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<SEC-DOCUMENT>0001204459-09-000872.txt : 20090514
<SEC-HEADER>0001204459-09-000872.hdr.sgml : 20090514
<ACCEPTANCE-DATETIME>20090514144941
ACCESSION NUMBER:		0001204459-09-000872
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20090405
FILED AS OF DATE:		20090514
DATE AS OF CHANGE:		20090514

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:		09826077

	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>gildan051409form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html>

<head>

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

<body>

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
  <hr color="#000000" size="5">
</div>
<font face="Times New Roman" 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%" nowrap>
      <p align="center"><font face="Times New Roman" size="2">For the month of:
      <b>May 2009</b></font></td>
      <td width="50%" nowrap>
      <p align="center"><font face="Times New Roman" size="2">&nbsp;Commission File
      Number: <b>1-14830 </b> </font></td>
    </tr>
  </table>
  </center>
</div>
<font face="Times New Roman" size="6"><b>
<p align="center">GILDAN ACTIVEWEAR INC.</b> <br>
</font>(<i>Translation of Registrant's name into English</i>) </p>
<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: </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 style="page-break-after: always" align="center" width="100%" color="black" noShade SIZE="5"><b>
<p align="center">SIGNATURES</b> </p>
<p style="text-indent: 30px" align="justify">Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized. </p>
<table style="font-size: 10pt; border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td style="font-size: 10pt" vAlign="top" align="left" width="50%">&nbsp;</td>
    <td style="font-size: 10pt" align="left" colSpan="2"><b>GILDAN ACTIVEWEAR
    INC.</b></td>
  </tr>
  <tr>
    <td style="font-size: 10pt" align="left" width="50%">&nbsp;</td>
    <td style="font-size: 10pt" vAlign="top" width="1%">&nbsp;</td>
    <td style="font-size: 10pt; border-bottom: medium none #000000" align="left" width="49%">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="font-size: 10pt" align="left" width="50%">Date: May 14, 2009</td>
    <td style="font-size: 10pt" vAlign="top" width="1%">By:&nbsp;&nbsp;</td>
    <td style="font-size: 10pt; border-top: medium none; border-bottom: 1px solid #000000" align="left" width="49%">
    /s/ Lindsay Matthews &nbsp;</td>
  </tr>
  <tr>
    <td style="font-size: 10pt" align="left" width="50%">&nbsp;</td>
    <td style="font-size: 10pt" width="1%">&nbsp;</td>
    <td style="font-size: 10pt" vAlign="top" width="49%">
    <p style="margin-top: 0px; margin-bottom: 0px">Name:&nbsp;&nbsp;</p>
    <p style="margin-left: 26pt; margin-top: -11pt; margin-bottom: 0px">
    <font face="Times New Roman" size="2">Lindsay Matthews&nbsp;</font></td>
  </tr>
  <tr>
    <td style="font-size: 10pt" align="left" width="50%">&nbsp;</td>
    <td style="font-size: 10pt" width="1%">&nbsp;</td>
    <td style="font-size: 10pt" vAlign="top" width="49%">
    <p style="margin-top: 0px; margin-bottom: 0px">Title:&nbsp;&nbsp;</p>
    <p style="margin-left: 26pt; margin-top: -11pt; margin-bottom: 0px">
    <font face="Times New Roman" size="2">Director, Legal Services and<br>
    Corporate Secretary&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<hr style="page-break-after: always" align="center" width="100%" color="black" noShade SIZE="5"><b>
<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="#E6EFFF" height="15">
    <a style="text-decoration: none" href="gildan051409exh991.htm">99.1</a></td>
    <td vAlign="center" bgColor="#E6EFFF" height="15">&nbsp;</td>
    <td vAlign="center" bgColor="#E6EFFF" height="15">
    <a href="gildan051409exh991.htm" style="text-decoration: none">Q2 2009 -
    Quarterly Report to Shareholders</a></td>
  </tr>
  <tr vAlign="bottom">
    <td vAlign="center" height="15">
    <a style="text-decoration: none" href="gildan051409exh992.htm">99.2</a></td>
    <td vAlign="center" height="15"></td>
    <td vAlign="center" height="15">
    <p dir="ltr"><a style="text-decoration: none" href="gildan051409exh992.htm">Q2 2009 -
    Management&#146;s Discussion and Analysis</a></td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<hr color="#000000" SIZE="5"></font>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>gildan051409exh991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>



<HTML>
<HEAD>
   <TITLE> Gildan Activewear Inc.: Exhibit 99.1 - 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">
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<A name="page_1"></A>

<P align="center">
<IMG src="mdax1x1.jpg" border=0 width="243" height="82">
</P>
<p align="center">
<IMG src="mdax1x2.jpg" border=0 width="471" height="285">
<BR>
</p>
<div align="center">
  <center>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="50%" border="0"><TR valign="top">
	<TD align=right>
<B><FONT size=2>MD&amp;A:</FONT></B>
	</TD>
	<TD align=left>
<p style="margin-left: 20">&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Our Business</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>2</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Strategy and Objectives</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>4</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Operating Results</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>5</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Financial Condition</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>9</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Cash Flows</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>10</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Liquidity and Capital Resources</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>11</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Legal Proceedings</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>12</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Financial Risk Management</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>13</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Critical Accounting Estimates</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>16</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Adoption of New Accounting Standards</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>17</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Future Accounting Standards</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>17</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Related Party Transactions</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>17</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Internal Control Over Financial Reporting</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>18</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Risks and Uncertainties</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>18</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Definition and Reconciliation of Non-GAAP Measures</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>19</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Forward-Looking Statements</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>21</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Interim Consolidated Financial Statements</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>23</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Notes to Interim Consolidated Financial Statements</FONT></TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>27</FONT>
	</TD>
</TR>
</TABLE>
  </center>
</div>
<p>
<BR>

</p>

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<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<P align="justify">
<FONT size=2>This Management&#146;s Discussion and Analysis (MD&amp;A) comments on Gildan&#146;s operations, performance and financial condition as at and for the three months and six months ended April 5, 2009, compared to the corresponding periods
in the previous year. For a complete understanding of our business environment, trends, risks and uncertainties and the effect of accounting estimates on our results of operations and financial condition, this MD&amp;A should be read together with
the unaudited interim consolidated financial statements as at and for the three months and six months ended April 5, 2009, and the related notes, and with our MD&amp;A for the year ended October 5, 2008 (2008 Annual MD&amp;A) which is part of the
fiscal 2008 Annual Report. This MD&amp;A is dated May 13, 2009. All amounts in this report are in US dollars, unless otherwise noted.</FONT></P>
<P align="justify">
<FONT size=2>All financial information contained in this MD&amp;A and in the unaudited interim consolidated financial statements has been prepared in accordance with Canadian generally accepted accounting principles (GAAP), except for certain
information discussed in the paragraph entitled &#147;Non-GAAP Measures&#148; on page 6 of this MD&amp;A. The unaudited interim consolidated financial statements and this MD&amp;A were reviewed by Gildan&#146;s Audit and Finance Committee and were
approved by our Board of Directors. </FONT></P>
<P align="justify">
<FONT size=2>Additional information about Gildan, including our 2008 Annual Information Form, is available on our website at www.gildan.com, on the SEDAR website at www.sedar.com, and on the EDGAR section of the U.S. Securities and Exchange
Commission website (which includes the Annual Report on Form 40-F) at www.sec.gov. </FONT></P>
<P align="justify">
<FONT size=2>This document contains forward-looking statements, which are qualified by reference to, and should be read together with, the &#147;Forward-looking Statements&#148; cautionary notice on page 21. </FONT></P>
<P align="justify">
<FONT size=2>In this MD&amp;A, &#147;Gildan&#148;, the &#147;Company&#148;, or the words &#147;we&#148;, &#147;us&#148;, &#147;our&#148; refer, depending on the context, either to Gildan Activewear Inc. or to Gildan Activewear Inc. together with its
subsidiaries and joint venture. </FONT></P>
<P align="justify">
<FONT size=2>The Company&#146;s revenues and income are subject to seasonal variations. Consequently, the results of operations for the second quarter are traditionally not indicative of the results to be expected for the full year. </FONT></P>
<P align="justify">
<B><U><FONT size=2>OUR BUSINESS</FONT></U></B><BR>
</P>
<P align="justify">
<FONT size=2>Gildan is a vertically-integrated marketer and manufacturer of activewear, socks and underwear. The Company operates in one business segment, being high-volume, basic, frequently replenished, non-fashion apparel. We are the leading
supplier of activewear for the screenprint channel in the U.S. and Canada, and also a leading supplier for this market in Europe. We sell socks and underwear, in addition to our activewear products, to mass-market and regional retailers in North
America. The acquisitions of Kentucky Derby Hosiery Co., Inc. (Kentucky Derby) in July 2006 and V.I. Prewett &amp; Son, Inc. (Prewett) in October 2007, combined with the addition of new branded and private label sock programs, have positioned Gildan
as a leading supplier of basic family socks in the U.S. mass-market retail channel. </FONT> </P>
<P align="justify">
<B><FONT size=2>Our Products</FONT></B><BR>
</P>
<P align="justify">
<FONT size=2>We specialize in marketing and large-scale low-cost manufacturing of basic, non-fashion apparel products for customers requiring an efficient supply chain and consistent product quality for high-volume automatic replenishment
programs.</FONT></P>
<P align="justify">
<FONT size=2>We sell activewear products, namely T-shirts, fleece and sport shirts, in large quantities to wholesale distributors as undecorated &#147;blanks&#148;, which are subsequently sold to screenprinters and embroiderers who decorate our
products with designs and logos. Our products are made of cotton and of blends of cotton and synthetic fibres. We sell our products to wholesale distributors under the Gildan brand. Our products are used in a variety of daily activities by
consumers. Uses of our activewear product-line include work and school uniforms, athletic teamwear and other end-uses to convey individual, group and team identity. Consumers also purchase the Company&#146;s activewear products in venues such as
sports, entertainment and corporate events, as well as travel and tourism destinations.</FONT></P>
<P align="justify">
<FONT size=2>In the retail channel, we sell a variety of styles of socks and, to a lesser extent at this stage, men&#146;s and boys&#146; underwear and undecorated activewear products. We sell these products to mass-market and regional retailers in
North America under various retailer private label programs and under the Gildan brand. </FONT></P>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.2</FONT></P>

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<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<P align="justify">
<B><FONT size=2>Our Facilities</FONT></B></P>
<P align="justify">
<U><FONT color="#7e7e7e" size=2>Manufacturing</FONT></U><BR>
</P>
<P align="justify">
<FONT size=2>To support our sales in the various markets, we have built modern manufacturing facilities located in Central America and the Caribbean Basin where we manufacture T-shirts, fleece, sport shirts, socks and underwear. Our largest
manufacturing hub in Central America includes our first integrated knitting, bleaching, dyeing, finishing and cutting textile facility (Rio Nance 1) to produce activewear fabric and, more recently, underwear fabric. This facility, located in Rio
Nance, Honduras, became operational in 2002. During 2007, we commenced production at an integrated sock manufacturing facility (Rio Nance 3) and at a new integrated textile facility for the production of activewear fabric (Rio Nance 2), in Rio
Nance, Honduras. </FONT></P>
<P align="justify">
<FONT size=2>We have also established a vertically-integrated Caribbean Basin manufacturing hub with a textile facility for the production of activewear fabric in Bella Vista, Dominican Republic, which became operational in fiscal 2005.</FONT></P>
<P align="justify">
<FONT size=2>In addition to our integrated sock manufacturing facility and a leased sock finishing facility, located in our Central America hub, we operate U.S. sock manufacturing facilities in Fort Payne, Alabama, purchased as part of a sock
manufacturing acquisition in fiscal 2008. On December 11, 2008, we announced plans to phase out sock finishing operations in the U.S. during fiscal 2009 and consolidate operations in Honduras, in order to remain globally competitive in the current
economic environment. </FONT></P>
<P align="justify">
<FONT size=2>Our sewing facilities are strategically located in close proximity to our textile manufacturing facilities. We own and operate sewing facilities in Honduras and Nicaragua to support our textile manufacturing hub in Central America. To
support our vertically-integrated production in the Dominican Republic, we utilize third-party contractors in Haiti, and we have established a sewing facility in the Dominican Republic which began operating during the second quarter of fiscal 2009.
</FONT></P>
<P align="justify">
<U><FONT color="#7e7e7e" size=2>Yarn-Spinning</FONT></U><BR>
</P>
<P align="justify">
<FONT size=2>CanAm Yarns, LLC (CanAm), our joint-venture company with Frontier Spinning Mills, Inc. (Frontier), operates yarn-spinning facilities in Georgia and North Carolina. CanAm&#146;s yarn-spinning operations, together with supply agreements
currently in place with Frontier and other third-party yarn providers, serve to meet our yarn requirements. </FONT></P>
<P align="justify">
<U><FONT color="#7e7e7e" size=2>Sales, Marketing and Distribution</FONT></U><BR>
</P>
<P align="justify">
<FONT size=2>Our global sales and marketing office is located in St. Michael, Barbados where we employ more than 170 full-time employees. Our sales and marketing team is responsible for customer-related functions, including sales management,
marketing, customer service, credit management, sales forecasting, and inventory control. </FONT></P>
<P align="justify">
<FONT size=2>We distribute our products for the screenprint channel in the U.S. primarily out of our company-owned distribution centre in Eden, North Carolina, and also use third-party warehouses in the western United States, Canada, Mexico, Europe
and Asia to service our customers in these markets. We also ship directly from Haiti and from our facilities in Honduras. To service the mass-market retail channel, we operate distribution centres in Martinsville, Virginia and Fort Payne,
Alabama.</FONT></P>
<P align="justify">
<U><FONT color="#7e7e7e" size=2>Employees and Corporate Offices</FONT></U><BR>
</P>
<P align="justify">
<FONT size=2>As of the end of the second quarter of fiscal 2009 we employed more than 18,000 full-time employees worldwide. Our corporate head office is located in Montreal, Canada. </FONT></P>
<P align="justify">
<B><FONT size=2>Market Overview</FONT></B></P>
<P align="justify">
<U><FONT color="#7e7e7e" size=2>Target Market</FONT></U><FONT size=2> </FONT><BR>
</P>
<P align="justify">
<FONT size=2>Our markets for activewear, socks and underwear are characterized by low fashion risk compared to many other apparel markets, since our products are basic, frequently replenished and produced in a limited range of sizes, colours and
styles, and since logos and designs for the screenprint market are not imprinted or embroidered by Gildan.</FONT></P>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.3</FONT></P>

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<A name="page_4"></A>

<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<P align="justify">
<FONT size=2>The demand for activewear products in the screenprint channel has been driven by several market trends such as:</FONT></P>
<UL style="text-align:justify;">
<LI>
<FONT size=2>the use of activewear for uniform applications;</FONT></LI>
<LI>
<FONT size=2>the use of activewear for corporate promotions;</FONT></LI>
<LI>
<FONT size=2>the use of activewear for event merchandising (such as concerts, festivals, etc.);</FONT></LI>
<LI>
<FONT size=2>the evolution of the entertainment/sports licensing and merchandising businesses;</FONT></LI>
<LI>
<FONT size=2>the use of activewear products for travel and tourism;</FONT></LI>
<LI>
<FONT size=2>the emphasis on physical fitness; and</FONT></LI>
<LI>
<FONT size=2>the use and acceptance of casual dress in the workplace.</FONT></LI>
</UL>
<P align="justify">
<FONT size=2>In addition, reductions in manufacturing costs, combined with quality enhancements in activewear apparel, such as pre-shrunk fabrics, improved fabric weight, blends and construction, as well as an increased range of colours and styles
have provided consumers with superior products at lower prices.</FONT></P>
<P align="justify">
<FONT size=2>In the U.S. screenprint channel, T-shirt unit shipments have grown at a compounded annual rate of 4.5% between 1999 and 2008, according to S.T.A.R.S. reports produced by ACNielsen Market Decisions, which tracks unit volume shipments
from U.S. wholesale distributors to U.S. screenprinters. Industry volume for T-shirts during this ten-year period declined twice, namely in calendar year 2001 by 3.4% and in 2008 by 4.9% .</FONT></P>
<P align="justify">
<U><FONT color="#7e7e7e" size=2>Competitive Environment</FONT></U><BR>
</P>
<P align="justify">
<FONT size=2>The market for our products is highly competitive. Competition is generally based upon price, with reliable quality and service also being requirements for success. Our primary competitors in North America both in the screenprint and
retail channels are the major U.S.-based manufacturers of basic family apparel for the screenprint and retail channels, such as the Hanes, Fruit of the Loom, Jerzees and Anvil brands. Competition in socks in the U.S. mass-market retail channel is
more fragmented, with a higher proportion of private label programs that are frequently outsourced from Asian contractors by retail vendors based in the U.S. </FONT></P>
<P align="justify">
<FONT size=2>The competition in the European screenprint channel is similar to that in North America, as we compete primarily with the U.S.-based brands mentioned above. We also have European-based competitors that do not have integrated
manufacturing operations and source products from suppliers in Asia. In addition, we may face the threat of increasing global competition.</FONT></P>
<P align="justify">
<U><FONT color="#7e7e7e" size=2>Impact of Economic Downturn</FONT></U><BR>
</P>
<P align="justify">
<FONT size=2>During the first six months of fiscal 2009, the severe downturn in the overall economic environment resulted in a dramatic curtailment of consumer and corporate spending which negatively impacted demand for our products in the U.S. and
other international screenprint markets, and was further compounded by significant inventory destocking at the U.S. distributor level. Unit shipments from U.S. wholesale distributors to U.S. screenprinters for the first six months of fiscal 2009
were down approximately 15% based on S.T.A.R.S. data. Inventory destocking occurred as distributors reduced inventory levels on hand at the end of fiscal 2008, due to the subsequent unexpected industry decline impacted by the market downturn, and as
they managed working capital requirements in a tighter financial markets environment. The financial market crisis and the economic slowdown also resulted in the Company&#146;s largest wholesale distributor entering into a process to restructure its
debt financing which curtailed its ability to replenish inventory during the second quarter. In addition, an unfavourable supply-demand and competitive environment combined with the deflation in cotton and energy prices resulted in downward pressure
on net selling prices. Weaker demand and customer inventory reductions also occurred in the mass-market retail channel, although this was partly mitigated by the basic replenishment nature of our products. </FONT></P>
<P align="justify">
<B><U><FONT size=2>STRATEGY AND OBJECTIVES</FONT></U><FONT size=2> </FONT></B>
</P>
<P align="justify">
<FONT size=2>Our growth strategy comprises the following initiatives:</FONT><BR>
</P>
<ul>
  <li>
<P align="justify">
<FONT size=2> Continue to increase market share in the U.S. screenprint channel in all product categories;</FONT></P>
  </li>
</ul>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.4</FONT></P>

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<A name="page_5"></A>

<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<UL style="text-align:justify;">
<LI>
<FONT size=2>Leverage our successful business model to further penetrate the mass-market retail channel both as a</FONT> <FONT size=2>private label supplier and through the development of Gildan as a consumer brand;</FONT></LI>
<LI>
<FONT size=2>Pursue international growth opportunities;</FONT></LI>
<LI>
<FONT size=2>Continue to generate manufacturing and distribution cost reductions; and</FONT></LI>
<LI>
<FONT size=2>Pursue selective complementary acquisitions.</FONT></LI>
</UL>
<P align="justify">
<FONT size=2>We believe that our success in developing our vertically-integrated manufacturing hubs has allowed us to provide our customers with low prices, consistent product quality and a reliable supply chain, and has been a main reason that we
have been able to continue to increase our market presence and establish our market leadership in the imprinted sportswear market. Management believes that these same factors will support Gildan&#146;s strategy to expand its presence in
international screenprint markets and further penetrate the retail channel. </FONT></P>
<P align="justify">
<FONT size=2>Historically, the Company has achieved significant growth in sales and earnings. However, we expect a decline in sales and earnings in fiscal 2009 due to the impact of weak economic conditions on demand for activewear in the U.S. and
international screenprint channels. Although we continue to execute on the key initiatives of our growth strategy and have continued to gain market share, we have taken steps to respond to the current global economic conditions and the impact it is
having on our operating results. In the current economic environment we have focused on carefully managing our fiscal 2009 capital expenditures by proceeding more slowly with capacity expansion plans. As such, during fiscal 2009, we deferred the
construction of the Rio Nance 5 facility until the economic outlook in support of further major capacity expansion becomes clearer. During the second quarter of fiscal 2009 we also began to take production downtime to align inventory levels with
demand. We will continue to carefully monitor inventories in relation to market conditions as they evolve, and will schedule further production downtime where required in order to align inventories with sales demand. The Company believes that its
strong competitive positioning, combined with its strong balance sheet and free cash flow generation, will allow it to benefit from any industry rationalization or restructuring that may occur in the event of a prolonged industry downturn and crisis
in liquidity. </FONT></P>
<P align="justify">
<FONT size=2>We are subject to a variety of business risks that may affect our ability to maintain our current market share and profitability, as well as our ability to achieve our long-term strategic objectives. These risks are described under the
&#147;Financial Risk Management&#148; and &#147;Risks and Uncertainties&#148; sections of our 2008 Annual MD&amp;A, as subsequently updated in our first quarter 2009 interim MD&amp;A and in this interim MD&amp;A.</FONT></P>
<P align="justify">
<B><U><FONT size=2>OPERATING RESULTS</FONT></U></B></P>
<P align="justify">
<B><FONT size=2>Statement of Earnings Classifications</FONT></B><BR>
</P>
<P align="justify">
<FONT size=2>Effective the first quarter of fiscal 2009, we changed certain classifications of our 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, </FONT><I><FONT size=2>Inventories</FONT></I><FONT size=2>, 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 (SG&amp;A) expenses. Depreciation and amortization expense is therefore no longer presented as a separate caption on the Statement of Earnings and Comprehensive Income. In addition, we
reclassified certain other items in our Statement of Earnings and Comprehensive Income. Outbound freight, previously classified within SG&amp;A 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 (including mark-to-market adjustments of interest rate swap contracts), 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 SG&amp;A expenses. These changes in classification have resulted in a decrease of &#36;15.1 million and &#36;2.0 million in gross profit and SG&amp;A expenses, respectively, compared to the amounts previously reported for the second quarter of fiscal 2008. The decrease of &#36;15.1 million in gross profit is due to reclassifications
of &#36;11.6 million of depreciation and amortization expense, &#36;4.8 million of outbound freight and $1.3 million of foreign exchange loss
and other financial income. For the six months ended March 30, 2008, these
changes in classification have resulted in a decrease of $28.5 million and $2.9
million in gross profit and selling, general and administrative expenses,
respectively, compared to the amounts previously reported. The decrease of $28.5
million in gross profit is due to reclassifications of $21.1 million of
depreciation and amortization expense, $8.4 million of outbound freight and $1.0
million of foreign exchange loss and other financial income. There has been no
impact on net earnings as a result of these changes in classification. </FONT></P>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.5</FONT></P>

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<!--$$/page=--><A name=page_6></A>
<P align=right><FONT size=1>MANAGEMENT&#146;S DISCUSSION AND
ANALYSIS</FONT><BR></P>
<P align=justify><B><FONT size=2>Non-GAAP Measures</FONT></B><BR></P>
<P align=justify><FONT size=2>We use non-GAAP measures to assess our operating
performance. Securities regulations require that companies caution readers that
earnings and other measures adjusted to a basis other than GAAP do not have
standardized meanings and are unlikely to be comparable to similar measures used
by other companies. Accordingly, they should not be considered in isolation. We
use non-GAAP measures including adjusted net earnings, adjusted diluted EPS,
EBITDA, free cash flow, total indebtedness and net indebtedness to measure our
performance from one period to the next without the variation caused by certain
adjustments that could potentially distort the analysis of trends in our
operating performance, and because we believe such measures provide meaningful
information on the Company&#146;s financial condition and operating
results.</FONT></P>
<P align=justify><FONT size=2>We refer the reader to page 19 for the definition
and reconciliation of non-GAAP measures used and presented by the Company to the
most directly comparable GAAP measures. </FONT></P>
<P align=justify><B><FONT size=2>Summary of Quarterly Results</FONT></B><BR></P>
<P align=justify><FONT size=2>The table below sets forth certain summarized
unaudited quarterly financial data for the eight most recently completed
quarters. This quarterly information is unaudited but has been prepared on the
same basis as the annual audited consolidated financial statements. The
operating results for any quarter are not necessarily indicative of the results
to be expected for any period. </FONT></P>
<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 style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=1><I>(in $ millions, except per share amounts) <SUP>(1)</SUP></I> </FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>2009 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>2008 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>2007 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><FONT size=1><B>Q2</B> </FONT></TD>
    <TD align=left width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>Q1 </FONT></TD>
    <TD align=left width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>Q4 </FONT></TD>
    <TD align=left width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>Q3 </FONT></TD>
    <TD align=left width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>Q2 </FONT></TD>
    <TD align=left width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>Q1 </FONT></TD>
    <TD align=left width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>Q4 </FONT></TD>
    <TD align=left width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>Q3 </FONT></TD>
    <TD align=left width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=1>Net Sales </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=1><B>244.8</B>
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=1>184.0 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=1>324.7 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=1>380.8 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=1>293.8 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=1>250.5 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=1>254.9 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=1>291.6 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=1>Net earnings<I><SUP>(2)</SUP></I> </FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1><B>7.1</B> </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>4.3 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>21.8 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>54.5 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>42.1 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>27.9 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>41.3 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>52.4 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=1>Net earnings per
      share<SUP>(2)</SUP> </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" bgColor=#e6efff><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" bgColor=#e6efff><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" bgColor=#e6efff><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" bgColor=#e6efff><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" bgColor=#e6efff><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" bgColor=#e6efff><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" bgColor=#e6efff><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" bgColor=#e6efff><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="margin-left: 20"><FONT size=1>Basic EPS </FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1><B>0.06</B> </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>0.04 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>0.18 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>0.45 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>0.35 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>0.23 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>0.34 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>0.44 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="margin-left: 20"><FONT size=1>Diluted EPS </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1><B>0.06</B>
    </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>0.04 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>0.18 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>0.45 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>0.35 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>0.23 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>0.34 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>0.43 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=1>Total assets<I><SUP>(2)</SUP></I> </FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1><B>1,117.3</B> </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>1,043.5 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>1,101.3 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>1,104.4 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>1,057.9 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>993.3 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>872.0 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>822.0 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=1>Total long-term financial
      liabilities </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1><B>121.5</B>
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>51.2 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>53.0 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>108.4 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>146.3 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>130.8 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>59.7 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>42.9 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20; margin-left: 20"><FONT size=1>Weighted average number of shares outstanding
      <I>(in &#145;000s)</I> </FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%"><FONT
      size=1></FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%"><FONT
      size=1></FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%"><FONT
      size=1></FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%"><FONT
      size=1></FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%"><FONT
      size=1></FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%"><FONT
      size=1></FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%"><FONT
      size=1></FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%"><FONT
      size=1></FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=1>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;Basic </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1><B>120,799</B>
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>120,573 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>120,531 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>120,492 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>120,464 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>120,428 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>120,401 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>120,359 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 2"><FONT size=1>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Diluted </FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-bottom-style: solid; border-bottom-width: 2"><FONT size=1><B>121,178</B> </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-bottom-style: solid; border-bottom-width: 2"><FONT size=1>121,408 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-bottom-style: solid; border-bottom-width: 2"><FONT size=1>121,558 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-bottom-style: solid; border-bottom-width: 2"><FONT size=1>121,622 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-bottom-style: solid; border-bottom-width: 2"><FONT size=1>121,649 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-bottom-style: solid; border-bottom-width: 2"><FONT size=1>121,656 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-bottom-style: solid; border-bottom-width: 2"><FONT size=1>121,577 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-bottom-style: solid; border-bottom-width: 2"><FONT size=1>121,599 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT
  size=1>&nbsp;</FONT></TD></TR></TABLE>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><I><SUP><FONT size=1>(1)</FONT></SUP></I> </TD>
    <TD>
      <P align=justify><I><FONT size=1>Quarterly results reflect the acquisition
      of Prewett on October 15, 2007 (Q1 2008) from the date of
      acquisition.</FONT></I></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><I><SUP><FONT size=1>(2)</FONT></SUP></I> </TD>
    <TD>
      <P align=justify><I><FONT size=1>Net earnings, Net earnings per share and
      Total assets reflect the impact of the change in accounting policy as
      described in Note 3 to the unaudited interim consolidated financial
      statements.</FONT></I></P></TD></TR></TABLE>
<P align=justify><FONT size=2>The activewear business is seasonal and we have
historically experienced quarterly fluctuations in operating results. Typically,
demand for our T-shirts is highest in the third quarter of each fiscal year,
when distributors purchase inventory for the peak summer selling season, and
lowest in the first quarter of each fiscal year. Demand for fleece is typically
highest, in advance of the Fall and Winter seasons, in the third and fourth
quarters of each fiscal year. The seasonality of specific product-lines is
consistent with that experienced by other companies in the activewear industry.
For our sock products, demand is typically highest in the first and fourth
quarters of each fiscal year, stimulated largely by the cooler weather, the need
to support requirements for the back-to-school period and the peak retail
selling during the Christmas holiday season. </FONT></P>
<P align=justify><FONT size=2>Historically, throughout the year, we have
operated our mature facilities at full capacity in order to be cost efficient.
Consequently, with the seasonal sales trends of our business, we experience
fluctuations in our inventory levels throughout the year, in
particular a build-up of inventory levels in the first half of the year. During
the second quarter of fiscal 2009 we took some production downtime. We will
continue to carefully monitor inventories in relation to market conditions as
they evolve, and we expect to schedule further production downtime where
required in order to align inventories with sales demand.</FONT><B><FONT size=2>
</FONT></B></P>
<P align=right><FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009
P.6</FONT></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P align=right><FONT size=1>MANAGEMENT&#146;S DISCUSSION AND
ANALYSIS</FONT><BR></P>
<P align=justify><B><FONT size=2>Net Sales</FONT></B><BR></P>
<P align=justify><FONT size=2>Net sales of $244.8 million for the second quarter
of fiscal 2009 decreased 16.7% compared to $293.8 million in the second quarter
of fiscal 2008 mainly as a result of a 21.9% decline in activewear sales
including a 13.9% decrease in unit shipments of activewear, unfavourable activewear product-mix and the negative impact of the strengthening of the U.S.
dollar against foreign currencies which impacted our Canadian and international
sales. The unit volume decline in activewear was mainly attributable to an 18.0%
decline in overall industry unit shipments by U.S. wholesale distributors to
U.S. screenprinters for the quarter ended March 31, 2009 and the significant
impact of the Company&#146;s decision to limit its credit exposure to its largest
distributor, which has been undertaking a process to restructure its debt
financing. The unfavourable activewear product-mix was due to a lower proportion
of sales of high-valued fleece and long-sleeve T-shirts, and an abnormally high
proportion of sales of second-quality product as we significantly reduced
inventories of such product which had been primarily manufactured in fiscal
2008. These negative factors more than offset the benefit from Gildan&#146;s
increased market share penetration in the U.S. screenprint channel.</FONT></P>
<P align=justify><FONT size=2>Market growth and share data presented for the
U.S. wholesale distributor channel is based on the S.T.A.R.S. Report produced by
ACNielsen Market Decisions. The table below summarizes the S.T.A.R.S. data for
the calendar quarter ended March 31, 2009: </FONT></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>&nbsp; </TD>
    <TD align=center width="26%" colSpan=2><B><FONT size=2>Three months
      ended</FONT></B> </TD>
    <TD align=center width="26%" colSpan=2><B><FONT size=2>Three months
      ended</FONT></B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="26%" colSpan=2><B><FONT size=2>March
      31,</FONT></B> </TD>
    <TD align=center width="26%" colSpan=2><B><FONT size=2>March
      31,</FONT></B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="26%"
    colSpan=2><B><FONT size=2>2009 vs. 2008</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B><FONT size=2>2009</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B><FONT size=2>2008</FONT></B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="26%"
    colSpan=2><B><FONT size=2>Unit Growth</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="26%"
    colSpan=2><B><FONT size=2>Market Share</FONT></B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B><FONT size=2>Gildan</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B><FONT size=2>Industry</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="26%"
    colSpan=2><B><FONT size=2>Gildan</FONT></B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>All products</FONT> </TD>
    <TD align=center width="13%" bgColor=#e6efff><B><FONT
      size=2>(5.5)%</FONT></B> </TD>
    <TD align=center width="13%" bgColor=#e6efff><FONT size=2>(18.0)%</FONT>
    </TD>
    <TD align=center width="13%" bgColor=#e6efff><B><FONT
      size=2>57.3%</FONT></B> </TD>
    <TD align=center width="13%" bgColor=#e6efff><FONT size=2>50.1%</FONT>
  </TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>T-shirts</FONT> </TD>
    <TD align=center width="13%"><B><FONT size=2>(5.5)%</FONT></B> </TD>
    <TD align=center width="13%"><FONT size=2>(17.9)%</FONT> </TD>
    <TD align=center width="13%"><B><FONT size=2>58.1%</FONT></B> </TD>
    <TD align=center width="13%"><FONT size=2>50.7%</FONT> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Fleece</FONT> </TD>
    <TD align=center width="13%" bgColor=#e6efff><B><FONT
      size=2>0.4%</FONT></B> </TD>
    <TD align=center width="13%" bgColor=#e6efff><FONT size=2>(12.9)%</FONT>
    </TD>
    <TD align=center width="13%" bgColor=#e6efff><B><FONT
      size=2>56.0%</FONT></B> </TD>
    <TD align=center width="13%" bgColor=#e6efff><FONT size=2>48.8%</FONT>
  </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 2"><FONT size=2>Sport shirts</FONT> </TD>
    <TD align=center width="13%" style="border-bottom-style: solid; border-bottom-width: 2"><B><FONT size=2>(23.8)%</FONT></B> </TD>
    <TD align=center width="13%" style="border-bottom-style: solid; border-bottom-width: 2"><FONT size=2>(28.6)%</FONT> </TD>
    <TD align=center width="13%" style="border-bottom-style: solid; border-bottom-width: 2"><B><FONT size=2>37.7%</FONT></B> </TD>
    <TD align=center width="13%" style="border-bottom-style: solid; border-bottom-width: 2"><FONT size=2>35.5%</FONT>
</TD></TR></TABLE>
<P align=justify><FONT size=2>During the second quarter of fiscal 2009 Gildan
achieved market share gains in all of its product categories and grew its
overall market share in the U.S. screenprint channel to 57.3%, up 7.2 percentage
points compared to the same period last year. Gildan&#146;s market share gains
partially offset the approximate 18.0% decline in the industry and resulted in a
decline of 5.5% for Gildan products sold by U.S. distributors to U.S.
screenprinters during the quarter. </FONT></P>
<P align=justify><FONT size=2>Both the Canadian and the international
screenprint markets in which we compete reflected similar challenging market
conditions as in the U.S screenprint channel. Sales in the Canadian market
declined by 45.9% in the quarter and 48.8% in the first six months compared to
the same periods last year, due to weak demand, distributor destocking and the
decline in the value of the Canadian dollar. Sales in international markets were
negatively impacted by the decline in the value of local currencies compared to
the U.S. dollar. Higher unit sales in Western Europe, the U.K., the Asia/Pacific
region and Mexico were offset by the temporary suspension of distribution in
Eastern Europe, which had been a growing market in fiscal 2008.</FONT></P>
<P align=justify><FONT size=2>Sales of socks for the second quarter of fiscal
2009 were essentially unchanged from the second quarter of fiscal 2008 in spite
of the elimination of unprofitable sock product-lines during fiscal 2008. Unit
sales of Gildan socks from Gildan&#146;s major retail customers to consumers were
higher than the previous year, in spite of weak overall retail market
conditions. The Company believes that it is well positioned at this time to
build on its strong market position in the sock category and pursue its strategy
to achieve further penetration with U.S. mass-market retailers.</FONT><B><FONT
size=2> </FONT></B></P>
<P align=right><FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009
P.7</FONT></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>


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<A name="page_8"></A>

<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<P align="justify">
<FONT size=2>Net sales for the six months ended April 5, 2009 were &#36;428.8 million, down &#36;115.4 million, or 21.2% compared to the same period last year. The decrease in net sales was due to a 20.9% decline in activewear unit volumes,
unfavourable activewear product-mix, a &#36;14.0 million decrease in sock sales due to the elimination of unprofitable sock product-lines during fiscal 2008 and the negative impact of the stronger U.S dollar on Canadian and international sales.
These negative factors were partially offset by higher net selling prices for activewear. The lower unit sales volumes for activewear were due to the decline in overall industry unit shipments by U.S. wholesale distributors to U.S. screenprinters
and the significant impact of inventory reductions by U.S. wholesale distributors, which more than offset Gildan&#146;s market share gains in the U.S. screenprint channel during the six months ended April 5, 2009.</FONT></P>
<P align="justify">
<B><FONT size=2>Gross Profit</FONT></B><BR>
</P>
<P align="justify">
<FONT size=2>Gross profit for the second quarter of fiscal 2009 was &#36;38.7 million, or 15.8% of net sales, compared to &#36;84.5 million, or 28.8% of net sales during the second quarter of fiscal 2008. For the first six months of fiscal 2009
gross profit was &#36;77.6 million, or 18.1% of net sales, down from &#36;150.1 million, or 27.6% of net sales in the same period last year. The decline in gross margins in the quarter and the six months ended April 5, 2009 compared to the same
periods last year was due to  significantly higher costs in previously manufactured inventory for cotton, energy, chemicals and dyestuffs, unfavourable activewear product-mix including the impact of the sale of second-quality product, inefficiencies
due to manufacturing downtime, the temporary impact of inefficiencies related to the transition in sock private label brands for Gildan&#146;s largest retail customer, higher depreciation expenses absorbed in cost of sales, and the impact of
currency fluctuations, partially offset by slightly higher net selling prices for activewear and the non-recurrence of charges related to completing the integration of the acquisition of a sock manufacturer which were incurred in the second quarter
of fiscal 2008. </FONT></P>
<P align="justify">
<FONT size=2>We continue to plan our business on the basis of assuming that macro-economic conditions will continue to result in very weak activewear sales demand and severe selling price competition in the second half of the fiscal year. However,
gross margins are expected to improve in the second half of the fiscal year, compared to the second quarter, due to more favourable manufacturing efficiencies which are reflected in inventory valuations at the end of the second quarter of fiscal
2009, including the benefit of lower energy and transportation costs, the non-recurrence of the abnormally high proportion of sales of second-quality merchandise in the second quarter, a higher proportion of sales of fleece and long-sleeve T-shirts,
and the completion of the transition to new sock private label brands. In addition, cotton costs in the second half of the year will decline compared to the second quarter of fiscal 2009, although gross margins in the second half of the current
fiscal year will not yet reflect the full benefit of the decline in commodity costs, as we had previously committed ourselves to cotton purchases at higher cotton prices. Lower manufacturing and raw material costs in the second half of fiscal 2009,
combined with more favourable product-mix, are expected to positively impact gross margins by over 10%, compared to the second quarter, and more than offset the negative impact of assumed further production downtime and possible further selling
price discounting in the second half of the year. </FONT></P>
<P align="justify">
<B><FONT size=2>Selling, General and Administrative Expenses</FONT></B><BR>
</P>
<P align="justify">
<FONT size=2>Selling, general and administrative (SG&amp;A) expenses in the second quarter of fiscal 2009 were &#36;30.9 million, or 12.6% of sales, compared to &#36;34.6 million, or 11.8% of sales, in the second quarter of last year. For the first
six months of fiscal 2009, SG&amp;A expenses were &#36;64.4 million, or 15.0% of sales, compared to &#36;66.3 million or 12.2% of sales in the same period last year. Lower SG&amp;A expenses were due to the reduced distribution costs and the impact
of the lower-valued Canadian dollar on corporate administrative expenses, partially offset by higher professional and legal fees. SG&amp;A expenses for the first six months of fiscal 2009 also reflected a &#36;2.4 million increase in accounts
receivable provisions when compared to the same period last year related primarily to provisions taken on certain small wholesale distributor customers. </FONT></P>
<P align="justify">
<B><FONT size=2>Restructuring and Other Charges</FONT></B><BR>
</P>
<P align="justify">
<FONT size=2>In fiscal 2006 and 2007, we announced the closure, relocation and consolidation of manufacturing and distribution facilities in Canada, the United States and Mexico, as well as the relocation of our corporate office. In addition, in the
third and fourth quarters of fiscal 2008, we announced the planned consolidation of our Haiti sewing operations which was finalized in the first half of fiscal 2009, and the planned phase out of sock finishing operations in the U.S., respectively. The costs incurred in connection with these initiatives have been recorded as restructuring and other charges.</FONT></P>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.8</FONT></P>

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<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<P align="justify">
<FONT size=2>For the first six months of fiscal 2009, restructuring charges totalled &#36;1.1 million consisting primarily of other exit costs of &#36;0.6 million and severance costs of &#36;0.5 million. For the first six months of fiscal 2008
restructuring charges totalled &#36;1.6 million consisting of other exit costs of &#36;1.9 million, partially offset by a gain of &#36;0.3 million recognized in the first quarter of fiscal 2008 on the disposal of assets held for sale.</FONT></P>
<P align="justify">
<FONT size=2>Assets held for sale of &#36;11.6 million as of April 5, 2009 (October 5, 2008 - &#36;10.5 million; March 30, 2008 -&#36;12.7 million) include property, plant and equipment at these various locations. We expect to incur additional
carrying costs relating to the closed facilities being held for sale, which will be accounted for as restructuring charges as incurred during fiscal 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. </FONT></P>
<P align="justify">
<B><FONT size=2>Financial Expense, net</FONT></B><BR>
</P>
<P align="justify">
<FONT size=2>Net financial expense includes interest expense, net of interest income, and foreign exchange gains and losses. Net financial expense amounted to &#36;0.02 million and &#36;0.2 million during the second quarter and first six months of
fiscal 2009, respectively compared to net financial expense of &#36;3.6 million and &#36;6.3 million in the same periods last year. The decrease in net financial expense in the second quarter of fiscal 2009 resulted primarily from a decrease in
interest expense of &#36;1.6 million, and foreign exchange gains of &#36;0.7 million compared to foreign exchange losses of &#36;1.3 million in the same period last year. For the six months ended April 5, 2009, net financial expense decreased by
&#36;6.1 million, due to a &#36;3.5 million decline in interest expense combined with foreign exchange gains of &#36;1.6 million compared to foreign exchange losses of &#36;1.0 million in the same period last year. The decrease in interest expense
was due to lower average borrowings during the first six months of fiscal 2009 and the impact of lower average interest rates during the first half of fiscal 2009.</FONT></P>
<P align="justify">
<B><FONT size=2>Income Taxes</FONT></B><FONT size=2> </FONT></P>
<P align="justify">
<FONT size=2>Income tax expense for the second quarter and the first six months of fiscal 2009 was &#36;0.4 million and &#36;0.8 million, respectively compared to an income tax expense of &#36;3.5 million and &#36;5.6 million in the second quarter
and first six months of fiscal 2008. Excluding the impact of restructuring and other charges, the effective income tax rate in the second quarter and the first six months of fiscal 2009 was 5.6% and 5.8%, respectively, compared to an effective
income tax rate of 7.6% in the second quarter and 7.3% for the first six months of last year.</FONT><I><FONT size=2> </FONT></I></P>
<P align="justify">
<B><FONT size=2>Net Earnings</FONT></B><BR>
</P>
<P align="justify">
<FONT size=2>Net earnings were &#36;7.1 million, or &#36;0.06 per share on a diluted basis, for the second quarter ended April 5, 2009, compared with net earnings of &#36;42.1 million, or &#36;0.35 per share on a diluted basis in the second quarter
of fiscal 2008. Net earnings for the first six months of fiscal 2009 were &#36;11.4 million, or &#36;0.09 per share on a diluted basis, compared with net earnings of &#36;70.1 million, or &#36;0.58 per share on a diluted basis for the same period
last year.</FONT></P>
<P align="justify">
<FONT size=2>The reduction in net earnings and earnings per share (EPS) on a diluted basis in the second quarter and for the first six months of fiscal 2009 compared to the same periods last year was primarily due to significantly lower activewear
unit sales volumes, as a result of weak end-use demand and the timing of wholesale distributor replenishment, and significantly lower gross margins, as a result of the consumption of higher-cost inventories produced in previous quarters and
unfavourable product-mix, partially offset by lower SG&amp;A and financial expenses.</FONT></P>
<P align="justify">
<B><U><FONT size=2>FINANCIAL CONDITION</FONT></U></B><BR>
</P>
<P align="justify">
<FONT size=2>Accounts receivable of &#36;176.6 million as at April 5, 2009 decreased by &#36;45.6 million, compared to accounts receivable of &#36;222.2 million at the end of fiscal 2008, due to the impact of seasonal sales trends, lower sales due
to the downturn in the economy, as discussed under the Net Sales analysis on page 7, and a slight decline in days&#146; sales outstanding (DSO). Typically, our DSO are at their highest level in the fourth quarter of the year as a result of seasonal
fleece programs with extended payment terms, and decrease in the first and second quarters of the fiscal year. The decrease in DSO this quarter, however, was partly offset by the impact of certain T-shirt shipments being invoiced with extended payment terms in the second quarter of fiscal 2009. This resulted in DSO
at the end of the second quarter being higher than at the end of the second quarter of fiscal 2008. Accounts receivable at the end of the second quarter of fiscal 2009 were down &#36;9.2 million compared to accounts receivable of &#36;185.8 million
at the end of the second quarter of fiscal 2008 due to lower sales.</FONT><B><FONT size=2> </FONT></B></P>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.9</FONT></P>

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<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<P align="justify">
<FONT size=2>Inventories of &#36;379.9 million were up &#36;63.7 million, or 20.1% from October 5, 2008 and up &#36;79.8 million or 26.6%, compared to the second quarter of fiscal 2008. These increases reflected higher activewear inventories due to
lower sales, partially offset by lower activewear unit costs and a reduction in sock inventories. Manufacturing downtime will be scheduled as required in order to continue to control activewear inventories, based on the outlook for end-use demand
and the level of replenishment of inventories by our distributors. Activewear inventories at the end of the second quarter of fiscal 2008 were at lower than optimal levels, as the Company was experiencing production issues from its Dominican
Republic textile facility, as previously disclosed. </FONT></P>
<P align="justify">
<FONT size=2>Property, plant and equipment, which are net of accumulated amortization, including asset impairment losses, amounted to &#36;429.8 million at April 5, 2009, a decrease of &#36;6.7 million compared to &#36;436.5 million at October 5,
2008. The decrease reflected depreciation of property, plant and equipment of &#36;30.4 million, offset by net capital additions of &#36;25.4 million, mainly for the biomass combustion energy project in the Dominican Republic and our capacity
expansion projects. The remaining decrease is due to a reclassification of property, plant and equipment to assets held for sale. The decline in property, plant and equipment was in line with our objective to prudently manage capital expenditures in
the current economic environment.</FONT></P>
<P align="justify">
<FONT size=2>Intangible assets amounted to &#36;58.4 million as at April 5, 2009 compared to &#36;60.0 million at the end of fiscal 2008. The decrease related to the amortization of intangible assets for the first half of fiscal 2009. Goodwill of
&#36;6.7 million at the end of the second quarter of fiscal 2009 related to the acquisition of Prewett in October 2007. During the second quarter of fiscal 2009, although the overall economic environment remained weak, we concluded that there was no
impairment in the value of goodwill and intangible assets carried on the interim consolidated balance sheet as at April 5, 2009. </FONT> </P>
<P align="justify">
<FONT size=2>Total assets were &#36;1,117.3 million as at April 5, 2009, compared to &#36;1,101.3 million at the end of the previous year. Working capital was &#36;448.3 million as at April 5, 2009 compared to &#36;355.2 million as at October 5,
2008. The current ratio at the end of the second quarter of fiscal 2009 was 4.2 compared to 2.7 at the end of fiscal 2008. </FONT></P>
<P align="justify">
<FONT size=2>Accounts payable and accrued liabilities amounted to &#36;123.0 million at April 5, 2009, compared to &#36;155.7 million at the end of fiscal 2008. The decrease of &#36;32.7 million was primarily due to reduced capital spending and the
impact of production downtime taken near the end of this fiscal quarter.</FONT></P>
<P align="justify">
<FONT size=2>Income taxes payable were &#36;14.9 million at April 5, 2009 compared to &#36;46.6 million at October 5, 2008. The decrease in income taxes payable was mainly due to a payment of &#36;23.8 million in the first quarter of fiscal 2009
related to the settlement of the Canada Revenue Agency audit as announced in December 2008 and as described in Note 14 to the 2008 annual audited Consolidated Financial Statements. </FONT></P>
<P align="justify">
<B><U><FONT size=2>CASH FLOWS</FONT></U></B><BR>
</P>
<P align="justify">
<FONT size=2>Cash flows used in operating activities in the second quarter of fiscal 2009 were &#36;49.4 million compared to cash inflows of &#36;24.3 million for the previous year. The decrease in cash flow was primarily due to lower cash operating
earnings and a higher seasonal increase in accounts receivable. For the first six months of fiscal 2009, cash flows used in operating activities were &#36;33.5 million compared to cash inflows from operating activities of &#36;127.7 million in the
same period last year primarily due to lower cash operating earnings, higher seasonal increases in inventories, a higher decline in accounts payable and accrued liabilities and income tax payments of &#36;26.2 million primarily in respect of prior
fiscal years. </FONT></P>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.10</FONT></P>

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<!--$$/page=--><A name=page_11></A>
<P align=right><FONT size=1>MANAGEMENT&#146;S DISCUSSION AND
ANALYSIS</FONT><BR></P>
<P align=justify><FONT size=2>Cash flows used in investing activities were
$11.5
million in the second quarter of fiscal 2009, compared to $24.6 million
in the previous year. The decrease of $13.1 million was mainly due to
lower capital expenditures, as the Rio Nance 2 and Rio Nance 3 projects were being ramped up
during the second quarter of last year. For the first six months of fiscal 2009,
cash flows used in investing activities amounted to $23.6 million
compared to $193.8 million for the same period last year. This decrease
was mainly attributable to the acquisition of Prewett last year, for a purchase
price of $126.8 million and to lower capital expenditures during the
first six months of fiscal 2009, mainly as a result of lower spending for
capacity expansion projects compared to last year. </FONT></P>
<P align=justify><FONT size=2>Negative free cash flow</FONT><SUP><FONT
size=2>1</FONT></SUP><FONT size=2> of $59.1 million for the first six months of
fiscal 2009 compared to free cash flow of $70.7 million for the same period in
fiscal 2008 resulted mainly from lower cash flows from operating activities
compared to last year, partially offset by lower capital spending. </FONT></P>
<P align=justify><FONT size=2>Cash flows from financing activities were $70.4
million in the second quarter of fiscal 2009 compared to $15.8 million in the
second quarter of last year. The increase related mainly to a net amount of
$71.0 million drawn on our revolving long-term credit facility in the second
quarter of fiscal 2009 primarily to finance working capital requirements. For
the first six months of fiscal 2009 cash flows from financing activities were
$68.9 million compared to $86.0 million for the first six months of fiscal 2008.
The decrease reflected higher funds drawn under our revolving long-term credit
facility in fiscal 2008 to fund the acquisition of Prewett. </FONT></P>
<P align=justify><FONT size=2>We ended the second quarter of fiscal 2009 with
net indebtedness</FONT><SUP><FONT size=2>2</FONT></SUP><FONT size=2> of $97.5
million (October 5, 2008 - $40.6 million; March 30, 2008 - $117.0 million) and
we continue to have significant financing capacity and flexibility under our
revolving bank credit facility, which matures in 2013. Cash and cash equivalents
at the end of the second quarter of fiscal 2009 totaled $24.0 million compared
to $12.4 million at the end of fiscal 2008. Total indebtedness</FONT><SUP><FONT
size=2>2 </FONT></SUP><FONT size=2>as at April 5, 2009 amounted to $121.5
million compared to $146.3 million at the end of the second quarter of fiscal
2008 and $53.0 million at the end of fiscal 2008. We had $116.0 million drawn
under our revolving long-term credit facility as at the end of the second
quarter of fiscal 2009 compared to $45.0 million drawn as at October 5, 2008. In
addition, an amount of $1.0 million has been committed against this facility to
cover various letters of credits. In fiscal 2008, we used our revolving
long-term credit facility, in addition to our cash flow from operations, to
finance the acquisition of Prewett and capital expenditures of our major
capacity expansion projects in Honduras. Indebtedness to fund the acquisition of
Prewett was fully repaid using operating cash flows during fiscal
2008.</FONT></P>
<P align=justify><B><U><FONT size=2>LIQUIDITY AND CAPITAL
RESOURCES</FONT></U></B><BR></P>
<P align=justify><FONT size=2>In recent years, we have funded our operations and
capital requirements with cash generated from operations. A revolving credit
facility has been periodically utilized to finance seasonal peak working capital
requirements and business acquisitions. Our primary uses of funds on an ongoing
basis are for capital expenditures for new manufacturing facilities,
inventories, accounts receivable, and business acquisitions. In fiscal 2009, we
are also using funds for the payment of income taxes pursuant to the Company&#146;s
settlement of its transfer pricing audit with the Canada Revenue Agency as
announced in December 2008.</FONT></P>
<P align=justify><FONT size=2>On October 30, 2007, we increased our committed
long-term credit facility to $400 million, on an unsecured basis, which matures
in June 2013. We believe that our cash flow from operating activities, together
with the unused portion of our credit facilities, will provide us with
sufficient liquidity and capital resources in fiscal 2009 to fund our
anticipated working capital and capital expenditure requirements, and income tax
payments. We expect to continue to reinforce our strong balance-sheet and
capital structure by generating positive free cash flow in the current fiscal
year. The Company&#146;s objective is to have no debt outstanding under its bank
credit facility at the fiscal year-end. </FONT></P>
<P align=justify><FONT size=2>We currently project net capital expenditures for
fiscal 2009 of approximately $60 to $65 million compared to our previous
estimate of $80 million on February 11, 2009 and down from our original
projection of $160 million in August 2008 due to the deferral of capital
expenditures for capacity expansion, including a planned major textile facility, Rio Nance 5. The projected
capital investments primarily relate to capital spending requirements to
complete the construction of the building for the Rio Nance 4 facility in
Honduras, a biomass combustion energy project in the Dominican Republic and
capital investments related to the expansion of our sales and marketing
infrastructure in Barbados following the integration of our retail activities. </FONT></P>
<P align=justify style="margin-bottom: 0"><u>________________________________</u></P>
<P align=justify style="margin-top: 0; margin-bottom: 0"><SUP><FONT size=1>1</FONT></SUP><FONT size=1> </FONT></P>
<P align=justify style="margin-left: 12pt; margin-top: -10pt; margin-bottom: 0"><FONT size=1> Free cash flow is
comprised of cash flows from operating activities, including net changes in
non-cash working capital balances, less cash used in investing activities,
excluding business acquisitions. See page 20. </FONT></P>
<P align=justify style="margin-top: 0; margin-bottom: 0"><SUP><FONT size=1>2</FONT></SUP><FONT size=1> </FONT></P>
<P align=justify style="margin-left: 12pt; margin-top: -10; margin-bottom: 0"><FONT size=1> Net indebtedness
is calculated as total indebtedness net of cash and cash equivalents. Total
indebtedness is comprised of bank indebtedness and long-term debt (including the
current portion). See page 20. </FONT></P>
<P align=right><FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009
P.11</FONT></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A>
<P align=right><FONT size=1>MANAGEMENT&#146;S DISCUSSION AND
ANALYSIS</FONT><BR></P>
<P align=justify><FONT size=2>The Company, upon approval from its Board of
Directors, may issue or repay long-term debt, issue shares, repurchase shares,
pay dividends or undertake other activities as deemed appropriate under the
specific circumstances. We do not currently pay a dividend. However, the
Company&#146;s Board of Directors periodically evaluates the merits of introducing a
dividend. </FONT></P>
<P align=justify><B><FONT size=2>Contractual Obligations</FONT></B><BR></P>
<P align=justify><FONT size=2>In the normal course of business, we enter into
contractual obligations that will require us to disburse cash over future
periods. The following table sets forth our contractual obligations by period,
excluding interest on long-term debt, for the following items as at April 5,
2009: </FONT></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><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" nowrap >&nbsp;</TD>
    <TD align=left width="7%" nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" nowrap >&nbsp;</TD>
    <TD align=left width="1%" nowrap >&nbsp;</TD>
    <TD align=right width="7%" nowrap><FONT size=2><B>Less than</B> </FONT></TD>
    <TD align=left width="2%" nowrap >&nbsp;</TD>
    <TD align=left width="1%" nowrap >&nbsp;</TD>
    <TD align=right width="7%" nowrap><FONT size=2><B>1 to 3</B> </FONT></TD>
    <TD align=left width="2%" nowrap >&nbsp;</TD>
    <TD align=left width="1%" nowrap >&nbsp;</TD>
    <TD align=right width="7%" nowrap><FONT size=2><B>4 to 5</B> </FONT></TD>
    <TD align=left width="2%" nowrap >&nbsp;</TD>
    <TD align=left width="1%" nowrap >&nbsp;</TD>
    <TD align=right width="7%" nowrap><FONT size=2><B>More than</B> </FONT></TD>
    <TD align=left width="2%" nowrap >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=2><I>(in $ millions)</I> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" nowrap><FONT
      size=2><B>Total</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" nowrap><FONT
      size=2><B>1 year</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" nowrap><FONT
      size=2><B>years</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" nowrap><FONT
      size=2><B>years</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" nowrap><FONT
      size=2><B>5 years</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" nowrap
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Long-term debt </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=2><B>121.5</B>
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=2>1.9 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=2>3.6 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=2>116.0 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=2>- </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Operating leases </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%"><FONT size=2><B>40.5</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%"><FONT size=2>4.1 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%"><FONT size=2>18.1 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%"><FONT size=2>7.9 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%"><FONT size=2>10.4 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Purchase obligations
</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=2><B>218.0</B>
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=2>184.4 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=2>33.6 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=2>- </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=2>- </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Other
      obligations </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"><FONT
      size=2><B>29.0</B> </FONT></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="7%"><FONT
      size=2>29.0 </FONT></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="7%"><FONT
      size=2>- </FONT></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="7%"><FONT
      size=2>- </FONT></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="7%"><FONT
      size=2>- </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
      bgColor=#e6efff><FONT size=2><B>Total Contractual Obligations</B>
    </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="7%"
    bgColor=#e6efff><FONT size=2><B>409.0</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="7%"
    bgColor=#e6efff><FONT size=2>219.4 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="7%"
    bgColor=#e6efff><FONT size=2>55.3 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="7%"
    bgColor=#e6efff><FONT size=2>123.9 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="7%"
    bgColor=#e6efff><FONT size=2>10.4 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><FONT size=2>We expect that cash flows from our operating
earnings and our unutilized bank facilities will be sufficient to meet our
obligations for the foreseeable future. </FONT></P>
<P align=justify><B><FONT size=2>Outstanding Share Data</FONT></B><BR></P>
<P align=justify><FONT size=2>Our common shares are listed on the New York Stock
Exchange and the Toronto Stock Exchange (GIL). As at April 30, 2009, there were
120,885,925 common shares issued and outstanding along with 1,074,341 stock
options and 762,806 dilutive restricted share units (Treasury RSUs) outstanding.
Each stock option entitles the holder to purchase one common share at the end of
the vesting period at a pre-determined option price. Each Treasury RSU entitles
the holder to receive one common share from treasury at the end of the vesting
period, without any monetary consideration being paid to the Company. However,
the vesting of 50% of the Treasury RSU grant is dependent upon the financial
performance of the Company relative to a benchmark group of Canadian
publicly-listed companies.</FONT></P>
<P align=justify><B><U><FONT size=2>LEGAL PROCEEDINGS</FONT></U></B></P>
<P align=justify><B><FONT
size=2>Securities Class Actions</FONT></B><BR></P>
<P align=justify><FONT size=2>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 </FONT><I><FONT size=2>Securities Act
</FONT></I><FONT size=2>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 unaudited interim consolidated financial statements.</FONT></P>
<P align=right><FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009
P.12</FONT></P>
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<A name="page_13"></A>

<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<P align="justify">
<B><U><FONT size=2>FINANCIAL RISK MANAGEMENT</FONT></U></B><BR>
</P>
<P align="justify">
<FONT size=2>This section of the MD&amp;A provides disclosures relating to the nature and extent of the Company&#146;s exposure to risks arising from financial instruments, including credit risk, liquidity risk, foreign currency risk and interest
rate risk, and how the Company manages those risks. The disclosures under this section, in conjunction with the information in Note 11 to the unaudited interim consolidated financial statements (&#147;Financial Instruments&#148;), are designed to
meet the requirements of the Canadian Institute of Chartered Accountants Handbook Section 3862, &#147;Financial Instruments-Disclosures&#148;, and are therefore incorporated into, and are an integral part of, the unaudited interim consolidated
financial statements. </FONT></P>
<P align="justify">
<B><FONT size=2>Credit risk</FONT></B><BR>
</P>
<P align="justify">
<FONT size=2>Credit risk is the risk of an unexpected loss if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises primarily from the Company&#146;s trade receivables. The Company may also have
credit risk relating to cash and cash equivalents, forward foreign exchange contracts and interest rate swaps, which it manages by dealing only with highly-rated North American and European financial institutions. Our trade receivables and credit
exposure fluctuate throughout the year based on the seasonality of our sales and other factors. The Company&#146;s average trade receivables and credit exposure during an interim reporting period may be higher than the balance at the end of that
reporting period. </FONT></P>
<P align="justify">
<FONT size=2>The Company&#146;s credit risk for trade receivables is concentrated, as the majority of its sales are to a relatively small group of wholesale distributors and mass-market retailers. As at April 5, 2009, the Company&#146;s ten largest
trade debtors accounted for 67% of trade accounts receivable, of which one wholesale customer accounted for 13% and one retailer accounted for 14%. Of the Company&#146;s top ten trade debtors, eight are wholesale distributors, and all are located in
the United States. The remaining trade receivable balances are dispersed among a larger number of debtors across many geographic areas including the United States, Canada, Europe, Mexico and Australia.</FONT></P>
<P align="justify">
<FONT size=2>Most sales are invoiced with payment terms of between 30 to 60 days. In accordance with industry practice, sales to wholesale distributors of certain seasonal products, primarily in the second half of the fiscal year, are invoiced with
extended payment terms, generally not exceeding six months. From time-to-time, the Company may also initiate other special incentive programs with extended payment terms. </FONT></P>
<P align="justify">
<FONT size=2>The Company&#146;s customers have generally been transacting with the Company or its subsidiaries for over five years, and credit losses have not been material during that period. With the exception of the largest wholesale distributor,
which is owned by a large private equity firm and largely financed by publicly-traded bonds, most of our wholesale distributor customers are privately-held owner-managed enterprises. Many distributors are highly-leveraged with significant reliance
on trade credit terms provided by a few major vendors, including the Company, and third-party debt financing, including bank debt secured with accounts receivable and inventory pledged as collateral. The financial leverage of certain of our
wholesale distributor customers may limit or prevent their ability to refinance existing indebtedness or to obtain additional financing, and could affect their ability to comply with restrictive debt covenants and meet other obligations. The profile
and credit quality of the Company&#146;s retail customers varies significantly. Adverse changes in a customer&#146;s financial position could cause us to limit or discontinue business with that customer, require us to assume more credit risk
relating to that customer&#146;s future purchases or result in uncollectible accounts receivable from that customer. Future credit losses relating to any one of our top ten customers could be material and could result in a material charge to
earnings. The likelihood of such losses occurring has increased given the current economic downturn. During the second quarter of fiscal 2009, our largest wholesale distributor customer, Broder Bros., Co. (Broder), announced that it has been seeking
to undertake a restructuring of its debt financing. As at May 13, 2009, we had a net accounts receivable balance from Broder of &#36;12.4 million, all of which was current, compared to a net accounts receivable balance of &#36;11.1 million as at
April 5, 2009.  It is currently management&#146;s best estimate that these amounts will be collected and accordingly, no allowance for doubtful accounts for this customer has been recorded. However, there is at this time considerable uncertainty
regarding the ultimate outcome of Broder&#146;s debt restructuring, which may have a significant impact on our ability to recover amounts owing from this customer. Please refer to Note 14
to the interim consolidated financial statements for further details of this
measurement uncertainty.</FONT></P>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.13</FONT></P>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<!--$$/page=--><A name=page_14></A>
<P align=right><FONT size=1>MANAGEMENT&#146;S DISCUSSION AND
ANALYSIS</FONT><BR></P>
<P align=justify><FONT size=2>The Company&#146;s extension of credit to customers
involves considerable judgment and is based on an evaluation of each customer&#146;s
financial condition and payment history. The Company has established various
internal controls designed to mitigate credit risk, including a dedicated credit
function which recommends customer credit limits and payment terms that are
reviewed and approved on a quarterly basis by senior management at the Company&#146;s
international sales office in Barbados. Where available, the Company&#146;s credit
department periodically reviews external ratings and customer financial
statements, and in some cases obtains bank and other references. New customers
are subject to a specific vetting and pre-approval process. From time to time,
the Company will temporarily transact with customers on a prepayment basis where
circumstances warrant. While the Company&#146;s credit controls and processes have
been effective in mitigating credit risk, these controls cannot eliminate credit
risk and there can be no assurance that these controls will continue to be
effective, or that the Company&#146;s low credit loss experience will
continue.</FONT></P>
<P align=justify><FONT size=2>Customers do not provide collateral in exchange
for credit, except in unusual circumstances. Receivables from selected customers
are partially covered by credit insurance, with amounts usually limited to 20%
of the value of the Company&#146;s exposure. The information available through the
insurance company is also considered in the decision process to determine the
credit limits assigned to customers. This policy contains the usual clauses and
limits regarding the amounts that can be claimed by event and by year of
coverage. The Company did not file any claim against this credit insurance
policy for the three month period ended April 5, 2009. </FONT></P>
<P align=justify><FONT size=2>The Company&#146;s exposure to credit risk for trade
receivables by geographic area and type of customer was as follows as at:
</FONT></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 style="border-bottom-style: solid; border-bottom-width: 1" nowrap><FONT size=2><I>(in $ millions)</I> </FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" nowrap ><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1" nowrap><FONT size=2><B>April 5, 2009</B> </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" nowrap ><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" nowrap ><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1" nowrap><FONT size=2>October 5, 2008 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" nowrap ><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" style="border-top-style: solid; border-top-width: 1" ><FONT size=2>&nbsp;</FONT></TD>
    <TD width="12%" style="border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-top-style: solid; border-top-width: 1" ><FONT size=2>&nbsp;</FONT></TD>
    <TD width="1%" style="border-top-style: solid; border-top-width: 1" ><FONT size=2>&nbsp;</FONT></TD>
    <TD width="12%" style="border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-top-style: solid; border-top-width: 1" ><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>United States </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><FONT size=2><B>138.7</B>
      </FONT></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><FONT size=2>176.0 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Europe </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><FONT size=2><B>10.0</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><FONT size=2>11.9 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Canada </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><FONT size=2><B>5.0</B>
    </FONT></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><FONT size=2>14.2 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>Other regions </FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2><B>4.6</B> </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>4.2 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2"><FONT size=2>Total trade receivables
    </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2"><FONT size=2><B>158.3</B>
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2"><FONT size=2>206.3 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2><I>(in $ millions)</I>
    </FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2><B>April 5,
      2009</B> </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>October 5, 2008
      </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD></TR>
  <TR>
    <TD style="border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" style="border-top-style: solid; border-top-width: 1" >&nbsp;</TD>
    <TD width="12%" style="border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-top-style: solid; border-top-width: 1" >&nbsp;</TD>
    <TD width="1%" style="border-top-style: solid; border-top-width: 1" >&nbsp;</TD>
    <TD width="12%" style="border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-top-style: solid; border-top-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Distributors and
      screenprinters </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><FONT size=2><B>118.8</B>
      </FONT></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><FONT size=2>166.2 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>Mass-market and regional retailers </FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2><B>39.5</B> </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>40.1 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2"><FONT size=2>Total trade receivables
    </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2"><FONT size=2><B>158.3</B>
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2"><FONT size=2>206.3 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>The aging of trade receivable
      balances was as follows as at: </FONT></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2><I>(in $ millions)</I> </FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2><B>April 5, 2009</B> </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>October 5, 2008 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD align=right width="12%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD align=left width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD align=right width="12%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD align=left width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="border-top-style: none; border-top-width: medium" bordercolor="#000000"><FONT size=2>Not past due </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: none; border-top-width: medium" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff style="border-top-style: none; border-top-width: medium" bordercolor="#000000"><FONT size=2><B>140.9</B>
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: none; border-top-width: medium" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: none; border-top-width: medium" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff style="border-top-style: none; border-top-width: medium" bordercolor="#000000"><FONT size=2>186.0 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: none; border-top-width: medium" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000"><FONT size=2>Past due 0-30 days </FONT></TD>
    <TD align=left width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="12%" bordercolor="#000000"><FONT size=2><B>13.2</B> </FONT></TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="12%" bordercolor="#000000"><FONT size=2>15.7 </FONT></TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff bordercolor="#000000"><FONT size=2>Past due 31-60 days </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff bordercolor="#000000"><FONT size=2><B>2.9</B>
    </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>3.2 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000"><FONT size=2>Past due 61-120 days </FONT></TD>
    <TD align=left width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="12%" bordercolor="#000000"><FONT size=2><B>2.1</B> </FONT></TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="12%" bordercolor="#000000"><FONT size=2>1.9 </FONT></TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>Past due over 121 days
    </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2><B>4.4</B>
    </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>2.3 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: none; border-bottom-width: medium; border-top-style:solid; border-top-width:1" bordercolor="#000000"><FONT size=2>Trade receivables </FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: none; border-bottom-width: medium; border-top-style:solid; border-top-width:1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: none; border-bottom-width: medium; border-top-style:solid; border-top-width:1" bordercolor="#000000"><FONT size=2><B>163.5</B> </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: none; border-bottom-width: medium; border-top-style:solid; border-top-width:1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="1%" style="border-bottom-style: none; border-bottom-width: medium; border-top-style:solid; border-top-width:1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: none; border-bottom-width: medium; border-top-style:solid; border-top-width:1" bordercolor="#000000"><FONT size=2>209.1 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: none; border-bottom-width: medium; border-top-style:solid; border-top-width:1" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="border-bottom-style: none; border-bottom-width: medium; border-top-style:none; border-top-width:medium" bordercolor="#000000"><FONT size=2>Less allowance for doubtful
      accounts </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-bottom-style: none; border-bottom-width: medium; border-top-style:none; border-top-width:medium" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff style="border-bottom-style: none; border-bottom-width: medium; border-top-style:none; border-top-width:medium" bordercolor="#000000"><FONT
    size=2><B>(5.2</B></FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-bottom-style: none; border-bottom-width: medium; border-top-style:none; border-top-width:medium" bordercolor="#000000"><B>)</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-bottom-style: none; border-bottom-width: medium; border-top-style:none; border-top-width:medium" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff style="border-bottom-style: none; border-bottom-width: medium; border-top-style:none; border-top-width:medium" bordercolor="#000000"><FONT size=2>(2.8</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-bottom-style: none; border-bottom-width: medium; border-top-style:none; border-top-width:medium" bordercolor="#000000">) </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000"><FONT size=2>Total trade receivables </FONT></TD>
    <TD align=left width="1%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="12%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000"><FONT size=2><B>158.3</B> </FONT></TD>
    <TD align=left width="2%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="1%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="12%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000"><FONT size=2>206.3 </FONT></TD>
    <TD align=left width="2%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000" >&nbsp;</TD></TR></TABLE>
<P align=right><FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009
P.14</FONT></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_15></A>
<P align=right><FONT size=1>MANAGEMENT&#146;S DISCUSSION AND
ANALYSIS</FONT><BR></P>
<P align=justify><FONT size=2>The movement in the allowance for doubtful
accounts in respect of trade receivables was as follows:</FONT></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 style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2><I>(in $ millions)</I> </FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" ></TD>
    <TD align=right width="10%" nowrap style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2><B>Three months ended</B> <B>
    <br>
    April 5, 2009</B>
      </FONT></TD>
    <TD align=left width="2%" nowrap style="border-bottom-style: solid; border-bottom-width: 1" ></TD>
    <TD align=left width="1%" nowrap style="border-bottom-style: solid; border-bottom-width: 1" ></TD>
    <TD align=right width="10%" nowrap style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2><B>Six months ended<br>
    April 5, 2009</B>
      </FONT></TD>
    <TD align=left width="2%" nowrap style="border-bottom-style: solid; border-bottom-width: 1" ></TD>
    <TD align=left width="1%" nowrap style="border-bottom-style: solid; border-bottom-width: 1" ></TD>
    <TD align=right width="10%" nowrap style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>Twelve months ended
    <br>
    October 5, 2008 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=2>Balance, beginning of period
      </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=2><B>4.6</B>
    </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=2><B>2.8</B>
    </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=2>2.0 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Bad debt expense </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>0.6</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>2.4</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>4.5 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Write-off of accounts
      receivable </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2><B>-</B>
    </FONT></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><FONT size=2><B>-</B>
    </FONT></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><FONT size=2>(4.0</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>Increase due to acquisition of Prewett
    </FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="10%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2><B>-</B> </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="10%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2><B>-</B> </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="10%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>0.3 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2"><FONT size=2>Balance, end of period
    </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2"><FONT size=2><B>5.2</B>
    </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2"><FONT size=2><B>5.2</B>
    </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2"><FONT size=2>2.8 </FONT></TD>
    <TD align=left width="2%"
  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD></TR></TABLE>
<P align=justify><B><FONT size=2>Liquidity Risk</FONT></B><BR></P>
<P align=justify><FONT size=2>Liquidity risk is the risk that the Company will
not be able to meet its financial obligations as they fall due. We require
continued access to capital markets to support our operations as well as to
achieve our strategic plans. We rely on cash resources, debt and cash flows
generated from operations to satisfy our financing requirements. Any impediments
to our ability to continue to meet the covenants and conditions contained in our
revolving credit facility as well as our ability to access capital markets, or
the failure of a financial institution participating in our credit facility, or
an adverse perception in capital markets of our financial condition or
prospects, could have a material impact on our financing capability. In
addition, our access to financing at reasonable interest rates could become
influenced by the economic and credit market environment.</FONT></P>
<P align=justify><FONT size=2>We manage liquidity risk through the management of
our capital structure and financial leverage, as outlined in Note 20 to the 2008
annual audited Consolidated Financial Statements (&#147;Capital Disclosures&#148;). In
addition, we manage liquidity risk by continuously monitoring actual and
projected cash flows, taking into account the seasonality of our sales and
receipts. We also monitor the impact of credit market conditions in the current
environment. The Board of Directors reviews and approves the Company&#146;s operating
and capital budgets, as well as any material transactions out of the ordinary
course of business, including proposals on mergers, acquisitions or other major
investments or divestitures. </FONT></P>
<P align=justify><FONT size=2>The Company has a committed revolving credit
facility for a maximum of $400 million which expires in June 2013. The Company&#146;s
revolving credit facility is subject to various covenants and conditions. The
Company was in compliance with all covenants as at April 5, 2009. This facility
is unsecured and amounts drawn bear interest at LIBOR rates or U.S. base rate
plus an applicable margin. As at April 5, 2009, $116.0 million was drawn under
this facility, bearing an effective interest rate of 1.29% . As at October 5,
2008, $45.0 million was drawn under this facility, bearing an effective interest
rate of 4.75% . </FONT></P>
<P align=justify><FONT size=2>The Company&#146;s derivative financial instruments as
at April 5, 2009 consisted of forward foreign exchange contracts and interest
rate swap contracts, for which notional amounts, maturities, carrying and fair
values and other information are disclosed in Note 11 to the unaudited interim
consolidated financial statements. </FONT></P>
<P align=justify><FONT size=2>Please refer to the &#147;Financial Risk Management&#148;
section of the Company&#146;s 2008 Annual MD&amp;A for details of the contractual
maturities of financial liabilities. </FONT></P>
<P align=justify><B><FONT size=2>Foreign Currency Risk</FONT></B><BR></P>
<P align=justify><FONT size=2>The majority of the Company&#146;s cash flows and
financial assets and liabilities are denominated in U.S. dollars, which is the
Company&#146;s functional and reporting currency. Foreign currency risk is limited to
the portion of the Company&#146;s business transactions denominated in currencies
other than U.S. dollars, primarily for sales and distribution expenses for
customers outside of the United States and head office expenses in Canada. The
Company&#146;s exposure relates primarily to changes in the U.S. dollar versus the
Canadian dollar, the British Pound and the Euro exchange rates. For the
Company&#146;s foreign currency transactions, fluctuations in the respective exchange
rates relative to the U.S. dollar will create volatility in the Company&#146;s cash
flows and the reported amounts for sales and SG&amp;A expenses in its
consolidated statement of earnings, both on a period-to-period basis and
compared with operating budgets and forecasts. Additional earnings variability
arises from the translation of monetary assets and liabilities denominated in
currencies other than the U.S. dollar at the rates of exchange at each balance sheet date, the impact of which is reported as a foreign exchange gain or loss in the statement of earnings.</FONT></P>
<P align=right><FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009
P.15</FONT></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>


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<A name="page_16"></A>

<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<P align="justify">
<FONT size=2>The Company&#146;s objective in managing its foreign currency risk is to minimize its net exposures to foreign currency cash flows, by transacting with third parties in U.S. dollars to the maximum extent possible and practical, and
holding cash and cash equivalents and incurring borrowings in U.S. dollars. The Company monitors and forecasts the values of net foreign currency cash flows and balance sheet exposures, and from time-to-time will authorize the use of derivative
financial instruments such as forward foreign exchange contracts to economically hedge a portion of foreign currency cash flows, with maturities of up to two years. The Company does not use forward foreign exchange contracts for speculative
purposes. </FONT></P>
<P align="justify">
<FONT size=2>As at April 5, 2009 all outstanding forward foreign exchange contracts were reported on a mark-to-market basis and the gains and losses were included in earnings. The Company elected not to apply hedge accounting for these derivatives.
</FONT></P>
<P align="justify">
<FONT size=2>The Company also incurs a portion of its manufacturing costs in foreign currencies, primarily payroll costs paid in Honduran Lempiras. Should there be a change in the Lempira to U.S. dollar exchange rate in the future, such change may
have an impact on our operating results. </FONT></P>
<P align="justify">
<FONT size=2>Please refer to the &#147;Financial Risk Management&#148; section of the Company&#146;s 2008 Annual MD&amp;A for further details of the Company&#146;s significant foreign currency exposures. </FONT></P>
<P align="justify">
<B><FONT size=2>Interest Rate Risk</FONT></B><BR>
</P>
<P align="justify">
<FONT size=2>The Company&#146;s interest rate risk is primarily related to the Company&#146;s revolving long-term credit facility, for which amounts drawn are primarily subject to LIBOR rates in effect at the time of borrowing, plus a margin.
Although LIBOR-based borrowings under the credit facility can be fixed for periods of up to six months, the Company generally fixes rates for periods of one to three months. The interest rates on amounts currently drawn on this facility and on any
future borrowings will vary and are unpredictable. Increases in short term interest rates and increases in interest rates on new debt issues may result in a material increase in interest charges. </FONT></P>
<P align="justify">
<FONT size=2>The Company has the ability to enter into derivative financial instruments that would effectively fix its cost of current and future borrowings for an extended period of time. During the second quarter of fiscal 2009, the Company
entered into interest rate swap contracts to fix the variable portion of &#36;50 million of its borrowings (LIBOR excluding the applicable margin) under the revolving long-term credit facility. As at April 5, 2009, the interest rate swap contracts
were reported at fair value.  The fair value of these contracts is included in accounts payable and accrued liabilities. Changes in the fair value of these contracts are included in earnings. The Company elected not to apply hedge accounting for
these derivative instruments. Please refer to Note 11 to the interim consolidated financial statements for further details of the Company&#146;s outstanding interest rate swap contracts as at April 5, 2009.</FONT> </P>
<P align="justify">
<B><U><FONT size=2>CRITICAL ACCOUNTING ESTIMATES</FONT></U></B><BR>
</P>
<P align="justify">
<FONT size=2>Our significant accounting policies are described in Note 2 to our 2008 audited annual Consolidated Financial Statements. The preparation of financial statements in conformity with Canadian GAAP requires estimates and assumptions that
affect our results of operations and financial position. By their nature, these judgments are subject to an inherent degree of uncertainty and are based upon historical experience, trends in the industry and information available from outside
sources. On an ongoing basis, management reviews its estimates and actual results could differ materially from those estimates. In addition, although our critical accounting estimates remain substantially unchanged from those that were disclosed in
our 2008 Annual MD&amp;A, there is a likelihood that these estimates may materially change, or new estimates may be required, given the current uncertain economic conditions. </FONT></P>
<P align="justify">
<FONT size=2>Management believes that the following accounting estimates require assumptions to be made about matters that are highly uncertain: </FONT></P>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.16</FONT></P>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">



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

<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<UL style="text-align:justify;">
<LI>
<FONT size=2>Allowance for Doubtful Accounts;</FONT></LI>
<LI>
<FONT size=2>Inventory Obsolescence;</FONT></LI>
<LI>
<FONT size=2>Sales Promotional Programs;</FONT></LI>
<LI>
<FONT size=2>Recoverability of Long-Lived Assets;</FONT></LI>
<LI>
<FONT size=2>Income Taxes; and</FONT></LI>
<LI>
<FONT size=2>Business Acquisitions.</FONT></LI>
</UL>
<P align="justify">
<FONT size=2>For a more detailed discussion of these estimates, readers should review the &#147;Critical Accounting Estimates&#148; section of the 2008 Annual MD&amp;A.</FONT><B><FONT size=2> </FONT></B></P>
<P align="justify">
<B><U><FONT size=2>ADOPTION OF NEW ACCOUNTING STANDARDS</FONT></U><FONT size=2> </FONT></B></P>
<P align="justify">
<FONT size=2>Effective the commencement of its 2009 fiscal year, the Company adopted CICA Handbook Section 3031,</FONT><I><FONT size=2> Inventories,</FONT></I><FONT size=2> Section 1400, </FONT><I><FONT size=2>General Standards of Financial Statement Presentation</FONT></I><FONT size=2> and Section 3064, </FONT><I><FONT size=2>Goodwill and Intangible
Assets</FONT></I><FONT size=2>. The Company also adopted</FONT><I><FONT size=2> EIC 173, Credit Risk and Fair Value of Financial Assets and Financial Liabilities, </FONT></I><FONT size=2>during the second quarter of fiscal 2009.  For a detailed
description of the new accounting standards, please refer to Note 3 of the unaudited interim consolidated financial statements. </FONT></P>
<P align="justify">
<B><U><FONT size=2>FUTURE ACCOUNTING STANDARDS</FONT></U></B></P>
<P align="justify">
<U><FONT color="#7e7e7e" size=2>Recent Accounting Pronouncements</FONT></U><FONT size=2>  </FONT><BR>
</P>
<P align="justify">
<FONT size=2>In January 2009, the CICA issued Handbook Section 1582, </FONT><I><FONT size=2>Business Combinations,</FONT></I><FONT size=2> Section 1601,</FONT><I><FONT size=2> Consolidated Financial Statements</FONT></I><FONT size=2>, and Section 1602, </FONT><I><FONT size=2>Non-Controlling Interests</FONT></I><FONT size=2>. For a detailed description of the future accounting standards, please refer to
Note 4 of the unaudited interim consolidated financial statements.</FONT><B><FONT size=2> </FONT></B></P>
<P align="justify">
<U><FONT color="#7e7e7e" size=2>International Financial Reporting Standards</FONT></U><BR>
</P>
<P align="justify">
<FONT size=2>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.</FONT></P>
<P align="justify">
<FONT size=2>In preparation for the changeover to IFRS, the Company has developed an IFRS transition plan.  The Company is currently in the process of completing its initial phase, comprised of a diagnostic process, which involves a comparison of
the Company&#146;s current accounting policies under Canadian generally accepted accounting principles with IFRS. The identified differences will be analyzed and addressed according to the level of impact they will have on the key elements of the
transition plan. These key elements include: accounting policies, including choices among policies permitted under IFRS; information technology and data systems; internal control over financial reporting; disclosure controls and procedures,
including investor relations and external communications plans; and business activities. </FONT></P>
<P align="justify">
<FONT size=2>As the IFRS transition plan progresses, the Company will continue to report on the status of the transition plan and provide more detailed information of the impact on the key elements indicated above. </FONT></P>
<P align="justify">
<B><U><FONT size=2>RELATED PARTY TRANSACTIONS</FONT></U></B><BR>
</P>
<P align="justify">
<FONT size=2>We have transactions with Frontier, which manages the operations of CanAm. These transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to
by the related parties. Total purchases of yarn from Frontier were &#36;39.4 million, along with &#36;0.2 million relating to management fees for the three months ended April 5, 2009. As at April 5, 2009, we had an outstanding payable to Frontier of
&#36;21.0 million. </FONT></P>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.17</FONT></P>

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<A name="page_18"></A>

<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<P align="justify">
<B><U><FONT size=2>INTERNAL CONTROL OVER FINANCIAL REPORTING</FONT></U><FONT size=2> </FONT></B></P>
<P align="justify">
<FONT size=2>Management&#146;s annual evaluation and report on the effectiveness of internal control over financial reporting as of our most recent fiscal year ended October 5, 2008 was included in the 2008 Annual MD&amp;A, and was based on the
framework set forth in Internal Control - Integrated Framework issued by the </FONT><I><FONT size=2>Committee of Sponsoring Organizations of the Treadway Commission </FONT></I><FONT size=2>(COSO). Based on its evaluation under this framework,
management concluded that our internal control over financial reporting was effective as of October 5, 2008. There have been no material changes in internal control over financial reporting since October 5, 2008.</FONT></P>
<P align="justify">
<B><U><FONT size=2>RISKS AND UNCERTAINTIES</FONT></U></B><BR>
</P>
<P align="justify">
<FONT size=2>In addition to the risks previously described under the section &#147;Financial Risk Management&#148;</FONT><I><FONT size=2> </FONT></I><FONT size=2>and those described elsewhere in this MD&amp;A, this section describes the principal
risks that could have a material and adverse effect on our financial condition, results of operations, cash flows or business, as well as cause actual results to differ materially from our expectations expressed in or implied by our forward-looking
statements. The risks described below are not the only risks that could affect the Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our
financial condition, results of operations, cash flows or business.</FONT></P>
<P align="justify">
<FONT size=2>The risks described in our 2008 Annual MD&amp;A included discussions relating to the following important factors: </FONT></P>
<UL style="text-align:justify;">
<LI>
<FONT size=2>Our ability to implement our strategies and plans;</FONT></LI>
<LI>
<FONT size=2>Our industry is competitive;</FONT></LI>
<LI>
<FONT size=2>Our industry is affected by general economic conditions;</FONT></LI>
<LI>
<FONT size=2>Our customers do not commit to purchase minimum quantities;</FONT></LI>
<LI>
<FONT size=2>Our production volume may differ from market demand;</FONT></LI>
<LI>
<FONT size=2>Our success depends on our ability to anticipate evolving consumer preferences and trends;</FONT></LI>
<LI>
<FONT size=2>We rely on a relatively small number of significant customers;</FONT></LI>
<LI>
<FONT size=2>The price of the raw materials we buy is prone to significant fluctuations;</FONT></LI>
<LI>
<FONT size=2>We rely on key suppliers;</FONT></LI>
<LI>
<FONT size=2>We are subject to international trade regulation;</FONT></LI>
<LI>
<FONT size=2>We currently pay income tax at a comparatively low effective rate, which could change in the future;</FONT></LI>
<LI>
<FONT size=2>Our operations are subject to climate, political, social and economic risks;</FONT></LI>
<LI>
<FONT size=2>Our operations are subject to environmental regulation;</FONT></LI>
<LI>
<FONT size=2>Our business operations significantly rely on our information systems;</FONT></LI>
<LI>
<FONT size=2>Our operations could be affected by changes in our relationship with our employees or changes to</FONT> <FONT size=2>domestic and foreign employment regulations;</FONT></LI>
<LI>
<FONT size=2>We may suffer negative publicity if we, or our third party contractors, are found to have violated labour</FONT> <FONT size=2>laws or engage in labour and other business practices that are viewed as unethical; and</FONT></LI>
<LI>
<FONT size=2>We depend on key management.</FONT></LI>
</UL>
<P align="justify">
<FONT size=2>For a more detailed discussion of these potential business risks, readers should review the &#147;Risks and Uncertainties&#148; section of the 2008 Annual MD&amp;A and the Annual Information Form filed by Gildan with the Canadian
securities regulatory authorities and the Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission as well as our first quarter interim reports similarly filed. </FONT></P>
<P align="justify">
<B><FONT size=2>Update to the Description of Risks and Uncertainties </FONT></B></P>
<P align="justify">
<FONT size=2>The following is an update to the description of risks contained in the section entitled &#147;Risks and Uncertainties&#148; of the Gildan 2008 MD&amp;A. </FONT></P>
<P align="justify">
<U><FONT color="#7e7e7e" size=2>We are subject to consumer product safety laws</FONT></U><BR>
</P>
<P align="justify">
<FONT size=2>Certain of our products sold in the U.S. are subject to the requirements imposed by the recently enacted Consumer Product Safety Improvement Act (CPSIA). Recent amendments to the CPSIA require independent testing and general conformity
certification for levels of lead and other harmful content in products intended for children 12 and under, and also require the placement of tracking labels on such products. While we currently believe we are in compliance with the new product
requirements regarding harmful content in products set forth in the CPSIA, we are currently in the process of
evaluating the tracking label requirements which are expected to come into
effect on August 14, 2009. Several companies and coalition groups recently
submitted comments on the new tracking label requirements to the Consumer
Product Safety Commission and have requested a twelve-month stay of enforcement
until there is a better framework and understanding of the new requirements. The
Consumer Product Safety Commission is expected to make its decision on the stay
of enforcement on May 13, 2009. There can be no assurance that Gildan will be
fully compliant by August 14, 2009. Compliance with existing and future product
safety laws and regulations and enforcement policies may require that we incur
capital and other costs, which may be significant. Non-compliance with
applicable product safety laws and regulations may result in fines and
penalties. Our customers may also require us to meet existing and additional
consumer safety requirements, which may result in our inability to provide the
products in the manner required. The extent of our liability, if any, for past
failure to comply with the requirements set forth in the CPSIA applicable to our
operations cannot be reasonably determined. </FONT></P>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.18</FONT></P>

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<!--$$/page=--><A name=page_19></A>
<P align=right><FONT size=1>MANAGEMENT&#146;S DISCUSSION AND
ANALYSIS</FONT><BR></P>
<P align=justify><B><U><FONT size=2>DEFINITION AND RECONCILIATION OF NON-GAAP
MEASURES</FONT></U><FONT size=2> </FONT></B></P>
<P align=justify><FONT size=2>We use non-GAAP measures to assess our operating
performance and financial condition. The terms and definitions of the non-GAAP
measures used in this report and a reconciliation of each non-GAAP measure to
the most directly comparable GAAP measure are provided below. The non-GAAP
measures are presented on a consistent basis for all periods presented in this
MD&amp;A. These non-GAAP measures do not have any standardized meanings
prescribed by Canadian GAAP and are therefore unlikely to be comparable to
similar measures presented by other companies. Accordingly, they should not be
considered in isolation.</FONT></P>
<P align=justify><B><FONT size=2>Adjusted Net Earnings and Adjusted Diluted EPS
</FONT></B></P>
<P align=justify><FONT size=2>To measure our performance from one period to the
next, without the variations caused by the impacts of restructuring and other
charges as discussed on page 8, management uses adjusted net earnings and
adjusted diluted earnings per share, which are calculated as net earnings and
earnings per share excluding these items. We exclude these items because they
affect the comparability of our financial results and could potentially distort
the analysis of trends in our business performance. Excluding these items does
not imply they are necessarily non-recurring. </FONT></P>
<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><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>Q2 2009</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>Q2 2008 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>YTD 2009</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>YTD 2008 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=2><I>(in $ millions, except per share amounts)</I> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT
      size=2>&nbsp; </FONT></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%"><FONT
      size=2>Recast<SUP>(1</SUP></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><SUP>)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT
      size=2>&nbsp; </FONT></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%"><FONT
      size=2>Recast<SUP>(1</SUP></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><SUP>)</SUP> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Net sales </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2><B>244.8</B>
      </FONT></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><FONT size=2>293.8 </FONT></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><FONT size=2><B>428.8</B>
      </FONT></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><FONT size=2>544.2 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Cost
      of sales </FONT></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%"><FONT
      size=2><B>206.1</B> </FONT></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%"><FONT
      size=2>209.2 </FONT></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%"><FONT
      size=2><B>351.2</B> </FONT></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%"><FONT
      size=2>394.1 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Gross profit </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2><B>38.7</B>
      </FONT></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><FONT size=2>84.6 </FONT></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><FONT size=2><B>77.6</B>
      </FONT></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><FONT size=2>150.1 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Selling, general and administrative expenses
      </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>31.0</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>34.6 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>64.4</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>66.3 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><FONT size=2>Restructuring and other charges </FONT></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><FONT size=2><B>0.1</B> </FONT></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><FONT size=2>0.8 </FONT></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><FONT size=2><B>1.1</B> </FONT></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><FONT size=2>1.6 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Operating income </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>7.6</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>49.2 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>12.1</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>82.2 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Financial expense, net
    </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2><B>-</B>
    </FONT></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><FONT size=2>3.6 </FONT></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><FONT size=2><B>0.2</B>
    </FONT></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><FONT size=2>6.3 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=2>Non-controlling interest in consolidated joint venture </FONT></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%"><FONT
      size=2><B>0.1</B> </FONT></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%"><FONT
      size=2>(0.1</FONT></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="10%"><FONT
      size=2><B>(0.3</B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><B>)</B> </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%"><FONT
      size=2>0.2 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Earnings before income taxes
      </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2><B>7.5</B>
    </FONT></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><FONT size=2>45.7 </FONT></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><FONT size=2><B>12.2</B>
      </FONT></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><FONT size=2>75.7 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=2>Income taxes </FONT></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%"><FONT
      size=2><B>0.4</B> </FONT></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%"><FONT
      size=2>3.6 </FONT></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%"><FONT
      size=2><B>0.8</B> </FONT></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%"><FONT
      size=2>5.6 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><FONT size=2>Net earnings and comprehensive income
    </FONT></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><FONT size=2><B>7.1</B> </FONT></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><FONT size=2>42.1 </FONT></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><FONT size=2><B>11.4</B> </FONT></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><FONT size=2>70.1 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Adjustments for: </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>
    <p style="margin-left: 20"><FONT size=2>Restructuring and other charges<SUP>(2)</SUP>
      </FONT></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><FONT size=2><B>0.1</B> </FONT></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><FONT size=2>0.8 </FONT></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><FONT size=2><B>1.1</B> </FONT></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><FONT size=2>1.6 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left><FONT
      size=2>Adjusted net earnings </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"><FONT
      size=2><B>7.2</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"><FONT
      size=2>42.9 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"><FONT
      size=2><B>12.5</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"><FONT
      size=2>71.7 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Basic EPS <SUP>(3)</SUP>
      </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2><B>0.06</B>
      </FONT></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><FONT size=2>0.35 </FONT></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><FONT size=2><B>0.09</B>
      </FONT></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><FONT size=2>0.58 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Diluted EPS <SUP>(3)</SUP> </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>0.06</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>0.35 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>0.09</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>0.58 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
      bgColor=#e6efff><FONT size=2>Adjusted diluted EPS </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#e6efff><FONT size=2><B>0.06</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#e6efff><FONT size=2>0.35 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#e6efff><FONT size=2><B>0.10</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#e6efff><FONT size=2>0.59 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify style="margin-top: 0; margin-bottom: 0"><I><FONT size=1>Certain minor rounding variances exist between
the financial statements and this summary.</FONT></I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><I><FONT size=1>(1)</FONT></I> </TD>
    <TD>
      <P align=justify><I><FONT size=1>Reflects the impact of the change in
      accounting policy as described in Note 3 to the unaudited interim
      consolidated financial statements and the changes to classifications in
      the statement of earnings and comprehensive income as discussed on page
      5.</FONT></I></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><I><FONT size=1>(2)</FONT></I> </TD>
    <TD>
      <P align=justify><I><FONT size=1>Adjustment to remove restructuring and
      other charges and the income tax effect thereon. See page
    8.</FONT></I></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><I><FONT size=1>(3)</FONT></I> </TD>
    <TD>
      <P align=justify><I><FONT size=1>Quarterly EPS may not add to year-to-date
      EPS due to rounding.</FONT></I></P></TD></TR></TABLE>
<P align=right><FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009
P.19</FONT></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_20></A>
<P align=right><FONT size=1>MANAGEMENT&#146;S DISCUSSION AND
ANALYSIS</FONT><BR></P>
<P align=justify><B><FONT size=2>EBITDA</FONT></B><BR></P>
<P align=justify><FONT size=2>EBITDA is calculated as earnings before interest,
taxes and depreciation and amortization and excludes the impact of restructuring
and other charges as discussed on page 8, as well as the non-controlling
interest in consolidated joint venture. We use EBITDA, among other measures, to
assess the operating performance of our business. We also believe this measure
is commonly used by investors and analysts to measure a company&#146;s ability to
service debt and to meet other payment obligations, or as a common valuation
measurement. We exclude depreciation and amortization expenses, which are
non-cash in nature and can vary significantly depending upon accounting methods
or non-operating factors such as historical cost. Excluding these items does not
imply they are necessarily non-recurring.</FONT></P>
<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><FONT size=2><I>(in $ millions)</I> </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>Q2 2009</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>Q2 2008 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>YTD 2009</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>YTD 2008 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT
      size=2>&nbsp; </FONT></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%"><FONT
      size=2>Recast<SUP>(1</SUP></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><SUP>)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT
      size=2>&nbsp; </FONT></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%"><FONT
      size=2>Recast<SUP>(1</SUP></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><SUP>)</SUP> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Net earnings </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2><B>7.1</B>
    </FONT></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><FONT size=2>42.1 </FONT></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><FONT size=2><B>11.4</B>
      </FONT></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><FONT size=2>70.1 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Restructuring and other charges <SUP>(2)</SUP>
      </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>0.1</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>0.8 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>1.1</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>1.6 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Depreciation and amortization
      </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2><B>16.2</B>
      </FONT></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><FONT size=2>14.6 </FONT></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><FONT size=2><B>32.1</B>
      </FONT></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><FONT size=2>27.0 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Variation in depreciation included in
      inventories </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>(1.0</B></FONT></TD>
    <TD align=left width="2%" ><B>)</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>(0.8</FONT></TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>(5.4</B></FONT></TD>
    <TD align=left width="2%" ><B>)</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>(2.2</FONT></TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Interest, net </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2><B>0.4</B>
    </FONT></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><FONT size=2>2.1 </FONT></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><FONT size=2><B>1.4</B>
    </FONT></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><FONT size=2>4.9 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Income tax expense </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>0.4</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>3.6 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>0.8</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>5.6 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><FONT size=2>Non-controlling interest of consolidated
      joint venture </FONT></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><FONT size=2><B>0.1</B> </FONT></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><FONT size=2>(0.1</FONT></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="10%"
    bgColor=#e6efff><FONT size=2><B>(0.3</B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </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><FONT size=2>0.2 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left><FONT
      size=2>EBITDA </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"><FONT
      size=2><B>23.3</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"><FONT
      size=2>62.3 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"><FONT
      size=2><B>41.1</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"><FONT
      size=2>107.2 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify style="margin-top: 0; margin-bottom: 0"><I><FONT size=1>Certain minor rounding variances exist between
the financial statements and this summary.</FONT></I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><I><SUP><FONT size=1>(1)</FONT></SUP></I> </TD>
    <TD>
      <P align=justify><I><FONT size=1>Reflects the impact of the change in
      accounting policy as described in Note 3 to the unaudited interim
      consolidated financial statements.</FONT></I></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><I><SUP><FONT size=1>(2)</FONT></SUP></I> </TD>
    <TD>
      <P align=justify><I><FONT size=1>See page
8.</FONT></I></P></TD></TR></TABLE>
<P align=justify><B><FONT size=2>Free Cash Flow</FONT></B><BR></P>
<P align=justify><FONT size=2>Free cash flow is defined as cash from operating
activities including net changes in non-cash working capital balances, less cash
flow used in investing activities excluding business acquisitions. We consider
free cash flow to be an important indicator of the financial strength and
performance of our business, because it shows how much cash is available after
capital expenditures to repay debt and to reinvest in our business. We believe
this measure is commonly used by investors and analysts when valuing a business
and its underlying assets. </FONT></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=2>&nbsp;<I>(in $ millions)</I> </FONT></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%"><FONT
      size=2><B>Q2 2009</B> </FONT></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%"><FONT
      size=2>Q2 2008 </FONT></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%"><FONT
      size=2><B>YTD 2009</B> </FONT></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%"><FONT
      size=2>YTD 2008 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>&nbsp;Cash flows (used in)
      from operating activities </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT
      size=2><B>(49.4</B></FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>24.3 </FONT></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><FONT
      size=2><B>(33.5</B></FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>127.7 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp;Cash flows used in investing activities
      </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>(11.5</B></FONT></TD>
    <TD align=left width="2%" ><B>)</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>(24.6</FONT></TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>(23.6</B></FONT></TD>
    <TD align=left width="2%" ><B>)</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>(193.8</FONT></TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>&nbsp;Adjustments for:
    </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></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><FONT size=2>&nbsp; </FONT></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><FONT size=2>&nbsp; </FONT></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><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp; &nbsp; &nbsp; &nbsp;Business
      acquisitions </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>-</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>-</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>126.8 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><FONT size=2>&nbsp; &nbsp; &nbsp; &nbsp;Restricted cash
      (received) paid related to acquisition </FONT></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><FONT size=2><B>(1.1</B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </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><FONT size=2>- </FONT></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><FONT size=2><B>(2.0</B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </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><FONT size=2>10.0 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left><FONT
      size=2>&nbsp;Free cash flow </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"><FONT
      size=2><B>(62.0</B></FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"><FONT
      size=2>(0.3</FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"><FONT
      size=2><B>(59.1</B></FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"><FONT
      size=2>70.7 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=13><FONT size=1><I>Certain minor
      rounding variances exist between the financial statements and this
      summary.</I> </FONT></TD></TR></TABLE>
<P align=justify><B><FONT size=2>Total Indebtedness and Net
Indebtedness</FONT></B><BR></P>
<P align=justify><FONT size=2>We consider total indebtedness and net
indebtedness to be important indicators of the financial leverage of the
Company. </FONT></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=2><I>(in $ millions)</I> </FONT></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%"><FONT
      size=2><B>Q2 2009</B> </FONT></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%"><FONT
      size=2>Q4 2008 </FONT></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%"><FONT
      size=2>Q2 2008 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Current portion of long-term
      debt </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2><B>2.9</B>
    </FONT></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><FONT size=2>3.6 </FONT></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><FONT size=2>4.1 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=2>Long-term debt </FONT></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%"><FONT
      size=2><B>118.6</B> </FONT></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%"><FONT
      size=2>49.4 </FONT></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%"><FONT
      size=2>142.2 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2><B>Total indebtedness</B>
      </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2><B>121.5</B>
      </FONT></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><FONT size=2>53.0 </FONT></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><FONT size=2>146.3 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Cash
      and cash equivalents </FONT></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%"><FONT
      size=2><B>(24.0</B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><B>)</B> </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%"><FONT
      size=2>(12.4</FONT></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="10%"><FONT
      size=2>(29.3</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
      bgColor=#e6efff><FONT size=2><B>Net indebtedness</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#e6efff><FONT size=2><B>97.5</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#e6efff><FONT size=2>40.6 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#e6efff><FONT size=2>117.0 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=10><FONT size=1><I>Certain minor rounding variances
      exist between the financial statements and this summary.</I> </FONT></TD></TR></TABLE>
<P align=right><FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009
P.20</FONT></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>


<!--$$/page=-->
<A name="page_21"></A>

<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<P align="justify">
<B><U><FONT size=2>FORWARD-LOOKING STATEMENTS</FONT></U></B><BR>
</P>
<P align="justify">
<FONT size=2>Certain statements included in this MD&amp;A constitute &#147;forward-looking statements&#148; within the meaning of the U.S. </FONT><I><FONT size=2>Private Securities Litigation Reform Act of 1995</FONT></I><FONT size=2> and Canadian
securities legislation and regulations, and are subject to important risks, uncertainties and assumptions. This forward-looking information includes, amongst others, information with respect to our objectives and the strategies to achieve these
objectives, as well as information with respect to our beliefs, plans, expectations, anticipations, estimates and intentions. Forward-looking statements generally can be identified by the use of conditional or forward-looking terminology such as
&#147;may&#148;, &#147;will&#148;, &#147;expect&#148;, &#147;intend&#148;, &#147;estimate&#148;, &#147;anticipate&#148;, &#147;plan&#148;, &#147;foresee&#148;, &#147;believe&#148; or &#147;continue&#148; or the negatives of these terms or variations
of them or similar terminology. We refer you to the Company&#146;s filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission, as well as the &#147;Risks and Uncertainties&#148; section and the risks
described under the section &#147;Financial Risk Management&#148; of the 2008 Annual MD&amp;A, as subsequently updated in our first quarter 2009 interim MD&amp;A and this 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 document.</FONT></P>
<P align="justify">
<FONT size=2>Forward-looking information is inherently uncertain and the results or events predicted in such forward-looking information may differ materially from actual results or events. Material factors, which could cause actual results or
events to differ materially from a conclusion, forecast or projection in such forward-looking information, include, but are not limited to: </FONT></P>
<UL style="text-align:justify;">
<LI>
<FONT size=2>general economic conditions such as commodity prices, currency exchange rates, interest rates</FONT> <FONT size=2>and other factors over which we have no control;</FONT></LI>
<LI>
<FONT size=2>the impact of economic and business conditions, industry trends and other external, political and social</FONT> <FONT size=2>factors in the countries in which we operate;</FONT></LI>
<LI>
<FONT size=2>the intensity of competitive activity;</FONT></LI>
<LI>
<FONT size=2>changes in environmental, tax, trade, employment, consumer product safety and other laws and</FONT> <FONT size=2>regulations;</FONT></LI>
<LI>
<FONT size=2>our ability to implement our strategies and plans;</FONT></LI>
<LI>
<FONT size=2>our ability to complete and successfully integrate acquisitions;</FONT></LI>
<LI>
<FONT size=2>our reliance on a small number of significant customers;</FONT></LI>
<LI>
<FONT size=2>changes in consumer preferences, customer demand for our products and our ability to maintain</FONT> <FONT size=2>customer relationships and grow our business;</FONT></LI>
<LI>
<FONT size=2>the fact that our customers do not commit to minimum quantity purchases;</FONT></LI>
<LI>
<FONT size=2>the seasonality of our business;</FONT></LI>
<LI>
<FONT size=2>our ability to attract and retain key personnel;</FONT></LI>
<LI>
<FONT size=2>our reliance on computerized information systems;</FONT></LI>
<LI>
<FONT size=2>changes in accounting policies and estimates; and</FONT></LI>
<LI>
<FONT size=2>disruption to manufacturing and distribution activities due to labour disruptions, bad weather, natural</FONT> <FONT size=2>disasters and other unforeseen adverse events.</FONT></LI>
</UL>
<P align="justify">
<FONT size=2>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, may have on the Company&#146;s business. For example, they do
not include the effect of business dispositions, acquisitions, other business transactions, asset write-downs or other charges announced or occurring after forward-looking statements are made. The financial impact of such transactions and
non-recurring and other special items can be complex and necessarily depends on the facts particular to each of them.</FONT></P>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.21</FONT></P>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">



<!--$$/page=-->
<A name="page_22"></A>

<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<P align="justify">
<FONT size=2>We believe that the expectations represented by our forward-looking statements are reasonable, yet there can be no assurance that such expectations will prove to be correct. The purpose of the forward-looking statements is to provide
the reader with a description of management&#146;s expectations regarding the Company&#146;s fiscal 2009 financial performance and may not be appropriate for other purposes. Furthermore, unless otherwise stated, the forward-looking statements
contained in this report are made as of the date of this report, and we do not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise unless required by applicable legislation or regulation. The
forward-looking statements contained in this report are expressly qualified by this cautionary statement. </FONT></P>
<P align="justify">
<FONT size=2>May 13, 2009</FONT></P>
<P align="justify">
&nbsp;</P>
<P align="justify">
&nbsp;</P>
<P align="justify">
&nbsp;</P>
<P align="justify">
&nbsp;</P>
<P align="justify">
&nbsp;</P>
<P align="justify">
<BR>
</P>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.22</FONT></P>

<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<P align=center><B><FONT size=2>Gildan Activewear Inc.<BR></FONT><FONT size=2>Interim Consolidated Balance
Sheets<BR></FONT></B><FONT size=2>(in thousands of US
dollars)</FONT></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><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2><U>April 5, 2009 </U></FONT></TD>
    <TD align=right width="2%" nowrap style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=right width="1%" nowrap style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2><U>October 5, 2008
</U></FONT></TD>
    <TD align=right width="2%" nowrap style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=right width="1%" nowrap style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2><U>March 30, 2008 </U></FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>(unaudited) </FONT></TD>
    <TD align=right width="2%" nowrap style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=right width="1%" nowrap style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>(audited) </FONT></TD>
    <TD align=right width="2%" nowrap style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=right width="1%" nowrap style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>(unaudited) </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" nowrap style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=right width="1%" nowrap style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>(Recast-note 3)</FONT></TD>
    <TD align=right width="2%" nowrap style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=right width="1%" nowrap style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>(Recast-note 3)</FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Current assets: </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=left width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=left width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>&nbsp; &nbsp;Cash and cash
      equivalents </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp;23,968
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp;12,357
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp;29,311
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp; &nbsp;Accounts receivable </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>176,633 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>222,158 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>185,788 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>&nbsp; &nbsp;Inventories (note
      5) </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>379,915
</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>316,172
</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>300,057
</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp; &nbsp;Prepaid expenses and deposits
      </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>8,630 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>10,413 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>8,989 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>&nbsp; &nbsp;Future income
      taxes </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"
    bgColor=#e6efff><FONT size=2>- </FONT></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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"
    bgColor=#e6efff><FONT size=2>- </FONT></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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"
    bgColor=#e6efff><FONT size=2>3,763 </FONT></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>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>589,146 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>561,100 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>527,908 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Property, plant and equipment </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>429,752 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>436,516 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>424,002 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Intangible assets </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>58,355 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>59,954 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>64,926 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Other assets </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>13,085 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>17,277 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>17,863 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Assets held for sale (note 8)
      </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>11,591 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>10,497 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>12,681 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Goodwill </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>6,709 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>6,709 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Future income taxes </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"
    bgColor=#e6efff><FONT size=2>8,615 </FONT></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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"
    bgColor=#e6efff><FONT size=2>9,283 </FONT></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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"
    bgColor=#e6efff><FONT size=2>10,489 </FONT></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>&nbsp;</TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Total assets </FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " align=left width="1%"
     bgColor=#e6efff><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;1,117,253 </FONT></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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
     bgColor=#e6efff><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;1,101,336 </FONT></TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
     bgColor=#e6efff><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;1,057,869 </FONT></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>&nbsp;</TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Current liabilities:
</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp; &nbsp;Accounts payable and accrued
      liabilities </FONT></TD>
    <TD align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp;122,975 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" ><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp;155,669 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" ><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp;123,436 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>&nbsp; &nbsp;Income taxes
      payable </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>14,947 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>46,627 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>8,190 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp; &nbsp;Current portion of long-term debt
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"><FONT
      size=2>2,898 </FONT></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%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"><FONT
      size=2>3,556 </FONT></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%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"><FONT
      size=2>4,129 </FONT></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%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>140,820
</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>205,852
</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>135,755
</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Long-term debt </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>118,585
</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>49,448 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>142,206
</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Future income taxes </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>26,187 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>27,331 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>39,538 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Non-controlling interest in
      consolidated joint venture </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>6,885 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>7,162 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>7,104 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Contingencies (note 12)
    </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Shareholders' equity:
    </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp; &nbsp;Share capital </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>92,439 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>89,377 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>88,796 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>&nbsp; &nbsp;Contributed
      surplus </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>5,461 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>6,728 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>5,311 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>&nbsp; &nbsp;Retained earnings
      </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>700,628
</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>689,190
</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>612,911
</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp; &nbsp;Accumulated other comprehensive
      income </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"><FONT
      size=2>26,248 </FONT></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%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"><FONT
      size=2>26,248 </FONT></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%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"><FONT
      size=2>26,248 </FONT></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%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"
    bgColor=#e6efff><FONT size=2>726,876 </FONT></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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"
    bgColor=#e6efff><FONT size=2>715,438 </FONT></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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"
    bgColor=#e6efff><FONT size=2>639,159 </FONT></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>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>824,776 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>811,543 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>733,266 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Total liabilities and shareholders' equity
      </FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " align=left width="1%"
    ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"><FONT
      size=2>&nbsp;1,117,253 </FONT></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%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
    ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"><FONT
      size=2>&nbsp;1,101,336 </FONT></TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
    ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"><FONT
      size=2>&nbsp;1,057,869 </FONT></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%"
    >&nbsp;</TD></TR></TABLE>
<P align=left><FONT size=1><FONT size=2>See accompanying notes to interim
consolidated financial statements</FONT>.</FONT></P>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="100%">
    <p align="right"><font size="1">QUARTERLY SHAREHOLDER REPORT - Q2 2009 P.23</font></td>
  </tr>
</table>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=center><B><FONT size=2>Gildan Activewear Inc.<BR></FONT><FONT size=2>Interim Consolidated Statements of Earnings and
Comprehensive Income<BR></FONT></B><FONT size=2>(In
thousands of US dollars, except per share data)</FONT></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><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" nowrap >&nbsp;</TD>
    <TD align=right width="23%" colSpan=4 style="border-right-style: none; border-right-width: medium" nowrap>
    <p style="margin-right: 40"><FONT size=2><B><I>Three months ended</I></B></FONT></TD>
    <TD align=right width="2%" style="border-style: none; border-width: medium" nowrap >&nbsp;</TD>
    <TD align=right width="1%" style="border-left-style: none; border-left-width: medium" nowrap >&nbsp;</TD>
    <TD align=right width="23%" colSpan=4 style="border-right-style: none; border-right-width: medium" nowrap>
    <p style="margin-right: 40"><FONT size=2><B><I>Six months ended</I></B></FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" nowrap >&nbsp;</TD>
    <TD align=right width="10%" nowrap><FONT size=2><U>April 5, 2009 </U></FONT></TD>
    <TD align=right width="2%" nowrap >&nbsp;</TD>
    <TD align=right width="1%" nowrap >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" nowrap><FONT size=2><U>March 30, 2008 </U></FONT></TD>
    <TD align=right width="2%" style="border-style: none; border-width: medium" nowrap >&nbsp;</TD>
    <TD align=right width="1%" style="border-left-style: none; border-left-width: medium" nowrap >&nbsp;</TD>
    <TD align=right width="10%" nowrap><FONT size=2><U>April 5, 2009 </U></FONT></TD>
    <TD align=right width="2%" nowrap >&nbsp;</TD>
    <TD align=right width="1%" nowrap >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" nowrap><FONT size=2><U>March 30, 2008 </U></FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" nowrap >&nbsp;</TD>
    <TD align=right width="10%" nowrap><FONT size=2>(unaudited) </FONT></TD>
    <TD align=right width="2%" nowrap >&nbsp;</TD>
    <TD align=right width="1%" nowrap >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" nowrap><FONT size=2>(unaudited) </FONT></TD>
    <TD align=right width="2%" style="border-style: none; border-width: medium" nowrap >&nbsp;</TD>
    <TD align=right width="1%" style="border-left-style: none; border-left-width: medium" nowrap >&nbsp;</TD>
    <TD align=right width="10%" nowrap><FONT size=2>(unaudited) </FONT></TD>
    <TD align=right width="2%" nowrap >&nbsp;</TD>
    <TD align=right width="1%" nowrap >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" nowrap><FONT size=2>(unaudited) </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" nowrap >&nbsp;</TD>
    <TD align=right width="10%" nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" nowrap >&nbsp;</TD>
    <TD align=right width="1%" nowrap >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" nowrap><FONT size=2>(Recast-notes 1 and 3)</FONT></TD>
    <TD align=right width="2%" style="border-style: none; border-width: medium" nowrap >&nbsp;</TD>
    <TD align=right width="1%" style="border-left-style: none; border-left-width: medium" nowrap >&nbsp;</TD>
    <TD align=right width="10%" nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" nowrap >&nbsp;</TD>
    <TD align=right width="1%" nowrap >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" nowrap><FONT size=2>(Recast-notes 1 and 3)</FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Net sales </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp;244,807
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp;293,763
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp;428,802
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp;544,220
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Cost of sales </FONT></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%"><FONT
      size=2>206,070 </FONT></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: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"><FONT
      size=2>209,214 </FONT></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%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"><FONT
      size=2>351,175 </FONT></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: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"><FONT
      size=2>394,100 </FONT></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%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Gross profit </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>38,737 </FONT></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 style="border-right-style: none; border-right-width: medium"><FONT size=2>84,549 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>77,627 </FONT></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 style="border-right-style: none; border-right-width: medium"><FONT size=2>150,120
</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Selling, general and administrative expenses
      </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>30,942 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>34,593 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>64,421 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>66,291 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Restructuring and other
      charges (note 8) </FONT></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><FONT size=2>143 </FONT></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: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"
    bgColor=#e6efff><FONT size=2>817 </FONT></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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><FONT size=2>1,068 </FONT></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: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"
    bgColor=#e6efff><FONT size=2>1,640 </FONT></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>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Operating income </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>7,652 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>49,139 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>12,138 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>82,189 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Financial expense, net (note
      11(a)) </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>21 </FONT></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 style="border-right-style: none; border-right-width: medium"><FONT size=2>3,579 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>210 </FONT></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 style="border-right-style: none; border-right-width: medium"><FONT size=2>6,318 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Non-controlling interest in consolidated joint
      venture </FONT></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%"><FONT
      size=2>112 </FONT></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: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"><FONT
      size=2>(119</FONT></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%"
    >) </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"><FONT
      size=2>(277</FONT></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: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"><FONT
      size=2>172 </FONT></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%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Earnings before income taxes
      </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>7,519 </FONT></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 style="border-right-style: none; border-right-width: medium"><FONT size=2>45,679 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>12,205 </FONT></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 style="border-right-style: none; border-right-width: medium"><FONT size=2>75,699 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Income taxes </FONT></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%"><FONT
      size=2>430 </FONT></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: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"><FONT
      size=2>3,548 </FONT></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%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"><FONT
      size=2>767 </FONT></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: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"><FONT
      size=2>5,628 </FONT></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%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Net earnings and comprehensive
      income </FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " align=left width="1%"
     bgColor=#e6efff><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;7,089 </FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " align=left width="1%"
     bgColor=#e6efff><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;42,131 </FONT></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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
     bgColor=#e6efff><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;11,438 </FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " align=left width="1%"
     bgColor=#e6efff><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;70,071 </FONT></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>&nbsp;</TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Basic EPS (note 9) </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp;0.06
    </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp;0.35
    </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp;0.09
    </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp;0.58
    </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Diluted EPS (note 9) </FONT></TD>
    <TD align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT size=2>&nbsp;0.06 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp;0.35 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium" ><FONT size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT size=2>&nbsp;0.09 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp;0.58 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR></TABLE>
<P align=left><FONT size=1><FONT size=2>See accompanying notes to interim
consolidated financial statements</FONT>.</FONT></P>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="100%">
    <p align="right"><font size="1">QUARTERLY SHAREHOLDER REPORT - Q2 2009 P.24</font></td>
  </tr>
</table>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=center><B><FONT size=2>Gildan Activewear Inc.<BR></FONT><FONT size=2>Interim Consolidated Statements of Cash
Flows<BR></FONT></B><FONT size=2>(In thousands of US
dollars)</FONT></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 valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="23%" colSpan=4 style="border-right-style: none; border-right-width: medium" valign="bottom">
    <p style="margin-right: 40"><FONT size=2><B><I>Three months ended</I></B></FONT></TD>
    <TD align=right width="2%" style="border-style: none; border-width: medium" valign="bottom" >&nbsp;</TD>
    <TD align=right width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom" >&nbsp;</TD>
    <TD align=right width="23%" colSpan=4 style="border-right-style: none; border-right-width: medium" valign="bottom">
    <p style="margin-right: 40"><FONT size=2><B><I>Six months ended</I></B></FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom" nowrap><FONT size=2><U>April 5, 2009 </U></FONT></TD>
    <TD align=right width="2%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=right width="1%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom" nowrap><FONT size=2><U>March 30, 2008 </U></FONT></TD>
    <TD align=right width="2%" style="border-style: none; border-width: medium" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=right width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom" nowrap><FONT size=2><U>April 5, 2009 </U></FONT></TD>
    <TD align=right width="2%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=right width="1%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom" nowrap><FONT size=2><U>March 30, 2008 </U></FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom" nowrap><FONT size=2>(unaudited) </FONT></TD>
    <TD align=right width="2%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=right width="1%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom" nowrap><FONT size=2>(unaudited) </FONT></TD>
    <TD align=right width="2%" style="border-style: none; border-width: medium" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=right width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom" nowrap><FONT size=2>(unaudited) </FONT></TD>
    <TD align=right width="2%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=right width="1%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom" nowrap><FONT size=2>(unaudited) </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom" nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=right width="1%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom" nowrap><FONT size=2>(Recast-note 3)</FONT></TD>
    <TD align=right width="2%" style="border-style: none; border-width: medium" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=right width="1%" style="border-left-style: none; border-left-width: medium" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom" nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=right width="1%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom" nowrap><FONT size=2>(Recast-note 3)</FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Cash flows from (used in) operating
      activities: </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="10%" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>&nbsp; </FONT></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=left width="10%" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; &nbsp;Net earnings
      </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp;7,089
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>&nbsp;42,131
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium" valign="bottom"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp;11,438
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>&nbsp;70,071
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; &nbsp;Adjustments for: </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="10%" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>&nbsp; </FONT></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=left width="10%" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; &nbsp; &nbsp;
      &nbsp;Depreciation and amortization (note 10(b)) </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>16,238 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>14,631 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>32,125 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>27,012 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; &nbsp; &nbsp; &nbsp;Variation of
      depreciation included in inventories (note 10(b)) </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>(1,001</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>(746</FONT></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="10%" valign="bottom"><FONT size=2>(5,416</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>(2,167</FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges
      (recovery) related to assets held for sale and
      property, plant and equipment </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" nowrap>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom" nowrap><FONT
      size=2>15 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" nowrap>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" nowrap>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom" nowrap><FONT
      size=2>(39</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium" valign="bottom" nowrap>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium" valign="bottom" nowrap>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom" nowrap><FONT
      size=2>15 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" nowrap>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" nowrap>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom" nowrap><FONT
      size=2>(328</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium" nowrap valign="bottom">) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss
      on disposal of assets held for sale and property,
      plant and equipment </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>344
</FONT></TD>
    <TD align=left width="2%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>67 </FONT></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="10%" valign="bottom"><FONT size=2>365
</FONT></TD>
    <TD align=left width="2%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>126
</FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; &nbsp; &nbsp;
      &nbsp;Stock-based compensation costs </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>591 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>806 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>1,338 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>1,484 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; &nbsp; &nbsp; &nbsp;Future income taxes
      </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>(181</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>(280</FONT></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="10%" valign="bottom"><FONT size=2>(359</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>(1,515</FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; &nbsp; &nbsp;
      &nbsp;Non-controlling interest </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>112 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>(119</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium" valign="bottom">) </TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>(277</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom">) </TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>172 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized net (gain)
      loss on foreign exchange and financial derivatives </FONT></TD>
    <TD align=left width="1%" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1"><FONT
size=2>(702</FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1" >) </TD>
    <TD align=left width="1%" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium; border-bottom-style:solid; border-bottom-width:1" valign="bottom"><FONT size=2>1,254
    </FONT></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; border-bottom-style:solid; border-bottom-width:1" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1"><FONT
    size=2>(1,926</FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1" >) </TD>
    <TD align=left width="1%" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium; border-bottom-style:solid; border-bottom-width:1" valign="bottom"><FONT size=2>1,015
    </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom" style="border-top-style: solid; border-top-width: 1"><FONT size=2>22,505 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium; border-top-style:solid; border-top-width:1" valign="bottom"><FONT size=2>57,705 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium; border-top-style:solid; border-top-width:1" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom" style="border-top-style: solid; border-top-width: 1"><FONT size=2>37,303 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium; border-top-style:solid; border-top-width:1" valign="bottom"><FONT size=2>95,870 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; &nbsp;Changes in non-cash working
      capital balances: </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="10%" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>&nbsp; </FONT></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=left width="10%" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; &nbsp; &nbsp;
      &nbsp;Accounts receivable </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>(77,774</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom">) </TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>(33,477</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium" valign="bottom">) </TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>41,961 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>49,870 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; &nbsp; &nbsp; &nbsp;Inventories
    </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>7,464 </FONT></TD>
    <TD align=left width="2%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>(4,770</FONT></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="10%" valign="bottom"><FONT size=2>(58,327</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>(14,504</FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; &nbsp; &nbsp;
      &nbsp;Prepaid expenses and deposits </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>(80</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom">) </TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>(214</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium" valign="bottom">) </TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>1,783 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>340 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; &nbsp; &nbsp; &nbsp;Accounts payable
      and accrued liabilities </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>636 </FONT></TD>
    <TD align=left width="2%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>2,587 </FONT></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="10%" valign="bottom"><FONT size=2>(30,132</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>(8,919</FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; &nbsp; &nbsp;
      &nbsp;Income taxes payable </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff valign="bottom"><FONT size=2>(2,189</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff valign="bottom">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="10%"
    bgColor=#e6efff valign="bottom"><FONT size=2>2,507 </FONT></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: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff valign="bottom"><FONT size=2>(26,124</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff valign="bottom">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="10%"
    bgColor=#e6efff valign="bottom"><FONT size=2>5,075 </FONT></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>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>(49,438</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>24,338 </FONT></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="10%" valign="bottom"><FONT size=2>(33,536</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>127,732 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Cash flows from (used in) financing
      activities: </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="10%" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>&nbsp; </FONT></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=left width="10%" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; &nbsp;Increase in
      amounts drawn under revolving long-term credit facility </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>71,000 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>17,000 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>71,000 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>88,000 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; &nbsp;Decrease in bank indebtedness
      </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>- </FONT></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="10%" valign="bottom"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>(1,261</FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; &nbsp;Increase in other
      long-term debt </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>8 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>1,952 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>44 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>3,513 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; &nbsp;Repayment of other long-term debt
      </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>(770</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>(3,437</FONT></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="10%" valign="bottom"><FONT size=2>(2,565</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>(4,838</FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; &nbsp;Proceeds from the
      issuance of shares </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff valign="bottom"><FONT size=2>187 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="10%"
    bgColor=#e6efff valign="bottom"><FONT size=2>333 </FONT></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: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff valign="bottom"><FONT size=2>457 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="10%"
    bgColor=#e6efff valign="bottom"><FONT size=2>609 </FONT></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>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>70,425 </FONT></TD>
    <TD align=left width="2%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>15,848 </FONT></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="10%" valign="bottom"><FONT size=2>68,936 </FONT></TD>
    <TD align=left width="2%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>86,023 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Cash flows from (used in) investing
      activities: </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="10%" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>&nbsp; </FONT></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=left width="10%" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; &nbsp;Purchase of
      property, plant and equipment </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>(13,401</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom">) </TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>(25,868</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium" valign="bottom">) </TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>(27,064</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom">) </TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>(60,018</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; &nbsp;Acquisition of V.I. Prewett &amp;
      Son, Inc. </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>- </FONT></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="10%" valign="bottom"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>(126,819</FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; &nbsp;Restricted cash
      related to acquisition </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>1,097 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>2,036 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>(10,000</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; &nbsp;Proceeds on disposal of assets
      held for sale </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>420 </FONT></TD>
    <TD align=left width="2%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>693 </FONT></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="10%" valign="bottom"><FONT size=2>632 </FONT></TD>
    <TD align=left width="2%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>1,114 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; &nbsp;Net decrease in
      other assets </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff valign="bottom"><FONT size=2>423 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="10%"
    bgColor=#e6efff valign="bottom"><FONT size=2>586 </FONT></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: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff valign="bottom"><FONT size=2>799 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="10%"
    bgColor=#e6efff valign="bottom"><FONT size=2>1,967 </FONT></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>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>(11,461</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>(24,589</FONT></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="10%" valign="bottom"><FONT size=2>(23,597</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>(193,756</FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >) </TD></TR>
  <TR>
    <TD bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Effect of exchange rate changes on cash and cash equivalents denominated in foreign currencies
      </FONT></TD>
    <TD align=left width="1%" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>65 </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium; border-bottom-style:solid; border-bottom-width:1" valign="bottom"><FONT size=2>116
</FONT></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; border-bottom-style:solid; border-bottom-width:1" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1"><FONT
size=2>(192</FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1" >) </TD>
    <TD align=left width="1%" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium; border-bottom-style:solid; border-bottom-width:1" valign="bottom"><FONT size=2>62 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff valign="bottom" style="border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium; border-top-style:solid; border-top-width:1" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium; border-top-style:solid; border-top-width:1" valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff valign="bottom" style="border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium; border-top-style:solid; border-top-width:1" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Net increase in cash and cash equivalents during the period
      </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>9,591
    </FONT></TD>
    <TD align=left width="2%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>15,713
    </FONT></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="10%" valign="bottom"><FONT size=2>11,611
    </FONT></TD>
    <TD align=left width="2%" valign="bottom" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>20,061
    </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Cash and cash equivalents, beginning of period
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" valign="bottom"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" valign="bottom"><FONT
      size=2>14,377 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" valign="bottom"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="10%" valign="bottom"><FONT
      size=2>13,598 </FONT></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: #000000 1px solid" align=right width="10%" valign="bottom"><FONT
      size=2>12,357 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" valign="bottom"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="10%" valign="bottom"><FONT
      size=2>9,250 </FONT></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%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium" valign="bottom">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium" valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Cash and cash equivalents, end of period
      </FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " align=left width="1%" valign="bottom"
    ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " align=right width="10%" valign="bottom"><FONT
      size=2>&nbsp;23,968 </FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " align=left width="2%" valign="bottom"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " align=left width="1%" valign="bottom"
    ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%" valign="bottom"><FONT
      size=2>&nbsp;29,311 </FONT></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"
    ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " align=right width="10%" valign="bottom"><FONT
      size=2>&nbsp;23,968 </FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " align=left width="2%" valign="bottom"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " align=left width="1%" valign="bottom"
    ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%" valign="bottom"><FONT
      size=2>&nbsp;29,311 </FONT></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%"
    >&nbsp;</TD></TR></TABLE>
<P align=left><FONT size=1><FONT size=2>See accompanying notes to interim
consolidated financial statements</FONT>.</FONT></P>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="100%">
    <p align="right"><font size="1">QUARTERLY SHAREHOLDER REPORT - Q2 2009 P.25</font></td>
  </tr>
</table>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<P align=center><B><FONT size=2>Gildan Activewear Inc.<BR></FONT><FONT size=2>Interim Consolidated Statement of Shareholders' Equity
<BR>Six months ended April 5, 2009 and March 30, 2008<BR></FONT></B><FONT size=2>(in thousands or thousands of US dollars)</FONT></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 valign="bottom" nowrap>
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=center width="7%" valign="bottom" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" valign="bottom" nowrap style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=center width="1%" valign="bottom" nowrap style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=center width="7%" valign="bottom" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" valign="bottom" nowrap style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=center width="1%" valign="bottom" nowrap style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=center width="7%" valign="bottom" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" valign="bottom" nowrap style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=center width="1%" valign="bottom" nowrap style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=center width="7%" valign="bottom" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>Accumulated other </FONT></TD>
    <TD align=center width="2%" valign="bottom" nowrap style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=center width="1%" valign="bottom" nowrap style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=center width="7%" valign="bottom" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" valign="bottom" nowrap style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=center width="1%" valign="bottom" nowrap style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=center width="7%" valign="bottom" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>Total </FONT></TD>
    <TD align=left width="2%" valign="bottom" nowrap style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" nowrap>
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=center width="17%"
    colSpan=4 valign="bottom" nowrap><FONT size=2>Share capital </FONT></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=center width="2%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD align=center width="1%" valign="bottom" nowrap style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=center width="7%" valign="bottom" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>Contributed </FONT></TD>
    <TD align=center width="2%" valign="bottom" nowrap style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=center width="1%" valign="bottom" nowrap style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=center width="7%" valign="bottom" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>comprehensive </FONT></TD>
    <TD align=center width="2%" valign="bottom" nowrap style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=center width="1%" valign="bottom" nowrap style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=center width="7%" valign="bottom" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>Retained&nbsp; </FONT></TD>
    <TD align=center width="2%" valign="bottom" nowrap style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=center width="1%" valign="bottom" nowrap style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=center width="7%" valign="bottom" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>shareholders' </FONT></TD>
    <TD align=left width="2%" valign="bottom" nowrap style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" nowrap>
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=center width="7%" valign="bottom" nowrap><FONT
      size=2>Number </FONT></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=center width="2%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=center width="1%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=center width="7%" valign="bottom" nowrap><FONT
      size=2>Amount </FONT></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=center width="2%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=center width="1%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=center width="7%" valign="bottom" nowrap><FONT
      size=2>surplus </FONT></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=center width="2%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=center width="1%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=center width="7%" valign="bottom" nowrap><FONT
      size=2>income </FONT></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=center width="2%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=center width="1%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=center width="7%" valign="bottom" nowrap><FONT
      size=2>&nbsp;earnings </FONT></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=center width="2%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=center width="1%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=center width="7%" valign="bottom" nowrap><FONT
      size=2>equity </FONT></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" nowrap
    >&nbsp;</TD></TR>
  <TR>
    <TD align=left valign="bottom" nowrap >
    <p style="text-indent: -26; margin-left: 26">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; " align=left width="1%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-right-style:none; border-right-width:medium" align=center width="7%" valign="bottom" nowrap
    >&nbsp;</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=center width="2%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium" align=center width="1%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-right-style:none; border-right-width:medium" align=center width="7%" valign="bottom" nowrap
    >&nbsp;</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=center width="2%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium" align=center width="1%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-right-style:none; border-right-width:medium" align=center width="7%" valign="bottom" nowrap
    >&nbsp;</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=center width="2%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium" align=center width="1%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-right-style:none; border-right-width:medium" align=center width="7%" valign="bottom" nowrap
    >&nbsp;</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=center width="2%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium" align=center width="1%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-right-style:none; border-right-width:medium" align=center width="7%" valign="bottom" nowrap
    >&nbsp;</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=center width="2%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium" align=center width="1%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-right-style:none; border-right-width:medium" align=center width="7%" valign="bottom" nowrap
    >&nbsp;</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" nowrap
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Balance, September 30, 2007,
      as previously reported </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-top-style: none; border-top-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium"><FONT size=2>120,419 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium"><FONT size=2>&nbsp;88,061
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium"><FONT size=2>&nbsp;3,953
    </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium"><FONT size=2>&nbsp;26,248
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium"><FONT size=2>&nbsp;545,388
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium"><FONT size=2>&nbsp;663,650
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR>
    <TD valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Cumulative effect of adopting
      a new accounting policy (note 3) </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>(2,548</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">) </TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>(2,548</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">) </TD></TR>
  <TR>
    <TD valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" valign="bottom" style="border-top-style: solid; border-top-width: 1" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Balance, September 30, 2007,
      as recast </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>120,419 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>88,061 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>3,953 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>26,248 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>542,840 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>661,102 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR>
    <TD valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Stock-based compensation
      related to stock options and Treasury restricted share units </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>1,484 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>1,484 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR>
    <TD valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Shares issued under employee
      share purchase plan </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>9 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>314 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>314 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR>
    <TD valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Shares issued pursuant to
      exercise of stock options </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>39 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>295 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>295 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR>
    <TD valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Shares issued pursuant to
      exercise of Treasury restricted share units </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>8 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>126 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>(126</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">) </TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR>
    <TD valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Net earnings, recast (note 3)
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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"><FONT size=2>- </FONT></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"><FONT size=2>- </FONT></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"><FONT size=2>- </FONT></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"><FONT size=2>- </FONT></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"><FONT size=2>70,071 </FONT></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"><FONT size=2>70,071 </FONT></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>
    <TD valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Balance, March 30, 2008, as
      recast (unaudited) </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-bottom-style: double; border-bottom-width: 3">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium; border-bottom-style: double; border-bottom-width: 3"><FONT size=2>120,475 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium; border-bottom-style: double; border-bottom-width: 3"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium; border-bottom-style: double; border-bottom-width: 3"><FONT size=2>&nbsp;88,796
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium; border-bottom-style: double; border-bottom-width: 3"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium; border-bottom-style: double; border-bottom-width: 3"><FONT size=2>&nbsp;5,311
    </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium; border-bottom-style: double; border-bottom-width: 3"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium; border-bottom-style: double; border-bottom-width: 3"><FONT size=2>&nbsp;26,248
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium; border-bottom-style: double; border-bottom-width: 3"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium; border-bottom-style: double; border-bottom-width: 3"><FONT size=2>&nbsp;612,911
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium; border-bottom-style: double; border-bottom-width: 3"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium; border-bottom-style: double; border-bottom-width: 3"><FONT size=2>&nbsp;733,266
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR>
    <TD valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR>
    <TD valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR>
    <TD valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR>
    <TD valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" nowrap>
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=center width="17%"
    colSpan=4 valign="bottom" nowrap><FONT size=2>Share capital </FONT></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=center width="2%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD align=center width="1%" valign="bottom" nowrap style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=center width="7%" valign="bottom" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" valign="bottom" nowrap style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=center width="1%" valign="bottom" nowrap style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=center width="7%" valign="bottom" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>Accumulated other </FONT></TD>
    <TD align=center width="2%" valign="bottom" nowrap style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=center width="1%" valign="bottom" nowrap style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=center width="7%" valign="bottom" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" valign="bottom" nowrap style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=center width="1%" valign="bottom" nowrap style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=center width="7%" valign="bottom" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>Total </FONT></TD>
    <TD align=center width="2%" valign="bottom" nowrap style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" nowrap>
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="1%" valign="bottom" nowrap>&nbsp;</TD>
    <TD align=center width="7%" valign="bottom" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" valign="bottom" nowrap style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=center width="1%" valign="bottom" nowrap style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=center width="7%" valign="bottom" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" valign="bottom" nowrap style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=center width="1%" valign="bottom" nowrap style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=center width="7%" valign="bottom" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>Contributed
      </FONT></TD>
    <TD align=center width="2%" valign="bottom" nowrap style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=center width="1%" valign="bottom" nowrap style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=center width="7%" valign="bottom" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>comprehensive
      </FONT></TD>
    <TD align=center width="2%" valign="bottom" nowrap style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=center width="1%" valign="bottom" nowrap style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=center width="7%" valign="bottom" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>Retained&nbsp;
      </FONT></TD>
    <TD align=center width="2%" valign="bottom" nowrap style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=center width="1%" valign="bottom" nowrap style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=center width="7%" valign="bottom" nowrap style="border-right-style: none; border-right-width: medium"><FONT size=2>shareholders'
      </FONT></TD>
    <TD align=center width="2%" valign="bottom" nowrap style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" nowrap>
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=center width="7%" valign="bottom" nowrap><FONT
      size=2>Number </FONT></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=center width="2%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=center width="1%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=center width="7%" valign="bottom" nowrap><FONT
      size=2>Amount </FONT></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=center width="2%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=center width="1%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=center width="7%" valign="bottom" nowrap><FONT
      size=2>surplus </FONT></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=center width="2%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=center width="1%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=center width="7%" valign="bottom" nowrap><FONT
      size=2>income </FONT></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=center width="2%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=center width="1%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=center width="7%" valign="bottom" nowrap><FONT
      size=2>&nbsp;earnings </FONT></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=center width="2%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=center width="1%" valign="bottom" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=center width="7%" valign="bottom" nowrap><FONT
      size=2>equity </FONT></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=center width="2%" valign="bottom" nowrap
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Balance, October 5, 2008, as previously
      reported </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>120,536 </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" ><FONT size=2>$</FONT></TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp;89,377 </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" ><FONT size=2>$</FONT></TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp;6,728 </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" ><FONT size=2>$</FONT></TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp;26,248 </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" ><FONT size=2>$</FONT></TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp;689,980 </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" ><FONT size=2>$</FONT></TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp;812,333 </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Cumulative effect of adopting a new accounting
      policy (note 3) </FONT></TD>
    <TD align=left width="1%" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>(790</FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >) </TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>(790</FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >) </TD></TR>
  <TR>
    <TD bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Balance, October 5, 2008, as recast </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>120,536 </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>89,377 </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>6,728 </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>26,248 </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>689,190 </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>811,543 </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Stock-based compensation related to stock
      options and Treasury restricted share units </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>1,338 </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>1,338 </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Shares issued under employee share purchase
      plan </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>33 </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>444 </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>444 </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Shares issued pursuant to exercise of stock
      options </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>6 </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>13 </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>13 </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Shares issued pursuant to exercise of Treasury
      restricted share units </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>311 </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>2,605 </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>(2,605</FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >) </TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" valign="bottom" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=right width="7%" valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" valign="bottom" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Net earnings </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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"><FONT
      size=2>- </FONT></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"><FONT
      size=2>- </FONT></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"><FONT
      size=2>- </FONT></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"><FONT
      size=2>- </FONT></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"><FONT
      size=2>11,438 </FONT></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"><FONT
      size=2>11,438 </FONT></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 bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff valign="bottom" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff valign="bottom" style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff valign="bottom" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -26; margin-left: 26"><FONT size=2>Balance, April 5, 2009 (unaudited) </FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " 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"><FONT
      size=2>120,886 </FONT></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"
    ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" valign="bottom"><FONT
      size=2>&nbsp;92,439 </FONT></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"
    ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" valign="bottom"><FONT
      size=2>&nbsp;5,461 </FONT></TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left width="2%" valign="bottom"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%" valign="bottom"
    ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" valign="bottom"><FONT
      size=2>&nbsp;26,248 </FONT></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"
    ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" valign="bottom"><FONT
      size=2>&nbsp;700,628 </FONT></TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left width="2%" valign="bottom"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%" valign="bottom"
    ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" align=right width="7%" valign="bottom"><FONT
      size=2>&nbsp;824,776 </FONT></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><FONT size=1><FONT size=2>See accompanying notes to interim
consolidated financial statements</FONT>.</FONT></P>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="100%">
    <p align="right"><font size="1">QUARTERLY SHAREHOLDER REPORT - Q2 2009 P.26</font></td>
  </tr>
</table>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber1">
  <tr>
    <td width="50%"><img border="0" src="notes.jpg" width="94" height="35"></td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">
    <p align="right"><font size="2">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></td>
  </tr>
</table>
<P align="justify">
<B><U>NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS</U><br>
(For the period ended April 5, 2009) <br>
(Tabular amounts in thousands or thousands of US dollars, except share data or unless otherwise noted)
<br>
(unaudited) </B></P>
<P align="justify">
<B>1. Basis of presentation:</B><BR>
</P>
<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 second 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>
<P align="justify">
<B><I>Statement of earnings classification: </I></B></P>
<P align="justify">
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 (including mark-to-market adjustments of interest rate swap contracts), 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 &#36;15.1 million and &#36;2.0 million in Gross profit and Selling,
general and administrative expenses, respectively, compared to the amounts previously reported for the second quarter of fiscal 2008. The decrease of &#36;15.1 million in Gross profit is due to reclassifications of &#36;11.6 million of depreciation
and amortization expense, &#36;4.8 million of outbound freight and &#36;1.3 million of foreign exchange loss and other financial income. For the six months ended March 30, 2008 these changes in classification have resulted in a decrease of &#36;28.5
million and &#36;2.9 million in gross profit and selling, general and administrative expenses, respectively compared to the amounts previously reported. The decrease of &#36;28.5 million in gross profit is due to reclassifications of &#36;21.1
million of depreciation and amortization expense, &#36;8.4 million of outbound freight and &#36;1.0 million of foreign exchange loss and other financial income. There has been no impact on net earnings as a result of these changes in classification.
</P>
<P align="justify">
<B>2. Significant accounting policies:</B><BR>
</P>
<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>
<P align="justify">
<B>3. Adoption of new accounting standards:</B><BR>
</P>
<P align="justify">
<B><I>Inventories: </I></B></P>
<P align="justify">
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. 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. 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. </P>

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  <tr>
    <td width="100%">
    <p align="right"><font size="1">QUARTERLY SHAREHOLDER REPORT - Q2 2009 P.27</font></td>
  </tr>
</table>

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<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber1">
  <tr>
    <td width="50%"><img border="0" src="notes.jpg" width="94" height="35"></td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">
    <p align="right"><font size="2">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></td>
  </tr>
</table>
<P align="justify">
<B>3. Adoption of new accounting standards (continued):</B><BR>
</P>
<P align="justify">
<B><I>General Standards of Financial Statement Presentation: </I></B></P>
<P align="justify">
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>
<P align="justify">
<B><I>Goodwill and intangible assets: </I></B></P>
<P align="justify">
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 &#36;0.4 million and &#36;0.9
million in net earnings for the three months and the six months ended March 30, 2008, respectively, with no change in the reported basic earnings per share and an increase of &#36;0.01 per share in diluted earnings per share for the three months
ended March 30, 2008. The reported basic and diluted earnings per share for the six months ended March 30, 2008 increased by &#36;0.01 per share. The adoption of this Section also resulted in a decrease of &#36;0.8 million and &#36;2.5 million in
shareholders&#146; equity at October 5, 2008 and September 30, 2007, respectively. </P>
<P align="justify">
<B><I>Credit risk and the fair value of financial assets and financial liabilities: </I></B></P>
<P align="justify">
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 adoption of EIC 173 did not have an impact on the interim consolidated financial statements of the Company. </P>
<P align="justify">
<B>4. New Accounting Pronouncements:</B><BR>
</P>
<P align="justify">
<B><I>Business combinations:</I></B><B> </B></P>
<P align="justify">
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>
<P align="justify">
<B><I>Consolidated financial statements and non-controlling interests:</I></B><B> </B></P>
<P align="justify">
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>

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  <tr>
    <td width="100%">
    <p align="right"><font size="1">QUARTERLY SHAREHOLDER REPORT - Q2 2009 P.28</font></td>
  </tr>
</table>

<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>


<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber1">
  <tr>
    <td width="50%"><img border="0" src="notes.jpg" width="94" height="35"></td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">
    <p align="right"><font size="2">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></td>
  </tr>
</table>
<P><STRONG>5. Inventories:</STRONG> </P>
<P>Inventories were comprised of the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:2" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:2" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:2" align=right width="10%">April
      5, 2009 </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:2" align=right width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:2" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:2" align=right
      width="10%">October 5, 2008 </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:2" align=right width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:2" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:2" align=right width="10%">March
      30, 2008 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Raw materials and spare parts inventories
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;44,693 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;59,742 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;49,626 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Work in process </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">29,152 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">29,086 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">32,119 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Finished goods </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>306,070 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>227,344 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>218,312 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left>Total </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right
      width="10%">&nbsp;379,915 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right
      width="10%">&nbsp;316,172 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right
      width="10%">&nbsp;300,057 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR></TABLE>
<P align=justify>The amount of inventory recognized as an expense and included
in Cost of sales for the three months ended April 5, 2009 was $202.7 million
(2008 - $204.4 million), which included an expense of $0.5 million (2008 - $2.6
million), related to the write-down of slow-moving inventory. The amount of
inventory recognized as an expense and included in Cost of sales for the six
months ended April 5, 2009 was $345.6 million (2008 - $385.7 million), which
included an expense of $1.0 million (2008 - $4.3 million) related to the
write-down of slow-moving inventory. </P>
<P align=justify><B>6. Stock-based compensation: </B></P>
<P align=justify>The Company&#146;s Long Term Incentive Plan (the &#147;LTIP&#148;) includes
stock options and restricted share units. The LTIP allows the Board of Directors
to grant stock options, dilutive restricted share units (&#147;Treasury RSUs&#148;) and
non-dilutive restricted share units (&#147;Non-Treasury RSUs&#148;) to officers and other
key employees of the Company and its subsidiaries. </P>
<P align=justify>Changes in outstanding stock options were as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 height="121">

  <TR vAlign=top>
    <TD align=center style="border-top-style: solid; border-top-width: 2; border-bottom-style: none; border-bottom-width: medium" height="10" bordercolor="#000000" nowrap>&nbsp; </TD>
    <TD align=right width="1%" style="border-top-style: solid; border-top-width: 2; border-bottom-style: none; border-bottom-width: medium" height="10" bordercolor="#000000" nowrap ></TD>
    <TD align=right width="12%" style="border-top-style: solid; border-top-width: 2; border-bottom-style: none; border-bottom-width: medium" height="10" bordercolor="#000000" nowrap>Number </TD>
    <TD align=right width="2%" style="border-top-style: solid; border-top-width: 2; border-bottom-style: none; border-bottom-width: medium" height="10" bordercolor="#000000" nowrap ></TD>
    <TD align=right width="1%" style="border-top-style: solid; border-top-width: 2; border-bottom-style: none; border-bottom-width: medium" height="10" bordercolor="#000000" nowrap ></TD>
    <TD align=right width="12%" style="border-top-style: solid; border-top-width: 2; border-bottom-style: none; border-bottom-width: medium" height="10" bordercolor="#000000" nowrap>Weighted average </TD>
    <TD align=left width="2%" height="11" ></TD></TR>
  <TR vAlign=top>
    <TD style="; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" align=center height="18" bordercolor="#000000" nowrap>&nbsp; </TD>
    <TD style="; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" align=right width="1%" height="18" bordercolor="#000000" nowrap
    ></TD>
    <TD style="; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" align=right width="12%" height="18" bordercolor="#000000" nowrap>(in
      thousands) </TD>
    <TD style="; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" align=right width="2%" height="18" bordercolor="#000000" nowrap
    ></TD>
    <TD style="; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" align=right width="1%" height="18" bordercolor="#000000" nowrap
    ></TD>
    <TD style="; border-top-style:none; border-top-width:medium; border-bottom-color:#000000" align=right
      width="12%" height="18" bordercolor="#000000" nowrap>exercise price </TD>
    <TD align=left width="2%" height="17" ></TD></TR>
  <TR vAlign=top>
    <TD align=center height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000" nowrap>&nbsp; </TD>
    <TD align=right width="1%" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000" nowrap ></TD>
    <TD align=right width="12%" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000" nowrap>&nbsp; </TD>
    <TD align=right width="2%" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000" nowrap ></TD>
    <TD align=right width="1%" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000" nowrap ></TD>
    <TD align=right width="12%" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000" nowrap>(in Canadian dollars) </TD>
    <TD align=left width="2%" height="15" ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff height="15" style="border-top-style: none; border-top-width: medium" bordercolor="#000000">Options outstanding, October 5, 2008 </TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15" style="border-top-style: none; border-top-width: medium" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff height="15" style="border-top-style: none; border-top-width: medium" bordercolor="#000000">878 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15" style="border-top-style: none; border-top-width: medium" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15" style="border-top-style: none; border-top-width: medium" bordercolor="#000000">$</TD>
    <TD align=right width="12%" bgColor=#e6efff height="15" style="border-top-style: none; border-top-width: medium" bordercolor="#000000">&nbsp;14.23 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left height="15" bordercolor="#000000">Granted </TD>
    <TD align=left width="1%" height="15" bordercolor="#000000" ></TD>
    <TD align=right width="12%" height="15" bordercolor="#000000">233 </TD>
    <TD align=left width="2%" height="15" bordercolor="#000000" ></TD>
    <TD align=left width="1%" height="15" bordercolor="#000000" ></TD>
    <TD align=right width="12%" height="15" bordercolor="#000000">23.48 </TD>
    <TD align=left width="2%" height="15" ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff height="15" bordercolor="#000000">Exercised </TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff height="15" bordercolor="#000000">(6</TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15" bordercolor="#000000">) </TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff height="15" bordercolor="#000000">2.90 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left height="16" bordercolor="#000000">Forfeited </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" height="16" bordercolor="#000000"
    ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
width="12%" height="16" bordercolor="#000000">(27</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" height="16" bordercolor="#000000"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" height="16" bordercolor="#000000"
    ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%" height="16" bordercolor="#000000">31.81
    </TD>
    <TD align=left width="2%" height="16" ></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
      bgColor=#e6efff height="17" bordercolor="#000000">Options outstanding, April 5, 2009 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff height="17" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="12%"
    bgColor=#e6efff height="17" bordercolor="#000000">1,078 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff height="17" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff height="17" bordercolor="#000000">$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="12%"
    bgColor=#e6efff height="17" bordercolor="#000000">&nbsp;15.85 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff height="17">&nbsp;</TD></TR></TABLE>
<P align=justify>As at April 5, 2009, 651,617 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 six months ended April 5, 2009 was $9.24. </P>
<P>Changes in outstanding Treasury RSUs were as follows: </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=center style="border-top-style: solid; border-top-width: 2" nowrap>&nbsp; </TD>
    <TD align=right width="1%" style="border-top-style: solid; border-top-width: 2" nowrap >&nbsp;</TD>
    <TD align=right width="12%" style="border-top-style: solid; border-top-width: 2" nowrap>Number </TD>
    <TD align=right width="2%" style="border-top-style: solid; border-top-width: 2" nowrap >&nbsp;</TD>
    <TD align=right width="1%" style="border-top-style: solid; border-top-width: 2" nowrap >&nbsp;</TD>
    <TD align=right width="12%" style="border-top-style: solid; border-top-width: 2" nowrap>Weighted average </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center nowrap>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%" nowrap>(in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%" nowrap>fair
      value per unit </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Treasury RSUs outstanding, October 5, 2008
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>979 </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;17.43 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Granted </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">153 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">10.79 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Settled through the issuance of common
      shares </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(311</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>8.38 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Forfeited </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%">(58</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%">25.24
    </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
      bgColor=#e6efff>Treasury RSUs outstanding, April 5, 2009 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="12%"
    bgColor=#e6efff>763 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="12%"
    bgColor=#e6efff>&nbsp;19.20 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>As at April 5, 2009, none of the awarded and outstanding
Treasury RSUs were vested.</P>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="100%">
    <p align="right"><font size="1">QUARTERLY SHAREHOLDER REPORT - Q2 2009 P.29</font></td>
  </tr>
</table>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber1">
  <tr>
    <td width="50%"><img border="0" src="notes.jpg" width="94" height="35"></td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">
    <p align="right"><font size="2">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></td>
  </tr>
</table>
<P align=justify><B>6. Stock-based compensation (continued):</B><BR></P>
<P align=justify>The compensation expense recorded for the three months ended
April 5, 2009 was $0.6 million (2008 - $0.8 million), in respect of the Treasury
RSUs and stock options. The compensation expense recorded for the six months
ended April 5, 2009 was $1.3 million (2008&nbsp; - $1.5 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>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 height="108">

  <TR vAlign=top>
    <TD align=left style="border-top-style: solid; border-top-width: 2" height="17">&nbsp; </TD>
    <TD align=right width="1%" style="border-top-style: solid; border-top-width: 2" height="17" ></TD>
    <TD align=right width="12%" style="border-top-style: solid; border-top-width: 2" height="17" nowrap>Number </TD>
    <TD align=left width="2%" height="17" ></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left height="16">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%" height="16"
    ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%" height="16" nowrap>(in
      thousands) </TD>
    <TD align=left width="2%" height="16" ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff height="15">Non-Treasury RSUs outstanding, October 5,
      2008 </TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff height="15">99 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">Granted </TD>
    <TD align=left width="1%" height="15" ></TD>
    <TD align=right width="12%" height="15">106 </TD>
    <TD align=left width="2%" height="15" ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff height="13">Settled </TD>
    <TD align=left width="1%"  bgColor=#e6efff height="13">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff height="13">(2</TD>
    <TD align=left width="2%"  bgColor=#e6efff height="13">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left height="16">Forfeited </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" height="16"
    ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
width="12%" height="16">(10</TD>
    <TD align=left width="2%" height="16" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
      bgColor=#e6efff height="16">Non-Treasury RSUs outstanding, April 5, 2009 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="12%"
    bgColor=#e6efff height="16">193 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff height="16">&nbsp;</TD></TR></TABLE>
<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 at April 5, 2009, the
weighted average fair value per non-Treasury RSU was $9.50. No common shares are
issued from treasury under such awards and they are therefore non-dilutive. As
at April 5, 2009, none of the awarded and outstanding non-Treasury RSUs were
vested. </P>
<P align=justify>The compensation expense recorded for the three months ended
April 5, 2009 was nil (2008 - $0.2 million) in respect of the non-Treasury RSUs.
The compensation (recovery) expense recorded for the six months ended April 5,
2009 was $(0.2) million (2008 - $0.5 million), in respect of the non-Treasury
RSUs. The counterpart has been recorded in Accounts payable and accrued
liabilities. </P>
<P align=justify><B>7. Guarantees:</B><BR></P>
<P align=justify>The Company, and some of its subsidiaries, have granted
corporate guarantees, irrevocable standby letters of credit and surety bonds, to
third parties to indemnify them in the event the Company and some of its
subsidiaries do not perform their contractual obligations. As at April 5, 2009,
the maximum potential liability under these guarantees was $11.7 million, of
which $4.4 million was for surety bonds and $7.3 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 April 5, 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>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="100%">
    <p align="right"><font size="1">QUARTERLY SHAREHOLDER REPORT - Q2 2009 P.30</font></td>
  </tr>
</table>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>

<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber1">
  <tr>
    <td width="50%"><img border="0" src="notes.jpg" width="94" height="35"></td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">
    <p align="right"><font size="2">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></td>
  </tr>
</table>

<font FACE="Times New Roman">
<p><b>8. Restructuring and other charges and assets held for sale: </b></p>
</font>
<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 style="border-top-style: solid; border-top-width: 2" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="24%" style="border-top-style: solid; border-top-width: 2" bordercolor="#000000" colspan="5" >
    <p align="right" style="margin-top: 0; margin-bottom: 0; margin-right:24"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Three months ended</B></TD>
    <TD width="2%" style="border-top-style: solid; border-top-width: 2" bordercolor="#000000" >&nbsp;</TD>
    <TD width="1%" style="border-top-style: solid; border-top-width: 2" bordercolor="#000000" >&nbsp;</TD>
    <TD width="23%" colSpan=4 style="border-top-style: solid; border-top-width: 2" bordercolor="#000000">
    <p align="right" style="margin-right: 24"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Six months ended&nbsp;&nbsp;&nbsp; </B> </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000">&nbsp; </TD>
    <TD align=right width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000">April 5, </TD>
    <TD align=right width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000">March 30, </TD>
    <TD align=right width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000">April 5, </TD>
    <TD align=right width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000">March 30, </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bordercolor="#000000">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000">2009
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000">2008
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000">2009
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000">2008
    </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff bordercolor="#000000">&nbsp;Gain on disposal of long-lived assets
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000">$</TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000">&nbsp;(585</TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000">) </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000">$</TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000">&nbsp;(39</TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000">) </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000">$</TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000">&nbsp;(585</TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000">) </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000">$</TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000">&nbsp;(328</TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000">&nbsp;Asset impairment loss </TD>
    <TD align=left width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000">600 </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000">- </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000">600 </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000">- </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff bordercolor="#000000">&nbsp;Severance </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000">128 </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000">- </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000">453 </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000">- </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bordercolor="#000000">&nbsp;Other
    exit costs</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000">856
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000">600
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000">1,968
    </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
      bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#e6efff bordercolor="#000000">&nbsp;143 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#e6efff bordercolor="#000000">&nbsp;817 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#e6efff bordercolor="#000000">&nbsp;1,068 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#e6efff bordercolor="#000000">&nbsp;1,640 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD></TR></TABLE>
<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 and fourth quarters of fiscal 2008, the
Company announced the planned consolidation of its Haiti sewing operation which
was finalized in the first half of fiscal 2009, and the planned phase out of
sock finishing operations in the U.S., respectively. The costs incurred in
connection with these initiatives have been recorded as restructuring and other
charges. </P>
<P align=justify>Restructuring charges of $1.1 million in the first half of
fiscal 2009 include $0.5 million of additional severance relating to the
closures noted above, $0.6 million of other exit costs, mainly for the closure of the
Haiti sewing facility, and an impairment in assets held for sale of $0.6 million
relating to the closures noted above, less a gain of $0.6 million recognized on
the disposal of the Haiti assets. Restructuring charges of $1.6 million in the first half of
fiscal 2008 were composed of $1.9 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 $11.6 million as at April 5, 2009
(October 5, 2008 - $10.5 million; March 30, 2008 - $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>
<P align=justify><STRONG>9. Earnings per share:</STRONG> </P>
<P align=justify>A reconciliation between basic and diluted earnings per share
is as follows: </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 style="border-top-style: solid; border-top-width: 2" bordercolor="#000000">&nbsp; </TD>
    <TD align=right width="1%" style="border-top-style: solid; border-top-width: 2" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="23%" colSpan=4 style="border-top-style: solid; border-top-width: 2" bordercolor="#000000">
    <p style="margin-right: 24"><B>Three months ended</B></TD>
    <TD align=right width="2%" style="border-top-style: solid; border-top-width: 2" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="1%" style="border-top-style: solid; border-top-width: 2" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="23%" colSpan=4 style="border-top-style: solid; border-top-width: 2" bordercolor="#000000">
    <p style="margin-right: 24"><B>Six months ended</B></TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000">&nbsp; </TD>
    <TD align=right width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000">April 5, </TD>
    <TD align=right width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000">March 30, </TD>
    <TD align=right width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000">April 5, </TD>
    <TD align=right width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000">March 30, </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bordercolor="#000000">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000">2009
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000">2008
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000">2009
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000">2008
    </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff bordercolor="#000000">Basic earnings per share: </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
      align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic
      weighted average number of common shares outstanding </TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" ></TD>
    <TD align=right width="10%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">120,799 </TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" ></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" ></TD>
    <TD align=right width="10%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">120,464 </TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" ></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" ></TD>
    <TD align=right width="10%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">120,686 </TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" ></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" ></TD>
    <TD align=right width="10%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">120,446 </TD>
    <TD align=left width="2%" bordercolor="#000000" ></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=left
      bgColor=#e6efff bordercolor="#000000">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Basic earnings
      per share </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=right width="10%"
    bgColor=#e6efff bordercolor="#000000">&nbsp;0.06 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=right width="10%"
    bgColor=#e6efff bordercolor="#000000">&nbsp;0.35 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=right width="10%"
    bgColor=#e6efff bordercolor="#000000">&nbsp;0.09 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=right width="10%"
    bgColor=#e6efff bordercolor="#000000">&nbsp;0.58 </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000">Diluted earnings per share: </TD>
    <TD align=left width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#e6efff bordercolor="#000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Basic weighted average number of common shares outstanding </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000"></TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000">120,799 </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000"></TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000"></TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000">120,464 </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000"></TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000"></TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000">120,686 </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000"></TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000"></TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000">120,446 </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bordercolor="#000000">&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;Plus dilutive impact of stock options and
      Treasury RSUs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000">379
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000">1,185
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000">607
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000">1,207
    </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Diluted weighted average number of common shares outstanding </TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"></TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">121,178 </TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"></TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">121,649 </TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"></TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">121,293 </TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"></TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">121,653 </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=left bordercolor="#000000">&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;Diluted earnings per share </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="1%" bordercolor="#000000"
    >$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=right
      width="10%" bordercolor="#000000">&nbsp;0.06 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="1%" bordercolor="#000000"
    >$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=right
      width="10%" bordercolor="#000000">&nbsp;0.35 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="1%" bordercolor="#000000"
    >$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=right
      width="10%" bordercolor="#000000">&nbsp;0.09 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="1%" bordercolor="#000000"
    >$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=right
      width="10%" bordercolor="#000000">&nbsp;0.58 </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR></TABLE>
<P align=justify>Excluded from the above calculation for the three months ended
April 5, 2009 are 458,287 stock options (2008 &#150; 124,825) and 483,806 Treasury
RSUs (2008 &#150; nil) which were deemed to be anti-dilutive. Excluded from the above
calculation for the six months ended April 5, 2009 are 462,581 stock options
(2008 &#150; 62,413) and 336,521 Treasury RSUs (2008 &#150; nil) which were deemed to be
anti-dilutive. </P>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="100%">
    <p align="right"><font size="1">QUARTERLY SHAREHOLDER REPORT - Q2 2009 P.31</font></td>
  </tr>
</table>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>

<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber1">
  <tr>
    <td width="50%"><img border="0" src="notes.jpg" width="94" height="35"></td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">
    <p align="right"><font size="2">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></td>
  </tr>
</table>
<P><STRONG>10. Other information: </STRONG></P>
<P><strong style="font-weight: 400">(a)</strong></P>
<P style="margin-left: 2%; margin-top: -25.5pt">
<strong style="font-weight: 400">Supplemental cash flow disclosure:</strong></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 style="border-top-style: solid; border-top-width: 2"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" style="border-top-style: solid; border-top-width: 2"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=center width="23%" colSpan=4 style="border-top-style: solid; border-top-width: 2">
    <p align="right" style="margin-right: 24"><FONT size=2><B>Three months ended</B></FONT></TD>
    <TD align=center width="2%" style="border-top-style: solid; border-top-width: 2"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=center width="1%" style="border-top-style: solid; border-top-width: 2"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=center width="23%" colSpan=4 style="border-top-style: solid; border-top-width: 2">
    <p align="right" style="margin-right: 24"><FONT size=2><B>Six months ended</B></FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%"><FONT size=2>April 5, </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%"><FONT size=2>March 30, </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%"><FONT size=2>April 5, </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%"><FONT size=2>March 30, </FONT></TD>
    <TD align=left width="2%"><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"><FONT
      size=2>2009 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"><FONT
      size=2>2008 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"><FONT
      size=2>2009 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"><FONT
      size=2>2008 </FONT></TD>
    <TD align=left width="2%"><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>&nbsp;Cash paid during the
      period for: </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Interest </FONT></TD>
    <TD align=left width="1%"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT size=2>&nbsp;397 </FONT></TD>
    <TD align=left width="2%"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT size=2>2,230</FONT></TD>
    <TD align=left width="2%"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT size=2>1,344</FONT></TD>
    <TD align=left width="2%"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT size=2>5,056 </FONT></TD>
    <TD align=left width="2%"><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
      bgColor=#e6efff><FONT size=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Income taxes </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#e6efff><FONT size=2>2,156 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#e6efff><FONT size=2>1,421 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#e6efff><FONT size=2>26,170 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#e6efff><FONT size=2>2,338 </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff><FONT
  size=2>&nbsp;</FONT></TD></TR></TABLE><BR>
<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 style="border-top-style: solid; border-top-width: 2" valign="bottom">
    <p style="text-indent: -50; margin-left: 50; margin-right: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 2" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" style="border-top-style: solid; border-top-width: 2" valign="bottom"></TD>
    <TD align=right width="2%" style="border-top-style: solid; border-top-width: 2" valign="bottom">&nbsp;</TD>
    <TD align=right width="1%" style="border-top-style: solid; border-top-width: 2" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" style="border-top-style: solid; border-top-width: 2" valign="bottom">April 5, 2009</TD>
    <TD align=right width="2%" style="border-top-style: solid; border-top-width: 2" valign="bottom">&nbsp;</TD>
    <TD align=right width="1%" style="border-top-style: solid; border-top-width: 2" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" style="border-top-style: solid; border-top-width: 2" valign="bottom">October 5, 2008</TD>
    <TD align=left width="2%" style="border-top-style: solid; border-top-width: 2" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 2" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" style="border-top-style: solid; border-top-width: 2" valign="bottom"><FONT size=2>March 30, 2008 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left valign="bottom">
    <p style="text-indent: -50; margin-left: 50; margin-right: 26"><FONT
      size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%" valign="bottom"><FONT
      size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%" valign="bottom"><FONT
      size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" valign="bottom"><FONT
      size=2>(audited) </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%" valign="bottom"><FONT
      size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -50; margin-left: 50; margin-right: 26"><FONT size=2>Balance of non-cash
      transactions: </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -50; margin-left: 50; margin-right: 26"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &nbsp;Additions to property, plant and equipment included in Accounts payable and
    accrued liabilities </FONT></TD>
    <TD align=left width="1%" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="2%" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" valign="bottom">$&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>96 </FONT></TD>
    <TD align=left width="2%" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" valign="bottom"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>&nbsp;1,720
      </FONT></TD>
    <TD align=left width="2%" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" valign="bottom"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>&nbsp;1,194
      </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" valign="bottom">
    <p style="text-indent: -50; margin-left: 50; margin-right: 26"><FONT size=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Proceeds on
      disposal of long-lived assets in Other assets </FONT></TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="10%" bgcolor="#E6EFFF" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgcolor="#E6EFFF" valign="bottom"><FONT size=2>1,112 </FONT></TD>
    <TD align=left width="2%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgcolor="#E6EFFF" valign="bottom"><FONT size=2>1,382 </FONT></TD>
    <TD align=left width="2%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgcolor="#E6EFFF" valign="bottom"><FONT size=2>1,637 </FONT></TD>
    <TD align=left width="2%" bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -50; margin-left: 50; margin-right: 26"><FONT size=2>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Proceeds on disposal of long-lived assets in Accounts &nbsp;receivable</FONT></TD>
    <TD align=left width="1%" valign="bottom">&nbsp;</TD>
    <TD align=left width="10%" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>&nbsp; - </FONT></TD>
    <TD align=right width="2%" valign="bottom">&nbsp;</TD>
    <TD align=right width="1%" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>&nbsp; - </FONT></TD>
    <TD align=right width="2%" valign="bottom">&nbsp;</TD>
    <TD align=right width="1%" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>&nbsp; 1,230 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="text-indent: -50; margin-left: 50; margin-right: 26"><FONT size=2>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Business acquisition in Accounts payable and accrued liabilities </FONT></TD>
    <TD align=left width="1%" bgColor=#E6EFFF valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#E6EFFF valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#E6EFFF valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>&nbsp; 1,196 </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#E6EFFF valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#E6EFFF valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>&nbsp; 1,196 </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#E6EFFF valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#E6EFFF valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>&nbsp; - </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD></TR>
  <TR>
    <TD valign="bottom" style="border-top-style: solid; border-top-width: 1">
    <p style="text-indent: -50; margin-left: 50; margin-right: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD width="10%" valign="bottom" style="border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD width="10%" valign="bottom" style="border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD width="10%" valign="bottom" style="border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD width="1%" valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD width="10%" valign="bottom" style="border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-top-style: none; border-top-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#E6EFFF valign="bottom">
    <p style="text-indent: -25; margin-left: 25; margin-right: 26"><FONT size=2>
    Non-cash ascribed value credited to share capital from issuance of Treasury
    RSUs </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#E6EFFF valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"
    bgColor=#E6EFFF valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#E6EFFF valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#E6EFFF valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#E6EFFF valign="bottom"><FONT size=2>2,605 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#E6EFFF valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#E6EFFF valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#E6EFFF valign="bottom"><FONT size=2>190 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#E6EFFF valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#E6EFFF valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#E6EFFF valign="bottom"><FONT size=2>126 </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF>&nbsp;</TD></TR>
  <TR>
    <TD valign="bottom">
    <p style="text-indent: -50; margin-left: 50; margin-right: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF valign="bottom">
    <p style="text-indent: -50; margin-left: 50; margin-right: 26"><FONT size=2>Cash and cash equivalents
      consist of: </FONT></TD>
    <TD align=left width="1%" bgColor=#E6EFFF valign="bottom">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#E6EFFF valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF valign="bottom">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#E6EFFF valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF valign="bottom">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#E6EFFF valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF valign="bottom">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#E6EFFF valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -50; margin-left: 50; margin-right: 26"><FONT size=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Cash
      balances with banks </FONT></TD>
    <TD align=left width="1%" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="2%" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" valign="bottom">$</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>18,825 </FONT></TD>
    <TD align=left width="2%" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" valign="bottom"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>&nbsp;8,068 </FONT></TD>
    <TD align=left width="2%" valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" valign="bottom"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>&nbsp;24,723 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#E6EFFF valign="bottom">
    <p style="text-indent: -50; margin-left: 50; margin-right: 26"><FONT size=2>&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Short-term investments, bearing interest at rates up to 0.44%
      at April 5, 2009, up to 2.22% at October 5, 2008 and up to 1.28% at March
    30, 2008 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#E6EFFF valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"
    bgColor=#E6EFFF valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#E6EFFF valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#E6EFFF valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#E6EFFF valign="bottom"><FONT size=2>5,143 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#E6EFFF valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#E6EFFF valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#E6EFFF valign="bottom"><FONT size=2>4,289 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#E6EFFF valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#E6EFFF valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#E6EFFF valign="bottom"><FONT size=2>4,588 </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left valign="bottom">
    <p style="text-indent: -50; margin-left: 50; margin-right: 26"><FONT
      size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%" valign="bottom"><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
    width="2%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%" valign="bottom">$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%" valign="bottom"><FONT
      size=2>23,968 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
    width="2%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%" valign="bottom"><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%" valign="bottom"><FONT
      size=2>&nbsp;12,357 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
    width="2%" valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%" valign="bottom"><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%" valign="bottom"><FONT
      size=2>&nbsp;29,311 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#ffffff valign="bottom">
    <p style="text-indent: -50; margin-left: 50; margin-right: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#ffffff valign="bottom">
    <p style="text-indent: -50; margin-left: 50; margin-right: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff valign="bottom">
    <p style="text-indent: -50; margin-left: 50; margin-right: 26"><FONT size=2>(b)&nbsp; Depreciation and
      amortization<B>:</B> </FONT></TD>
    <TD align=left width="1%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#ffffff valign="bottom">
    <p style="text-indent: -50; margin-left: 50; margin-right: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff style="border-top-style: solid; border-top-width: 2; border-bottom-style:none; border-bottom-width:medium" valign="bottom">
    <p style="text-indent: -50; margin-left: 50; margin-right: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" bgColor=#ffffff style="border-top-style: solid; border-top-width: 2; border-bottom-style:none; border-bottom-width:medium" valign="bottom">&nbsp;</TD>
    <TD align=center width="23%" bgColor=#ffffff colSpan=4 style="border-top-style: solid; border-top-width: 2; border-bottom-style:none; border-bottom-width:medium" valign="bottom">
    <p align="right" style="margin-right: 24"><FONT
      size=2><B>Three months ended</B></FONT></TD>
    <TD align=center width="2%" bgColor=#ffffff style="border-top-style: solid; border-top-width: 2; border-bottom-style:none; border-bottom-width:medium" valign="bottom">&nbsp;</TD>
    <TD align=center width="1%" bgColor=#ffffff style="border-top-style: solid; border-top-width: 2; border-bottom-style:none; border-bottom-width:medium" valign="bottom">&nbsp;</TD>
    <TD align=center width="23%" bgColor=#ffffff colSpan=4 style="border-top-style: solid; border-top-width: 2; border-bottom-style:none; border-bottom-width:medium" valign="bottom">
    <p align="right" style="margin-right: 24"><FONT size=2><B>Six months ended</B></FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff style="border-top-style: none; border-top-width: medium" valign="bottom">
    <p style="text-indent: -50; margin-left: 50; margin-right: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" bgColor=#ffffff style="border-top-style: none; border-top-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff style="border-top-style: none; border-top-width: medium" valign="bottom"><FONT size=2>April 5,
    </FONT></TD>
    <TD align=right width="2%" bgColor=#ffffff style="border-top-style: none; border-top-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff style="border-top-style: none; border-top-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff style="border-top-style: none; border-top-width: medium" valign="bottom"><FONT size=2>March 30,
    </FONT></TD>
    <TD align=right width="2%" bgColor=#ffffff style="border-top-style: none; border-top-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff style="border-top-style: none; border-top-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff style="border-top-style: none; border-top-width: medium" valign="bottom"><FONT size=2>April 5,
    </FONT></TD>
    <TD align=right width="2%" bgColor=#ffffff style="border-top-style: none; border-top-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff style="border-top-style: none; border-top-width: medium" valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff style="border-top-style: none; border-top-width: medium" valign="bottom"><FONT size=2>March 30,
    </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#ffffff valign="bottom">
    <p style="text-indent: -50; margin-left: 50; margin-right: 26"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff valign="bottom"><FONT size=2>2009 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff valign="bottom"><FONT size=2>2008 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff valign="bottom"><FONT size=2>2009 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff valign="bottom"><FONT size=2>2008 </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -26; margin-left: 26; margin-right: 26"><FONT size=2>&nbsp;Depreciation and
      amortization of property, plant and equipment and intangible assets </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff valign="bottom"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp;16,238
      </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff valign="bottom"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp;14,631
      </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff valign="bottom"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp;32,125
      </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff valign="bottom"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp;27,012
      </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#ffffff valign="bottom">
    <p style="text-indent: -25; margin-left: 25; margin-right: 26"><FONT size=2>&nbsp;Adjustment for the
      variation of depreciation of property, plant and equipment included in
    inventories at the beginning and end of the period </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff valign="bottom"><FONT size=2>(1,001</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff valign="bottom">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff valign="bottom"><FONT size=2>(746</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff valign="bottom">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff valign="bottom"><FONT size=2>(5,416</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff valign="bottom">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff valign="bottom"><FONT size=2>(2,167</FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff valign="bottom">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="text-indent: -25; margin-left: 25; margin-right: 26"><FONT size=2>&nbsp;Depreciation and
      amortization included in the interim consolidated statements of earnings
    and comprehensive income </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1">$</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>15,237 </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1">$</TD>
    <TD align=left width="10%" bgColor=#e6efff valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1">
    <p align="right"><FONT size=2>&nbsp; 13,885
      </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1">$</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>26,709 </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1">$&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>24,845 </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff valign="bottom" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff valign="bottom" style="border-top-style: solid; border-top-width: 1">
    <p style="text-indent: -50; margin-left: 50; margin-right: 26"><FONT size=2>Consists of: </FONT></TD>
    <TD align=left width="1%" bgColor=#ffffff valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff valign="bottom" style="border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff valign="bottom" style="border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff valign="bottom" style="border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff valign="bottom" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff valign="bottom" style="border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff style="border-top-style: none; border-top-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -25; margin-left: 50; margin-right: 26"><FONT size=2>
    Depreciation of property, plant and equipment </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff valign="bottom"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp;14,402
      </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff valign="bottom"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp;13,140
      </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff valign="bottom"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp;24,952
      </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff valign="bottom"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp;23,351
      </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -25; margin-left: 50; margin-right: 26"><FONT size=2>
    Amortization of intangible assets </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>799 </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>737 </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>1,599 </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>1,474 </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff valign="bottom">
    <p style="text-indent: -25; margin-left: 50; margin-right: 26"><FONT size=2>
    Amortization of deferred financing costs and other </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff valign="bottom"><FONT size=2>36 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff valign="bottom"><FONT size=2>8 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff valign="bottom"><FONT size=2>158 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff valign="bottom"><FONT size=2>20 </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
      bgColor=#ffffff valign="bottom">
    <p style="text-indent: -25; margin-left: 50; margin-right: 26"><FONT size=2>
    Depreciation and amortization included in the interim consolidated
    statements of earnings and comprehensive income
    </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    bgColor=#ffffff valign="bottom"><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#ffffff valign="bottom"><FONT size=2>&nbsp;15,237 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    bgColor=#ffffff valign="bottom"><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#ffffff valign="bottom"><FONT size=2>&nbsp;13,885 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    bgColor=#ffffff valign="bottom"><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#ffffff valign="bottom"><FONT size=2>&nbsp;26,709 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    bgColor=#ffffff valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    bgColor=#ffffff valign="bottom"><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#ffffff valign="bottom"><FONT size=2>&nbsp;24,845 </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR></TABLE><BR>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="100%">&nbsp;</td>
  </tr>
  <tr>
    <td width="100%">
    <p align="right"><font size="1">QUARTERLY SHAREHOLDER REPORT - Q2 2009 P.32</font></td>
  </tr>
</table>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<BR>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber1">
  <tr>
    <td width="50%"><img border="0" src="notes.jpg" width="94" height="35"></td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">
    <p align="right"><font size="2">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></td>
  </tr>
</table>
<P align=justify><B>10. Other information (continued):<BR><br>
</B>(c) </P>
<P align=justify style="margin-left: 2%; margin-top: -25.5pt">The Company recorded bad debt expense of $0.6 million
      (2008 &#150; nil) for the three months ended April 5, 2009 and $2.4 million
      (2008 &#150; nil) for the six months ended April 5, 2009. 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: 2%; margin-top: -25.5pt">The Company expensed $2.0 million (2008 - $1.4 million)
      in Cost of sales for the three months ended April 5, 2009, 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. The expense for the six months ended
      April 5, 2009 was $4.0 million (2008 - $2.8 million).<BR></P>
<P align=justify><B>11. Financial instruments:</B></P>
<P align=justify>Disclosures relating to exposure to risks, in particular credit
risk, liquidity risk, foreign currency risk and interest rate risk, are included
in the section entitled &#147;Financial Risk Management&#148; 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 and six months ended April 5, 2009, which is included
in the Gildan Q2 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 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 and interest rate
swap contracts was determined using observable market inputs. </P>
<P align=justify>(a) </P>
<P align=justify style="margin-left: 2%; margin-top: -25.5pt">Financial expense,
net: </P>
<P align=justify>
<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 style="border-top-style: solid; border-top-width: 2" bordercolor="#000000"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" style="border-top-style: solid; border-top-width: 2" bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="23%" colSpan=4 style="border-top-style: solid; border-top-width: 2" bordercolor="#000000">
    <p style="margin-right: 24"><FONT size=2><B>Three months
      ended</B></FONT></TD>
    <TD align=right width="2%" style="border-top-style: solid; border-top-width: 2" bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%" style="border-top-style: solid; border-top-width: 2" bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="23%" colSpan=4 style="border-top-style: solid; border-top-width: 2" bordercolor="#000000">
    <p style="margin-right: 24"><FONT size=2><B>Six months
      ended</B></FONT></TD>
    <TD align=left width="2%"><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%" bordercolor="#000000"><FONT size=2>April 5, </FONT></TD>
    <TD align=right width="2%" bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%" bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%" bordercolor="#000000"><FONT size=2>March 30, </FONT></TD>
    <TD align=right width="2%" bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%" bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%" bordercolor="#000000"><FONT size=2>April 5, </FONT></TD>
    <TD align=right width="2%" bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%" bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%" bordercolor="#000000"><FONT size=2>March 30, </FONT></TD>
    <TD align=left width="2%"><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bordercolor="#000000"><FONT
      size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%" bordercolor="#000000"><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000"><FONT
      size=2>2009 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%" bordercolor="#000000"><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%" bordercolor="#000000"><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000"><FONT
      size=2>2008 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%" bordercolor="#000000"><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%" bordercolor="#000000"><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000"><FONT
      size=2>2009 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%" bordercolor="#000000"><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%" bordercolor="#000000"><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000"><FONT
      size=2>2008 </FONT></TD>
    <TD align=left width="2%"><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff bordercolor="#000000"><FONT size=2>&nbsp;Interest expense (i)
      </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>&nbsp;437
    </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>&nbsp;2,067
      </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>&nbsp;1,367
      </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>&nbsp;4,861
      </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000"><FONT size=2>&nbsp;Bank and other financial charges
    </FONT></TD>
    <TD align=left width="1%" bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%" bordercolor="#000000"><FONT size=2>268 </FONT></TD>
    <TD align=left width="2%" bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%" bordercolor="#000000"><FONT size=2>222 </FONT></TD>
    <TD align=left width="2%" bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%" bordercolor="#000000"><FONT size=2>507 </FONT></TD>
    <TD align=left width="2%" bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%" bordercolor="#000000"><FONT size=2>484 </FONT></TD>
    <TD align=left width="2%"><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff bordercolor="#000000"><FONT size=2>&nbsp;Foreign exchange (gain) loss (ii)
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>(684</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>) </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>1,290 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>(1,664</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>) </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>973 </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bordercolor="#000000"><FONT
      size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%" bordercolor="#000000"><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%" bordercolor="#000000"><FONT
      size=2>&nbsp;21 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%" bordercolor="#000000"><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%" bordercolor="#000000"><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%" bordercolor="#000000"><FONT
      size=2>&nbsp;3,579 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%" bordercolor="#000000"><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%" bordercolor="#000000"><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%" bordercolor="#000000"><FONT
      size=2>&nbsp;210 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%" bordercolor="#000000"><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%" bordercolor="#000000"><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%" bordercolor="#000000"><FONT
      size=2>&nbsp;6,318 </FONT></TD>
    <TD align=left width="2%"><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD width="10%" bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD width="10%" bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD width="10%" bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD width="10%" bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff><FONT size=2>(i) Interest expense:
    </FONT></TD>
    <TD align=left width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="10%" bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="10%" bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="10%" bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="10%" bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#ffffff><FONT
      size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
      bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
      bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
      bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
      bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
      bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
      bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
      bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="23%" bgColor=#ffffff colSpan=4>
    <p style="margin-right: 24"><FONT
      size=2><B>Three months ended</B></FONT></TD>
    <TD align=right width="2%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="23%" bgColor=#ffffff colSpan=4>
    <p style="margin-right: 24"><FONT size=2><B>Six
      months ended</B></FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%" bgColor=#ffffff><FONT size=2>April 5,
    </FONT></TD>
    <TD align=right width="2%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%" bgColor=#ffffff><FONT size=2>March 30,
    </FONT></TD>
    <TD align=right width="2%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%" bgColor=#ffffff><FONT size=2>April 5,
    </FONT></TD>
    <TD align=right width="2%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%" bgColor=#ffffff><FONT size=2>March 30,
    </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff><FONT size=2>2009 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff><FONT size=2>2008 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff><FONT size=2>2009 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff><FONT size=2>2008 </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>&nbsp;Interest expense on
      long-term debt </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp;378
    </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp;2,108
      </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp;1,261
      </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp;5,063
      </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff><FONT size=2>&nbsp;Interest expense on
      short-term indebtedness </FONT></TD>
    <TD align=left width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%" bgColor=#ffffff><FONT size=2>74 </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%" bgColor=#ffffff><FONT size=2>19 </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%" bgColor=#ffffff><FONT size=2>145 </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%" bgColor=#ffffff><FONT size=2>34 </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>&nbsp;Interest income on
      held-for-trading financial assets </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>(11</FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff><FONT size=2>) </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>(63</FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff><FONT size=2>) </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>(31</FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff><FONT size=2>) </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>(243</FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff><FONT size=2>) </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff><FONT size=2>&nbsp;Interest income on loans
      and receivables </FONT></TD>
    <TD align=left width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%" bgColor=#ffffff><FONT size=2>(20</FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff><FONT size=2>) </FONT></TD>
    <TD align=left width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%" bgColor=#ffffff><FONT size=2>(20</FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff><FONT size=2>) </FONT></TD>
    <TD align=left width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%" bgColor=#ffffff><FONT size=2>(40</FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff><FONT size=2>) </FONT></TD>
    <TD align=left width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%" bgColor=#ffffff><FONT size=2>(40</FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff><FONT size=2>) </FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><FONT size=2>&nbsp;Other interest expense </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><FONT size=2>16 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><FONT size=2>23 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><FONT size=2>32 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><FONT size=2>47 </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#ffffff><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#ffffff><FONT size=2>&nbsp;437 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#ffffff><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#ffffff><FONT size=2>&nbsp;2,067 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#ffffff><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#ffffff><FONT size=2>&nbsp;1,367 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#ffffff><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#ffffff><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#ffffff><FONT size=2>&nbsp;4,861 </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff><FONT
  size=2>&nbsp;</FONT></TD></TR></TABLE></P>
<P align=justify>Interest income on held-for-trading 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 align=justify>(ii) Foreign exchange (gain) loss: </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 style="border-top-style: solid; border-top-width: 2" bordercolor="#000000"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" style="border-top-style: solid; border-top-width: 2" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="23%" colSpan=4 style="border-top-style: solid; border-top-width: 2" bordercolor="#000000">
    <p style="margin-right: 24"><FONT size=2><B>Three months
      ended</B></FONT></TD>
    <TD align=right width="2%" style="border-top-style: solid; border-top-width: 2" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="1%" style="border-top-style: solid; border-top-width: 2" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="23%" colSpan=4 style="border-top-style: solid; border-top-width: 2" bordercolor="#000000">
    <p style="margin-right: 24"><FONT size=2><B>Six months
      ended</B></FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000"><FONT size=2>April 5, </FONT></TD>
    <TD align=right width="2%" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="1%" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000"><FONT size=2>March 30, </FONT></TD>
    <TD align=right width="2%" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="1%" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000"><FONT size=2>April 5, </FONT></TD>
    <TD align=right width="2%" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="1%" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000"><FONT size=2>March 30, </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bordercolor="#000000"><FONT
      size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="1%" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000"><FONT
      size=2>2009 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="2%" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="1%" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000"><FONT
      size=2>2008 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="2%" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="1%" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000"><FONT
      size=2>2009 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="2%" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="1%" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000"><FONT
      size=2>2008 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff bordercolor="#000000"><FONT size=2>Gain relating to financial
      assets and liabilities, and income taxes payable </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000"><FONT
      size=2>(1,140</FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff bordercolor="#000000">)&nbsp; </TD>
    <TD align=left width="1%" bgColor=#e6efff bordercolor="#000000">$</TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000"><FONT
      size=2>(1,925</FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff bordercolor="#000000">) </TD>
    <TD align=left width="1%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000"><FONT
      size=2>(4,421</FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff bordercolor="#000000">)&nbsp; </TD>
    <TD align=left width="1%" bgColor=#e6efff bordercolor="#000000">$</TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000"><FONT
      size=2>(1,401</FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000"><FONT size=2>Unrealized (gain) loss relating to the fair
      value of forward foreign exchange contracts </FONT></TD>
    <TD align=left width="1%" bordercolor="#000000"></TD>
    <TD align=right width="10%" bordercolor="#000000"><FONT
size=2>(112</FONT></TD>
    <TD align=left width="2%" bordercolor="#000000">) </TD>
    <TD align=left width="1%" bordercolor="#000000"></TD>
    <TD align=right width="10%" bordercolor="#000000"><FONT size=2>2,877
    </FONT></TD>
    <TD align=left width="2%" bordercolor="#000000"></TD>
    <TD align=left width="1%" bordercolor="#000000"></TD>
    <TD align=right width="10%" bordercolor="#000000"><FONT size=2>2,730
    </FONT></TD>
    <TD align=left width="2%" bordercolor="#000000"></TD>
    <TD align=left width="1%" bordercolor="#000000"></TD>
    <TD align=right width="10%" bordercolor="#000000"><FONT size=2>2,029
    </FONT></TD>
    <TD align=left width="2%"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff bordercolor="#000000"><FONT size=2>&nbsp;Realized loss relating to forward
      foreign exchange contracts </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>568 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>338 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>27 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>345 </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bordercolor="#000000"><FONT
      size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%" bordercolor="#000000"><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%" bordercolor="#000000"><FONT
      size=2>&nbsp;(684</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%" bordercolor="#000000">
    ) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%" bordercolor="#000000">$ </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%" bordercolor="#000000"><FONT
      size=2>1,290 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%" bordercolor="#000000"><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%" bordercolor="#000000"><FONT
      size=2>&nbsp;(1,664</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%" bordercolor="#000000">
    ) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%" bordercolor="#000000">$ </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%" bordercolor="#000000"><FONT
      size=2>973 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR></TABLE>&nbsp;<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="100%">&nbsp;</td>
  </tr>
  <tr>
    <td width="100%">
    <p align="right"><font size="1">QUARTERLY SHAREHOLDER REPORT - Q2 2009 P.33</font></td>
  </tr>
</table>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>

<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber1">
  <tr>
    <td width="50%"><img border="0" src="notes.jpg" width="94" height="35"></td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">
    <p align="right"><font size="2">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></td>
  </tr>
</table>
<P align=justify><B>11. Financial instruments (continued): </B></P>
<P align=justify>(b) </P>
<P align=justify style="margin-left: 2%; margin-top: -25.5pt">Forward foreign
exchange contracts: </P>
<P align=justify>The following table summarizes the Company&#146;s derivative
financial instruments relating to commitments to buy and sell foreign currencies
through forward foreign exchange contracts as at April 5, 2009 and October 5,
2008: </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 bgColor=#ffffff style="border-top-style: solid; border-top-width: 2" nowrap valign="bottom" width="28%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left  bgColor=#ffffff style="border-top-style: solid; border-top-width: 2" nowrap valign="bottom">&nbsp;</TD>
    <TD align=right bgColor=#ffffff style="border-top-style: solid; border-top-width: 2" nowrap valign="bottom" width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right  bgColor=#ffffff style="border-top-style: solid; border-top-width: 2" nowrap valign="bottom">&nbsp;</TD>
    <TD align=right  bgColor=#ffffff style="border-top-style: solid; border-top-width: 2" nowrap valign="bottom">&nbsp;</TD>
    <TD align=right bgColor=#ffffff style="border-top-style: solid; border-top-width: 2" nowrap valign="bottom" width="10%"><FONT size=2>Notional foreign
      </FONT></TD>
    <TD align=right  bgColor=#ffffff style="border-top-style: solid; border-top-width: 2" nowrap valign="bottom">&nbsp;</TD>
    <TD align=right  bgColor=#ffffff style="border-top-style: solid; border-top-width: 2" nowrap valign="bottom">&nbsp;</TD>
    <TD align=right bgColor=#ffffff style="border-top-style: solid; border-top-width: 2" nowrap valign="bottom" width="10%"><FONT size=2>Average </FONT></TD>
    <TD align=right  bgColor=#ffffff style="border-top-style: solid; border-top-width: 2" nowrap valign="bottom">&nbsp;</TD>
    <TD align=right  bgColor=#ffffff style="border-top-style: solid; border-top-width: 2" nowrap valign="bottom">&nbsp;</TD>
    <TD align=right bgColor=#ffffff style="border-top-style: solid; border-top-width: 2" nowrap valign="bottom" width="10%"><FONT size=2>Notional US
    </FONT></TD>
    <TD align=right  bgColor=#ffffff style="border-top-style: solid; border-top-width: 2" nowrap valign="bottom">&nbsp;</TD>
    <TD align=right  bgColor=#ffffff style="border-top-style: solid; border-top-width: 2" nowrap valign="bottom">&nbsp;</TD>
    <TD align=right bgColor=#ffffff colSpan=4 style="border-top-style: solid; border-top-width: 2" nowrap valign="bottom"><FONT
      size=2>Carrying and fair value&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD align=left  bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#ffffff nowrap valign="bottom" width="28%"><FONT size=2>April 5, 2009 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
     bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    bgColor=#ffffff nowrap valign="bottom"><FONT size=2>Maturity </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
     bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
     bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    bgColor=#ffffff nowrap valign="bottom"><FONT size=2>currency amount </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
     bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
     bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    bgColor=#ffffff nowrap valign="bottom"><FONT size=2>exchange rate </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
     bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
     bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    bgColor=#ffffff nowrap valign="bottom"><FONT size=2>equivalent </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
     bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
     bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    bgColor=#ffffff nowrap valign="bottom"><FONT size=2>Asset </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
     bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
     bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    bgColor=#ffffff nowrap valign="bottom"><FONT size=2>Liability </FONT></TD>
    <TD align=left  bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff width="28%"><FONT size=2>Buy CAD/Sell USD </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
     bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    bgColor=#e6efff><FONT size=2>0-6 months </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
     bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
     bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    bgColor=#e6efff><FONT size=2>33,480 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
     bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
     bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    bgColor=#e6efff><FONT size=2>0.8667 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
     bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
     bgColor=#e6efff width="1%"><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    bgColor=#e6efff><FONT size=2>&nbsp;29,016 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
     bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
     bgColor=#e6efff width="1%"><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    bgColor=#e6efff width="10%"><FONT size=2>&nbsp;&#150;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
     bgColor=#e6efff width="1%">
    <p align="right"><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
     bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    bgColor=#e6efff width="10%"><FONT size=2>(1,769</FONT></TD>
    <TD align=left  bgColor=#e6efff width="1%">) </TD></TR>
  <TR>
    <TD bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD  bgColor=#ffffff>&nbsp;</TD>
    <TD bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD  bgColor=#ffffff>&nbsp;</TD>
    <TD  bgColor=#ffffff>&nbsp;</TD>
    <TD bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD  bgColor=#ffffff>&nbsp;</TD>
    <TD  bgColor=#ffffff>&nbsp;</TD>
    <TD bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD  bgColor=#ffffff>&nbsp;</TD>
    <TD  bgColor=#ffffff>&nbsp;</TD>
    <TD bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD  bgColor=#ffffff>&nbsp;</TD>
    <TD  bgColor=#ffffff>&nbsp;</TD>
    <TD bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD  bgColor=#ffffff>&nbsp;</TD>
    <TD  bgColor=#ffffff>&nbsp;</TD>
    <TD bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#ffffff><FONT
      size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"
      bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"
      bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"
      bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"
      bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"
      bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"
      bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD align=right  bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD align=right bgColor=#ffffff nowrap valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right  bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD align=right  bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD align=right bgColor=#ffffff nowrap valign="bottom"><FONT size=2>Notional foreign
      </FONT></TD>
    <TD align=right  bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD align=right  bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD align=right bgColor=#ffffff nowrap valign="bottom"><FONT size=2>Average </FONT></TD>
    <TD align=right  bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD align=right  bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD align=right bgColor=#ffffff nowrap valign="bottom"><FONT size=2>Notional US
    </FONT></TD>
    <TD align=right  bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD align=right  bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD align=right bgColor=#ffffff colSpan=4 nowrap valign="bottom"><FONT
      size=2>Carrying and fair value&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD align=left  bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      bgColor=#ffffff nowrap valign="bottom">
    <p align="left"><FONT size=2>October 5, 2008 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
     bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    bgColor=#ffffff nowrap valign="bottom"><FONT size=2>Maturity </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
     bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
     bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    bgColor=#ffffff nowrap valign="bottom"><FONT size=2>currency amount </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
     bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
     bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    bgColor=#ffffff nowrap valign="bottom"><FONT size=2>exchange rate </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
     bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
     bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    bgColor=#ffffff nowrap valign="bottom"><FONT size=2>equivalent </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
     bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
     bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    bgColor=#ffffff nowrap valign="bottom"><FONT size=2>Asset </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
     bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
     bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    bgColor=#ffffff nowrap valign="bottom"><FONT size=2>Liability </FONT></TD>
    <TD align=left  bgColor=#ffffff nowrap valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Buy CAD/Sell USD </FONT></TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right bgColor=#e6efff><FONT size=2>0-6 months
    </FONT></TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right bgColor=#e6efff><FONT size=2>5,483 </FONT></TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right bgColor=#e6efff><FONT size=2>0.9302 </FONT></TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD align=right bgColor=#e6efff><FONT size=2>&nbsp;5,100
    </FONT></TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD align=right bgColor=#e6efff><FONT size=2>&nbsp;&#150; </FONT></TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD align=right bgColor=#e6efff><FONT size=2>&nbsp;&#150; </FONT></TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff><FONT size=2>Buy EUR/Sell GPB </FONT></TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right bgColor=#ffffff><FONT size=2>0-6 months
    </FONT></TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right bgColor=#ffffff><FONT size=2>962 </FONT></TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right bgColor=#ffffff><FONT size=2>1.3740 </FONT></TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right bgColor=#ffffff><FONT size=2>1,322 </FONT></TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right bgColor=#ffffff><FONT size=2>&#150; </FONT></TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right bgColor=#ffffff><FONT size=2>&#150; </FONT></TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Sell EUR/Buy USD </FONT></TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right bgColor=#e6efff><FONT size=2>0-6 months
    </FONT></TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right bgColor=#e6efff><FONT size=2>5,650 </FONT></TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right bgColor=#e6efff><FONT size=2>1.4591 </FONT></TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right bgColor=#e6efff><FONT size=2>8,244 </FONT></TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right bgColor=#e6efff><FONT size=2>472 </FONT></TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right bgColor=#e6efff><FONT size=2>&#150; </FONT></TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#ffffff><FONT size=2>Sell GBP/Buy USD </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    bgColor=#ffffff><FONT size=2>0-6 months </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    bgColor=#ffffff><FONT size=2>2,951 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    bgColor=#ffffff><FONT size=2>1.9177 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    bgColor=#ffffff><FONT size=2>5,659 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    bgColor=#ffffff><FONT size=2>457 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    bgColor=#ffffff><FONT size=2>&#150; </FONT></TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
      bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right
    bgColor=#e6efff><font size="2">20,325</font></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right
    bgColor=#e6efff><font size="2">929</font></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
     bgColor=#e6efff>$ </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right
    bgColor=#e6efff><FONT size=2>&#150; </FONT></TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD></TR>
  </TABLE>
<P align=justify>(c)</P>
<P align=justify style="margin-left: 2%; margin-top: -25.5pt">Interest rate swap
contracts: </P>
<P align=justify>During the second quarter of fiscal 2009, the Company entered
into interest rate swap contracts to fix the variable portion (LIBOR excluding
the applicable margin) on a portion of the borrowings under the revolving
long-term credit facility. As at April 5, 2009, the interest rate swap contracts
were reported at fair value. The fair value of these contracts is included in
Accounts payable and accrued liabilities. Changes in the fair value of these
contracts are included in earnings. The Company elected not to apply hedge
accounting for these derivatives. The following table summarizes the outstanding
interest rate swap contracts reflecting the applicable variable interest rates
in effect as at April 5, 2009: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 height="18">

  <TR vAlign=top>
    <TD vAlign=bottom align=center rowSpan=2 height="32" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1" nowrap width="40%">
    <p align="left"><FONT size=2>Notional principal amount </FONT></TD>
    <TD vAlign=bottom align=right  rowSpan=2 height="32" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1" nowrap>&nbsp;</TD>
    <TD vAlign=bottom align=right rowSpan=2 height="32" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1" nowrap width="10%"><FONT size=2>Maturity </FONT></TD>
    <TD vAlign=bottom align=right  rowSpan=2 height="32" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1" nowrap>&nbsp;</TD>
    <TD vAlign=bottom align=right  rowSpan=2 style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1" height="32" nowrap>&nbsp;</TD>
    <TD vAlign=bottom align=right rowSpan=2 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" height="32" nowrap width="10%"><FONT size=2>Receive
      LIBOR <BR>interest rate </FONT></TD>
    <TD vAlign=bottom align=right  rowSpan=2 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" height="32" nowrap>&nbsp;</TD>
    <TD vAlign=bottom align=right  rowSpan=2 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" height="32" nowrap>&nbsp;</TD>
    <TD vAlign=bottom align=right rowSpan=2 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" height="32" nowrap width="10%"><FONT size=2>
    Pay fixed <br>
    interest rate </FONT></TD>
    <TD vAlign=bottom align=right  rowSpan=2 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" height="32" nowrap>&nbsp;</TD>
    <TD vAlign=bottom align=right style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 2; border-bottom-style: none; border-bottom-width: medium" height="17" nowrap
    ></TD>
    <TD vAlign=bottom align=right colSpan=4 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 2; border-bottom-style: none; border-bottom-width: medium" height="17" nowrap><FONT size=2>Carrying
      and fair value&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=bottom align=right style="border-style: none; border-width: medium" height="17" ></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=right style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1" height="15" nowrap ><FONT
      size=2>&nbsp;</FONT></TD>
    <TD vAlign=bottom align=right style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1" height="15" nowrap width="10%"
      ><FONT size=2>Asset</FONT>&nbsp;</TD>
    <TD vAlign=bottom align=right style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1" height="15" nowrap ></TD>
    <TD vAlign=bottom align=right style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1" height="15" nowrap ><FONT
      size=2>&nbsp;</FONT></TD>
    <TD vAlign=bottom align=right style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1" height="15" nowrap width="10%"
      ><FONT size=2>Liability</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff height="15" width="40%"><FONT size=2>$25,000 </FONT></TD>
    <TD align=left  bgColor=#e6efff height="15" width="1%">&nbsp;</TD>
    <TD align=right bgColor=#e6efff height="15"><FONT size=2>0-6 months
    </FONT></TD>
    <TD align=left  bgColor=#e6efff height="15" width="1%">&nbsp;</TD>
    <TD align=left  bgColor=#e6efff height="15" width="1%">&nbsp;</TD>
    <TD align=right bgColor=#e6efff height="15"><FONT size=2>0.56% </FONT></TD>
    <TD align=left  bgColor=#e6efff height="15" width="1%">&nbsp;</TD>
    <TD align=left  bgColor=#e6efff height="15" width="1%">&nbsp;</TD>
    <TD align=right bgColor=#e6efff height="15"><FONT size=2>0.80% </FONT></TD>
    <TD align=left  bgColor=#e6efff height="15" width="1%">&nbsp;</TD>
    <TD align=left  bgColor=#e6efff height="15" width="1%"
      ><FONT size=2>$</FONT></TD>
    <TD align=right bgColor=#e6efff height="15" ><FONT
      size=2>&nbsp;&#150; </FONT></TD>
    <TD align=left  bgColor=#e6efff height="15" width="1%">&nbsp;</TD>
    <TD align=left  bgColor=#e6efff height="15" width="1%"
      ><FONT size=2>$</FONT></TD>
    <TD align=right bgColor=#e6efff style="border-right-style: none; border-right-width: medium; " height="15" ><FONT
      size=2>&nbsp;(8</FONT></TD>
    <TD align=left  bgColor=#e6efff height="15" style="border-style: none; border-width: medium" width="1%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left height="1" width="40%"><FONT size=2>
    25,000 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left height="1"
    ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right height="1"><FONT
      size=2>0-6 months </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left height="1"
    ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left height="1"
    ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right height="1"><FONT
      size=2>0.56% </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left height="1"
    ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left height="1"
    ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right height="1"><FONT
      size=2>0.82% </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left height="1"
    ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left height="1"
     ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right height="1"
    ><FONT size=2>&#150; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left height="1"
    ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left height="1"
     ></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right height="1"
    ><FONT size=2>(23</FONT></TD>
    <TD align=left height="1" style="border-style: none; border-width: medium" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff height="17" width="40%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
     bgColor=#e6efff height="17">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    bgColor=#e6efff height="17"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
     bgColor=#e6efff height="17">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
     bgColor=#e6efff height="17">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    bgColor=#e6efff height="17"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
     bgColor=#e6efff height="17">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
     bgColor=#e6efff height="17">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    bgColor=#e6efff height="17"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
     bgColor=#e6efff height="17">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
     bgColor=#e6efff height="17" ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    bgColor=#e6efff height="17" ><FONT size=2>&nbsp;&#150; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
     bgColor=#e6efff height="17">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
     bgColor=#e6efff height="17" ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-right-style:none; border-right-width:medium" align=right
    bgColor=#e6efff height="17" ><FONT size=2>&nbsp;(31</FONT></TD>
    <TD align=left  bgColor=#e6efff height="17" style="border-style: none; border-width: medium">)
</TD></TR></TABLE>
<P align=justify><STRONG>12. Contingencies:</STRONG> </P>
<P align=justify>The Company and certain of its senior officers have been named
as defendants in a number of proposed class action lawsuits filed in the United
States District Court for the Southern District of New York. These U.S. lawsuits
have been consolidated, and a consolidated amended complaint has been filed. A
proposed class action has also been filed in the Ontario Superior Court of
Justice and a petition for authorization to commence a class action has been
filed in the Quebec Superior Court. Each of these U.S. and Canadian lawsuits,
which have yet to be certified as a class action by the respective courts at
this stage, seek to represent a class comprised of persons who acquired the
Company&#146;s common shares between August 2, 2007 and April 29, 2008 and allege,
among other things, that the defendants misrepresented the Company&#146;s financial
condition and its financial prospects in its financial guidance concerning the
2008 fiscal year, which was subsequently revised on April 29, 2008. The U.S.
lawsuits are based on United States federal securities laws. In addition to
pursuing common law claims, the Ontario action proposes to seek leave from the
Ontario court to also bring statutory misrepresentation civil liability claims
under Ontario&#146;s <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>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="100%">
    <p align="right"><font size="1">QUARTERLY SHAREHOLDER REPORT - Q2 2009 P.34</font></td>
  </tr>
</table>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber1">
  <tr>
    <td width="50%"><img border="0" src="notes.jpg" width="94" height="35"></td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">
    <p align="right"><font size="2">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></td>
  </tr>
</table>
<P align=justify><B>13. Segmented information:</B><BR></P>
<P align=justify>The Company manufactures and sells activewear, socks and
underwear. The Company operates in one business segment, being high-volume,
basic, frequently replenished, non-fashion apparel.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center style="border-top-style: solid; border-top-width: 2" nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" style="border-top-style: solid; border-top-width: 2" nowrap align="right" >&nbsp;</TD>
    <TD width="18%" colSpan=5 style="border-top-style: solid; border-top-width: 2" nowrap align="right">
    <p style="margin-right: 15"><FONT size=2><B>Three months ended</B></FONT></TD>
    <TD align=right width="2%" style="border-top-style: solid; border-top-width: 2" nowrap >&nbsp;</TD>
    <TD align=right width="1%" style="border-top-style: solid; border-top-width: 2" nowrap >&nbsp;</TD>
    <TD align=right width="17%" colSpan=4 style="border-top-style: solid; border-top-width: 2" nowrap>
    <p style="margin-right: 15"><FONT size=2><B>Six months
      ended</B></FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" nowrap >&nbsp;</TD>
    <TD align=right width="7%" nowrap><FONT size=2>April 5, </FONT></TD>
    <TD align=right width="2%" nowrap >&nbsp;</TD>
    <TD align=right width="1%" nowrap >&nbsp;</TD>
    <TD align=right width="8%" colSpan=2 nowrap><FONT size=2>March 30, </FONT></TD>
    <TD align=right width="2%" nowrap >&nbsp;</TD>
    <TD align=right width="1%" nowrap >&nbsp;</TD>
    <TD align=right width="7%" nowrap><FONT size=2>April 5, </FONT></TD>
    <TD align=right width="2%" nowrap >&nbsp;</TD>
    <TD align=right width="1%" nowrap >&nbsp;</TD>
    <TD align=right width="7%" nowrap><FONT size=2>March 30, </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center nowrap><FONT
      size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" nowrap><FONT
      size=2>2009 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" nowrap><FONT
      size=2>2008 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" nowrap><FONT
      size=2>2009 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" nowrap><FONT
      size=2>2008 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>&nbsp;The
    company has three customers accounting for at least 10% of total net sales: </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="7%"><FONT
      size=2>&nbsp; </FONT></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=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="7%"><FONT
      size=2>&nbsp; </FONT></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=left width="7%"><FONT
      size=2>&nbsp; </FONT></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=left width="7%"><FONT
      size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF><FONT size=2>&nbsp;Company A </FONT></TD>
    <TD align=left width="1%"  bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF><FONT size=2>18.3% </FONT></TD>
    <TD align=left width="2%"  bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF><FONT size=2>13.8% </FONT></TD>
    <TD align=left width="2%"  bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF><FONT size=2>20.5% </FONT></TD>
    <TD align=left width="2%"  bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF><FONT size=2>18.2% </FONT></TD>
    <TD align=left width="2%"  bgColor=#E6EFFF>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp;Company B </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%"><FONT size=2>11.8% </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%"><FONT size=2>8.3% </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%"><FONT size=2>7.5% </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%"><FONT size=2>6.9% </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#E6EFFF><FONT size=2>&nbsp;Company C </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#E6EFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#E6EFFF><FONT size=2>10.8% </FONT></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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#E6EFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#E6EFFF><FONT size=2>22.5% </FONT></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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#E6EFFF><FONT size=2>16.7% </FONT></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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#E6EFFF><FONT size=2>21.9% </FONT></TD>
    <TD align=left width="2%"  bgColor=#E6EFFF>&nbsp;</TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>&nbsp;Net sales were derived from customers
      located in the following geographic areas: </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="7%"><FONT size=2>&nbsp; </FONT></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=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="7%"><FONT size=2>&nbsp; </FONT></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=left width="7%"><FONT size=2>&nbsp; </FONT></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=left width="7%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF"><FONT size=2>&nbsp;United States </FONT></TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" ><FONT size=2>$</FONT></TD>
    <TD align=right width="7%" bgcolor="#E6EFFF"><FONT size=2>&nbsp;223,154 </FONT></TD>
    <TD align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" ><FONT size=2>$</FONT></TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF"><FONT size=2>265,391 </FONT></TD>
    <TD align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" ><FONT size=2>$</FONT></TD>
    <TD align=right width="7%" bgcolor="#E6EFFF"><FONT size=2>&nbsp;392,784 </FONT></TD>
    <TD align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" ><FONT size=2>$</FONT></TD>
    <TD align=right width="7%" bgcolor="#E6EFFF"><FONT size=2>&nbsp;495,100 </FONT></TD>
    <TD align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp;Canada </FONT></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%"><FONT size=2>6,861 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%"><FONT size=2>12,677 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%"><FONT size=2>11,585 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%"><FONT size=2>22,613 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgcolor="#E6EFFF"><FONT
      size=2>&nbsp;Europe and other </FONT></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="7%" bgcolor="#E6EFFF"><FONT
      size=2>14,792 </FONT></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=left width="1%" bgcolor="#E6EFFF"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bgcolor="#E6EFFF"><FONT
      size=2>15,695 </FONT></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="7%" bgcolor="#E6EFFF"><FONT
      size=2>24,433 </FONT></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="7%" bgcolor="#E6EFFF"><FONT
      size=2>26,507 </FONT></TD>
    <TD align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"><FONT size=2>&nbsp;244,807 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"><FONT size=2>293,763 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"><FONT size=2>&nbsp;428,802 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"><FONT size=2>&nbsp;544,220 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=2>&nbsp;Net sales by major product group: </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="7%"><FONT
      size=2>&nbsp; </FONT></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=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="7%"><FONT
      size=2>&nbsp; </FONT></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=left width="7%"><FONT
      size=2>&nbsp; </FONT></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=left width="7%"><FONT
      size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF><FONT size=2>&nbsp;Activewear and underwear
      </FONT></TD>
    <TD align=left width="1%"  bgColor=#E6EFFF><FONT
      size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF><FONT size=2>&nbsp;180,851
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#E6EFFF><FONT
      size=2>$</FONT></TD>
    <TD align=left width="1%"  bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF><FONT size=2>229,672 </FONT></TD>
    <TD align=left width="2%"  bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#E6EFFF><FONT
      size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF><FONT size=2>&nbsp;296,694
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#E6EFFF><FONT
      size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF><FONT size=2>&nbsp;398,120
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#E6EFFF>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=2>&nbsp;Socks </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"><FONT
      size=2>63,956 </FONT></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=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"><FONT
      size=2>64,091 </FONT></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="7%"><FONT
      size=2>132,108 </FONT></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="7%"><FONT
      size=2>146,100 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#E6EFFF><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#E6EFFF><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#E6EFFF><FONT size=2>&nbsp;244,807 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#E6EFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#E6EFFF><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#E6EFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#E6EFFF><FONT size=2>293,763 </FONT></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><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#E6EFFF><FONT size=2>&nbsp;428,802 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#E6EFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#E6EFFF><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#E6EFFF><FONT size=2>&nbsp;544,220 </FONT></TD>
    <TD align=left width="2%"  bgColor=#E6EFFF>&nbsp;</TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid"><FONT
      size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="7%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="7%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="7%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="7%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="7%"><FONT
      size=2>April 5, <br>
    2009&nbsp;</FONT>&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="7%"><FONT
      size=2>October 5,<br>
    2008</FONT></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="7%"><FONT size=2>March 30, <br>
    2008
      </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    colSpan=3><FONT size=2>Property, plant and equipment by geographic area
      are as follows: </FONT></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=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="7%"><FONT size=2>&nbsp; </FONT></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="7%">
    <p><FONT size=2>(audited) </FONT></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=left width="7%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF><FONT size=2>Caribbean Basin and Central
      America </FONT></TD>
    <TD align=left width="1%"  bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="2%"  bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#E6EFFF><FONT
      size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF><FONT size=2>328,324</FONT></TD>
    <TD align=left width="2%"  bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#E6EFFF>$</TD>
    <TD align=right width="7%" bgColor=#E6EFFF><FONT size=2>325,670 </FONT></TD>
    <TD align=left width="2%"  bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#E6EFFF><FONT
      size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF><FONT size=2>&nbsp;321,347
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#E6EFFF>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>United States </FONT></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="7%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%"><FONT size=2>&nbsp; 75,694
      </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%"><FONT size=2>83,264 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%"><FONT size=2>81,330 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#E6EFFF><FONT size=2>Canada and other </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#E6EFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="7%"
    bgColor=#E6EFFF><FONT size=2>&nbsp; </FONT></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=left width="1%"
     bgColor=#E6EFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#E6EFFF><FONT size=2>&nbsp; 25,734 </FONT></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="7%"
    bgColor=#E6EFFF><FONT size=2>27,582 </FONT></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="7%"
    bgColor=#E6EFFF><FONT size=2>21,325 </FONT></TD>
    <TD align=left width="2%"  bgColor=#E6EFFF>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"><FONT size=2>429,752</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"><FONT size=2>436,516 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"><FONT size=2>&nbsp;424,002 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>Goodwill and intangible assets relate to acquisitions located
in the United States.</P>
<P align=justify><STRONG>14. Measurement uncertainty:</STRONG> </P>
<P align=justify>The Company&#146;s largest wholesale distributor customer, Broder
Bros., Co. (&#147;Broder&#148;), has been seeking to undertake a restructuring of its debt
financing whereby it intends to exchange at least 95% of its senior notes
currently issued for new debt and equity. The expiration time of the exchange
offer is at 11:59 p.m. EDT on May 14th, 2009, unless extended by Broder. Broder
also announced that it is prepared to initiate a restructuring through the
filing of a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code in the
event that its debt restructuring is unsuccessful. As at May 13, 2009, the
Company had a net accounts receivable balance from Broder of $12.4 million, all
of which was current, compared to a net accounts receivable balance of $11.1
million as at April 5, 2009. These balances are net of accrued price discounts
and volume rebates. It is currently management&#146;s best estimate that these
amounts will be collected, and accordingly, no allowance for doubtful accounts
for this customer has been recorded. However, there is at this time considerable
uncertainty regarding the ultimate outcome of Broder&#146;s debt restructuring, which
may have a significant impact on the Company&#146;s ability to recover amounts owing
from Broder. The Company will continuously review the carrying value of Broder&#146;s
accounts receivable balance as new developments arise, and in the event that the
Company&#146;s best estimate changes, a material charge to earnings may have to be
recorded in the third quarter of fiscal 2009 in order to write down the carrying
value of the accounts receivable balance. </P>
<P align=justify><B>15. Comparative figures:</B><BR></P>
<P align=justify>Certain comparative figures have been reclassified in order to
conform with the current period&#146;s presentation.</P>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="100%">
    <p align="right"><font size="1">QUARTERLY SHAREHOLDER REPORT - Q2 2009 P.35</font></td>
  </tr>
</table>
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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>gildan051409exh992.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>



<HTML>
<HEAD>
   <TITLE> Gildan Activewear Inc.: Exhibit 99.2 - 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">


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<A name="page_1"></A>

<P align="center">
<IMG src="mdax1x1.jpg" border=0 width="243" height="82">
</P>
<p align="center">
<IMG src="mdax1x2.jpg" border=0 width="471" height="285">
<BR>
</p>
<div align="center">
  <center>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="50%" border="0"><TR valign="top">
	<TD align=right>
<B><FONT size=2>MD&amp;A:</FONT></B>
	</TD>
	<TD align=left>
<p style="margin-left: 20">&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Our Business</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>2</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Strategy and Objectives</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>4</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Operating Results</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>5</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Financial Condition</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>9</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Cash Flows</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>10</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Liquidity and Capital Resources</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>11</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Legal Proceedings</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>12</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Financial Risk Management</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>13</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Critical Accounting Estimates</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>16</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Adoption of New Accounting Standards</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>17</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Future Accounting Standards</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>17</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Related Party Transactions</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>17</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Internal Control Over Financial Reporting</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>18</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Risks and Uncertainties</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>18</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Definition and Reconciliation of Non-GAAP Measures</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>19</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Forward-Looking Statements</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>21</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Interim Consolidated Financial Statements</FONT>
	</TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>23</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD align=right>
<FONT size=2>Notes to Interim Consolidated Financial Statements</FONT></TD>
	<TD align=right>
<p style="margin-left: 20">
<FONT size=2>27</FONT>
	</TD>
</TR>
</TABLE>
  </center>
</div>
<BR>

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<A name="page_2"></A>

<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<P align="justify">
<FONT size=2>This Management&#146;s Discussion and Analysis (MD&amp;A) comments on Gildan&#146;s operations, performance and financial condition as at and for the three months and six months ended April 5, 2009, compared to the corresponding periods
in the previous year. For a complete understanding of our business environment, trends, risks and uncertainties and the effect of accounting estimates on our results of operations and financial condition, this MD&amp;A should be read together with
the unaudited interim consolidated financial statements as at and for the three months and six months ended April 5, 2009, and the related notes, and with our MD&amp;A for the year ended October 5, 2008 (2008 Annual MD&amp;A) which is part of the
fiscal 2008 Annual Report. This MD&amp;A is dated May 13, 2009. All amounts in this report are in US dollars, unless otherwise noted.</FONT></P>
<P align="justify">
<FONT size=2>All financial information contained in this MD&amp;A and in the unaudited interim consolidated financial statements has been prepared in accordance with Canadian generally accepted accounting principles (GAAP), except for certain
information discussed in the paragraph entitled &#147;Non-GAAP Measures&#148; on page 6 of this MD&amp;A. The unaudited interim consolidated financial statements and this MD&amp;A were reviewed by Gildan&#146;s Audit and Finance Committee and were
approved by our Board of Directors. </FONT></P>
<P align="justify">
<FONT size=2>Additional information about Gildan, including our 2008 Annual Information Form, is available on our website at www.gildan.com, on the SEDAR website at www.sedar.com, and on the EDGAR section of the U.S. Securities and Exchange
Commission website (which includes the Annual Report on Form 40-F) at </FONT><FONT size=2>www.sec.gov</FONT><FONT size=2>. </FONT></P>
<P align="justify">
<FONT size=2>This document contains forward-looking statements, which are qualified by reference to, and should be read together with, the &#147;Forward-looking Statements&#148; cautionary notice on page 21. </FONT></P>
<P align="justify">
<FONT size=2>In this MD&amp;A, &#147;Gildan&#148;, the &#147;Company&#148;, or the words &#147;we&#148;, &#147;us&#148;, &#147;our&#148; refer, depending on the context, either to Gildan Activewear Inc. or to Gildan Activewear Inc. together with its
subsidiaries and joint venture. </FONT></P>
<P align="justify">
<FONT size=2>The Company&#146;s revenues and income are subject to seasonal variations. Consequently, the results of operations for the second quarter are traditionally not indicative of the results to be expected for the full year.</FONT><FONT
size=2> </FONT></P>
<P align="justify">
<B><U><FONT size=2>OUR BUSINESS</FONT></U></B><BR>
</P>
<P align="justify">
<FONT size=2>Gildan is a vertically-integrated marketer and manufacturer of activewear, socks and underwear. The Company operates in one business segment, being high-volume, basic, frequently replenished, non-fashion apparel. We are the leading
supplier of activewear for the screenprint channel in the U.S. and Canada, and also a leading supplier for this market in Europe. We sell socks and underwear, in addition to our activewear products, to mass-market and regional retailers in North
America. The acquisitions of Kentucky Derby Hosiery Co., Inc. (Kentucky Derby) in July 2006 and V.I. Prewett &amp; Son, Inc. (Prewett) in October 2007, combined with the addition of new branded and private label sock programs, have positioned Gildan
as a leading supplier of basic family socks in the U.S. mass-market retail channel. </FONT> </P>
<P align="justify">
<B><FONT size=2>Our Products</FONT></B><BR>
</P>
<P align="justify">
<FONT size=2>We specialize in marketing and large-scale low-cost manufacturing of basic, non-fashion apparel products for customers requiring an efficient supply chain and consistent product quality for high-volume automatic replenishment
programs.</FONT></P>
<P align="justify">
<FONT size=2>We sell activewear products, namely T-shirts, fleece and sport shirts, in large quantities to wholesale distributors as undecorated &#147;blanks&#148;, which are subsequently sold to screenprinters and embroiderers who decorate our
products with designs and logos. Our products are made of cotton and of blends of cotton and synthetic fibres. We sell our products to wholesale distributors under the Gildan brand. Our products are used in a variety of daily activities by
consumers. Uses of our activewear product-line include work and school uniforms, athletic teamwear and other end-uses to convey individual, group and team identity. Consumers also purchase the Company&#146;s activewear products in venues such as
sports, entertainment and corporate events, as well as travel and tourism destinations.</FONT></P>
<P align="justify">
<FONT size=2>In the retail channel, we sell a variety of styles of socks and, to a lesser extent at this stage, men&#146;s and boys&#146; underwear and undecorated activewear products. We sell these products to mass-market and regional retailers in
North America under various retailer private label programs and under the Gildan brand. </FONT><FONT size=2> </FONT></P>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.2</FONT></P>

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<A name="page_3"></A>

<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<P align="justify">
<B><FONT size=2>Our Facilities</FONT></B></P>
<P align="justify">
<U><FONT color="#7e7e7e" size=2>Manufacturing</FONT></U><BR>
</P>
<P align="justify">
<FONT size=2>To support our sales in the various markets, we have built modern manufacturing facilities located in Central America and the Caribbean Basin where we manufacture T-shirts, fleece, sport shirts, socks and underwear. Our largest
manufacturing hub in Central America includes our first integrated knitting, bleaching, dyeing, finishing and cutting textile facility (Rio Nance 1) to produce activewear fabric and, more recently, underwear fabric. This facility, located in Rio
Nance, Honduras, became operational in 2002. During 2007, we commenced production at an integrated sock manufacturing facility (Rio Nance 3) and at a new integrated textile facility for the production of activewear fabric (Rio Nance 2), in Rio
Nance, Honduras. </FONT><B><FONT size=2> </FONT></B></P>
<P align="justify">
<FONT size=2>We have also established a vertically-integrated Caribbean Basin manufacturing hub with a textile facility for the production of activewear fabric in Bella Vista, Dominican Republic, which became operational in fiscal 2005.</FONT></P>
<P align="justify">
<FONT size=2>In addition to our integrated sock manufacturing facility and a leased sock finishing facility, located in our Central America hub, we operate U.S. sock manufacturing facilities in Fort Payne, Alabama, purchased as part of a sock
manufacturing acquisition in fiscal 2008. On December 11, 2008, we announced plans to phase out sock finishing operations in the U.S. during fiscal 2009 and consolidate operations in Honduras, in order to remain globally competitive in the current
economic environment. </FONT><B><FONT size=2> </FONT></B></P>
<P align="justify">
<FONT size=2>Our sewing facilities are strategically located in close proximity to our textile manufacturing facilities. We own and operate sewing facilities in Honduras and Nicaragua to support our textile manufacturing hub in Central America. To
support our vertically-integrated production in the Dominican Republic, we utilize third-party contractors in Haiti, and we have established a sewing facility in the Dominican Republic which began operating during the second quarter of fiscal 2009.
</FONT></P>
<P align="justify">
<U><FONT color="#7e7e7e" size=2>Yarn-Spinning</FONT></U><BR>
</P>
<P align="justify">
<FONT size=2>CanAm Yarns, LLC (CanAm), our joint-venture company with Frontier Spinning Mills, Inc. (Frontier), operates yarn-spinning facilities in Georgia and North Carolina. CanAm&#146;s yarn-spinning operations, together with supply agreements
currently in place with Frontier and other third-party yarn providers, serve to meet our yarn requirements. </FONT></P>
<P align="justify">
<U><FONT color="#7e7e7e" size=2>Sales, Marketing and Distribution</FONT></U><BR>
</P>
<P align="justify">
<FONT size=2>Our global sales and marketing office is located in St. Michael, Barbados where we employ more than 170 full-time employees. Our sales and marketing team is responsible for customer-related functions, including sales management,
marketing, customer service, credit management, sales forecasting, and inventory control. </FONT></P>
<P align="justify">
<FONT size=2>We distribute our products for the screenprint channel in the U.S. primarily out of our company-owned distribution centre in Eden, North Carolina, and also use third-party warehouses in the western United States, Canada, Mexico, Europe
and Asia to service our customers in these markets. We also ship directly from Haiti and from our facilities in Honduras. To service the mass-market retail channel, we operate distribution centres in Martinsville, Virginia and Fort Payne,
Alabama.</FONT></P>
<P align="justify">
<U><FONT color="#7e7e7e" size=2>Employees and Corporate Offices</FONT></U><BR>
</P>
<P align="justify">
<FONT size=2>As of the end of the second quarter of fiscal 2009 we employed more than 18,000 full-time employees worldwide. Our corporate head office is located in Montreal, Canada. </FONT></P>
<P align="justify">
<B><FONT size=2>Market Overview</FONT></B></P>
<P align="justify">
<U><FONT color="#7e7e7e" size=2>Target Market</FONT></U><FONT size=2> </FONT><BR>
</P>
<P align="justify">
<FONT size=2>Our markets for activewear, socks and underwear are characterized by low fashion risk compared to many other apparel markets, since our products are basic, frequently replenished and produced in a limited range of sizes, colours and
styles, and since logos and designs for the screenprint market are not imprinted or embroidered by Gildan.</FONT></P>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.3</FONT></P>

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<A name="page_4"></A>

<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<P align="justify">
<FONT size=2>The demand for activewear products in the screenprint channel has been driven by several market trends such as:</FONT></P>
<UL style="text-align:justify;">
<LI>
<FONT size=2>the use of activewear for uniform applications;</FONT></LI>
<LI>
<FONT size=2>the use of activewear for corporate promotions;</FONT></LI>
<LI>
<FONT size=2>the use of activewear for event merchandising (such as concerts, festivals, etc.);</FONT></LI>
<LI>
<FONT size=2>the evolution of the entertainment/sports licensing and merchandising businesses;</FONT></LI>
<LI>
<FONT size=2>the use of activewear products for travel and tourism;</FONT></LI>
<LI>
<FONT size=2>the emphasis on physical fitness; and</FONT></LI>
<LI>
<FONT size=2>the use and acceptance of casual dress in the workplace.</FONT></LI>
</UL>
<P align="justify">
<FONT size=2>In addition, reductions in manufacturing costs, combined with quality enhancements in activewear apparel, such as pre-shrunk fabrics, improved fabric weight, blends and construction, as well as an increased range of colours and styles
have provided consumers with superior products at lower prices.</FONT></P>
<P align="justify">
<FONT size=2>In the U.S. screenprint channel, T-shirt unit shipments have grown at a compounded annual rate of 4.5% between 1999 and 2008, according to S.T.A.R.S. reports produced by ACNielsen Market Decisions, which tracks unit volume shipments
from U.S. wholesale distributors to U.S. screenprinters. Industry volume for T-shirts during this ten-year period declined twice, namely in calendar year 2001 by 3.4% and in 2008 by 4.9% .</FONT></P>
<P align="justify">
<U><FONT color="#7e7e7e" size=2>Competitive Environment</FONT></U><BR>
</P>
<P align="justify">
<FONT size=2>The market for our products is highly competitive. Competition is generally based upon price, with reliable quality and service also being requirements for success. Our primary competitors in North America both in the screenprint and
retail channels are the major U.S.-based manufacturers of basic family apparel for the screenprint and retail channels, such as the Hanes, Fruit of the Loom, Jerzees and Anvil brands. Competition in socks in the U.S. mass-market retail channel is
more fragmented, with a higher proportion of private label programs that are frequently outsourced from Asian contractors by retail vendors based in the U.S. </FONT></P>
<P align="justify">
<FONT size=2>The competition in the European screenprint channel is similar to that in North America, as we compete primarily with the U.S.-based brands mentioned above. We also have European-based competitors that do not have integrated
manufacturing operations and source products from suppliers in Asia. In addition, we may face the threat of increasing global competition.</FONT></P>
<P align="justify">
<U><FONT color="#7e7e7e" size=2>Impact of Economic Downturn</FONT></U><BR>
</P>
<P align="justify">
<FONT size=2>During the first six months of fiscal 2009, the severe downturn in the overall economic environment resulted in a dramatic curtailment of consumer and corporate spending which negatively impacted demand for our products in the U.S. and
other international screenprint markets, and was further compounded by significant inventory destocking at the U.S. distributor level. Unit shipments from U.S. wholesale distributors to U.S. screenprinters for the first six months of fiscal 2009
were down approximately 15% based on S.T.A.R.S. data. Inventory destocking occurred as distributors reduced inventory levels on hand at the end of fiscal 2008, due to the subsequent unexpected industry decline impacted by the market downturn, and as
they managed working capital requirements in a tighter financial markets environment. The financial market crisis and the economic slowdown also resulted in the Company&#146;s largest wholesale distributor entering into a process to restructure its
debt financing which curtailed its ability to replenish inventory during the second quarter. In addition, an unfavourable supply-demand and competitive environment combined with the deflation in cotton and energy prices resulted in downward pressure
on net selling prices. Weaker demand and customer inventory reductions also occurred in the mass-market retail channel, although this was partly mitigated by the basic replenishment nature of our products. </FONT></P>
<P align="justify">
<B><U><FONT size=2>STRATEGY AND OBJECTIVES</FONT></U></B><B><FONT size=2> </FONT></B>
</P>
<P align="justify">
<FONT size=2>Our growth strategy comprises the following initiatives:</FONT><BR>
</P>
<ul>
  <li>
<P align="justify">
<FONT size=2> Continue to increase market share in the U.S. screenprint channel in all product categories;</FONT></P>
  </li>
</ul>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.4</FONT></P>

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<A name="page_5"></A>

<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<UL style="text-align:justify;">
<LI>
<FONT size=2>Leverage our successful business model to further penetrate the mass-market retail channel both as a</FONT> <FONT size=2>private label supplier and through the development of Gildan as a consumer brand;</FONT></LI>
<LI>
<FONT size=2>Pursue international growth opportunities;</FONT></LI>
<LI>
<FONT size=2>Continue to generate manufacturing and distribution cost reductions; and</FONT></LI>
<LI>
<FONT size=2>Pursue selective complementary acquisitions.</FONT></LI>
</UL>
<P align="justify">
<FONT size=2>We believe that our success in developing our vertically-integrated manufacturing hubs has allowed us to provide our customers with low prices, consistent product quality and a reliable supply chain, and has been a main reason that we
have been able to continue to increase our market presence and establish our market leadership in the imprinted sportswear market. Management believes that these same factors will support Gildan&#146;s strategy to expand its presence in
international screenprint markets and further penetrate the retail channel. </FONT></P>
<P align="justify">
<FONT size=2>Historically, the Company has achieved significant growth in sales and earnings. However, we expect a decline in sales and earnings in fiscal 2009 due to the impact of weak economic conditions on demand for activewear in the U.S. and
international screenprint channels. Although we continue to execute on the key initiatives of our growth strategy and have continued to gain market share, we have taken steps to respond to the current global economic conditions and the impact it is
having on our operating results. In the current economic environment we have focused on carefully managing our fiscal 2009 capital expenditures by proceeding more slowly with capacity expansion plans. As such, during fiscal 2009, we deferred the
construction of the Rio Nance 5 facility until the economic outlook in support of further major capacity expansion becomes clearer. During the second quarter of fiscal 2009 we also began to take production downtime to align inventory levels with
demand. We will continue to carefully monitor inventories in relation to market conditions as they evolve, and will schedule further production downtime where required in order to align inventories with sales demand. The Company believes that its
strong competitive positioning, combined with its strong balance sheet and free cash flow generation, will allow it to benefit from any industry rationalization or restructuring that may occur in the event of a prolonged industry downturn and crisis
in liquidity. </FONT></P>
<P align="justify">
<FONT size=2>We are subject to a variety of business risks that may affect our ability to maintain our current market share and profitability, as well as our ability to achieve our long-term strategic objectives. These risks are described under the
&#147;Financial Risk Management&#148; and &#147;Risks and Uncertainties&#148; sections of our 2008 Annual MD&amp;A, as subsequently updated in our first quarter 2009 interim MD&amp;A and in this interim MD&amp;A.</FONT></P>
<P align="justify">
<B><U><FONT size=2>OPERATING RESULTS</FONT></U></B></P>
<P align="justify">
<B><FONT size=2>Statement of Earnings Classifications</FONT></B><BR>
</P>
<P align="justify">
<FONT size=2>Effective the first quarter of fiscal 2009, we changed certain classifications of our 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, </FONT><I><FONT size=2>Inventories</FONT></I><FONT size=2>, 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 (SG&amp;A) expenses. Depreciation and amortization expense is therefore no longer presented as a separate caption on the Statement of Earnings and Comprehensive Income. In addition, we
reclassified certain other items in our Statement of Earnings and Comprehensive Income. Outbound freight, previously classified within SG&amp;A 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 (including mark-to-market adjustments of interest rate swap contracts), 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 SG&amp;A expenses. These changes in classification have resulted in a decrease of &#36;15.1</FONT><FONT size=2> </FONT><FONT size=2>million and &#36;2.0</FONT><FONT
size=2> </FONT><FONT size=2>million in gross profit and SG&amp;A expenses, respectively, compared to the amounts previously reported for the second quarter of fiscal 2008. The decrease of &#36;15.1 million in gross profit is due to reclassifications
of &#36;11.6 million of depreciation and amortization expense, &#36;4.8 million of outbound freight and $1.3 million of foreign exchange loss
and other financial income. For the six months ended March 30, 2008, these
changes in classification have resulted in a decrease of $28.5 million and $2.9
million in gross profit and selling, general and administrative expenses,
respectively, compared to the amounts previously reported. The decrease of $28.5
million in gross profit is due to reclassifications of $21.1 million of
depreciation and amortization expense, $8.4 million of outbound freight and $1.0
million of foreign exchange loss and other financial income. There has been no
impact on net earnings as a result of these changes in classification. </FONT></P>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.5</FONT></P>

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<!--$$/page=--><A name=page_6></A>
<P align=right><FONT size=1>MANAGEMENT&#146;S DISCUSSION AND
ANALYSIS</FONT><BR></P>
<P align=justify><B><FONT size=2>Non-GAAP Measures</FONT></B><BR></P>
<P align=justify><FONT size=2>We use non-GAAP measures to assess our operating
performance. Securities regulations require that companies caution readers that
earnings and other measures adjusted to a basis other than GAAP do not have
standardized meanings and are unlikely to be comparable to similar measures used
by other companies. Accordingly, they should not be considered in isolation. We
use non-GAAP measures including adjusted net earnings, adjusted diluted EPS,
EBITDA, free cash flow, total indebtedness and net indebtedness to measure our
performance from one period to the next without the variation caused by certain
adjustments that could potentially distort the analysis of trends in our
operating performance, and because we believe such measures provide meaningful
information on the Company&#146;s financial condition and operating
results.</FONT></P>
<P align=justify><FONT size=2>We refer the reader to page 19 for the definition
and reconciliation of non-GAAP measures used and presented by the Company to the
most directly comparable GAAP measures. </FONT></P>
<P align=justify><B><FONT size=2>Summary of Quarterly Results</FONT></B><BR></P>
<P align=justify><FONT size=2>The table below sets forth certain summarized
unaudited quarterly financial data for the eight most recently completed
quarters. This quarterly information is unaudited but has been prepared on the
same basis as the annual audited consolidated financial statements. The
operating results for any quarter are not necessarily indicative of the results
to be expected for any period. </FONT></P>
<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 style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=1><I>(in $ millions, except per share amounts)
      </I><I><SUP>(1)</SUP></I> </FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>2009 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>2008 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>2007 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><FONT size=1><B>Q2</B> </FONT></TD>
    <TD align=left width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>Q1 </FONT></TD>
    <TD align=left width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>Q4 </FONT></TD>
    <TD align=left width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>Q3 </FONT></TD>
    <TD align=left width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>Q2 </FONT></TD>
    <TD align=left width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>Q1 </FONT></TD>
    <TD align=left width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>Q4 </FONT></TD>
    <TD align=left width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><FONT size=1>Q3 </FONT></TD>
    <TD align=left width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" ><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=1>Net Sales </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=1><B>244.8</B>
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=1>184.0 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=1>324.7 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=1>380.8 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=1>293.8 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=1>250.5 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=1>254.9 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=1>291.6 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT
      size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=1>Net earnings<I><SUP>(2)</SUP></I> </FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1><B>7.1</B> </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>4.3 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>21.8 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>54.5 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>42.1 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>27.9 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>41.3 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>52.4 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=1>Net earnings per
      share<SUP>(2)</SUP> </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" bgColor=#e6efff><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" bgColor=#e6efff><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" bgColor=#e6efff><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" bgColor=#e6efff><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" bgColor=#e6efff><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" bgColor=#e6efff><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" bgColor=#e6efff><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%" bgColor=#e6efff><FONT size=1>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="margin-left: 20"><FONT size=1>Basic EPS </FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1><B>0.06</B> </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>0.04 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>0.18 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>0.45 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>0.35 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>0.23 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>0.34 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>0.44 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="margin-left: 20"><FONT size=1>Diluted EPS </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1><B>0.06</B>
    </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>0.04 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>0.18 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>0.45 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>0.35 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>0.23 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>0.34 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>0.43 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=1>Total assets<I><SUP>(2)</SUP></I> </FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1><B>1,117.3</B> </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>1,043.5 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>1,101.3 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>1,104.4 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>1,057.9 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>993.3 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>872.0 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%"><FONT size=1>822.0 </FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=1>Total long-term financial
      liabilities </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1><B>121.5</B>
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>51.2 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>53.0 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>108.4 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>146.3 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>130.8 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>59.7 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>42.9 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20; margin-left: 20"><FONT size=1>Weighted average number of shares outstanding
      <I>(in &#145;000s)</I> </FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%"><FONT size=1><FONT size=1></FONT><FONT
      size=1></FONT></FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%"><FONT size=1><FONT size=1></FONT><FONT
      size=1></FONT></FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%"><FONT size=1><FONT size=1></FONT><FONT
      size=1></FONT></FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%"><FONT size=1><FONT size=1></FONT><FONT
      size=1></FONT></FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%"><FONT size=1><FONT size=1></FONT><FONT
      size=1></FONT></FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%"><FONT size=1><FONT size=1></FONT><FONT
      size=1></FONT></FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%"><FONT size=1><FONT size=1></FONT><FONT
      size=1></FONT></FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="7%"><FONT size=1><FONT size=1></FONT><FONT
      size=1></FONT></FONT></TD>
    <TD align=left width="2%" ><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=1>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;Basic </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1><B>120,799</B>
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>120,573 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>120,531 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>120,492 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>120,464 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>120,428 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>120,401 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=1>120,359 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><FONT
      size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 2"><FONT size=1>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Diluted </FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-bottom-style: solid; border-bottom-width: 2"><FONT size=1><B>121,178</B> </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-bottom-style: solid; border-bottom-width: 2"><FONT size=1>121,408 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-bottom-style: solid; border-bottom-width: 2"><FONT size=1>121,558 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-bottom-style: solid; border-bottom-width: 2"><FONT size=1>121,622 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-bottom-style: solid; border-bottom-width: 2"><FONT size=1>121,649 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-bottom-style: solid; border-bottom-width: 2"><FONT size=1>121,656 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-bottom-style: solid; border-bottom-width: 2"><FONT size=1>121,577 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-bottom-style: solid; border-bottom-width: 2"><FONT size=1>121,599 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 2" ><FONT
  size=1>&nbsp;</FONT></TD></TR></TABLE>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><I><SUP><FONT size=1>(1)</FONT></SUP></I> </TD>
    <TD>
      <P align=justify><I><FONT size=1>Quarterly results reflect the acquisition
      of Prewett on October 15, 2007 (Q1 2008) from the date of
      acquisition.</FONT></I></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><I><SUP><FONT size=1>(2)</FONT></SUP></I> </TD>
    <TD>
      <P align=justify><I><FONT size=1>Net earnings, Net earnings per share and
      Total assets reflect the impact of the change in accounting policy as
      described in Note 3 to the unaudited interim consolidated financial
      statements.</FONT></I></P></TD></TR></TABLE>
<P align=justify><FONT size=2>The activewear business is seasonal and we have
historically experienced quarterly fluctuations in operating results. Typically,
demand for our T-shirts is highest in the third quarter of each fiscal year,
when distributors purchase inventory for the peak summer selling season, and
lowest in the first quarter of each fiscal year. Demand for fleece is typically
highest, in advance of the Fall and Winter seasons, in the third and fourth
quarters of each fiscal year. The seasonality of specific product-lines is
consistent with that experienced by other companies in the activewear industry.
For our sock products, demand is typically highest in the first and fourth
quarters of each fiscal year, stimulated largely by the cooler weather, the need
to support requirements for the back-to-school period and the peak retail
selling during the Christmas holiday season. </FONT><B><FONT
size=2></FONT></B></P>
<P align=justify><FONT size=2>Historically, throughout the year, we have
operated our mature facilities at full capacity in order to be cost efficient.
Consequently, with the seasonal sales trends of our business, we experience
fluctuations in our inventory levels throughout the year, in
particular a build-up of inventory levels in the first half of the year. During
the second quarter of fiscal 2009 we took some production downtime. We will
continue to carefully monitor inventories in relation to market conditions as
they evolve, and we expect to schedule further production downtime where
required in order to align inventories with sales demand.</FONT><B><FONT size=2>
</FONT></B></P>
<P align=right><FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009
P.6</FONT></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P align=right><FONT size=1>MANAGEMENT&#146;S DISCUSSION AND
ANALYSIS</FONT><BR></P>
<P align=justify><B><FONT size=2>Net Sales</FONT></B><BR></P>
<P align=justify><FONT size=2>Net sales of $244.8 million for the second quarter
of fiscal 2009 decreased 16.7% compared to $293.8 million in the second quarter
of fiscal 2008 mainly as a result of a 21.9% decline in activewear sales
including a 13.9% decrease in unit shipments of activewear, unfavourable
activewear product-mix and the negative impact of the strengthening of the U.S.
dollar against foreign currencies which impacted our Canadian and international
sales. The unit volume decline in activewear was mainly attributable to an 18.0%
decline in overall industry unit shipments by U.S. wholesale distributors to
U.S. screenprinters for the quarter ended March 31, 2009 and the significant
impact of the Company&#146;s decision to limit its credit exposure to its largest
distributor, which has been undertaking a process to restructure its debt
financing. The unfavourable activewear product-mix was due to a lower proportion
of sales of high-valued fleece and long-sleeve T-shirts, and an abnormally high
proportion of sales of second-quality product as we significantly reduced
inventories of such product which had been primarily manufactured in fiscal
2008. These negative factors more than offset the benefit from Gildan&#146;s
increased market share penetration in the U.S. screenprint channel.</FONT></P>
<P align=justify><FONT size=2>Market growth and share data presented for the
U.S. wholesale distributor channel is based on the S.T.A.R.S. Report produced by
ACNielsen Market Decisions. The table below summarizes the S.T.A.R.S. data for
the calendar quarter ended March 31, 2009: </FONT></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>&nbsp; </TD>
    <TD align=center width="26%" colSpan=2><B><FONT size=2>Three months
      ended</FONT></B> </TD>
    <TD align=center width="26%" colSpan=2><B><FONT size=2>Three months
      ended</FONT></B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="26%" colSpan=2><B><FONT size=2>March
      31,</FONT></B> </TD>
    <TD align=center width="26%" colSpan=2><B><FONT size=2>March
      31,</FONT></B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="26%"
    colSpan=2><B><FONT size=2>2009 vs. 2008</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B><FONT size=2>2009</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B><FONT size=2>2008</FONT></B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="26%"
    colSpan=2><B><FONT size=2>Unit Growth</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="26%"
    colSpan=2><B><FONT size=2>Market Share</FONT></B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B><FONT size=2>Gildan</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B><FONT size=2>Industry</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="26%"
    colSpan=2><B><FONT size=2>Gildan</FONT></B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>All products</FONT> </TD>
    <TD align=center width="13%" bgColor=#e6efff><B><FONT
      size=2>(5.5)%</FONT></B> </TD>
    <TD align=center width="13%" bgColor=#e6efff><FONT size=2>(18.0)%</FONT>
    </TD>
    <TD align=center width="13%" bgColor=#e6efff><B><FONT
      size=2>57.3%</FONT></B> </TD>
    <TD align=center width="13%" bgColor=#e6efff><FONT size=2>50.1%</FONT>
  </TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>T-shirts</FONT> </TD>
    <TD align=center width="13%"><B><FONT size=2>(5.5)%</FONT></B> </TD>
    <TD align=center width="13%"><FONT size=2>(17.9)%</FONT> </TD>
    <TD align=center width="13%"><B><FONT size=2>58.1%</FONT></B> </TD>
    <TD align=center width="13%"><FONT size=2>50.7%</FONT> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Fleece</FONT> </TD>
    <TD align=center width="13%" bgColor=#e6efff><B><FONT
      size=2>0.4%</FONT></B> </TD>
    <TD align=center width="13%" bgColor=#e6efff><FONT size=2>(12.9)%</FONT>
    </TD>
    <TD align=center width="13%" bgColor=#e6efff><B><FONT
      size=2>56.0%</FONT></B> </TD>
    <TD align=center width="13%" bgColor=#e6efff><FONT size=2>48.8%</FONT>
  </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 2"><FONT size=2>Sport shirts</FONT> </TD>
    <TD align=center width="13%" style="border-bottom-style: solid; border-bottom-width: 2"><B><FONT size=2>(23.8)%</FONT></B> </TD>
    <TD align=center width="13%" style="border-bottom-style: solid; border-bottom-width: 2"><FONT size=2>(28.6)%</FONT> </TD>
    <TD align=center width="13%" style="border-bottom-style: solid; border-bottom-width: 2"><B><FONT size=2>37.7%</FONT></B> </TD>
    <TD align=center width="13%" style="border-bottom-style: solid; border-bottom-width: 2"><FONT size=2>35.5%</FONT>
</TD></TR></TABLE>
<P align=justify><FONT size=2>During the second quarter of fiscal 2009 Gildan
achieved market share gains in all of its product categories and grew its
overall market share in the U.S. screenprint channel to 57.3%, up 7.2 percentage
points compared to the same period last year. Gildan&#146;s market share gains
partially offset the approximate 18.0% decline in the industry and resulted in a
decline of 5.5% for Gildan products sold by U.S. distributors to U.S.
screenprinters during the quarter. </FONT></P>
<P align=justify><FONT size=2>Both the Canadian and the international
screenprint markets in which we compete reflected similar challenging market
conditions as in the U.S screenprint channel. Sales in the Canadian market
declined by 45.9% in the quarter and 48.8% in the first six months compared to
the same periods last year, due to weak demand, distributor destocking and the
decline in the value of the Canadian dollar. Sales in international markets were
negatively impacted by the decline in the value of local currencies compared to
the U.S. dollar. Higher unit sales in Western Europe, the U.K., the Asia/Pacific
region and Mexico were offset by the temporary suspension of distribution in
Eastern Europe, which had been a growing market in fiscal 2008.</FONT></P>
<P align=justify><FONT size=2>Sales of socks for the second quarter of fiscal
2009 were essentially unchanged from the second quarter of fiscal 2008 in spite
of the elimination of unprofitable sock product-lines during fiscal 2008. Unit
sales of Gildan socks from Gildan&#146;s major retail customers to consumers were
higher than the previous year, in spite of weak overall retail market
conditions. The Company believes that it is well positioned at this time to
build on its strong market position in the sock category and pursue its strategy
to achieve further penetration with U.S. mass-market retailers.</FONT><B><FONT
size=2> </FONT></B></P>
<P align=right><FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009
P.7</FONT></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>


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<A name="page_8"></A>

<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<P align="justify">
<FONT size=2>Net sales for the six months ended April 5, 2009 were &#36;428.8 million, down &#36;115.4 million, or 21.2% compared to the same period last year. The decrease in net sales was due to a 20.9% decline in activewear unit volumes,
unfavourable activewear product-mix, a &#36;14.0 million decrease in sock sales due to the elimination of unprofitable sock product-lines during fiscal 2008 and the negative impact of the stronger U.S dollar on Canadian and international sales.
These negative factors were partially offset by higher net selling prices for activewear. The lower unit sales volumes for activewear were due to the decline in overall industry unit shipments by U.S. wholesale distributors to U.S. screenprinters
and the significant impact of inventory reductions by U.S. wholesale distributors, which more than offset Gildan&#146;s market share gains in the U.S. screenprint channel during the six months ended April 5, 2009.</FONT></P>
<P align="justify">
<B><FONT size=2>Gross Profit</FONT></B><BR>
</P>
<P align="justify">
<FONT size=2>Gross profit for the second quarter of fiscal 2009 was &#36;38.7 million, or 15.8% of net sales, compared to &#36;84.5 million, or 28.8% of net sales during the second quarter of fiscal 2008. For the first six months of fiscal 2009
gross profit was &#36;77.6 million, or 18.1% of net sales, down from &#36;150.1 million, or 27.6% of net sales in the same period last year. The decline in gross margins in the quarter and the six months ended April 5, 2009 compared to the same
periods last year was due to  significantly higher costs in previously manufactured inventory for cotton, energy, chemicals and dyestuffs, unfavourable activewear product-mix including the impact of the sale of second-quality product, inefficiencies
due to manufacturing downtime, the temporary impact of inefficiencies related to the transition in sock private label brands for Gildan&#146;s largest retail customer, higher depreciation expenses absorbed in cost of sales, and the impact of
currency fluctuations, partially offset by slightly higher net selling prices for activewear and the non-recurrence of charges related to completing the integration of the acquisition of a sock manufacturer which were incurred in the second quarter
of fiscal 2008. </FONT></P>
<P align="justify">
<FONT size=2>We continue to plan our business on the basis of assuming that macro-economic conditions will continue to result in very weak activewear sales demand and severe selling price competition in the second half of the fiscal year. However,
gross margins are expected to improve in the second half of the fiscal year, compared to the second quarter, due to more favourable manufacturing efficiencies which are reflected in inventory valuations at the end of the second quarter of fiscal
2009, including the benefit of lower energy and transportation costs, the non-recurrence of the abnormally high proportion of sales of second-quality merchandise in the second quarter, a higher proportion of sales of fleece and long-sleeve T-shirts,
and the completion of the transition to new sock private label brands. In addition, cotton costs in the second half of the year will decline compared to the second quarter of fiscal 2009, although gross margins in the second half of the current
fiscal year will not yet reflect the full benefit of the decline in commodity costs, as we had previously committed ourselves to cotton purchases at higher cotton prices. Lower manufacturing and raw material costs in the second half of fiscal 2009,
combined with more favourable product-mix, are expected to positively impact gross margins by over 10%, compared to the second quarter, and more than offset the negative impact of assumed further production downtime and possible further selling
price discounting in the second half of the year. </FONT></P>
<P align="justify">
<B><FONT size=2>Selling, General and Administrative Expenses</FONT></B><BR>
</P>
<P align="justify">
<FONT size=2>Selling, general and administrative (SG&amp;A) expenses in the second quarter of fiscal 2009 were &#36;30.9 million, or 12.6% of sales, compared to &#36;34.6 million, or 11.8% of sales, in the second quarter of last year. For the first
six months of fiscal 2009, SG&amp;A expenses were &#36;64.4 million, or 15.0% of sales, compared to &#36;66.3 million or 12.2% of sales in the same period last year. Lower SG&amp;A expenses were due to the reduced distribution costs and the impact
of the lower-valued Canadian dollar on corporate administrative expenses, partially offset by higher professional and legal fees. SG&amp;A expenses for the first six months of fiscal 2009 also reflected a &#36;2.4 million increase in accounts
receivable provisions when compared to the same period last year related primarily to provisions taken on certain small wholesale distributor customers. </FONT></P>
<P align="justify">
<B><FONT size=2>Restructuring and Other Charges</FONT></B><BR>
</P>
<P align="justify">
<FONT size=2>In fiscal 2006 and 2007, we announced the closure, relocation and consolidation of manufacturing and distribution facilities in Canada, the United States and Mexico, as well as the relocation of our corporate office. In addition, in the
third and fourth quarters of fiscal 2008, we announced the planned consolidation of our Haiti sewing operations which was finalized in the first half of fiscal 2009, and the planned phase out of sock finishing operations in the U.S., respectively. The costs incurred in connection with these initiatives have been recorded as restructuring and other charges.</FONT></P>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.8</FONT></P>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">



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<A name="page_9"></A>

<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<P align="justify">
<FONT size=2>For the first six months of fiscal 2009, restructuring charges totalled &#36;1.1 million consisting primarily of other exit costs of &#36;0.6 million and severance costs of &#36;0.5 million. For the first six months of fiscal 2008
restructuring charges totalled &#36;1.6 million consisting of other exit costs of &#36;1.9 million, partially offset by a gain of &#36;0.3 million recognized in the first quarter of fiscal 2008 on the disposal of assets held for sale.</FONT></P>
<P align="justify">
<FONT size=2>Assets held for sale of &#36;11.6 million as of April 5, 2009 (October 5, 2008 - &#36;10.5 million; March 30, 2008 -&#36;12.7 million) include property, plant and equipment at these various locations. We expect to incur additional
carrying costs relating to the closed facilities being held for sale, which will be accounted for as restructuring charges as incurred during fiscal 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. </FONT></P>
<P align="justify">
<B><FONT size=2>Financial Expense, net</FONT></B><BR>
</P>
<P align="justify">
<FONT size=2>Net financial expense includes interest expense, net of interest income, and foreign exchange gains and losses. Net financial expense amounted to &#36;0.02 million and &#36;0.2 million during the second quarter and first six months of
fiscal 2009, respectively compared to net financial expense of &#36;3.6 million and &#36;6.3 million in the same periods last year. The decrease in net financial expense in the second quarter of fiscal 2009 resulted primarily from a decrease in
interest expense of &#36;1.6 million, and foreign exchange gains of &#36;0.7 million compared to foreign exchange losses of &#36;1.3 million in the same period last year. For the six months ended April 5, 2009, net financial expense decreased by
&#36;6.1 million, due to a &#36;3.5 million decline in interest expense combined with foreign exchange gains of &#36;1.6 million compared to foreign exchange losses of &#36;1.0 million in the same period last year. The decrease in interest expense
was due to lower average borrowings during the first six months of fiscal 2009 and the impact of lower average interest rates during the first half of fiscal 2009.</FONT></P>
<P align="justify">
<B><FONT size=2>Income Taxes</FONT></B><FONT size=2> </FONT></P>
<P align="justify">
<FONT size=2>Income tax expense for the second quarter and the first six months of fiscal 2009 was &#36;0.4 million and &#36;0.8 million, respectively compared to an income tax expense of &#36;3.5 million and &#36;5.6 million in the second quarter
and first six months of fiscal 2008. Excluding the impact of restructuring and other charges, the effective income tax rate in the second quarter and the first six months of fiscal 2009 was 5.6% and 5.8%, respectively, compared to an effective
income tax rate of 7.6% in the second quarter and 7.3% for the first six months of last year.</FONT><I><FONT size=2> </FONT></I></P>
<P align="justify">
<B><FONT size=2>Net Earnings</FONT></B><BR>
</P>
<P align="justify">
<FONT size=2>Net earnings were &#36;7.1 million, or &#36;0.06 per share on a diluted basis, for the second quarter ended April 5, 2009, compared with net earnings of &#36;42.1 million, or &#36;0.35 per share on a diluted basis in the second quarter
of fiscal 2008. Net earnings for the first six months of fiscal 2009 were &#36;11.4 million, or &#36;0.09 per share on a diluted basis, compared with net earnings of &#36;70.1 million, or &#36;0.58 per share on a diluted basis for the same period
last year.</FONT></P>
<P align="justify">
<FONT size=2>The reduction in net earnings and earnings per share (EPS) on a diluted basis in the second quarter and for the first six months of fiscal 2009 compared to the same periods last year was primarily due to significantly lower activewear
unit sales volumes, as a result of weak end-use demand and the timing of wholesale distributor replenishment, and significantly lower gross margins, as a result of the consumption of higher-cost inventories produced in previous quarters and
unfavourable product-mix, partially offset by lower SG&amp;A and financial expenses.</FONT></P>
<P align="justify">
<B><U><FONT size=2>FINANCIAL CONDITION</FONT></U></B><BR>
</P>
<P align="justify">
<FONT size=2>Accounts receivable of &#36;176.6 million as at April 5, 2009 decreased by &#36;45.6 million, compared to accounts receivable of &#36;222.2 million at the end of fiscal 2008, due to the impact of seasonal sales trends, lower sales due
to the downturn in the economy, as discussed under the Net Sales analysis on page 7, and a slight decline in days&#146; sales outstanding (DSO). Typically, our DSO are at their highest level in the fourth quarter of the year as a result of seasonal
fleece programs with extended payment terms, and decrease in the first and second quarters of the fiscal year. The decrease in DSO this quarter, however, was partly offset by the impact of certain T-shirt shipments being invoiced with extended payment terms in the second quarter of fiscal 2009. This resulted in DSO
at the end of the second quarter being higher than at the end of the second quarter of fiscal 2008. Accounts receivable at the end of the second quarter of fiscal 2009 were down &#36;9.2 million compared to accounts receivable of &#36;185.8 million
at the end of the second quarter of fiscal 2008 due to lower sales.</FONT><B><FONT size=2> </FONT></B></P>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.9</FONT></P>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">



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<A name="page_10"></A>

<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<P align="justify">
<FONT size=2>Inventories of &#36;379.9 million were up &#36;63.7 million, or 20.1% from October 5, 2008 and up &#36;79.8 million or 26.6%, compared to the second quarter of fiscal 2008. These increases reflected higher activewear inventories due to
lower sales, partially offset by lower activewear unit costs and a reduction in sock inventories. Manufacturing downtime will be scheduled as required in order to continue to control activewear inventories, based on the outlook for end-use demand
and the level of replenishment of inventories by our distributors. Activewear inventories at the end of the second quarter of fiscal 2008 were at lower than optimal levels, as the Company was experiencing production issues from its Dominican
Republic textile facility, as previously disclosed. </FONT></P>
<P align="justify">
<FONT size=2>Property, plant and equipment, which are net of accumulated amortization, including asset impairment losses, amounted to &#36;429.8 million at April 5, 2009, a decrease of &#36;6.7 million compared to &#36;436.5 million at October 5,
2008. The decrease reflected depreciation of property, plant and equipment of &#36;30.4 million, offset by net capital additions of &#36;25.4 million, mainly for the biomass combustion energy project in the Dominican Republic and our capacity
expansion projects. The remaining decrease is due to a reclassification of property, plant and equipment to assets held for sale. The decline in property, plant and equipment was in line with our objective to prudently manage capital expenditures in
the current economic environment.</FONT></P>
<P align="justify">
<FONT size=2>Intangible assets amounted to &#36;58.4 million as at April 5, 2009 compared to &#36;60.0 million at the end of fiscal 2008. The decrease related to the amortization of intangible assets for the first half of fiscal 2009. Goodwill of
&#36;6.7 million at the end of the second quarter of fiscal 2009 related to the acquisition of Prewett in October 2007. During the second quarter of fiscal 2009, although the overall economic environment remained weak, we concluded that there was no
impairment in the value of goodwill and intangible assets carried on the interim consolidated balance sheet as at April 5, 2009. </FONT> </P>
<P align="justify">
<FONT size=2>Total assets were &#36;1,117.3 million as at April 5, 2009, compared to &#36;1,101.3 million at the end of the previous year. Working capital was &#36;448.3 million as at April 5, 2009 compared to &#36;355.2 million as at October 5,
2008. The current ratio at the end of the second quarter of fiscal 2009 was 4.2 compared to 2.7 at the end of fiscal 2008. </FONT></P>
<P align="justify">
<FONT size=2>Accounts payable and accrued liabilities amounted to &#36;123.0 million at April 5, 2009, compared to &#36;155.7 million at the end of fiscal 2008. The decrease of &#36;32.7 million was primarily due to reduced capital spending and the
impact of production downtime taken near the end of this fiscal quarter.</FONT></P>
<P align="justify">
<FONT size=2>Income taxes payable were &#36;14.9 million at April 5, 2009 compared to &#36;46.6 million at October 5, 2008. The decrease in income taxes payable was mainly due to a payment of &#36;23.8 million in the first quarter of fiscal 2009
related to the settlement of the Canada Revenue Agency audit as announced in December 2008 and as described in Note 14 to the 2008 annual audited Consolidated Financial Statements. </FONT></P>
<P align="justify">
<B><U><FONT size=2>CASH FLOWS</FONT></U></B><BR>
</P>
<P align="justify">
<FONT size=2>Cash flows used in operating activities in the second quarter of fiscal 2009 were &#36;49.4 million compared to cash inflows of &#36;24.3 million for the previous year. The decrease in cash flow was primarily due to lower cash operating
earnings and a higher seasonal increase in accounts receivable. For the first six months of fiscal 2009, cash flows used in operating activities were &#36;33.5 million compared to cash inflows from operating activities of &#36;127.7 million in the
same period last year primarily due to lower cash operating earnings, higher seasonal increases in inventories, a higher decline in accounts payable and accrued liabilities and income tax payments of &#36;26.2 million primarily in respect of prior
fiscal years. </FONT></P>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.10</FONT></P>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<!--$$/page=--><A name=page_11></A>
<P align=right><FONT size=1>MANAGEMENT&#146;S DISCUSSION AND
ANALYSIS</FONT><BR></P>
<P align=justify><FONT size=2>Cash flows used in investing activities were
$11.5
million in the second quarter of fiscal 2009, compared to $24.6 million
in the previous year. The decrease of $13.1 million was mainly due to
lower capital expenditures, as the Rio Nance 2 and Rio Nance 3 projects were being ramped up
during the second quarter of last year. For the first six months of fiscal 2009,
cash flows used in investing activities amounted to $23.6 million
compared to $193.8 million for the same period last year. This decrease
was mainly attributable to the acquisition of Prewett last year, for a purchase
price of $126.8 million and to lower capital expenditures during the
first six months of fiscal 2009, mainly as a result of lower spending for
capacity expansion projects compared to last year. </FONT></P>
<P align=justify><FONT size=2>Negative free cash flow</FONT><SUP><FONT
size=2>1</FONT></SUP><FONT size=2> of $59.1 million for the first six months of
fiscal 2009 compared to free cash flow of $70.7 million for the same period in
fiscal 2008 resulted mainly from lower cash flows from operating activities
compared to last year, partially offset by lower capital spending. </FONT></P>
<P align=justify><FONT size=2>Cash flows from financing activities were $70.4
million in the second quarter of fiscal 2009 compared to $15.8 million in the
second quarter of last year. The increase related mainly to a net amount of
$71.0 million drawn on our revolving long-term credit facility in the second
quarter of fiscal 2009 primarily to finance working capital requirements. For
the first six months of fiscal 2009 cash flows from financing activities were
$68.9 million compared to $86.0 million for the first six months of fiscal 2008.
The decrease reflected higher funds drawn under our revolving long-term credit
facility in fiscal 2008 to fund the acquisition of Prewett. </FONT></P>
<P align=justify><FONT size=2>We ended the second quarter of fiscal 2009 with
net indebtedness</FONT><SUP><FONT size=2>2</FONT></SUP><FONT size=2> of $97.5
million (October 5, 2008 - $40.6 million; March 30, 2008 - $117.0 million) and
we continue to have significant financing capacity and flexibility under our
revolving bank credit facility, which matures in 2013. Cash and cash equivalents
at the end of the second quarter of fiscal 2009 totaled $24.0 million compared
to $12.4 million at the end of fiscal 2008. Total indebtedness</FONT><SUP><FONT
size=2>2 </FONT></SUP><FONT size=2>as at April 5, 2009 amounted to $121.5
million compared to $146.3 million at the end of the second quarter of fiscal
2008 and $53.0 million at the end of fiscal 2008. We had $116.0 million drawn
under our revolving long-term credit facility as at the end of the second
quarter of fiscal 2009 compared to $45.0 million drawn as at October 5, 2008. In
addition, an amount of $1.0 million has been committed against this facility to
cover various letters of credits. In fiscal 2008, we used our revolving
long-term credit facility, in addition to our cash flow from operations, to
finance the acquisition of Prewett and capital expenditures of our major
capacity expansion projects in Honduras. Indebtedness to fund the acquisition of
Prewett was fully repaid using operating cash flows during fiscal
2008.</FONT></P>
<P align=justify><B><U><FONT size=2>LIQUIDITY AND CAPITAL
RESOURCES</FONT></U></B><BR></P>
<P align=justify><FONT size=2>In recent years, we have funded our operations and
capital requirements with cash generated from operations. A revolving credit
facility has been periodically utilized to finance seasonal peak working capital
requirements and business acquisitions. Our primary uses of funds on an ongoing
basis are for capital expenditures for new manufacturing facilities,
inventories, accounts receivable, and business acquisitions. In fiscal 2009, we
are also using funds for the payment of income taxes pursuant to the Company&#146;s
settlement of its transfer pricing audit with the Canada Revenue Agency as
announced in December 2008.</FONT></P>
<P align=justify><FONT size=2>On October 30, 2007, we increased our committed
long-term credit facility to $400 million, on an unsecured basis, which matures
in June 2013. We believe that our cash flow from operating activities, together
with the unused portion of our credit facilities, will provide us with
sufficient liquidity and capital resources in fiscal 2009 to fund our
anticipated working capital and capital expenditure requirements, and income tax
payments. We expect to continue to reinforce our strong balance-sheet and
capital structure by generating positive free cash flow in the current fiscal
year. The Company&#146;s objective is to have no debt outstanding under its bank
credit facility at the fiscal year-end. </FONT></P>
<P align=justify><FONT size=2>We currently project net capital expenditures for
fiscal 2009 of approximately $60 to $65 million compared to our previous
estimate of $80 million on February 11, 2009 and down from our original
projection of $160 million in August 2008 due to the deferral of capital
expenditures for capacity expansion, including a planned major textile facility, Rio Nance 5. The projected
capital investments primarily relate to capital spending requirements to
complete the construction of the building for the Rio Nance 4 facility in
Honduras, a biomass combustion energy project in the Dominican Republic and
capital investments related to the expansion of our sales and marketing
infrastructure in Barbados following the integration of our retail activities. </FONT></P>
<P align=justify style="margin-bottom: 0"><u>________________________________</u></P>
<P align=justify style="margin-top: 0; margin-bottom: 0"><SUP><FONT size=1>1</FONT></SUP><FONT size=1> </FONT></P>
<P align=justify style="margin-left: 12pt; margin-top: -10pt; margin-bottom: 0"><FONT size=1> Free cash flow is
comprised of cash flows from operating activities, including net changes in
non-cash working capital balances, less cash used in investing activities,
excluding business acquisitions. See page 20. </FONT></P>
<P align=justify style="margin-top: 0; margin-bottom: 0"><SUP><FONT size=1>2</FONT></SUP><FONT size=1> </FONT></P>
<P align=justify style="margin-left: 12pt; margin-top: -10; margin-bottom: 0"><FONT size=1> Net indebtedness
is calculated as total indebtedness net of cash and cash equivalents. Total
indebtedness is comprised of bank indebtedness and long-term debt (including the
current portion). See page 20. </FONT></P>
<P align=right><FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009
P.11</FONT></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A>
<P align=right><FONT size=1>MANAGEMENT&#146;S DISCUSSION AND
ANALYSIS</FONT><BR></P>
<P align=justify><FONT size=2>The Company, upon approval from its Board of
Directors, may issue or repay long-term debt, issue shares, repurchase shares,
pay dividends or undertake other activities as deemed appropriate under the
specific circumstances. We do not currently pay a dividend. However, the
Company&#146;s Board of Directors periodically evaluates the merits of introducing a
dividend. </FONT></P>
<P align=justify><B><FONT size=2>Contractual Obligations</FONT></B><BR></P>
<P align=justify><FONT size=2>In the normal course of business, we enter into
contractual obligations that will require us to disburse cash over future
periods. The following table sets forth our contractual obligations by period,
excluding interest on long-term debt, for the following items as at April 5,
2009: </FONT></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><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" nowrap >&nbsp;</TD>
    <TD align=left width="7%" nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" nowrap >&nbsp;</TD>
    <TD align=left width="1%" nowrap >&nbsp;</TD>
    <TD align=right width="7%" nowrap><FONT size=2><B>Less than</B> </FONT></TD>
    <TD align=left width="2%" nowrap >&nbsp;</TD>
    <TD align=left width="1%" nowrap >&nbsp;</TD>
    <TD align=right width="7%" nowrap><FONT size=2><B>1 to 3</B> </FONT></TD>
    <TD align=left width="2%" nowrap >&nbsp;</TD>
    <TD align=left width="1%" nowrap >&nbsp;</TD>
    <TD align=right width="7%" nowrap><FONT size=2><B>4 to 5</B> </FONT></TD>
    <TD align=left width="2%" nowrap >&nbsp;</TD>
    <TD align=left width="1%" nowrap >&nbsp;</TD>
    <TD align=right width="7%" nowrap><FONT size=2><B>More than</B> </FONT></TD>
    <TD align=left width="2%" nowrap >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=2><I>(in $ millions)</I> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" nowrap><FONT
      size=2><B>Total</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" nowrap><FONT
      size=2><B>1 year</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" nowrap><FONT
      size=2><B>years</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" nowrap><FONT
      size=2><B>years</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" nowrap><FONT
      size=2><B>5 years</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" nowrap
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Long-term debt </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=2><B>121.5</B>
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=2>1.9 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=2>3.6 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=2>116.0 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=2>- </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Operating leases </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%"><FONT size=2><B>40.5</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%"><FONT size=2>4.1 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%"><FONT size=2>18.1 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%"><FONT size=2>7.9 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%"><FONT size=2>10.4 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Purchase obligations
</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=2><B>218.0</B>
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=2>184.4 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=2>33.6 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=2>- </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff><FONT size=2>- </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Other
      obligations </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"><FONT
      size=2><B>29.0</B> </FONT></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="7%"><FONT
      size=2>29.0 </FONT></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="7%"><FONT
      size=2>- </FONT></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="7%"><FONT
      size=2>- </FONT></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="7%"><FONT
      size=2>- </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
      bgColor=#e6efff><FONT size=2><B>Total Contractual Obligations</B>
    </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="7%"
    bgColor=#e6efff><FONT size=2><B>409.0</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="7%"
    bgColor=#e6efff><FONT size=2>219.4 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="7%"
    bgColor=#e6efff><FONT size=2>55.3 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="7%"
    bgColor=#e6efff><FONT size=2>123.9 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="7%"
    bgColor=#e6efff><FONT size=2>10.4 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><FONT size=2>We expect that cash flows from our operating
earnings and our unutilized bank facilities will be sufficient to meet our
obligations for the foreseeable future. </FONT></P>
<P align=justify><B><FONT size=2>Outstanding Share Data</FONT></B><BR></P>
<P align=justify><FONT size=2>Our common shares are listed on the New York Stock
Exchange and the Toronto Stock Exchange (GIL). As at April 30, 2009, there were
120,885,925 common shares issued and outstanding along with 1,074,341 stock
options and 762,806 dilutive restricted share units (Treasury RSUs) outstanding.
Each stock option entitles the holder to purchase one common share at the end of
the vesting period at a pre-determined option price. Each Treasury RSU entitles
the holder to receive one common share from treasury at the end of the vesting
period, without any monetary consideration being paid to the Company. However,
the vesting of 50% of the Treasury RSU grant is dependent upon the financial
performance of the Company relative to a benchmark group of Canadian
publicly-listed companies.</FONT></P>
<P align=justify><B><U><FONT size=2>LEGAL PROCEEDINGS</FONT></U></B></P>
<P align=justify><B><FONT
size=2>Securities Class Actions</FONT></B><BR></P>
<P align=justify><FONT size=2>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 </FONT><I><FONT size=2>Securities Act
</FONT></I><FONT size=2>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 unaudited interim consolidated financial statements.</FONT></P>
<P align=right><FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009
P.12</FONT></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>


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<A name="page_13"></A>

<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<P align="justify">
<B><U><FONT size=2>FINANCIAL RISK MANAGEMENT</FONT></U></B><BR>
</P>
<P align="justify">
<FONT size=2>This section of the MD&amp;A provides disclosures relating to the nature and extent of the Company&#146;s exposure to risks arising from financial instruments, including credit risk, liquidity risk, foreign currency risk and interest
rate risk, and how the Company manages those risks. The disclosures under this section, in conjunction with the information in Note 11 to the unaudited interim consolidated financial statements (&#147;Financial Instruments&#148;), are designed to
meet the requirements of the Canadian Institute of Chartered Accountants Handbook Section 3862, &#147;Financial Instruments-Disclosures&#148;, and are therefore incorporated into, and are an integral part of, the unaudited interim consolidated
financial statements. </FONT></P>
<P align="justify">
<B><FONT size=2>Credit risk</FONT></B><BR>
</P>
<P align="justify">
<FONT size=2>Credit risk is the risk of an unexpected loss if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises primarily from the Company&#146;s trade receivables. The Company may also have
credit risk relating to cash and cash equivalents, forward foreign exchange contracts and interest rate swaps, which it manages by dealing only with highly-rated North American and European financial institutions. Our trade receivables and credit
exposure fluctuate throughout the year based on the seasonality of our sales and other factors. The Company&#146;s average trade receivables and credit exposure during an interim reporting period may be higher than the balance at the end of that
reporting period. </FONT></P>
<P align="justify">
<FONT size=2>The Company&#146;s credit risk for trade receivables is concentrated, as the majority of its sales are to a relatively small group of wholesale distributors and mass-market retailers. As at April 5, 2009, the Company&#146;s ten largest
trade debtors accounted for 67% of trade accounts receivable, of which one wholesale customer accounted for 13% and one retailer accounted for 14%. Of the Company&#146;s top ten trade debtors, eight are wholesale distributors, and all are located in
the United States. The remaining trade receivable balances are dispersed among a larger number of debtors across many geographic areas including the United States, Canada, Europe, Mexico and Australia.</FONT></P>
<P align="justify">
<FONT size=2>Most sales are invoiced with payment terms of between 30 to 60 days. In accordance with industry practice, sales to wholesale distributors of certain seasonal products, primarily in the second half of the fiscal year, are invoiced with
extended payment terms, generally not exceeding six months. From time-to-time, the Company may also initiate other special incentive programs with extended payment terms. </FONT></P>
<P align="justify">
<FONT size=2>The Company&#146;s customers have generally been transacting with the Company or its subsidiaries for over five years, and credit losses have not been material during that period. With the exception of the largest wholesale distributor,
which is owned by a large private equity firm and largely financed by publicly-traded bonds, most of our wholesale distributor customers are privately-held owner-managed enterprises. Many distributors are highly-leveraged with significant reliance
on trade credit terms provided by a few major vendors, including the Company, and third-party debt financing, including bank debt secured with accounts receivable and inventory pledged as collateral. The financial leverage of certain of our
wholesale distributor customers may limit or prevent their ability to refinance existing indebtedness or to obtain additional financing, and could affect their ability to comply with restrictive debt covenants and meet other obligations. The profile
and credit quality of the Company&#146;s retail customers varies significantly. Adverse changes in a customer&#146;s financial position could cause us to limit or discontinue business with that customer, require us to assume more credit risk
relating to that customer&#146;s future purchases or result in uncollectible accounts receivable from that customer. Future credit losses relating to any one of our top ten customers could be material and could result in a material charge to
earnings. The likelihood of such losses occurring has increased given the current economic downturn. During the second quarter of fiscal 2009, our largest wholesale distributor customer, Broder Bros., Co. (Broder), announced that it has been seeking
to undertake a restructuring of its debt financing. As at May 13, 2009, we had a net accounts receivable balance from Broder of &#36;12.4 million, all of which was current, compared to a net accounts receivable balance of &#36;11.1 million as at
April 5, 2009.  It is currently management&#146;s best estimate that these amounts will be collected and accordingly, no allowance for doubtful accounts for this customer has been recorded. However, there is at this time considerable uncertainty
regarding the ultimate outcome of Broder&#146;s debt restructuring, which may have a significant impact on our ability to recover amounts owing from this customer. Please refer to Note 14
to the interim consolidated financial statements for further details of this
measurement uncertainty.</FONT></P>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.13</FONT></P>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<!--$$/page=--><A name=page_14></A>
<P align=right><FONT size=1>MANAGEMENT&#146;S DISCUSSION AND
ANALYSIS</FONT><BR></P>
<P align=justify><FONT size=2>The Company&#146;s extension of credit to customers
involves considerable judgment and is based on an evaluation of each customer&#146;s
financial condition and payment history. The Company has established various
internal controls designed to mitigate credit risk, including a dedicated credit
function which recommends customer credit limits and payment terms that are
reviewed and approved on a quarterly basis by senior management at the Company&#146;s
international sales office in Barbados. Where available, the Company&#146;s credit
department periodically reviews external ratings and customer financial
statements, and in some cases obtains bank and other references. New customers
are subject to a specific vetting and pre-approval process. From time to time,
the Company will temporarily transact with customers on a prepayment basis where
circumstances warrant. While the Company&#146;s credit controls and processes have
been effective in mitigating credit risk, these controls cannot eliminate credit
risk and there can be no assurance that these controls will continue to be
effective, or that the Company&#146;s low credit loss experience will
continue.</FONT></P>
<P align=justify><FONT size=2>Customers do not provide collateral in exchange
for credit, except in unusual circumstances. Receivables from selected customers
are partially covered by credit insurance, with amounts usually limited to 20%
of the value of the Company&#146;s exposure. The information available through the
insurance company is also considered in the decision process to determine the
credit limits assigned to customers. This policy contains the usual clauses and
limits regarding the amounts that can be claimed by event and by year of
coverage. The Company did not file any claim against this credit insurance
policy for the three month period ended April 5, 2009. </FONT></P>
<P align=justify><FONT size=2>The Company&#146;s exposure to credit risk for trade
receivables by geographic area and type of customer was as follows as at:
</FONT></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 style="border-bottom-style: solid; border-bottom-width: 1" nowrap><FONT size=2><I>(in $ millions)</I> </FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" nowrap ><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1" nowrap><FONT size=2><B>April 5, 2009</B> </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" nowrap ><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" nowrap ><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1" nowrap><FONT size=2>October 5, 2008 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" nowrap ><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" style="border-top-style: solid; border-top-width: 1" ><FONT size=2>&nbsp;</FONT></TD>
    <TD width="12%" style="border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-top-style: solid; border-top-width: 1" ><FONT size=2>&nbsp;</FONT></TD>
    <TD width="1%" style="border-top-style: solid; border-top-width: 1" ><FONT size=2>&nbsp;</FONT></TD>
    <TD width="12%" style="border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-top-style: solid; border-top-width: 1" ><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>United States </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><FONT size=2><B>138.7</B>
      </FONT></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><FONT size=2>176.0 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Europe </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><FONT size=2><B>10.0</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><FONT size=2>11.9 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Canada </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><FONT size=2><B>5.0</B>
    </FONT></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><FONT size=2>14.2 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>Other regions </FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2><B>4.6</B> </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>4.2 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2"><FONT size=2>Total trade receivables
    </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2"><FONT size=2><B>158.3</B>
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2"><FONT size=2>206.3 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2><I>(in $ millions)</I>
    </FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2><B>April 5,
      2009</B> </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>October 5, 2008
      </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD></TR>
  <TR>
    <TD style="border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" style="border-top-style: solid; border-top-width: 1" >&nbsp;</TD>
    <TD width="12%" style="border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-top-style: solid; border-top-width: 1" >&nbsp;</TD>
    <TD width="1%" style="border-top-style: solid; border-top-width: 1" >&nbsp;</TD>
    <TD width="12%" style="border-top-style: solid; border-top-width: 1"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" style="border-top-style: solid; border-top-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Distributors and
      screenprinters </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><FONT size=2><B>118.8</B>
      </FONT></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><FONT size=2>166.2 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>Mass-market and regional retailers </FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2><B>39.5</B> </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>40.1 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2"><FONT size=2>Total trade receivables
    </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2"><FONT size=2><B>158.3</B>
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2"><FONT size=2>206.3 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>The aging of trade receivable
      balances was as follows as at: </FONT></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2><I>(in $ millions)</I> </FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2><B>April 5, 2009</B> </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>October 5, 2008 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD align=right width="12%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD align=left width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD align=right width="12%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD align=left width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="border-top-style: none; border-top-width: medium" bordercolor="#000000"><FONT size=2>Not past due </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: none; border-top-width: medium" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff style="border-top-style: none; border-top-width: medium" bordercolor="#000000"><FONT size=2><B>140.9</B>
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: none; border-top-width: medium" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: none; border-top-width: medium" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff style="border-top-style: none; border-top-width: medium" bordercolor="#000000"><FONT size=2>186.0 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: none; border-top-width: medium" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000"><FONT size=2>Past due 0-30 days </FONT></TD>
    <TD align=left width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="12%" bordercolor="#000000"><FONT size=2><B>13.2</B> </FONT></TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="12%" bordercolor="#000000"><FONT size=2>15.7 </FONT></TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff bordercolor="#000000"><FONT size=2>Past due 31-60 days </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff bordercolor="#000000"><FONT size=2><B>2.9</B>
    </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>3.2 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000"><FONT size=2>Past due 61-120 days </FONT></TD>
    <TD align=left width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="12%" bordercolor="#000000"><FONT size=2><B>2.1</B> </FONT></TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="12%" bordercolor="#000000"><FONT size=2>1.9 </FONT></TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>Past due over 121 days
    </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2><B>4.4</B>
    </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>2.3 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: none; border-bottom-width: medium; border-top-style:solid; border-top-width:1" bordercolor="#000000"><FONT size=2>Trade receivables </FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: none; border-bottom-width: medium; border-top-style:solid; border-top-width:1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: none; border-bottom-width: medium; border-top-style:solid; border-top-width:1" bordercolor="#000000"><FONT size=2><B>163.5</B> </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: none; border-bottom-width: medium; border-top-style:solid; border-top-width:1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="1%" style="border-bottom-style: none; border-bottom-width: medium; border-top-style:solid; border-top-width:1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: none; border-bottom-width: medium; border-top-style:solid; border-top-width:1" bordercolor="#000000"><FONT size=2>209.1 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: none; border-bottom-width: medium; border-top-style:solid; border-top-width:1" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="border-bottom-style: none; border-bottom-width: medium; border-top-style:none; border-top-width:medium" bordercolor="#000000"><FONT size=2>Less allowance for doubtful
      accounts </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-bottom-style: none; border-bottom-width: medium; border-top-style:none; border-top-width:medium" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff style="border-bottom-style: none; border-bottom-width: medium; border-top-style:none; border-top-width:medium" bordercolor="#000000"><FONT
    size=2><B>(5.2</B></FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-bottom-style: none; border-bottom-width: medium; border-top-style:none; border-top-width:medium" bordercolor="#000000"><B>)</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-bottom-style: none; border-bottom-width: medium; border-top-style:none; border-top-width:medium" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff style="border-bottom-style: none; border-bottom-width: medium; border-top-style:none; border-top-width:medium" bordercolor="#000000"><FONT size=2>(2.8</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-bottom-style: none; border-bottom-width: medium; border-top-style:none; border-top-width:medium" bordercolor="#000000">) </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000"><FONT size=2>Total trade receivables </FONT></TD>
    <TD align=left width="1%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="12%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000"><FONT size=2><B>158.3</B> </FONT></TD>
    <TD align=left width="2%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="1%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="12%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000"><FONT size=2>206.3 </FONT></TD>
    <TD align=left width="2%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000" >&nbsp;</TD></TR></TABLE>
<P align=right><FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009
P.14</FONT></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=right><FONT size=1>MANAGEMENT&#146;S DISCUSSION AND
ANALYSIS</FONT><BR></P>
<P align=justify><FONT size=2>The movement in the allowance for doubtful
accounts in respect of trade receivables was as follows:</FONT></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 style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2><I>(in $ millions)</I> </FONT><FONT
      size=2></FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" ></TD>
    <TD align=right width="10%" nowrap style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2><B>Three months ended</B> <B>
    <br>
    April 5, 2009</B>
      </FONT></TD>
    <TD align=left width="2%" nowrap style="border-bottom-style: solid; border-bottom-width: 1" ></TD>
    <TD align=left width="1%" nowrap style="border-bottom-style: solid; border-bottom-width: 1" ></TD>
    <TD align=right width="10%" nowrap style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2><B>Six months ended<br>
    April 5, 2009</B>
      </FONT></TD>
    <TD align=left width="2%" nowrap style="border-bottom-style: solid; border-bottom-width: 1" ></TD>
    <TD align=left width="1%" nowrap style="border-bottom-style: solid; border-bottom-width: 1" ></TD>
    <TD align=right width="10%" nowrap style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>Twelve months ended
    <br>
    October 5, 2008 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=2>Balance, beginning of period
      </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=2><B>4.6</B>
    </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=2><B>2.8</B>
    </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1"><FONT size=2>2.0 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Bad debt expense </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>0.6</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>2.4</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>4.5 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Write-off of accounts
      receivable </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2><B>-</B>
    </FONT></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><FONT size=2><B>-</B>
    </FONT></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><FONT size=2>(4.0</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>Increase due to acquisition of Prewett
    </FONT></TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="10%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2><B>-</B> </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="10%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2><B>-</B> </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="10%" style="border-bottom-style: solid; border-bottom-width: 1"><FONT size=2>0.3 </FONT></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2"><FONT size=2>Balance, end of period
    </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2"><FONT size=2><B>5.2</B>
    </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2"><FONT size=2><B>5.2</B>
    </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2"><FONT size=2>2.8 </FONT></TD>
    <TD align=left width="2%"
  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD></TR></TABLE>
<P align=justify><B><FONT size=2>Liquidity Risk</FONT></B><BR></P>
<P align=justify><FONT size=2>Liquidity risk is the risk that the Company will
not be able to meet its financial obligations as they fall due. We require
continued access to capital markets to support our operations as well as to
achieve our strategic plans. We rely on cash resources, debt and cash flows
generated from operations to satisfy our financing requirements. Any impediments
to our ability to continue to meet the covenants and conditions contained in our
revolving credit facility as well as our ability to access capital markets, or
the failure of a financial institution participating in our credit facility, or
an adverse perception in capital markets of our financial condition or
prospects, could have a material impact on our financing capability. In
addition, our access to financing at reasonable interest rates could become
influenced by the economic and credit market environment.</FONT></P>
<P align=justify><FONT size=2>We manage liquidity risk through the management of
our capital structure and financial leverage, as outlined in Note 20 to the 2008
annual audited Consolidated Financial Statements (&#147;Capital Disclosures&#148;). In
addition, we manage liquidity risk by continuously monitoring actual and
projected cash flows, taking into account the seasonality of our sales and
receipts. We also monitor the impact of credit market conditions in the current
environment. The Board of Directors reviews and approves the Company&#146;s operating
and capital budgets, as well as any material transactions out of the ordinary
course of business, including proposals on mergers, acquisitions or other major
investments or divestitures. </FONT></P>
<P align=justify><FONT size=2>The Company has a committed revolving credit
facility for a maximum of $400 million which expires in June 2013. The Company&#146;s
revolving credit facility is subject to various covenants and conditions. The
Company was in compliance with all covenants as at April 5, 2009. This facility
is unsecured and amounts drawn bear interest at LIBOR rates or U.S. base rate
plus an applicable margin. As at April 5, 2009, $116.0 million was drawn under
this facility, bearing an effective interest rate of 1.29% . As at October 5,
2008, $45.0 million was drawn under this facility, bearing an effective interest
rate of 4.75% . </FONT></P>
<P align=justify><FONT size=2>The Company&#146;s derivative financial instruments as
at April 5, 2009 consisted of forward foreign exchange contracts and interest
rate swap contracts, for which notional amounts, maturities, carrying and fair
values and other information are disclosed in Note 11 to the unaudited interim
consolidated financial statements. </FONT></P>
<P align=justify><FONT size=2>Please refer to the &#147;Financial Risk Management&#148;
section of the Company&#146;s 2008 Annual MD&amp;A for details of the contractual
maturities of financial liabilities. </FONT></P>
<P align=justify><B><FONT size=2>Foreign Currency Risk</FONT></B><BR></P>
<P align=justify><FONT size=2>The majority of the Company&#146;s cash flows and
financial assets and liabilities are denominated in U.S. dollars, which is the
Company&#146;s functional and reporting currency. Foreign currency risk is limited to
the portion of the Company&#146;s business transactions denominated in currencies
other than U.S. dollars, primarily for sales and distribution expenses for
customers outside of the United States and head office expenses in Canada. The
Company&#146;s exposure relates primarily to changes in the U.S. dollar versus the
Canadian dollar, the British Pound and the Euro exchange rates. For the
Company&#146;s foreign currency transactions, fluctuations in the respective exchange
rates relative to the U.S. dollar will create volatility in the Company&#146;s cash
flows and the reported amounts for sales and SG&amp;A expenses in its
consolidated statement of earnings, both on a period-to-period basis and
compared with operating budgets and forecasts. Additional earnings variability
arises from the translation of monetary assets and liabilities denominated in
currencies other than the U.S. dollar at the rates of exchange at each balance sheet date, the impact of which is reported as a foreign exchange gain or loss in the statement of earnings.</FONT></P>
<P align=right><FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009
P.15</FONT></P>
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<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<P align="justify">
<FONT size=2>The Company&#146;s objective in managing its foreign currency risk is to minimize its net exposures to foreign currency cash flows, by transacting with third parties in U.S. dollars to the maximum extent possible and practical, and
holding cash and cash equivalents and incurring borrowings in U.S. dollars. The Company monitors and forecasts the values of net foreign currency cash flows and balance sheet exposures, and from time-to-time will authorize the use of derivative
financial instruments such as forward foreign exchange contracts to economically hedge a portion of foreign currency cash flows, with maturities of up to two years. The Company does not use forward foreign exchange contracts for speculative
purposes. </FONT></P>
<P align="justify">
<FONT size=2>As at April 5, 2009 all outstanding forward foreign exchange contracts were reported on a mark-to-market basis and the gains and losses were included in earnings. The Company elected not to apply hedge accounting for these derivatives.
</FONT></P>
<P align="justify">
<FONT size=2>The Company also incurs a portion of its manufacturing costs in foreign currencies, primarily payroll costs paid in Honduran Lempiras. Should there be a change in the Lempira to U.S. dollar exchange rate in the future, such change may
have an impact on our operating results. </FONT></P>
<P align="justify">
<FONT size=2>Please refer to the &#147;Financial Risk Management&#148; section of the Company&#146;s 2008 Annual MD&amp;A for further details of the Company&#146;s significant foreign currency exposures. </FONT></P>
<P align="justify">
<B><FONT size=2>Interest Rate Risk</FONT></B><BR>
</P>
<P align="justify">
<FONT size=2>The Company&#146;s interest rate risk is primarily related to the Company&#146;s revolving long-term credit facility, for which amounts drawn are primarily subject to LIBOR rates in effect at the time of borrowing, plus a margin.
Although LIBOR-based borrowings under the credit facility can be fixed for periods of up to six months, the Company generally fixes rates for periods of one to three months. The interest rates on amounts currently drawn on this facility and on any
future borrowings will vary and are unpredictable. Increases in short term interest rates and increases in interest rates on new debt issues may result in a material increase in interest charges. </FONT></P>
<P align="justify">
<FONT size=2>The Company has the ability to enter into derivative financial instruments that would effectively fix its cost of current and future borrowings for an extended period of time. During the second quarter of fiscal 2009, the Company
entered into interest rate swap contracts to fix the variable portion of &#36;50 million of its borrowings (LIBOR excluding the applicable margin) under the revolving long-term credit facility. As at April 5, 2009, the interest rate swap contracts
were reported at fair value.  The fair value of these contracts is included in accounts payable and accrued liabilities. Changes in the fair value of these contracts are included in earnings. The Company elected not to apply hedge accounting for
these derivative instruments. Please refer to Note 11 to the interim consolidated financial statements for further details of the Company&#146;s outstanding interest rate swap contracts as at April 5, 2009.</FONT> </P>
<P align="justify">
<B><U><FONT size=2>CRITICAL ACCOUNTING ESTIMATES</FONT></U></B><BR>
</P>
<P align="justify">
<FONT size=2>Our significant accounting policies are described in Note 2 to our 2008 audited annual Consolidated Financial Statements. The preparation of financial statements in conformity with Canadian GAAP requires estimates and assumptions that
affect our results of operations and financial position. By their nature, these judgments are subject to an inherent degree of uncertainty and are based upon historical experience, trends in the industry and information available from outside
sources. On an ongoing basis, management reviews its estimates and actual results could differ materially from those estimates. In addition, although our critical accounting estimates remain substantially unchanged from those that were disclosed in
our 2008 Annual MD&amp;A, there is a likelihood that these estimates may materially change, or new estimates may be required, given the current uncertain economic conditions. </FONT></P>
<P align="justify">
<FONT size=2>Management believes that the following accounting estimates require assumptions to be made about matters that are highly uncertain: </FONT></P>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.16</FONT></P>

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

<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<UL style="text-align:justify;">
<LI>
<FONT size=2>Allowance for Doubtful Accounts;</FONT></LI>
<LI>
<FONT size=2>Inventory Obsolescence;</FONT></LI>
<LI>
<FONT size=2>Sales Promotional Programs;</FONT></LI>
<LI>
<FONT size=2>Recoverability of Long-Lived Assets;</FONT></LI>
<LI>
<FONT size=2>Income Taxes; and</FONT></LI>
<LI>
<FONT size=2>Business Acquisitions.</FONT></LI>
</UL>
<P align="justify">
<FONT size=2>For a more detailed discussion of these estimates, readers should review the &#147;Critical Accounting Estimates&#148; section of the 2008 Annual MD&amp;A.</FONT><B><FONT size=2> </FONT></B></P>
<P align="justify">
<B><U><FONT size=2>ADOPTION OF NEW ACCOUNTING STANDARDS</FONT></U></B><B><FONT size=2> </FONT></B></P>
<P align="justify">
<FONT size=2>Effective the commencement of its 2009 fiscal year, the Company adopted CICA Handbook Section 3031,</FONT><I><FONT size=2> Inventories,</FONT></I><FONT size=2> Section 1400, </FONT><I><FONT size=2>General Standards of Financial Statement Presentation</FONT></I><FONT size=2> and Section 3064, </FONT><I><FONT size=2>Goodwill and Intangible
Assets</FONT></I><FONT size=2>. The Company also adopted</FONT><I><FONT size=2> EIC 173, Credit Risk and Fair Value of Financial Assets and Financial Liabilities, </FONT></I><FONT size=2>during the second quarter of fiscal 2009.  For a detailed
description of the new accounting standards, please refer to Note 3 of the unaudited interim consolidated financial statements. </FONT></P>
<P align="justify">
<B><U><FONT size=2>FUTURE ACCOUNTING STANDARDS</FONT></U></B></P>
<P align="justify">
<U><FONT color="#7e7e7e" size=2>Recent Accounting Pronouncements</FONT></U><FONT size=2>  </FONT><BR>
</P>
<P align="justify">
<FONT size=2>In January 2009, the CICA issued Handbook Section 1582, </FONT><I><FONT size=2>Business Combinations,</FONT></I><FONT size=2> Section 1601,</FONT><I><FONT size=2> Consolidated Financial Statements</FONT></I><FONT size=2>, and Section 1602, </FONT><I><FONT size=2>Non-Controlling Interests</FONT></I><FONT size=2>. For a detailed description of the future accounting standards, please refer to
Note 4 of the unaudited interim consolidated financial statements.</FONT><B><FONT size=2> </FONT></B></P>
<P align="justify">
<U><FONT color="#7e7e7e" size=2>International Financial Reporting Standards</FONT></U><BR>
</P>
<P align="justify">
<FONT size=2>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.</FONT></P>
<P align="justify">
<FONT size=2>In preparation for the changeover to IFRS, the Company has developed an IFRS transition plan.  The Company is currently in the process of completing its initial phase, comprised of a diagnostic process, which involves a comparison of
the Company&#146;s current accounting policies under Canadian generally accepted accounting principles with IFRS. The identified differences will be analyzed and addressed according to the level of impact they will have on the key elements of the
transition plan. These key elements include: accounting policies, including choices among policies permitted under IFRS; information technology and data systems; internal control over financial reporting; disclosure controls and procedures,
including investor relations and external communications plans; and business activities. </FONT></P>
<P align="justify">
<FONT size=2>As the IFRS transition plan progresses, the Company will continue to report on the status of the transition plan and provide more detailed information of the impact on the key elements indicated above. </FONT></P>
<P align="justify">
<B><U><FONT size=2>RELATED PARTY TRANSACTIONS</FONT></U></B><BR>
</P>
<P align="justify">
<FONT size=2>We have transactions with Frontier, which manages the operations of CanAm. These transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to
by the related parties. Total purchases of yarn from Frontier were &#36;39.4 million, along with &#36;0.2 million relating to management fees for the three months ended April 5, 2009. As at April 5, 2009, we had an outstanding payable to Frontier of
&#36;21.0 million. </FONT></P>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.17</FONT></P>

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<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<P align="justify">
<B><U><FONT size=2>INTERNAL CONTROL OVER FINANCIAL REPORTING</FONT></U></B><B><FONT size=2> </FONT></B></P>
<P align="justify">
<FONT size=2>Management&#146;s annual evaluation and report on the effectiveness of internal control over financial reporting as of our most recent fiscal year ended October 5, 2008 was included in the 2008 Annual MD&amp;A, and was based on the
framework set forth in Internal Control - Integrated Framework issued by the </FONT><I><FONT size=2>Committee of Sponsoring Organizations of the Treadway Commission </FONT></I><FONT size=2>(COSO). Based on its evaluation under this framework,
management concluded that our internal control over financial reporting was effective as of October 5, 2008. There have been no material changes in internal control over financial reporting since October 5, 2008.</FONT></P>
<P align="justify">
<B><U><FONT size=2>RISKS AND UNCERTAINTIES</FONT></U></B><BR>
</P>
<P align="justify">
<FONT size=2>In addition to the risks previously described under the section &#147;Financial Risk Management&#148;</FONT><I><FONT size=2> </FONT></I><FONT size=2>and those described elsewhere in this MD&amp;A, this section describes the principal
risks that could have a material and adverse effect on our financial condition, results of operations, cash flows or business, as well as cause actual results to differ materially from our expectations expressed in or implied by our forward-looking
statements. The risks described below are not the only risks that could affect the Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our
financial condition, results of operations, cash flows or business.</FONT></P>
<P align="justify">
<FONT size=2>The risks described in our 2008 Annual MD&amp;A included discussions relating to the following important factors: </FONT></P>
<UL style="text-align:justify;">
<LI>
<FONT size=2>Our ability to implement our strategies and plans;</FONT></LI>
<LI>
<FONT size=2>Our industry is competitive;</FONT></LI>
<LI>
<FONT size=2>Our industry is affected by general economic conditions;</FONT></LI>
<LI>
<FONT size=2>Our customers do not commit to purchase minimum quantities;</FONT></LI>
<LI>
<FONT size=2>Our production volume may differ from market demand;</FONT></LI>
<LI>
<FONT size=2>Our success depends on our ability to anticipate evolving consumer preferences and trends;</FONT></LI>
<LI>
<FONT size=2>We rely on a relatively small number of significant customers;</FONT></LI>
<LI>
<FONT size=2>The price of the raw materials we buy is prone to significant fluctuations;</FONT></LI>
<LI>
<FONT size=2>We rely on key suppliers;</FONT></LI>
<LI>
<FONT size=2>We are subject to international trade regulation;</FONT></LI>
<LI>
<FONT size=2>We currently pay income tax at a comparatively low effective rate, which could change in the future;</FONT></LI>
<LI>
<FONT size=2>Our operations are subject to climate, political, social and economic risks;</FONT></LI>
<LI>
<FONT size=2>Our operations are subject to environmental regulation;</FONT></LI>
<LI>
<FONT size=2>Our business operations significantly rely on our information systems;</FONT></LI>
<LI>
<FONT size=2>Our operations could be affected by changes in our relationship with our employees or changes to</FONT> <FONT size=2>domestic and foreign employment regulations;</FONT></LI>
<LI>
<FONT size=2>We may suffer negative publicity if we, or our third party contractors, are found to have violated labour</FONT> <FONT size=2>laws or engage in labour and other business practices that are viewed as unethical; and</FONT></LI>
<LI>
<FONT size=2>We depend on key management.</FONT></LI>
</UL>
<P align="justify">
<FONT size=2>For a more detailed discussion of these potential business risks, readers should review the &#147;Risks and Uncertainties&#148; section of the 2008 Annual MD&amp;A and the Annual Information Form filed by Gildan with the Canadian
securities regulatory authorities and the Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission as well as our first quarter interim reports similarly filed.</FONT><FONT size=2> </FONT></P>
<P align="justify">
<B><FONT size=2>Update to the Description of Risks and Uncertainties </FONT></B></P>
<P align="justify">
<FONT size=2>The following is an update to the description of risks contained in the section entitled &#147;Risks and Uncertainties&#148; of the Gildan 2008 MD&amp;A. </FONT></P>
<P align="justify">
<U><FONT color="#7e7e7e" size=2>We are subject to consumer product safety laws</FONT></U><BR>
</P>
<P align="justify">
<FONT size=2>Certain of our products sold in the U.S. are subject to the requirements imposed by the recently enacted Consumer Product Safety Improvement Act (CPSIA). Recent amendments to the CPSIA require independent testing and general conformity
certification for levels of lead and other harmful content in products intended for children 12 and under, and also require the placement of tracking labels on such products. While we currently believe we are in compliance with the new product
requirements regarding harmful content in products set forth in the CPSIA, we are currently in the process of
evaluating the tracking label requirements which are expected to come into
effect on August 14, 2009. Several companies and coalition groups recently
submitted comments on the new tracking label requirements to the Consumer
Product Safety Commission and have requested a twelve-month stay of enforcement
until there is a better framework and understanding of the new requirements. The
Consumer Product Safety Commission is expected to make its decision on the stay
of enforcement on May 13, 2009. There can be no assurance that Gildan will be
fully compliant by August 14, 2009. Compliance with existing and future product
safety laws and regulations and enforcement policies may require that we incur
capital and other costs, which may be significant. Non-compliance with
applicable product safety laws and regulations may result in fines and
penalties. Our customers may also require us to meet existing and additional
consumer safety requirements, which may result in our inability to provide the
products in the manner required. The extent of our liability, if any, for past
failure to comply with the requirements set forth in the CPSIA applicable to our
operations cannot be reasonably determined. </FONT></P>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.18</FONT></P>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<!--$$/page=--><A name=page_19></A>
<P align=right><FONT size=1>MANAGEMENT&#146;S DISCUSSION AND
ANALYSIS</FONT><BR></P>
<P align=justify><B><U><FONT size=2>DEFINITION AND RECONCILIATION OF NON-GAAP
MEASURES</FONT></U></B><B><FONT size=2> </FONT></B></P>
<P align=justify><FONT size=2>We use non-GAAP measures to assess our operating
performance and financial condition. The terms and definitions of the non-GAAP
measures used in this report and a reconciliation of each non-GAAP measure to
the most directly comparable GAAP measure are provided below. The non-GAAP
measures are presented on a consistent basis for all periods presented in this
MD&amp;A. These non-GAAP measures do not have any standardized meanings
prescribed by Canadian GAAP and are therefore unlikely to be comparable to
similar measures presented by other companies. Accordingly, they should not be
considered in isolation.</FONT></P>
<P align=justify><B><FONT size=2>Adjusted Net Earnings and Adjusted Diluted EPS
</FONT></B></P>
<P align=justify><FONT size=2>To measure our performance from one period to the
next, without the variations caused by the impacts of restructuring and other
charges as discussed on page 8, management uses adjusted net earnings and
adjusted diluted earnings per share, which are calculated as net earnings and
earnings per share excluding these items. We exclude these items because they
affect the comparability of our financial results and could potentially distort
the analysis of trends in our business performance. Excluding these items does
not imply they are necessarily non-recurring. </FONT></P>
<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><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>Q2 2009</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>Q2 2008 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>YTD 2009</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>YTD 2008 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=2><I>(in $ millions, except per share amounts)</I> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT
      size=2>&nbsp; </FONT></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%"><FONT
      size=2>Recast<SUP>(1</SUP></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><SUP>)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT
      size=2>&nbsp; </FONT></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%"><FONT
      size=2>Recast<SUP>(1</SUP></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><SUP>)</SUP> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Net sales </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2><B>244.8</B>
      </FONT></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><FONT size=2>293.8 </FONT></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><FONT size=2><B>428.8</B>
      </FONT></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><FONT size=2>544.2 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Cost
      of sales </FONT></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%"><FONT
      size=2><B>206.1</B> </FONT></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%"><FONT
      size=2>209.2 </FONT></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%"><FONT
      size=2><B>351.2</B> </FONT></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%"><FONT
      size=2>394.1 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Gross profit </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2><B>38.7</B>
      </FONT></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><FONT size=2>84.6 </FONT></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><FONT size=2><B>77.6</B>
      </FONT></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><FONT size=2>150.1 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Selling, general and administrative expenses
      </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>31.0</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>34.6 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>64.4</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>66.3 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><FONT size=2>Restructuring and other charges </FONT></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><FONT size=2><B>0.1</B> </FONT></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><FONT size=2>0.8 </FONT></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><FONT size=2><B>1.1</B> </FONT></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><FONT size=2>1.6 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Operating income </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>7.6</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>49.2 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>12.1</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>82.2 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Financial expense, net
    </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2><B>-</B>
    </FONT></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><FONT size=2>3.6 </FONT></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><FONT size=2><B>0.2</B>
    </FONT></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><FONT size=2>6.3 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=2>Non-controlling interest in consolidated joint venture </FONT></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%"><FONT
      size=2><B>0.1</B> </FONT></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%"><FONT
      size=2>(0.1</FONT></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="10%"><FONT
      size=2><B>(0.3</B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><B>)</B> </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%"><FONT
      size=2>0.2 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Earnings before income taxes
      </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2><B>7.5</B>
    </FONT></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><FONT size=2>45.7 </FONT></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><FONT size=2><B>12.2</B>
      </FONT></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><FONT size=2>75.7 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=2>Income taxes </FONT></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%"><FONT
      size=2><B>0.4</B> </FONT></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%"><FONT
      size=2>3.6 </FONT></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%"><FONT
      size=2><B>0.8</B> </FONT></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%"><FONT
      size=2>5.6 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><FONT size=2>Net earnings and comprehensive income
    </FONT></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><FONT size=2><B>7.1</B> </FONT></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><FONT size=2>42.1 </FONT></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><FONT size=2><B>11.4</B> </FONT></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><FONT size=2>70.1 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Adjustments for: </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>
    <p style="margin-left: 20"><FONT size=2>Restructuring and other charges<SUP>(2)</SUP>
      </FONT></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><FONT size=2><B>0.1</B> </FONT></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><FONT size=2>0.8 </FONT></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><FONT size=2><B>1.1</B> </FONT></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><FONT size=2>1.6 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left><FONT
      size=2>Adjusted net earnings </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"><FONT
      size=2><B>7.2</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"><FONT
      size=2>42.9 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"><FONT
      size=2><B>12.5</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"><FONT
      size=2>71.7 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Basic EPS <SUP>(3)</SUP>
      </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2><B>0.06</B>
      </FONT></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><FONT size=2>0.35 </FONT></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><FONT size=2><B>0.09</B>
      </FONT></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><FONT size=2>0.58 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Diluted EPS <SUP>(3)</SUP> </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>0.06</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>0.35 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>0.09</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>0.58 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
      bgColor=#e6efff><FONT size=2>Adjusted diluted EPS </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#e6efff><FONT size=2><B>0.06</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#e6efff><FONT size=2>0.35 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#e6efff><FONT size=2><B>0.10</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#e6efff><FONT size=2>0.59 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify style="margin-top: 0; margin-bottom: 0"><I><FONT size=1>Certain minor rounding variances exist between
the financial statements and this summary.</FONT></I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><I><FONT size=1>(1)</FONT></I> </TD>
    <TD>
      <P align=justify><I><FONT size=1>Reflects the impact of the change in
      accounting policy as described in Note 3 to the unaudited interim
      consolidated financial statements and the changes to classifications in
      the statement of earnings and comprehensive income as discussed on page
      5.</FONT></I></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><I><FONT size=1>(2)</FONT></I> </TD>
    <TD>
      <P align=justify><I><FONT size=1>Adjustment to remove restructuring and
      other charges and the income tax effect thereon. See page
    8.</FONT></I></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><I><FONT size=1>(3)</FONT></I> </TD>
    <TD>
      <P align=justify><I><FONT size=1>Quarterly EPS may not add to year-to-date
      EPS due to rounding.</FONT></I></P></TD></TR></TABLE>
<P align=right><FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009
P.19</FONT></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_20></A>
<P align=right><FONT size=1>MANAGEMENT&#146;S DISCUSSION AND
ANALYSIS</FONT><BR></P>
<P align=justify><B><FONT size=2>EBITDA</FONT></B><BR></P>
<P align=justify><FONT size=2>EBITDA is calculated as earnings before interest,
taxes and depreciation and amortization and excludes the impact of restructuring
and other charges as discussed on page 8, as well as the non-controlling
interest in consolidated joint venture. We use EBITDA, among other measures, to
assess the operating performance of our business. We also believe this measure
is commonly used by investors and analysts to measure a company&#146;s ability to
service debt and to meet other payment obligations, or as a common valuation
measurement. We exclude depreciation and amortization expenses, which are
non-cash in nature and can vary significantly depending upon accounting methods
or non-operating factors such as historical cost. Excluding these items does not
imply they are necessarily non-recurring.</FONT></P>
<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><FONT size=2><I>(in $ millions)</I> </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>Q2 2009</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>Q2 2008 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>YTD 2009</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>YTD 2008 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT
      size=2>&nbsp; </FONT></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%"><FONT
      size=2>Recast<SUP>(1</SUP></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><SUP>)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT
      size=2>&nbsp; </FONT></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%"><FONT
      size=2>Recast<SUP>(1</SUP></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><SUP>)</SUP> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Net earnings </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2><B>7.1</B>
    </FONT></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><FONT size=2>42.1 </FONT></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><FONT size=2><B>11.4</B>
      </FONT></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><FONT size=2>70.1 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Restructuring and other charges <SUP>(2)</SUP>
      </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>0.1</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>0.8 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>1.1</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>1.6 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Depreciation and amortization
      </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2><B>16.2</B>
      </FONT></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><FONT size=2>14.6 </FONT></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><FONT size=2><B>32.1</B>
      </FONT></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><FONT size=2>27.0 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Variation in depreciation included in
      inventories </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>(1.0</B></FONT></TD>
    <TD align=left width="2%" ><B>)</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>(0.8</FONT></TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>(5.4</B></FONT></TD>
    <TD align=left width="2%" ><B>)</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>(2.2</FONT></TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Interest, net </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2><B>0.4</B>
    </FONT></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><FONT size=2>2.1 </FONT></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><FONT size=2><B>1.4</B>
    </FONT></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><FONT size=2>4.9 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Income tax expense </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>0.4</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>3.6 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>0.8</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>5.6 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><FONT size=2>Non-controlling interest of consolidated
      joint venture </FONT></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><FONT size=2><B>0.1</B> </FONT></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><FONT size=2>(0.1</FONT></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="10%"
    bgColor=#e6efff><FONT size=2><B>(0.3</B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </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><FONT size=2>0.2 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left><FONT
      size=2>EBITDA </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"><FONT
      size=2><B>23.3</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"><FONT
      size=2>62.3 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"><FONT
      size=2><B>41.1</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"><FONT
      size=2>107.2 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify style="margin-top: 0; margin-bottom: 0"><I><FONT size=1>Certain minor rounding variances exist between
the financial statements and this summary.</FONT></I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><I><SUP><FONT size=1>(1)</FONT></SUP></I> </TD>
    <TD>
      <P align=justify><I><FONT size=1>Reflects the impact of the change in
      accounting policy as described in Note 3 to the unaudited interim
      consolidated financial statements.</FONT></I></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><I><SUP><FONT size=1>(2)</FONT></SUP></I> </TD>
    <TD>
      <P align=justify><I><FONT size=1>See page
8.</FONT></I></P></TD></TR></TABLE>
<P align=justify><B><FONT size=2>Free Cash Flow</FONT></B><BR></P>
<P align=justify><FONT size=2>Free cash flow is defined as cash from operating
activities including net changes in non-cash working capital balances, less cash
flow used in investing activities excluding business acquisitions. We consider
free cash flow to be an important indicator of the financial strength and
performance of our business, because it shows how much cash is available after
capital expenditures to repay debt and to reinvest in our business. We believe
this measure is commonly used by investors and analysts when valuing a business
and its underlying assets. </FONT></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=2>&nbsp;<I>(in $ millions)</I> </FONT></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%"><FONT
      size=2><B>Q2 2009</B> </FONT></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%"><FONT
      size=2>Q2 2008 </FONT></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%"><FONT
      size=2><B>YTD 2009</B> </FONT></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%"><FONT
      size=2>YTD 2008 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>&nbsp;Cash flows (used in)
      from operating activities </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT
      size=2><B>(49.4</B></FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>24.3 </FONT></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><FONT
      size=2><B>(33.5</B></FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>127.7 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp;Cash flows used in investing activities
      </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>(11.5</B></FONT></TD>
    <TD align=left width="2%" ><B>)</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>(24.6</FONT></TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>(23.6</B></FONT></TD>
    <TD align=left width="2%" ><B>)</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>(193.8</FONT></TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>&nbsp;Adjustments for:
    </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></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><FONT size=2>&nbsp; </FONT></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><FONT size=2>&nbsp; </FONT></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><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp; &nbsp; &nbsp; &nbsp;Business
      acquisitions </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>-</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2><B>-</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>126.8 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><FONT size=2>&nbsp; &nbsp; &nbsp; &nbsp;Restricted cash
      (received) paid related to acquisition </FONT></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><FONT size=2><B>(1.1</B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </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><FONT size=2>- </FONT></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><FONT size=2><B>(2.0</B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </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><FONT size=2>10.0 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left><FONT
      size=2>&nbsp;Free cash flow </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"><FONT
      size=2><B>(62.0</B></FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"><FONT
      size=2>(0.3</FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"><FONT
      size=2><B>(59.1</B></FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"><FONT
      size=2>70.7 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=13><FONT size=1><I>Certain minor
      rounding variances exist between the financial statements and this
      summary.</I> </FONT></TD></TR></TABLE>
<P align=justify><B><FONT size=2>Total Indebtedness and Net
Indebtedness</FONT></B><BR></P>
<P align=justify><FONT size=2>We consider total indebtedness and net
indebtedness to be important indicators of the financial leverage of the
Company. </FONT></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=2><I>(in $ millions)</I> </FONT></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%"><FONT
      size=2><B>Q2 2009</B> </FONT></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%"><FONT
      size=2>Q4 2008 </FONT></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%"><FONT
      size=2>Q2 2008 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Current portion of long-term
      debt </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2><B>2.9</B>
    </FONT></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><FONT size=2>3.6 </FONT></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><FONT size=2>4.1 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=2>Long-term debt </FONT></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%"><FONT
      size=2><B>118.6</B> </FONT></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%"><FONT
      size=2>49.4 </FONT></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%"><FONT
      size=2>142.2 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2><B>Total indebtedness</B>
      </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2><B>121.5</B>
      </FONT></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><FONT size=2>53.0 </FONT></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><FONT size=2>146.3 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Cash
      and cash equivalents </FONT></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%"><FONT
      size=2><B>(24.0</B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><B>)</B> </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%"><FONT
      size=2>(12.4</FONT></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="10%"><FONT
      size=2>(29.3</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left
      bgColor=#e6efff><FONT size=2><B>Net indebtedness</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#e6efff><FONT size=2><B>97.5</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#e6efff><FONT size=2>40.6 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=right width="10%"
    bgColor=#e6efff><FONT size=2>117.0 </FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=10><FONT size=1><I>Certain minor rounding variances
      exist between the financial statements and this summary.</I> </FONT></TD></TR></TABLE>
<P align=right><FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009
P.20</FONT></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>


<!--$$/page=-->
<A name="page_21"></A>

<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<P align="justify">
<B><U><FONT size=2>FORWARD-LOOKING STATEMENTS</FONT></U></B><BR>
</P>
<P align="justify">
<FONT size=2>Certain statements included in this MD&amp;A constitute &#147;forward-looking statements&#148; within the meaning of the U.S. </FONT><I><FONT size=2>Private Securities Litigation Reform Act of 1995</FONT></I><FONT size=2> and Canadian
securities legislation and regulations, and are subject to important risks, uncertainties and assumptions. This forward-looking information includes, amongst others, information with respect to our objectives and the strategies to achieve these
objectives, as well as information with respect to our beliefs, plans, expectations, anticipations, estimates and intentions. Forward-looking statements generally can be identified by the use of conditional or forward-looking terminology such as
&#147;may&#148;, &#147;will&#148;, &#147;expect&#148;, &#147;intend&#148;, &#147;estimate&#148;, &#147;anticipate&#148;, &#147;plan&#148;, &#147;foresee&#148;, &#147;believe&#148; or &#147;continue&#148; or the negatives of these terms or variations
of them or similar terminology. We refer you to the Company&#146;s filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission, as well as the &#147;Risks and Uncertainties&#148; section and the risks
described under the section &#147;Financial Risk Management&#148; of the 2008 Annual MD&amp;A, as subsequently updated in our first quarter 2009 interim MD&amp;A and this 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 document.</FONT></P>
<P align="justify">
<FONT size=2>Forward-looking information is inherently uncertain and the results or events predicted in such forward-looking information may differ materially from actual results or events. Material factors, which could cause actual results or
events to differ materially from a conclusion, forecast or projection in such forward-looking information, include, but are not limited to: </FONT></P>
<UL style="text-align:justify;">
<LI>
<FONT size=2>general economic conditions such as commodity prices, currency exchange rates, interest rates</FONT> <FONT size=2>and other factors over which we have no control;</FONT></LI>
<LI>
<FONT size=2>the impact of economic and business conditions, industry trends and other external, political and social</FONT> <FONT size=2>factors in the countries in which we operate;</FONT></LI>
<LI>
<FONT size=2>the intensity of competitive activity;</FONT></LI>
<LI>
<FONT size=2>changes in environmental, tax, trade, employment, consumer product safety and other laws and</FONT> <FONT size=2>regulations;</FONT></LI>
<LI>
<FONT size=2>our ability to implement our strategies and plans;</FONT></LI>
<LI>
<FONT size=2>our ability to complete and successfully integrate acquisitions;</FONT></LI>
<LI>
<FONT size=2>our reliance on a small number of significant customers;</FONT></LI>
<LI>
<FONT size=2>changes in consumer preferences, customer demand for our products and our ability to maintain</FONT> <FONT size=2>customer relationships and grow our business;</FONT></LI>
<LI>
<FONT size=2>the fact that our customers do not commit to minimum quantity purchases;</FONT></LI>
<LI>
<FONT size=2>the seasonality of our business;</FONT></LI>
<LI>
<FONT size=2>our ability to attract and retain key personnel;</FONT></LI>
<LI>
<FONT size=2>our reliance on computerized information systems;</FONT></LI>
<LI>
<FONT size=2>changes in accounting policies and estimates; and</FONT></LI>
<LI>
<FONT size=2>disruption to manufacturing and distribution activities due to labour disruptions, bad weather, natural</FONT> <FONT size=2>disasters and other unforeseen adverse events.</FONT></LI>
</UL>
<P align="justify">
<FONT size=2>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, may have on the Company&#146;s business. For example, they do
not include the effect of business dispositions, acquisitions, other business transactions, asset write-downs or other charges announced or occurring after forward-looking statements are made. The financial impact of such transactions and
non-recurring and other special items can be complex and necessarily depends on the facts particular to each of them.</FONT></P>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.21</FONT></P>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">



<!--$$/page=-->
<A name="page_22"></A>

<P align="right">
<FONT size=1>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT><BR>
</P>
<P align="justify">
<FONT size=2>We believe that the expectations represented by our forward-looking statements are reasonable, yet there can be no assurance that such expectations will prove to be correct. The purpose of the forward-looking statements is to provide
the reader with a description of management&#146;s expectations regarding the Company&#146;s fiscal 2009 financial performance and may not be appropriate for other purposes. Furthermore, unless otherwise stated, the forward-looking statements
contained in this report are made as of the date of this report, and we do not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise unless required by applicable legislation or regulation. The
forward-looking statements contained in this report are expressly qualified by this cautionary statement. </FONT></P>
<P align="justify">
<FONT size=2>May 13, 2009</FONT></P>
<P align="justify">
&nbsp;</P>
<P align="justify">
<BR>
</P>
<P align="right">
<FONT size=1>QUARTERLY SHAREHOLDER REPORT &#150; Q2 2009 P.22</FONT></P>

<HR noshade align="center" width="100%" size=5 color="black">


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-----END PRIVACY-ENHANCED MESSAGE-----
