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<SEC-DOCUMENT>0001204459-09-000870.txt : 20090514
<SEC-HEADER>0001204459-09-000870.hdr.sgml : 20090514
<ACCEPTANCE-DATETIME>20090514141357
ACCESSION NUMBER:		0001204459-09-000870
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20090514
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:		09825803

	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>gildanf6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html>

<head>

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

<body>

<font face="Times New Roman" size="5"><b>
<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
  <hr color="#000000" size="3">
</div>
<p align="center">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION</b> <br>
</font><font face="Times New Roman" size="2"><b>Washington, DC 20549</b> </p>
</font><font face="Times New Roman" size="5"><b>
<p align="center">Form 6-K</b> </p>
</font><font face="Times New Roman" size="2"><b>
<p align="center">Report of Foreign Private Issuer <br>
Pursuant to Rule 13a-16 or 15d-16 of<br>
&nbsp;the Securities Exchange Act of 1934</b> </p>
<div align="center">
  <center>
  <table id="AutoNumber1" style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="50%" border="0">
    <tr>
      <td width="50%" nowrap>
      <p align="center"><font face="Times New Roman" size="2">For the month of:
      May 2009</font></td>
      <td width="50%" nowrap>
      <p align="center"><font face="Times New Roman" size="2">&nbsp;Commission File
      Number: 1-14830 </font></td>
    </tr>
  </table>
  </center>
</div>
<font face="Times New Roman" size="6"><b>
<p align="center">GILDAN ACTIVEWEAR INC.</b> <br>
</font>(<i>Translation of Registrant's name into English</i>) </p>
<p align="center"><b>600 de Maisonneuve Boulevard West<br>
33rd Floor<br>
Montr&#233;al, Qu&#233;bec <br>
Canada H3A 3J2</b><br>
(<i>Address of Principal Executive Offices</i>) </p>
<p align="left">Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F: </p>
<div align="center">
  <center>
  <table id="AutoNumber1" style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="50%" border="0">
    <tr>
      <td align="middle" width="50%"><font face="Times New Roman" size="2">Form
      20-F </font><font face="Wingdings 2" size="3">&#163;</font></td>
      <td align="middle" width="50%"><font face="Times New Roman" size="2">Form
      40-F </font><font face="Wingdings 2" size="3">Q</font></td>
    </tr>
  </table>
  </center>
</div>
<p>Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): <font face="Wingdings 2" size="3">
&#163;</font></p>
<p>Indicate by check mark if the registrant is submitting the form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): <font face="Wingdings 2" size="3">
&#163;</font></p>
<p>Indicate by check mark whether by furnishing the information contained in
this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
<font face="Wingdings 2" size="3">&#163;</font></p>
<div align="center">
  <center>
  <table id="AutoNumber2" style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="50%" border="0">
    <tr>
      <td align="middle" width="50%"><font face="Times New Roman" size="2">Yes
      </font><font face="Wingdings 2" size="3">&#163;</font></td>
      <td align="middle" width="50%"><font face="Times New Roman" size="2">No
      </font><font face="Wingdings 2" size="3">Q</font></td>
    </tr>
  </table>
  </center>
</div>
<p>If &quot;Yes&quot; is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): N/A </p>
<hr 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: #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="BORDER-TOP: medium none; FONT-SIZE: 10pt; BORDER-BOTTOM: #000000 1px solid" 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-TOP: -11pt; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 26pt">
    <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-TOP: -11pt; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 26pt">
    <font face="Times New Roman" size="2">Director, Legal Services and<br>
    Corporate Secretary&nbsp;</font></td>
  </tr>
</table>
<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: #000000 1px solid" 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: #000000 1px solid" noWrap align="middle" height="16">
    <p align="left"><b><font face="Times New Roman" size="2">Description of
    Exhibit</font></b></td>
  </tr>
  <tr vAlign="bottom">
    <td vAlign="top" height="1"></td>
    <td vAlign="top" height="1"></td>
    <td vAlign="top" height="1"></td>
  </tr>
  <tr vAlign="bottom">
    <td vAlign="center" height="15"></td>
    <td vAlign="center" height="15"></td>
    <td vAlign="center" height="15"></td>
  </tr>
  <tr vAlign="bottom">
    <td vAlign="center" bgColor="#e9f1f8" height="15">
    <a style="text-decoration: none" href="exh991.htm">99.1</a></td>
    <td vAlign="center" bgColor="#e9f1f8" height="15">&nbsp;</td>
    <td vAlign="center" bgColor="#e9f1f8" height="15">
    <a style="text-decoration: none" href="exh991.htm">Press Release Dated May 14, 2009</a></td>
  </tr>
</table>
<p>&nbsp;</p>
<hr color="#000000" SIZE="5"></font>

</body>

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

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

<body>

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
  <hr color="#000000" size="3"></div>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="2" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td width="700">
    <img border="0" src="gildan1.jpg" width="261" height="70"></td>
    <td width="701">
    <p align="right"><font FACE="Times New Roman" SIZE="6">News Release</font></td>
  </tr>
</table>
<b>
<p align="justify"><font size="2">For immediate release </font></p>
<p align="center"><u><font size="4">Gildan Activewear Announces Second Quarter Results <br>
</font>
</u>&#150; Significant Decline in Sales and Gross Margins &#150; <br>
&#150; Company Expects Improvement in Gross Margins In Second Half of Year but
Continuation of Weak Demand &#150; <br>
&#150; Free Cash Flow Projected to be Positive for Full Fiscal Year &#150; </p>
<font SIZE="2">
<p ALIGN="JUSTIFY">Montr&#233;al, Thursday, May 14, 2009</font></b><font SIZE="2"> &#150;
Gildan Activewear Inc. (GIL; TSX and NYSE) today announced its financial results
for the second quarter of its 2009 fiscal year, and provided certain planning
and financial modeling assumptions for the second half of the fiscal year. </p>
<p align="justify"><u>Sales and Earnings </u></p>
<p ALIGN="JUSTIFY">Gildan reported net earnings of U.S. $7.1 million and diluted
EPS of U.S. $0.06 for its second fiscal quarter ended April 5, 2009, compared
with net earnings of U.S. $42.1 million and diluted EPS of U.S. $0.35 in the
second quarter of fiscal 2008. The reduction in net earnings and EPS was
primarily due to significantly lower 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. Gross
margins are projected to improve in the third and fourth quarters, compared to
the second quarter, due to more favourable manufacturing and raw material costs
and more favourable product-mix. </p>
<p ALIGN="JUSTIFY">Net sales in the second quarter of fiscal 2009 amounted to
U.S. $244.8 million, down 16.7% from U.S. $293.8 million in the second quarter
of last year, due primarily to a 21.9% decline in activewear sales including a
13.9% decrease in unit shipments of activewear. Increased market share
penetration in the U.S. screenprint channel was more than offset by an 18.0%
decline in overall industry unit shipments in the channel 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, as discussed later in this release. Sales were also negatively
impacted by unfavourable activewear product-mix, 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 the Company significantly
reduced inventories of such product which had been manufactured in fiscal 2008.
Sales in the Canadian market declined by 45.9% compared to the second quarter of
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. Sales of socks 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 the Company&#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. </p>
</font><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5><font SIZE="2">
<p>The table below summarizes data from the S.T.A.R.S. report produced by
ACNielsen Market Decisions, which tracks unit volume shipments from U.S.
wholesale distributors to U.S. screenprinters, for the calendar quarter ended
March 31, 2009: </p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="31%" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 2">
    <font FACE="Times New Roman" SIZE="2"><b>Three months ended</b></font></td>
    <td WIDTH="45%" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 2">
    <font FACE="Times New Roman" SIZE="2"><b>Three months ended</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="31%" COLSPAN="2" align="center">
    <font FACE="Times New Roman" SIZE="2"><b>March 31,</b></font></td>
    <td WIDTH="45%" COLSPAN="2" align="center">
    <font FACE="Times New Roman" SIZE="2"><b>March 31,</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="31%" COLSPAN="2" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>2009 vs. 2008</b></font></td>
    <td WIDTH="15%" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>2009</b></font></td>
    <td WIDTH="15%" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>2008</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="31%" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>Unit Growth</b></font></td>
    <td WIDTH="45%" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>Market Share</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="15%" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>Gildan</b></font></td>
    <td WIDTH="15%" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>Industry</b></font></td>
    <td WIDTH="45%" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>Gildan</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">All products</font></td>
    <td WIDTH="15%" align="center" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>(5.5)%</b></font></td>
    <td WIDTH="15%" align="center" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">(18.0)%</font></td>
    <td WIDTH="15%" align="center" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>57.3%</b></font></td>
    <td WIDTH="15%" align="center" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">50.1%</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2">T-shirts</font></td>
    <td WIDTH="15%" align="center"><font FACE="Times New Roman" SIZE="2"><b>
    (5.5)%</b></font></td>
    <td WIDTH="15%" align="center"><font FACE="Times New Roman" SIZE="2">(17.9)%</font></td>
    <td WIDTH="15%" align="center"><font FACE="Times New Roman" SIZE="2"><b>
    58.1%</b></font></td>
    <td WIDTH="15%" align="center"><font FACE="Times New Roman" SIZE="2">50.7%</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2">Fleece</font></td>
    <td WIDTH="15%" align="center"><font FACE="Times New Roman" SIZE="2"><b>0.4%</b></font></td>
    <td WIDTH="15%" align="center"><font FACE="Times New Roman" SIZE="2">(12.9)%</font></td>
    <td WIDTH="15%" align="center"><font FACE="Times New Roman" SIZE="2"><b>
    56.0%</b></font></td>
    <td WIDTH="15%" align="center"><font FACE="Times New Roman" SIZE="2">48.8%</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2">Sport shirts</font></td>
    <td WIDTH="15%" align="center" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2"><b>(23.8)%</b></font></td>
    <td WIDTH="15%" align="center" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2">(28.6)%</font></td>
    <td WIDTH="15%" align="center" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2"><b>37.7%</b></font></td>
    <td WIDTH="15%" align="center" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2">35.5%</font></td>
  </tr>
</table>
<p ALIGN="JUSTIFY">Gross margins in the second quarter were 15.8%, compared to
28.8% after recasting prior year comparatives to reflect the reclassification of
manufacturing depreciation and certain items from selling, general and
administrative expenses to cost of sales. The decline in gross margins was due
to significantly higher costs in previously manufactured inventory for cotton,
energy, chemicals and dyestuffs, more 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. </p>
<p ALIGN="JUSTIFY">The Company continues to plan its 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 fiscal quarter,
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 the Company had previously committed
itself 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. </p>
<p align="right">2</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>
<p align="justify">Selling, general and administrative expenses, after
reflecting the recasting of certain items in both years, were U.S. $30.9 million
in the second quarter, compared with U.S. $34.6 million in the second quarter of
fiscal 2008. The reduction in selling, general and administrative expenses
compared to last year was primarily due to reduced distribution costs and the
impact of the lower-valued Canadian dollar on corporate administrative expenses,
partially offset by higher legal and professional fees. </p>
<p align="justify"><u>Year-to-date Sales and Earnings </u></p>
<p align="justify">Net sales for the six months ended April 5, 2009 were U.S.
$428.8 million, down U.S. $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 U.S. $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 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. </p>
<p align="justify">Net earnings for the first six months were U.S. $11.4
million, or U.S. $0.09 per share on a diluted basis, compared with net earnings
of U.S. $70.1 million, or U.S. $0.58 per share, for the same period last year.
The reduction in net earnings and EPS in the first six months of fiscal 2009 was
due to significantly lower activewear unit sales volumes and gross margins,
partially offset by lower SG&amp;A and financial expenses. </p>
<p align="justify"><u>Cash Flows </u></p>
<p align="justify">Cash flows from operating activities less cash flows from
investing activities resulted in a use of cash of U.S. $62.0 million in the
second quarter. Cash flows from operating activities before depreciation and
amortization and other non-cash items, together with the approximately U.S. $7.5
million impact of a reduction in inventories in the quarter, were used to
finance an approximate U.S. $77.8 million increase in accounts receivable and
approximately U.S. $13.4 million of capital expenditures. </p>
<p align="justify">Inventories at the end of the second quarter were slightly
reduced compared to the end of the first quarter, as higher unit quantities of
activewear finished goods inventories were more than offset by the impact of a
reduction in activewear unit inventory costs and lower inventories of socks.
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 distributor inventories. </p>
<p align="right">3</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5></font><font FACE="Times New Roman" SIZE="2">
<p ALIGN="JUSTIFY">The Company ended the second quarter of fiscal 2009 with net
indebtedness of approximately U.S. $97.5 million, and continues to have
significant financing capacity and flexibility under its revolving bank credit
facility, which matures in 2013. In addition, the Company expects to continue to
reinforce its strong balance-sheet and capital structure by generating positive
free cash flow in the current fiscal year. Capital expenditures for fiscal 2009
are currently projected to be approximately U.S. $60-$65 million, down from the
Company&#146;s most recent projection due to the deferral of capital expenditures for
capacity expansion. The Company&#146;s objective is to have no debt outstanding under
its bank credit facility at the fiscal year-end. </p>
<p><u>Distributor Debt Restructuring </u></p>
<p ALIGN="JUSTIFY">The Company&#146;s largest wholesale distributor, Broder Bros.,
Co. (&quot;Broder&quot;), has been undertaking a restructuring of its debt financing, as
disclosed in successive press releases which it has issued. Its restructuring
plan includes the conversion of a minimum of 95% of its existing 11.25% senior
notes into new debt and equity instruments. The deadline for achieving the
minimum tender condition of 95% of the bond-holders is 11:59 p.m. EDT today. In
the event that Broder fails to achieve the required level of bond-holder
acceptance, it has announced that it intends to immediately seek creditor
protection under Chapter 11 of the U.S. Bankruptcy Code. If Broder elects to
pursue such a filing, Gildan may be required to provide for non-collection of
all or part of its net accounts receivable from Broder, amounting to
approximately U.S. $12.4 million as of today&#146;s date. </p>
<p><u>Disclosure of Outstanding Share Data </u></p>
<p ALIGN="JUSTIFY">As of April 30, 2009, there were 120,885,925 common shares
issued and outstanding along with 1,074,341 stock options and 762,806 dilutive
restricted share units (&quot;Treasury RSUs&quot;) outstanding. Each stock option entitles
the holder to purchase one common share at the end of the vesting period at a
pre-determined option price. Each Treasury RSU entitles the holder to receive
one common share at the end of the vesting period, without any monetary
consideration being paid to the Company. However, the vesting of 50% of the
restricted share grant is dependent upon the financial performance of the
Company, relative to a benchmark group of Canadian publicly-listed companies.
</p>
<p><u>Financial Highlights </u></p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">Q2 2008</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">YTD 2008</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><i>(in US$ millions, except per share amounts or otherwise
    indicated)</i></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">Q2 2009</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">Recast*</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">YTD 2009</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">Recast*</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">Net sales</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">244.8</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">293.8</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4"><b>428.8</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">544.2</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">Gross profit</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">38.7</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">84.6</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4"><b>77.6</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">150.1</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">Selling, general and administrative expenses
    (SG&amp;A)</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">31.0</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">34.6</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4"><b>64.4</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">66.3</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">Operating income</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">7.6</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">49.2</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4"><b>12.1</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">82.2</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">EBITDA (1)</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">23.3</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">62.3</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4"><b>41.1</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">107.2</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">Net earnings and comprehensive income</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">7.1</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">42.1</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4"><b>11.4</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">70.1</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: dotted; border-bottom-width: 1">
    <font SIZE="2">Adjusted net earnings (2)</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: dotted; border-bottom-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">7.2</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: dotted; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">42.9</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: dotted; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4"><b>12.5</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: dotted; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">71.7</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: none; border-top-width: medium">
    <font SIZE="2">EPS &#150; diluted</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: none; border-top-width: medium">
    <font SIZE="2"><b>
    <p style="margin-right: 4">0.06</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: none; border-top-width: medium">
    <font SIZE="2">
    <p style="margin-right: 4">0.35</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: none; border-top-width: medium">
    <font SIZE="2">
    <p style="margin-right: 4"><b>0.09</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: none; border-top-width: medium">
    <font SIZE="2">
    <p style="margin-right: 4">0.58</font></td>
  </tr>
</table>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td WIDTH="40%" style="border-bottom-style: dotted; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">Adjusted EPS &#150; diluted (2)</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: dotted; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>
    <p style="margin-right: 4">0.06</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: dotted; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4">0.35</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: dotted; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4"><b>0.10</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: dotted; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4">0.59</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: none; border-top-width: medium">
    <font FACE="Times New Roman" SIZE="2">Gross margin</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: none; border-top-width: medium">
    <font FACE="Times New Roman" SIZE="2"><b>
    <p style="margin-right: 4">15.8%</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: none; border-top-width: medium">
    <font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4">28.8%</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: none; border-top-width: medium">
    <font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4"><b>18.1%</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: none; border-top-width: medium">
    <font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4">27.6%</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2">SG&amp;A as a percentage
    of sales</font></td>
    <td WIDTH="15%" align="right"><font FACE="Times New Roman" SIZE="2"><b>
    <p style="margin-right: 4">12.6%</b></font></td>
    <td WIDTH="15%" align="right"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4">11.8%</font></td>
    <td WIDTH="15%" align="right"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4"><b>15.0%</b></font></td>
    <td WIDTH="15%" align="right"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4">12.2%</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">Operating margin</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>
    <p style="margin-right: 4">3.1%</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4">16.7%</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4"><b>2.8%</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4">15.1%</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2">Cash flows from
    operations</font></td>
    <td WIDTH="15%" align="right"><font FACE="Times New Roman" SIZE="2"><b>
    (49.4)</b></font></td>
    <td WIDTH="15%" align="right"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4">24.3</font></td>
    <td WIDTH="15%" align="right"><b><font FACE="Times New Roman" SIZE="2">(33.5)</font></b></td>
    <td WIDTH="15%" align="right"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4">127.7</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">Free cash flow (3)</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>(62.0)</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">(0.3)</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Times New Roman" SIZE="2">(59.1)</font></b></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4">70.7</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="15%" align="right"><font FACE="Times New Roman" SIZE="2"><b>
    <p style="margin-right: 4">April 5,</b></font></td>
    <td WIDTH="15%" align="right"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4">October 5,</font></td>
    <td WIDTH="15%" align="right"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4">March 30,</font></td>
    <td WIDTH="15%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><i>As at</i></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>
    <p style="margin-right: 4">2009</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4">2008</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4">2008</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">Inventories</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>
    <p style="margin-right: 4">379.9</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4">316.2</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4">300.1</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2">Accounts receivable</font></td>
    <td WIDTH="15%" align="right"><font FACE="Times New Roman" SIZE="2"><b>
    <p style="margin-right: 4">176.6</b></font></td>
    <td WIDTH="15%" align="right"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4">222.2</font></td>
    <td WIDTH="15%" align="right"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4">185.8</font></td>
    <td WIDTH="15%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2">Net indebtedness (4)</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2"><b>
    <p style="margin-right: 4">97.5</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4">40.6</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4">117.0</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
</table>
<font FACE="Times New Roman" SIZE="2">
<p>(1), (2), (3), (4): Please refer to <i>Non-GAAP Financial Measures</i> on
page 7 of this press release. </p>
</font>
<p align="right"><font size="2">4</font></p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5><font SIZE="2">
<p align="justify"><u>Information for shareholders </u></p>
<p ALIGN="JUSTIFY">This release should be read in conjunction with Gildan&#146;s 2009
Second Quarter MD&amp;A dated May 13, 2009 and its interim consolidated financial
statements for the three and six months ended April 5, 2009 (available at <u>
<font color="#0000FF">http://gildan.com/corporate/IR/quarterlyReports.cfm</font></u>)
which is incorporated by reference in this release, filed by Gildan with the
Canadian securities regulatory authorities and with the U.S. Securities and
Exchange Commission. </p>
<p ALIGN="JUSTIFY">Gildan Activewear Inc. will hold a conference call to discuss
these results today at 8:30 AM EDT. The conference call can be accessed by
dialing 800-261-3417<b> </b>(Canada &amp; U.S.) or 617-614-3673 (international) and
entering passcode 82609099, or by live sound webcast on Gildan's Internet site
(&quot;Investor Relations&quot; section) at the following address: <u>
<font color="#0000FF">http://gildan.com/corporate/IR/webcastPresentations.cfm</font></u>.
If you are unable to participate in the conference call, a replay will be
available starting that same day at 11:30 AM EDT by dialing 888-286-8010 (Canada
&amp; U.S.) or 617-801-6888 (international) and entering passcode 92301249, until
Thursday, May 21, 2009 at midnight, or by sound web cast on Gildan's Internet
site for 30 days. </p>
<p align="justify"><u>Profile </u></p>
<p ALIGN="JUSTIFY">Gildan is a vertically-integrated marketer and manufacturer
of quality branded basic apparel. The Company is the leading supplier of
activewear for the screenprint channel in the U.S. and Canada. It is also a
leading supplier to this market in Europe, and is establishing a growing
presence in Mexico and the Asia-Pacific region. The Company sells T-shirts,
sport shirts and fleece in large quantities to wholesale distributors as
undecorated &quot;blanks&quot;, which are subsequently decorated by screenprinters with
designs and logos. Consumers ultimately purchase the Company&#146;s products, with
the Gildan label, in venues such as sports, entertainment and corporate events,
and travel and tourism destinations. The Company&#146;s products are also utilized
for work uniforms and other end-uses to convey individual, group and team
identity. The Company is also a leading supplier of private label and Gildan
branded socks primarily sold to mass-market retailers. In addition, Gildan has
an objective to become a significant supplier of men&#146;s and boys&#146; underwear and
undecorated activewear products to mass-market retailers in North America. </p>
<p align="right">5</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5></font><i><font SIZE="2">
<p align="justify"><u>Forward-Looking Statements </u> </p>
<p ALIGN="JUSTIFY">Certain statements included in this press release constitute
&quot;forward-looking statements&quot; within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 and Canadian securities legislation and
regulations, and are subject to important risks, uncertainties and assumptions.
This forward-looking information includes, amongst others, information with
respect to our objectives and the strategies to achieve these objectives, as
well as information with respect to our beliefs, plans, expectations,
anticipations, estimates and intentions. Forward-looking statements generally
can be identified by the use of conditional or forward-looking terminology such
as &quot;may&quot;, &quot;will&quot;, &quot;expect&quot;, &quot;intend&quot;, &quot;estimate&quot;, &quot;project&quot;, &quot; assume&quot;,
&quot;anticipate&quot;, &quot;plan&quot;, &quot;foresee&quot;, &quot;believe&quot; or &quot;continue&quot; or the negatives of
these terms or variations of them or similar terminology. We refer you to the
Company&#146;s filings with the Canadian securities regulatory authorities and the
U.S. Securities and Exchange Commission, as well as the &quot;Risks and
Uncertainties&quot; section and the risks described under the section &quot;Financial Risk
Management&quot; of the 2008 Annual MD&amp;A, as subsequently updated in our first and
second quarter 2009 interim MD&amp;A, for a discussion of the various factors that
may affect the Company&#146;s future results. Material factors and assumptions that
were applied in drawing a conclusion or making a forecast or projection are also
set out throughout this press release </p>
<p ALIGN="JUSTIFY">Forward-looking information is inherently uncertain and
results or events predicted in such forward-looking information may differ
materially from actual results or events. Material factors, which could cause
actual results or events to differ materially from a conclusion, forecast or
projection in such forward-looking information, include, but are not limited to:
general economic conditions such as commodity prices, currency exchange rates,
interest rates and other factors over which we have no control; the impact of
economic and business conditions, industry trends and other external, political
and social factors in the countries in which we operate; the intensity of
competitive activity; changes in environmental, tax, trade, employment, consumer
product safety and other laws and regulations; our ability to implement our
strategies and plans; our ability to complete and successfully integrate
acquisitions; our reliance on a small number of significant customers; changes
in consumer preferences, customer demand for our products and our ability to
maintain customer relationships and grow our business; the fact that our
customers do not commit to minimum quantity purchases; the seasonality of our
business; our ability to attract and retain key personnel; our reliance on
computerized information systems; changes in accounting policies and estimates;
and disruption to manufacturing and distribution activities due to labour
disruptions, bad weather, natural disasters and other unforeseen adverse events.
</p>
<p ALIGN="JUSTIFY">These factors may cause the Company&#146;s actual performance and
financial results in future periods to differ materially from any estimates or
projections of future performance or results expressed or implied by such
forward-looking statements. Forward-looking statements do not take into account
the effect that transactions or non-recurring or other special items announced
or occurring after the statements are made have on the Company&#146;s business. For
example, they do not include the effect of business dispositions, acquisitions,
other business transactions, asset writedowns or other charges announced or
occurring after forward-looking statements are made. The financial impact of
such transactions and non-recurring and other special items can be complex and
necessarily depends on the facts particular to each of them. </p>
</font></i><font SIZE="2">
<p align="right">6</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5></font><font FACE="Times New Roman" SIZE="2"><i>
<p ALIGN="JUSTIFY">We believe that the expectations represented by our
forward-looking statements are reasonable, yet there can be no assurance that
such expectations will prove to be correct. The purpose of the forward-looking
statements is to provide the reader with a description of management&#146;s
expectations regarding the Company&#146;s fiscal 2009 financial performance and may
not be appropriate for other purposes. Furthermore, unless otherwise stated, the
forward-looking statements contained in this press release are made as of the
date of this press release, and we do not undertake any obligation to update
publicly or to revise any of the included forward-looking statements, whether as
a result of new information, future events or otherwise unless required by
applicable legislation or regulation. The forward-looking statements contained
in this press release are expressly qualified by this cautionary statement. </p>
<p><u>Non-GAAP Financial Measures </u></p>
<p ALIGN="JUSTIFY">This release includes reference to certain non-GAAP financial
measures such as EBITDA, adjusted net earnings, adjusted diluted EPS, free cash
flow and net indebtedness. These non-GAAP measures do not have any standardized
meanings prescribed by Canadian GAAP and are therefore unlikely to be comparable
to similar measures presented by other companies. Accordingly, they should not
be considered in isolation. The terms and definitions of the non-GAAP measures
used in this press release and a reconciliation of each non-GAAP measure to the
most directly comparable GAAP measure are provided below. </p>
</i>
<p>(1) EBITDA </p>
</font><font FACE="Times New Roman" SIZE="2"><i>
<p ALIGN="JUSTIFY">EBITDA is calculated as earnings before interest, taxes and
depreciation and amortization and excludes the impact of restructuring and other
charges, as well as the non-controlling interest in consolidated joint venture.
The Company uses 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. </p>
</i></font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">Q2 2008</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">YTD 2008</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><i>(in US$ millions)</i></font></td>
    <td WIDTH="14%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">Q2 2009</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">Recast*</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">YTD 2009</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">Recast*</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">Net earnings</font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">7.1</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">42.1</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">11.4</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">70.1</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">Restructuring and other charges</font></td>
    <td WIDTH="14%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">0.1</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">0.8</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">1.1</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">1.6</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">Depreciation and amortization</font></td>
    <td WIDTH="14%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">16.2</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">14.6</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">32.1</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">27.0</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">Variation in depreciation included in
    inventories</font></td>
    <td WIDTH="14%" align="right"><font SIZE="2"><b>(1.0)</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">(0.8)</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>(5.4)</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">(2.2)</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">Interest, net</font></td>
    <td WIDTH="14%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">0.4</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">2.1</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">1.4</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">4.9</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">Income tax expense</font></td>
    <td WIDTH="14%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">0.4</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">3.6</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">0.8</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">5.6</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">Non-controlling interest of consolidated
    joint</font></td>
    <td WIDTH="14%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-left: 3%">venture</font></td>
    <td WIDTH="14%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">0.1</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(0.1)</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>(0.3)</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">0.2</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">EBITDA</font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2"><b>
    <p style="margin-right: 4">23.3</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">62.3</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2"><b>
    <p style="margin-right: 4">41.1</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">107.2</font></td>
  </tr>
</table>
<p align="right"><font size="2">7</font></p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5><font FACE="Times New Roman" SIZE="2">
<p>(2) Adjusted net earnings and adjusted diluted EPS </p>
<i>
<p ALIGN="JUSTIFY">Adjusted net earnings and adjusted diluted earnings are
calculated as net earnings and earnings per share excluding restructuring and
other charges, as discussed in Note 8 to the unaudited interim consolidated
financial statements. The Company uses and presents these non-GAAP measures to
assess its operating performance from one period to the next without the
variation caused by restructuring and other charges that could potentially
distort the analysis of trends in our business performance. Excluding these
items does not imply they are necessarily non-recurring. </p>
</i></font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">Q2 2008</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 2">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">YTD 2008</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><i>(in US$ millions, except per share amounts)</i></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">Q2 2009</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">Recast*</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">YTD 2009</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">Recast*</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">Net earnings and comprehensive income</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">7.1</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">42.1</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">11.4</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">70.1</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">Adjustments for:</font></td>
    <td WIDTH="15%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-left: 5%">Restructuring and other charges</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">0.1</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">0.8</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">1.1</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">1.6</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">Adjusted net earnings</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2"><b>
    <p style="margin-right: 4">7.2</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">42.9</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2"><b>
    <p style="margin-right: 4">12.5</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">71.7</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">Basic EPS</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">0.06</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">0.35</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">0.09</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">0.58</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">Diluted EPS</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">0.06</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">0.35</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">0.09</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">0.58</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">Adjusted diluted EPS</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2"><b>
    <p style="margin-right: 4">0.06</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">0.35</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2"><b>
    <p style="margin-right: 4">0.10</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">0.59</font></td>
  </tr>
</table>
<font FACE="Times New Roman" SIZE="2">
<p>(3) Free cash flow</font><i><font FACE="Times New Roman" SIZE="2"> </p>
<p ALIGN="JUSTIFY">Free cash flow is defined as cash from operating activities
including net changes in non-cash working capital balances, less cash flow used
in investing activities excluding business acquisitions. We consider free cash
flow to be an important indicator of the financial strength and performance of
our business, because it shows how much cash is available after capital
expenditures to repay debt and to reinvest in our business. We believe this
measure is commonly used by investors and analysts when valuing a business and
its underlying assets. </font><font FACE="Arial" SIZE="2"></p>
</font></i>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><i>(in US$ millions)</i></font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">Q2 2009</b></font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">Q2 2008</font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">YTD 2009</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">YTD 2008</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">Cash flows (used in) from operating activities</font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>(49.4)</b></font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">24.3</font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>(33.5)</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">127.7</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">Cash flows used in investing activities</font></td>
    <td WIDTH="14%" align="right"><font SIZE="2"><b>(11.5)</b></font></td>
    <td WIDTH="14%" align="right"><font SIZE="2">(24.6)</font></td>
    <td WIDTH="14%" align="right"><font SIZE="2"><b>(23.6)</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">(193.8)</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">Adjustments for:</font></td>
    <td WIDTH="14%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">
    <p style="margin-left: 5%">Business acquisitions</font></td>
    <td WIDTH="14%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">-</b></font></td>
    <td WIDTH="14%" align="right"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="14%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">-</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">126.8</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-left: 5%">Restricted cash (received) paid related to
    acquisition</font></td>
    <td WIDTH="14%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>(1.1)</b></font></td>
    <td WIDTH="14%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="14%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>(2.0)</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">10.0</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">Free cash flow</font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2"><b>(62.0)</b></font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">(0.3)</font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2"><b>(59.1)</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">70.7</font></td>
  </tr>
</table>
<font FACE="Times New Roman" SIZE="2">
<p align="right">8</p>
<i><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>
<p>(4) Net indebtedness </p>
<p>We consider total indebtedness and net indebtedness to be important
indicators of the financial leverage of the Company. </p>
</i></font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="55%" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="1"><i>(in US$ millions)</i></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>
    <p style="margin-right: 4">Q2 2009</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4">Q4 2008</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">
    <p style="margin-right: 4">Q2 2008</font></td>
  </tr>
</table>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="55%"><font SIZE="2">Current portion of long-term debt</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">2.9</b></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">3.6</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">
    <p style="margin-right: 4">4.1</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Long-term debt</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">118.6</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">49.4</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">142.2</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>Total indebtedness</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">121.5</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">53.0</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">146.3</font></td>
  </tr>
  <tr>
    <td WIDTH="55%">&nbsp;</td>
    <td WIDTH="15%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="55%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Cash and cash equivalents</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>(24.0)</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(12.4)</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(29.3)</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2"><b>Net indebtedness</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2"><b>
    <p style="margin-right: 4">97.5</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">40.6</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">117.0</font></td>
  </tr>
</table>
<font FACE="Times New Roman" SIZE="2">
<p align="justify">* Reflects the impact of the change in accounting policy as
described in Note 3 to the unaudited interim consolidated financial statements.
</p>
<i>
<p align="center">- 30 - </p>
</i></font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2"><b>CONTACTS:</b></font></td>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2"><b>Laurence G. Sellyn,</b></font></td>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2"><b>Patrice Ouimet,</b></font></td>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2"><b>Benoit Leroux,</b></font></td>
  </tr>
  <tr>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2">Executive
    Vice-President,</font></td>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2">Vice-President,</font></td>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2">Director,</font></td>
  </tr>
  <tr>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2">Chief Financial and
    Administrative</font></td>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2">Corporate Development
    and</font></td>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2">Corporate Development</font></td>
  </tr>
  <tr>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2">Officer</font></td>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2">Enterprise Risk
    Management</font></td>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2">Tel: (514) 343-8898</font></td>
  </tr>
  <tr>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2">Tel: (514) 343-8805</font></td>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2">Tel: (514) 340-8933</font></td>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2">Email: <u>bleroux@gildan.com</u></font></td>
  </tr>
  <tr>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2">Email: <u>lsellyn@gildan.com</u></font></td>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2">Email:<i> </i><u>
    pouimet@gildan.com</u></font></td>
    <td WIDTH="33%">&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="right"><font size="2">9</font></p>
<hr color="#000000" size="5"></body>

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