">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6EFFF"><font SIZE="2">Cash and cash equivalents consist of:</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="55%"><font SIZE="2">
    <p style="margin-left: 5%">Cash balances with banks</font></td>
    <td WIDTH="7%" align="right"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">10,130</font></td>
    <td WIDTH="7%" align="right"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">8,068</font></td>
    <td WIDTH="7%" align="right"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">6,495</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-left: 5%">Short-term investments, bearing interest at rates
    up to 0.3% at</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-left: 7%">January 4, 2009, up to 2.22% at October 5, 2008
    and up to</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="55%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-left: 7%">4.5% at December 30, 2007</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">4,247</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">4,289</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">7,103</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">14,377</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">12,357</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">13,598</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>
<p><img border="0" src="gil_no2.jpg" width="90" height="25"></p>
<font size="2">
<p align="right">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS </p>
<b>
<p>10. Other information (continued): </p>
</b>
<p>(b) </p>
<p style="margin-left: 3%; margin-top: -25.5pt">Depreciation and amortization<b>:
</p>
</b></font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111" height="267">
  <tr>
    <td WIDTH="55%" height="17" style="border-top-style: solid; border-top-width: 2">
    </td>
    <td WIDTH="45%" colspan="4" height="17" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p align="center">Three months ended</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" height="19" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="15%" COLSPAN="2" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">January 4, 2009</font></td>
    <td WIDTH="15%" COLSPAN="2" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">December 30, 2007</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" height="15" bgcolor="#E6EFFF"><font SIZE="2">
    <p>Depreciation and amortization of
    property, plant and equipment and intangible assets</font></td>
    <td WIDTH="7%" height="15" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" height="15" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">15,887</font></td>
    <td WIDTH="7%" height="15" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" height="15" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">12,381</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" height="19"><font SIZE="2">Adjustment for the variation of
    depreciation of property, plant and equipment</font></td>
    <td WIDTH="7%" height="19" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" height="19" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" height="19" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" height="19" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="55%" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-left: 2%">included in inventories at the beginning and end
    of the period</font></td>
    <td WIDTH="7%" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(4,415)</font></td>
    <td WIDTH="7%" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(1,421)</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">Depreciation and amortization included in the interim
    consolidated statements</font></td>
    <td WIDTH="7%" height="19" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" height="19" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" height="19" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" height="19" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="55%" height="15" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-left: 2%">of earnings and comprehensive income</font></td>
    <td WIDTH="7%" height="15" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" height="15" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4"><font size="2">11,472</font></td>
    <td WIDTH="7%" height="15" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" height="15" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">10,960</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" height="19">&nbsp;</td>
    <td WIDTH="7%" height="19" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" height="19" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" height="19" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" height="19" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="55%" height="19"><font SIZE="2">Consists of:</font></td>
    <td WIDTH="7%" height="19" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" height="19" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" height="19" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" height="19" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="55%" height="15" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-left: 5%">Depreciation of property, plant and equipment</font></td>
    <td WIDTH="7%" height="15" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" height="15" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4"><font size="2">10,550</font></td>
    <td WIDTH="7%" height="15" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" height="15" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">10,211</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" height="19"><font SIZE="2">
    <p style="margin-left: 5%">Amortization of intangible assets</font></td>
    <td WIDTH="7%" height="19" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" height="19" align="right"><font SIZE="2">
    <p style="margin-right: 4">800</font></td>
    <td WIDTH="7%" height="19" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" height="19" align="right"><font SIZE="2">
    <p style="margin-right: 4">737</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-left: 5%">Amortization of deferred financing costs and
    other</font></td>
    <td WIDTH="7%" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">122</font></td>
    <td WIDTH="7%" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">12</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" height="19" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">
    <p style="margin-left: 5%">Depreciation and amortization included in the
    interim consolidated</font></td>
    <td WIDTH="7%" height="19" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" height="19" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" height="19" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" height="19" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="55%" height="15" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-left: 7%">statements of earnings and comprehensive income</font></td>
    <td WIDTH="7%" height="15" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" height="15" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4"><font size="2">11,472</font></td>
    <td WIDTH="7%" height="15" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" height="15" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">10,960</font></td>
  </tr>
</table>
<font SIZE="2">
<p ALIGN="JUSTIFY">(c) </p>
<p ALIGN="JUSTIFY" style="margin-left: 3%; margin-top: -25.5pt">The Company
recorded bad debt expense of $1.8 million and nil for the three-month periods
ended January 4, 2009 and December 30, 2007, respectively. Bad debt expense is
included in Selling, general and administrative expenses in the interim
consolidated statements of earnings and comprehensive income. </p>
<p ALIGN="JUSTIFY">(d) </p>
<p ALIGN="JUSTIFY" style="margin-left: 3%; margin-top: -25.5pt">The Company
expensed $2.0 million and $1.4 million in Cost of sales for the three months
ended January 4, 2009 and December 30, 2007, respectively, representing
management&#146;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. </p>
</font><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>
<p><img border="0" src="gil_no2.jpg" width="90" height="25"></p>
<font size="2">
<p align="right">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS </p>
<b>
<p>11. Financial instruments: </p>
</b>
<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 &quot;Financial Risk Management&quot; of the Management&#146;s
Discussion and Analysis of the Company&#146;s operations, performance and financial
condition as at and for the three months ended January 4, 2009, which is
included in the Gildan Q1 2009 Quarterly Report to Shareholders along with these
interim consolidated financial statements. Accordingly, these disclosures are
incorporated into these interim consolidated financial statements by
cross-reference. </p>
<p>(a) </p>
<p style="margin-left: 3%; margin-top: -25.5pt">Financial instruments &#150; carrying
values and fair values: </p>
<p>The fair values of financial assets and liabilities, together with the
carrying amounts included in the consolidated balance sheet, are as follows: </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="30%" colspan="4" align="right" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">January 4, 2009</font></td>
    <td WIDTH="30%" colspan="4" align="right" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">October 5, 2008</font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">Carrying</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">Fair</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">Carrying</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">Fair</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">amount</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">value</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">amount</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">value</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6EFFF"><font SIZE="2"><b>Financial assets</b></font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">Available-for-sale financial assets:</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-left: 5%">Cash and cash equivalents</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">14,377</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">14,377</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">12,357</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">12,357</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">Loans and receivables:</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-left: 5%">Accounts receivable - trade</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">84,171</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">84,171</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">206,276</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">206,276</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">
    <p style="margin-left: 5%">Accounts receivable - other</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">14,671</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">14,671</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">15,882</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">15,882</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-left: 5%">Long-term receivable included in Other assets</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">1,623</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">1,623</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">1,748</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">1,748</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">
    <p style="margin-left: 5%">Restricted cash related to Prewett acquisition</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">
    <p style="margin-left: 7%">included in Other assets</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">9,061</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">9,061</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">10,000</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">10,000</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6EFFF"><font SIZE="2">
    <p>Forward foreign exchange contracts included
    in Other assets</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">232</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">232</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">929</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">929</font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2"><b>Financial liabilities</b></font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6EFFF"><font SIZE="2">Other financial liabilities:</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">
    <p style="margin-left: 5%">Accounts payable and accrued liabilities</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">122,503</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">122,503</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">155,669</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">155,669</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-left: 5%">Long-term debt - bearing interest at variable
    rates:</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">
    <p style="margin-left: 10%">Revolving long-term credit facility</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">45,000</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">45,000</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">45,000</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">45,000</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-left: 10%">Other long-term debt</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">5,195</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">5,195</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">6,319</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">6,319</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">
    <p style="margin-left: 5%">Long-term debt - bearing interest at fixed rates</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">1,050</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">1,050</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">1,685</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">1,685</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6EFFF"><font SIZE="2">Forward foreign exchange contracts included
    in Accounts</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-left: 2%">payable and accrued liabilities</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">2,144</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">2,144</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">-</font></td>
  </tr>
</table>
<font SIZE="2">
<p ALIGN="JUSTIFY">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&#146;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>
</font><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>
<p><img border="0" src="gil_no2.jpg" width="90" height="25"></p>
<font size="2">
<p align="right">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS </p>
<b>
<p>11. Financial instruments (continued): </p>
</b>
<p>(b) </p>
<p style="margin-left: 3%; margin-top: -25.5pt">Financial expense, net: </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="60%" colspan="4" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p align="center">Three months ended</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="18%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">January 4, 2009</font></td>
    <td WIDTH="42%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">December 30, 2007</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">Interest expense (i)</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">930</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">2,794</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Bank and other financial charges</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">239</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">262</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">Foreign exchange gain (ii)</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">(980)</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">(317)</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">189</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">2,739</font></td>
  </tr>
</table>
<font SIZE="2">
<p>(i) Interest expense: </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="52%" colspan="4" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p align="center">Three months ended</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="24%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">January 4, 2009</font></td>
    <td WIDTH="28%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">December 30, 2007</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">Interest expense on long-term indebtedness</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">883</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">2,955</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Interest expense on short-term indebtedness</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">71</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">15</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" bgcolor="#E6EFFF"><font SIZE="2">Interest income on available-for-sale
    financial assets</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">(20)</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">(180)</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Interest income on loans and receivables</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">(20)</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">(20)</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">Other interest expense</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">16</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">24</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">930</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">2,794</font></td>
  </tr>
</table>
<font SIZE="2">
<p ALIGN="JUSTIFY">Interest income on available-for-sale financial assets
consists of interest earned from cash and cash equivalents invested in
short-term deposits. Interest income on loans and receivables relates to
interest earned on the Company&#146;s long-term receivable included in Other assets.
</p>
<p>(ii) Foreign exchange gain: </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="42%" colspan="4" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p align="center">Three months ended</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="15%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">January 4, 2009</font></td>
    <td WIDTH="15%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">December 30, 2007</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">Loss (gain) relating to financial assets and liabilities,
    including income taxes payable</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">(3,281)</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">524</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Unrealized loss (gain) relating to the
    mark-to-market value of forward foreign exchange contracts</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">2,842</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">(848)</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">Realized loss (gain) relating to forward foreign exchange
    contracts</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">(541)</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">7</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">(980)</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">(317)</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>
<p><img border="0" src="gil_no2.jpg" width="90" height="25"></p>
<font size="2">
<p align="right">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS </p>
<b>
<p>11. Financial instruments (continued): </p>
</b>
<p>(c) </p>
<p style="margin-left: 3%; margin-top: -25.5pt">Forward foreign exchange
contracts: </p>
<p>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 January 4, 2009 and October 5, 2008: </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="13%" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">Notional foreign</font></td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">Average</font></td>
    <td WIDTH="10%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">Notional US</font></td>
    <td WIDTH="7%" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="27%" style="border-top-style: solid; border-top-width: 2" colspan="3">
    <font SIZE="2">
    <p align="center">Carrying and fair value</font></td>
  </tr>
  <tr>
    <td WIDTH="13%" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">January 4, 2009</font></td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">Maturity</font></td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">currency amount</font></td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">exchange rate</font></td>
    <td WIDTH="15%" colspan="2" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">equivalent</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">Asset</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">Liability</font></td>
  </tr>
  <tr>
    <td WIDTH="13%" bgcolor="#E6EFFF"><font SIZE="2">Buy CAD/Sell USD</font></td>
    <td WIDTH="13%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">0-6 months</font></td>
    <td WIDTH="13%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">22,726</font></td>
    <td WIDTH="13%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">0.8856</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">20,126</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">(1,422)</font></td>
  </tr>
  <tr>
    <td WIDTH="13%">&nbsp;</td>
    <td WIDTH="13%" align="right"><font SIZE="2">
    <p style="margin-right: 4">6-12 months</font></td>
    <td WIDTH="13%" align="right"><font SIZE="2">
    <p style="margin-right: 4">24,420</font></td>
    <td WIDTH="13%" align="right"><font SIZE="2">
    <p style="margin-right: 4">0.8546</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">20,868</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">4</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">(722)</font></td>
  </tr>
  <tr>
    <td WIDTH="13%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">Sell EUR/Buy USD</font></td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">0-6 months</font></td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">2,650</font></td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">1.4743</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">3,907</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">228</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
  </tr>
  <tr>
    <td WIDTH="13%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">44,901</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">232</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">(2,144)</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="13%" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">Notional foreign</font></td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">Average</font></td>
    <td WIDTH="10%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">Notional US</font></td>
    <td WIDTH="7%" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="34%" COLSPAN="3" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p align="center">Carrying and fair value</font></td>
  </tr>
  <tr>
    <td WIDTH="13%" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">October 5, 2008</font></td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">Maturity</font></td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">currency amount</font></td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">exchange rate</font></td>
    <td WIDTH="15%" colspan="2" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">equivalent</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">Asset</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">Liability</font></td>
  </tr>
  <tr>
    <td WIDTH="13%" bgcolor="#E6EFFF"><font SIZE="2">Buy CAD/Sell USD</font></td>
    <td WIDTH="13%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">0-6 months</font></td>
    <td WIDTH="13%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">5,483</font></td>
    <td WIDTH="13%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">0.9302</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">5,100</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
  </tr>
  <tr>
    <td WIDTH="13%"><font SIZE="2">Buy EUR/Sell GPB</font></td>
    <td WIDTH="13%" align="right"><font SIZE="2">
    <p style="margin-right: 4">0-6 months</font></td>
    <td WIDTH="13%" align="right"><font SIZE="2">
    <p style="margin-right: 4">962</font></td>
    <td WIDTH="13%" align="right"><font SIZE="2">
    <p style="margin-right: 4">1.3740</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">1,322</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
  </tr>
  <tr>
    <td WIDTH="13%" bgcolor="#E6EFFF"><font SIZE="2">Sell EUR/Buy USD</font></td>
    <td WIDTH="13%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">0-6 months</font></td>
    <td WIDTH="13%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">5,650</font></td>
    <td WIDTH="13%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">1.4591</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">8,244</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">472</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
  </tr>
  <tr>
    <td WIDTH="13%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Sell GBP/Buy USD</font></td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">0-6 months</font></td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">2,951</font></td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">1.9177</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">5,659</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">457</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
  </tr>
  <tr>
    <td WIDTH="13%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">20,325</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">929</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
  </tr>
</table>
<font SIZE="2"><b>
<p>12. Contingencies: </p>
</b>
<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 <i>Securities Act </i>and an amended complaint along with
affidavit evidence for leave to pursue such statutory liability claims and class
certification have been filed. 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 interim consolidated financial statements. </p>
</font><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>
<p><img border="0" src="gil_no2.jpg" width="90" height="25"></p>
<font size="2">
<p align="right">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS </p>
<b>
<p>13. Segmented information: </p>
</b>
<p>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>
<p ALIGN="JUSTIFY">The Company has two customers accounting for at least 10% of
total net sales. For the three-month period ended January 4, 2009, Customer A
accounted for 24.6% of total net sales and Customer B accounted for 23.5%. For
the three-month period ended December 30, 2007, Customer A accounted for 21.2%
of total net sales and Customer B accounted for 23.3%. </p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="7%" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="22%" COLSPAN="3" style="border-top-style: solid; border-top-width: 2">
    <font size="2">
    <p align="center">Three months ended</font></td>
  </tr>
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="15%" COLSPAN="2" align="right"><font size="2">
    <p style="margin-right: 4">January 4, 2009</font></td>
    <td WIDTH="28%" COLSPAN="2" align="right"><font size="2">
    <p style="margin-right: 4">December 30, 2007</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 2">
    <font size="2">Net sales were derived from customers located in the
    following geographic areas:</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%" bgcolor="#E6EFFF"><font size="2">United States</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF"><font size="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font size="2">
    <p style="margin-right: 4">169,630</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF"><font size="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font size="2">
    <p style="margin-right: 4">229,709</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font size="2">Canada</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font size="2">
    <p style="margin-right: 4">4,724</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font size="2">
    <p style="margin-right: 4">9,936</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font size="2">Europe and other</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font size="2">
    <p style="margin-right: 4">9,641</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font size="2">
    <p style="margin-right: 4">10,812</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font size="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font size="2">
    <p style="margin-right: 4">183,995</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font size="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font size="2">
    <p style="margin-right: 4">250,457</font></td>
  </tr>
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 2">
    <font size="2">Net sales by major product group:</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%" bgcolor="#E6EFFF"><font size="2">Activewear and underwear</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF"><font size="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font size="2">
    <p style="margin-right: 4">115,843</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF"><font size="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font size="2">
    <p style="margin-right: 4">168,448</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">Socks</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">
    <p style="margin-right: 4">68,152</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">
    <p style="margin-right: 4">82,009</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font size="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font size="2">
    <p style="margin-right: 4">183,995</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font size="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6EFFF">
    <font size="2">
    <p style="margin-right: 4">250,457</font></td>
  </tr>
</table>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="55%">&nbsp;</td>
    <td WIDTH="13%" COLSPAN="2">&nbsp;</td>
    <td WIDTH="12%" COLSPAN="2">&nbsp;</td>
    <td WIDTH="29%" COLSPAN="2">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="55%" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="13%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 2">
    <font size="2">
    <p style="margin-right: 4">January 4, 2009</font></td>
    <td WIDTH="12%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 2">
    <font size="2">
    <p style="margin-right: 4">October 5, 2008</font></td>
    <td WIDTH="29%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 2">
    <font size="2">
    <p style="margin-right: 4">December 30, 2007</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" style="border-bottom-style: solid; border-bottom-width: 2">
    <font size="2">Property, plant and equipment by geographic area are as
    follows:</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right" colspan="2" style="border-bottom-style: solid; border-bottom-width: 2">
    <font size="2">
    <p style="margin-right: 4">(audited)</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="55%">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6EFFF"><font size="2">Caribbean Basin and Central America</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF"><font size="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font size="2">
    <p style="margin-right: 4">327,620</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF"><font size="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font size="2">
    <p style="margin-right: 4">325,670</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6EFFF"><font size="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6EFFF"><font size="2">
    <p style="margin-right: 4">315,079</font></td>
  </tr>
  <tr>
    <td WIDTH="55%"><font size="2">United States</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font size="2">
    <p style="margin-right: 4">80,378</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font size="2">
    <p style="margin-right: 4">83,264</font></td>
    <td WIDTH="7%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right"><font size="2">
    <p style="margin-right: 4">83,573</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font size="2">Canada and other</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font size="2">
    <p style="margin-right: 4">27,232</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font size="2">
    <p style="margin-right: 4">27,582</font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6EFFF">
    <font size="2">
    <p style="margin-right: 4">14,651</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font size="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font size="2">
    <p style="margin-right: 4">435,230</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font size="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font size="2">
    <p style="margin-right: 4">436,516</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font size="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font size="2">
    <p style="margin-right: 4">413,303</font></td>
  </tr>
</table>
<p>Goodwill and intangible assets relate to acquisitions located in the United
States. </p>
<hr color="#000000" size="5">
</body>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>gil_pr1.jpg
<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
