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<SEC-DOCUMENT>0001204459-09-001472.txt : 20090813
<SEC-HEADER>0001204459-09-001472.hdr.sgml : 20090813
<ACCEPTANCE-DATETIME>20090813170108
ACCESSION NUMBER:		0001204459-09-001472
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20090630
FILED AS OF DATE:		20090813
DATE AS OF CHANGE:		20090813

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:		091011179

	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>gildan081309form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>

<head>

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

<html>

<body>

<div style="border-top-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>August 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: August 13, 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 href="exh991.htm" style="text-decoration: none">99.1</a></td>
    <td vAlign="center" bgColor="#E6EFFF" height="15">&nbsp;</td>
    <td vAlign="center" bgColor="#E6EFFF" height="15">
    <a href="exh991.htm" style="text-decoration: none">Q3 2009 -
    Interim Financial Statements</a></td>
  </tr>
  <tr vAlign="bottom">
    <td vAlign="center" height="15">
    <a href="exh992.htm" style="text-decoration: none">99.2</a></td>
    <td vAlign="center" height="15"></td>
    <td vAlign="center" height="15">
    <p dir="ltr"><a href="exh992.htm" style="text-decoration: none">Q3 2009 -
    Management&#146;s Discussion and Analysis</a></td>
  </tr>
  <tr vAlign="bottom">
    <td vAlign="center" height="15" bgcolor="#E6EFFF">
    <a href="exh993.htm" style="text-decoration: none">99.3</a></td>
    <td vAlign="center" height="15" bgcolor="#E6EFFF">&nbsp;</td>
    <td vAlign="center" height="15" bgcolor="#E6EFFF">
    <a href="exh993.htm" style="text-decoration: none">Certification of Interim
    Filings - CEO</a></td>
  </tr>
  <tr vAlign="bottom">
    <td vAlign="center" height="15">
    <a href="exh994.htm" style="text-decoration: none">99.4</a></td>
    <td vAlign="center" height="15"></td>
    <td vAlign="center" height="15">
    <a href="exh994.htm" style="text-decoration: none">Certification of Interim
    Filings - CFO</a></td>
  </tr>
  <tr vAlign="bottom">
    <td vAlign="center" height="15">
    </td>
    <td vAlign="center" height="15"></td>
    <td vAlign="center" height="15">
    </td>
  </tr>
</table>
<p>&nbsp;</p>
<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 style="font-size:10pt;">

<HR noshade size=5 color="black">
<A name=page_1></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 height="759">

  <TR vAlign=bottom>
    <TD align=center colSpan=9 height="15">&nbsp;<B>Gildan Activewear Inc.</B>&nbsp;&nbsp;
    </TD>
    <TD align=center width="2%" height="15" ></TD></TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=9 height="15"><B>Interim Consolidated Balance
      Sheets</B>&nbsp; </TD>
    <TD align=center width="2%" height="15" ></TD></TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=9 height="15">&nbsp;<B>(in thousands of US
      dollars)</B>&nbsp;&nbsp; </TD>
    <TD align=center width="2%" height="15" ></TD></TR>
  <TR>
    <TD height="15">&nbsp; </TD>
    <TD width="1%" height="15" ></TD>
    <TD width="10%" height="15">&nbsp; </TD>
    <TD width="2%" height="15" ></TD>
    <TD width="1%" height="15" ></TD>
    <TD width="10%" height="15">&nbsp; </TD>
    <TD width="2%" height="15" ></TD>
    <TD width="1%" height="15" ></TD>
    <TD width="10%" height="15">&nbsp; </TD>
    <TD width="2%" height="15" ></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#ffffff height="16">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff height="16">July 5, 2009 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff height="16">October 5, 2008 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff height="16">July 6, 2008 </TD>
    <TD align=left width="2%" height="16"></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#ffffff height="15">&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">(unaudited) </TD>
    <TD align=left width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">(audited) </TD>
    <TD align=left width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">(unaudited) </TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#ffffff height="15">&nbsp; </TD>
    <TD align=center width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=center width="10%" bgColor=#ffffff height="15">&nbsp; </TD>
    <TD align=center width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">(Recast-note 3)</TD>
    <TD align=left width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">(Recast-note 3)</TD>
    <TD align=left width="2%" height="15">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff height="15">Current assets: </TD>
    <TD align=center width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=center width="10%" bgColor=#e6efff height="15">&nbsp; </TD>
    <TD align=center width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=center width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=center width="10%" bgColor=#e6efff height="15">&nbsp; </TD>
    <TD align=center width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=center width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=center width="10%" bgColor=#e6efff height="15">&nbsp; </TD>
    <TD align=center width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff height="15">
    <p style="margin-left: 5pt">Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">$</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">&nbsp;74,478 </TD>
    <TD align=left width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">$</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">&nbsp;12,357 </TD>
    <TD align=left width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">$</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">&nbsp;13,195 </TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff height="15">
    <p style="margin-left: 5pt">Accounts receivable </TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">194,142 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">222,158 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">254,511 </TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff height="15">
    <p style="margin-left: 5pt">Inventories (note 5) </TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">339,555 </TD>
    <TD align=left width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">316,172 </TD>
    <TD align=left width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">290,845 </TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff height="15">
    <p style="margin-left: 5pt">Prepaid expenses and deposits </TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">12,218 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">10,413 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">11,255 </TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff height="16">
    <p style="margin-left: 5pt">Future income taxes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff height="16">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff height="16">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff height="16">3,765 </TD>
    <TD align=left width="2%" height="16"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff height="15">&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">620,393 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">561,100 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">573,571 </TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff height="15">&nbsp; </TD>
    <TD width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff height="15">&nbsp; </TD>
    <TD width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff height="15">&nbsp; </TD>
    <TD width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff height="15">&nbsp; </TD>
    <TD width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff height="15">Property, plant and equipment </TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">422,127 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">436,516 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">426,781 </TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff height="15">Intangible assets </TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">57,556 </TD>
    <TD align=left width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">59,954 </TD>
    <TD align=left width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">63,910 </TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff height="15">Other assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">13,033 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">17,277 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">17,033 </TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff height="15">Assets held for sale (note 8) </TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">6,520 </TD>
    <TD align=left width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">10,497 </TD>
    <TD align=left width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">12,603 </TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff height="15">Goodwill </TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">6,709 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">6,709 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">- </TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff height="16">Future income taxes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff height="16">7,909 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff height="16">9,283 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff height="16">10,489 </TD>
    <TD align=left width="2%" height="16"></TD></TR>
  <TR>
    <TD align=left bgColor=#e6efff height="15">&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff height="15">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff height="15">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff height="15">&nbsp; </TD>
    <TD width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff height="16">Total assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#ffffff height="17">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#ffffff height="17">&nbsp;1,134,247 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#ffffff height="17">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#ffffff height="17">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#ffffff height="17">&nbsp;1,101,336 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#ffffff height="17">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#ffffff height="17">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#ffffff height="17">&nbsp;1,104,387 </TD>
    <TD align=left width="2%" height="16"></TD></TR>
  <TR>
    <TD align=left bgColor=#e6efff height="16">&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff height="15">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff height="15">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff height="15">&nbsp; </TD>
    <TD width="2%" height="16"></TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff height="15">&nbsp; </TD>
    <TD width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff height="15">&nbsp; </TD>
    <TD width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff height="15">&nbsp; </TD>
    <TD width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff height="15">&nbsp; </TD>
    <TD width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff height="15">Current liabilities: </TD>
    <TD align=center width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=center width="10%" bgColor=#e6efff height="15">&nbsp; </TD>
    <TD align=center width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=center width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=center width="10%" bgColor=#e6efff height="15">&nbsp; </TD>
    <TD align=center width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=center width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=center width="10%" bgColor=#e6efff height="15">&nbsp; </TD>
    <TD align=center width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff height="15">
    <p style="margin-left: 5pt">Accounts payable and accrued liabilities
</TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">$</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">&nbsp;130,063 </TD>
    <TD align=left width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">$</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">&nbsp;155,669 </TD>
    <TD align=left width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">$</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">&nbsp;149,486 </TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff height="15">
    <p style="margin-left: 5pt">Income taxes payable </TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">11,090 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">46,627 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">9,238 </TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff height="16">
    <p style="margin-left: 5pt">Current portion of long-term debt </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff height="16">2,768 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff height="16">3,556 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff height="16">3,762 </TD>
    <TD align=left width="2%" height="16"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff height="15">&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">143,921 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">205,852 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">162,486 </TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff height="15">&nbsp; </TD>
    <TD width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff height="15">&nbsp; </TD>
    <TD width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff height="15">&nbsp; </TD>
    <TD width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff height="15">&nbsp; </TD>
    <TD width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff height="15">Long-term debt </TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">90,154 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">49,448 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">104,677 </TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff height="15">
    <p>Future income taxes </TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">25,567 </TD>
    <TD align=left width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">27,331 </TD>
    <TD align=left width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">41,265 </TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff height="15">
    <p>Non-controlling interest in consolidated
      joint venture </TD>
    <TD align=center width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#E9F1F8 height="14">7,184 </TD>
    <TD align=left width="2%"  bgColor=#E9F1F8 height="14">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#E9F1F8 height="14">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#E9F1F8 height="14">7,162 </TD>
    <TD align=left width="2%"  bgColor=#E9F1F8 height="14">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#E9F1F8 height="14">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#E9F1F8 height="14">7,289 </TD>
    <TD align=center width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff height="14">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff height="14">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="14">&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff height="14">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff height="14">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="14">&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff height="14">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff height="14">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="14">&nbsp;</TD>
    <TD align=left width="2%" height="14"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff height="15">Contingencies (note 12) </TD>
    <TD align=center width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=center width="10%" bgColor=#ffffff height="15">&nbsp; </TD>
    <TD align=center width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=center width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=center width="10%" bgColor=#ffffff height="15">&nbsp; </TD>
    <TD align=center width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=center width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=center width="10%" bgColor=#ffffff height="15">&nbsp; </TD>
    <TD align=center width="2%" height="15"></TD></TR>
  <TR>
    <TD align=left bgColor=#e6efff height="15">&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff height="15">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff height="15">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff height="15">&nbsp; </TD>
    <TD width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff height="15">Shareholders' equity: </TD>
    <TD align=center width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=center width="10%" bgColor=#ffffff height="15">&nbsp; </TD>
    <TD align=center width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=center width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=center width="10%" bgColor=#ffffff height="15">&nbsp; </TD>
    <TD align=center width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=center width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=center width="10%" bgColor=#ffffff height="15">&nbsp; </TD>
    <TD align=center width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff height="15">
    <p style="margin-left: 5pt">Share capital </TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">92,875 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">89,377 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">89,147 </TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff height="15">
    <p style="margin-left: 5pt">Contributed surplus </TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">6,164 </TD>
    <TD align=left width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">6,728 </TD>
    <TD align=left width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">5,910 </TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR>
    <TD align=left bgColor=#e6efff height="15">
    <p style="margin-left: 5pt">&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff height="15">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff height="15">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff height="15">&nbsp; </TD>
    <TD width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff height="15">
    <p style="margin-left: 5pt">Retained earnings </TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">742,134 </TD>
    <TD align=left width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">689,190 </TD>
    <TD align=left width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff height="15">667,365 </TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff height="16">
    <p style="margin-left: 5pt">Accumulated other comprehensive income </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff height="16">26,248 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff height="16">26,248 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff height="16">26,248 </TD>
    <TD align=left width="2%" height="16"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff height="16">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff height="16">768,382 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff height="16">715,438 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff height="16">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff height="16">693,613 </TD>
    <TD align=left width="2%" height="16"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff height="15">&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">867,421 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">811,543 </TD>
    <TD align=left width="2%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff height="15">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff height="15">788,670 </TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff height="15">&nbsp; </TD>
    <TD width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff height="15">&nbsp; </TD>
    <TD width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff height="15">&nbsp; </TD>
    <TD width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff height="15">&nbsp; </TD>
    <TD width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff height="16">Total liabilities and shareholders' equity
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff height="17">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff height="17">&nbsp;1,134,247 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff height="17">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff height="17">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff height="17">&nbsp;1,101,336 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff height="17">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff height="17">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff height="17">&nbsp;1,104,387 </TD>
    <TD align=left width="2%" height="16"></TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff height="16">&nbsp; </TD>
    <TD width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff height="15">&nbsp; </TD>
    <TD width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff height="15">&nbsp; </TD>
    <TD width="2%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="1%"  bgColor=#ffffff height="15">&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff height="15">&nbsp; </TD>
    <TD width="2%" height="16"></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#ffffff colSpan=9 height="15">
    <p align="left">See accompanying notes to
      interim consolidated financial statements. </TD>
    <TD align=center width="2%" height="15"></TD></TR></TABLE>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.25<BR>
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center colSpan=13><FONT size=2>&nbsp;<B>Gildan Activewear
      Inc.</B>&nbsp;&nbsp; </FONT></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=13><FONT size=2><B>Interim Consolidated
      Statements of Earnings and Comprehensive Income</B>&nbsp; </FONT></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=13><FONT size=2><B>(in thousands of US dollars,
      except per share data)</B>&nbsp; </FONT></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%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%">&nbsp;</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%"><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 style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="23%"
    colSpan=4>
    <p align="right"><FONT size=2><B>Three months ended</B> </FONT></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="23%"
    colSpan=4>
    <p align="right"><FONT size=2><B>Nine 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 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>July 5, 2009 </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>July 6, 2008 </FONT></TD>
    <TD 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>July 5, 2009 </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>July 6, 2008 </FONT></TD>
    <TD align=left 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="10%"><FONT size=2>(unaudited) </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>(unaudited) </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>(unaudited) </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>(unaudited) </FONT></TD>
    <TD align=left 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=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=right width="10%"><FONT size=2>(Recast-notes 1 </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=right width="10%"><FONT size=2>(Recast-notes 1 </FONT></TD>
    <TD align=left 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=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=right width="10%"><FONT size=2>and 3)</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=right width="10%"><FONT size=2>and 3) </FONT></TD>
    <TD align=left width="2%"></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%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%">&nbsp;</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%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%">&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>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp;307,797
      </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp;380,774
      </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp;736,599
      </FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp;924,994
      </FONT></TD>
    <TD align=left width="2%">&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>232,747 </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>279,511 </FONT></TD>
    <TD 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>583,922 </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>673,611 </FONT></TD>
    <TD align=left width="2%">&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><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Gross profit </FONT></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>75,050 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>101,263 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>152,677 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>251,383 </FONT></TD>
    <TD align=left width="2%">&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><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%">&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>36,213
    </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>39,760
    </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>100,634
      </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>106,051
      </FONT></TD>
    <TD align=left width="2%">&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>4,353 </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>2,289 </FONT></TD>
    <TD 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>5,421 </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>3,929 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Operating income </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>34,484 </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>59,214 </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>46,622 </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>141,403
</FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Financial expense (income),
      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>(1,514</FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT
      size=2>1,127 </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>(1,304</FONT></TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT
      size=2>7,445 </FONT></TD>
    <TD align=left width="2%">&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>299 </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>185 </FONT></TD>
    <TD 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>22 </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>357 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Earnings before income taxes </FONT></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>35,699 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>57,902 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>47,904 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>133,601 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Income taxes (note 14) </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>(5,807</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>3,448 </FONT></TD>
    <TD 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>(5,040</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>9,076 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Net earnings and comprehensive income </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"><FONT
      size=2>&nbsp;41,506 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"><FONT
      size=2>&nbsp;54,454 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"><FONT
      size=2>&nbsp;52,944 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"><FONT
      size=2>&nbsp;124,525 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%">&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%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%">&nbsp;</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%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%">&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><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Basic EPS (note 9) </FONT></TD>
    <TD align=left width="1%"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT size=2>&nbsp;0.34 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT size=2>&nbsp;0.45 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT size=2>&nbsp;0.44 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT size=2>&nbsp;1.03 </FONT></TD>
    <TD align=left width="2%">&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><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%">&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>$</FONT></TD>
    <TD align=right width="10%"><FONT size=2>&nbsp;0.34 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT size=2>&nbsp;0.45 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT size=2>&nbsp;0.44 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%"><FONT size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT size=2>&nbsp;1.02 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff colSpan=13>See accompanying notes to
      interim consolidated financial statements. </TD></TR></TABLE>
<p align="right">QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.26<BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 height="746">

  <TR vAlign=bottom>
    <TD align=center colSpan=19 height="15"><FONT size=2>&nbsp;<B>Gildan Activewear
      Inc.</B>&nbsp;&nbsp;&nbsp; </FONT></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=19 height="15"><FONT size=2><B>Interim Consolidated Statement
      of Shareholders&#146; Equity</B>&nbsp;&nbsp; </FONT></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=19 height="15"><FONT size=2><B>Nine months ended July 5, 2009
      and July 6, 2008</B>&nbsp;&nbsp; </FONT></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=19 height="15"><FONT size=2><B>(in thousands or thousands of
      US dollars)</B>&nbsp;&nbsp; </FONT></TD>
    </TR>
  <TR>
    <TD height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>Accumulated </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>other </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>Total </FONT></TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left height="16"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="17%"
    colSpan=4 height="16"><FONT size=2>Share capital </FONT></TD>
    <TD align=center width="2%" height="16"></TD>
    <TD align=center width="1%" height="16"></TD>
    <TD align=center width="7%" height="16"><FONT size=2>Contributed&nbsp; </FONT></TD>
    <TD align=center width="2%" height="16"></TD>
    <TD align=center width="1%" height="16"></TD>
    <TD align=center width="7%" height="16"><FONT size=2>comprehensive</FONT>&nbsp;</TD>
    <TD align=center width="2%" height="16"></TD>
    <TD align=center width="1%" height="16"></TD>
    <TD align=center width="7%" height="16"><FONT size=2>Retained </FONT></TD>
    <TD align=center width="2%" height="16"></TD>
    <TD align=center width="1%" height="16"></TD>
    <TD align=center width="7%" height="16"><FONT size=2>shareholders' </FONT></TD>
    <TD align=left width="2%" height="16"></TD></TR>
  <TR vAlign=top>
    <TD align=left height="16"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="7%" height="16"><FONT
      size=2>Number </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="7%" height="16"><FONT
      size=2>Amount </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="7%" height="16"><FONT
      size=2>surplus </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="7%" height="16"><FONT
      size=2>income </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="7%" height="16"><FONT
      size=2>earnings </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="7%" height="16"><FONT
      size=2>equity </FONT></TD>
    <TD align=left width="2%" height="16"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>Balance, October 5, 2008, as
      previously reported </FONT></TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT
      size=2>120,536 </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15"><FONT size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp;89,377
      </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15"><FONT size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp;6,728
    </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15"><FONT size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp;26,248
      </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15"><FONT size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp;689,980
      </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15"><FONT size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp;812,333
      </FONT></TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR>
    <TD height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left height="16">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>Cumulative effect of adopting
      a new accounting policy (note 3) </FONT></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="7%" height="16"><FONT size=2>- </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" height="16"></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="7%" height="16"><FONT size=2>- </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" height="16"></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="7%" height="16"><FONT size=2>- </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" height="16"></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="7%" height="16"><FONT size=2>- </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" height="16"></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="7%" height="16"><FONT size=2>(790</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" height="16">) </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="7%" height="16"><FONT size=2>(790</FONT></TD>
    <TD align=left width="2%" height="16">) </TD></TR>
  <TR>
    <TD bgcolor="#E6EFFF" height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>Balance, October 5, 2008, as
      recast </FONT></TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>120,536 </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>89,377 </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>6,728 </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>26,248 </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>689,190 </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>811,543 </FONT></TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR>
    <TD height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>Stock-based compensation
      related to stock options and Treasury restricted share
      units </FONT></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT
      size=2>- </FONT></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT
      size=2>- </FONT></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT
      size=2>2,195 </FONT></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT
      size=2>-&nbsp; </FONT></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT
      size=2>- </FONT></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT
      size=2>2,195 </FONT></TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR>
    <TD bgcolor="#E6EFFF" height="14">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF" height="14">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF" height="14">&nbsp;</TD>
    <TD align=right width="2%" bgcolor="#E6EFFF" height="14">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF" height="14">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF" height="14">&nbsp;</TD>
    <TD align=right width="2%" bgcolor="#E6EFFF" height="14">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF" height="14">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF" height="14">&nbsp;</TD>
    <TD align=right width="2%" bgcolor="#E6EFFF" height="14">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF" height="14">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF" height="14">&nbsp;</TD>
    <TD align=right width="2%" bgcolor="#E6EFFF" height="14">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF" height="14">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF" height="14">&nbsp;</TD>
    <TD align=right width="2%" bgcolor="#E6EFFF" height="14">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF" height="14">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF" height="14">&nbsp;</TD>
    <TD align=right width="2%" height="14"></TD></TR>
  <TR>
    <TD bgcolor="#E6EFFF" height="15"><FONT size=2>Shares issued under employee share purchase plan </FONT></TD>
    <TD align=right width="1%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF" height="15"><FONT
      size=2>&nbsp;48</FONT></TD>
    <TD align=right width="2%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF" height="15"><FONT
      size=2>&nbsp;618</FONT></TD>
    <TD align=right width="2%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF" height="15"><FONT
      size=2>&nbsp;-</FONT></TD>
    <TD align=right width="2%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF" height="15"><FONT
      size=2>-</FONT></TD>
    <TD align=right width="2%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF" height="15"><FONT
      size=2>-</FONT></TD>
    <TD align=right width="2%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF" height="15"><FONT
      size=2>&nbsp;618</FONT></TD>
    <TD align=right width="2%" height="15"></TD></TR>
  <TR>
    <TD height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>Shares issued pursuant to
      exercise of stock options </FONT></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT
      size=2>53 </FONT></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT
      size=2>121 </FONT></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT
      size=2>- </FONT></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT
      size=2>- </FONT></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT
      size=2>- </FONT></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT
      size=2>121 </FONT></TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR>
    <TD bgcolor="#E6EFFF" height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>Shares issued pursuant to
      exercise of Treasury restricted share units </FONT></TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT
      size=2>315 </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT
      size=2>2,759 </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT
      size=2>(2,759</FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">) </TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT
      size=2>- </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT
      size=2>- </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT
      size=2>- </FONT></TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR>
    <TD height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left height="16">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>Net earnings </FONT></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="7%" height="16"><FONT size=2>- </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" height="16"></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="7%" height="16"><FONT size=2>- </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" height="16"></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="7%" height="16"><FONT size=2>- </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" height="16"></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="7%" height="16"><FONT size=2>- </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" height="16"></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="7%" height="16"><FONT size=2>52,944 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" height="16"></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="7%" height="16"><FONT size=2>52,944 </FONT></TD>
    <TD align=left width="2%" height="16"></TD></TR>
  <TR>
    <TD bgcolor="#E6EFFF" height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD width="7%" bgcolor="#E6EFFF" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD width="1%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD width="7%" bgcolor="#E6EFFF" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD width="1%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD width="7%" bgcolor="#E6EFFF" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD width="1%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD width="7%" bgcolor="#E6EFFF" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD width="1%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD width="7%" bgcolor="#E6EFFF" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD width="1%" bgcolor="#E6EFFF" height="15">&nbsp;</TD>
    <TD width="7%" bgcolor="#E6EFFF" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF height="16">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>Balance, July 5, 2009
      (unaudited) </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#E6EFFF height="17">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#E6EFFF height="17"><FONT size=2>120,952 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#E6EFFF height="17">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#E6EFFF height="17"><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#E6EFFF height="17"><FONT size=2>&nbsp;92,875 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#E6EFFF height="17">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#E6EFFF height="17"><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#E6EFFF height="17"><FONT size=2>&nbsp;6,164 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#E6EFFF height="17">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#E6EFFF height="17"><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#E6EFFF height="17"><FONT size=2>&nbsp;26,248 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#E6EFFF height="17">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#E6EFFF height="17"><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#E6EFFF height="17"><FONT size=2>&nbsp;742,134 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#E6EFFF height="17">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#E6EFFF height="17"><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#E6EFFF height="17"><FONT size=2>&nbsp;867,421 </FONT></TD>
    <TD align=left width="2%" height="16"></TD></TR>
  <TR>
    <TD height="16">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" height="15"></TD>
    <TD width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" height="15"></TD>
    <TD width="1%" height="15"></TD>
    <TD width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" height="15"></TD>
    <TD width="1%" height="15"></TD>
    <TD width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" height="15"></TD>
    <TD width="1%" height="15"></TD>
    <TD width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" height="15"></TD>
    <TD width="1%" height="15"></TD>
    <TD width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" height="15"></TD>
    <TD width="1%" height="15"></TD>
    <TD width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" height="16"></TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>Accumulated
      </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>other </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="1%" height="15"></TD>
    <TD align=center width="7%" height="15"><FONT size=2>Total </FONT></TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left height="16">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="17%" colSpan=4 height="16"><FONT size=2>Share capital </FONT></TD>
    <TD align=center width="2%" height="16"></TD>
    <TD align=center width="1%" height="16"></TD>
    <TD align=center width="7%" height="16"><FONT size=2>Contributed&nbsp;
      </FONT></TD>
    <TD align=center width="2%" height="16"></TD>
    <TD align=center width="1%" height="16"></TD>
    <TD align=center width="7%" height="16"><FONT
      size=2>comprehensive</FONT>&nbsp;</TD>
    <TD align=center width="2%" height="16"></TD>
    <TD align=center width="1%" height="16"></TD>
    <TD align=center width="7%" height="16"><FONT size=2>Retained
    </FONT></TD>
    <TD align=center width="2%" height="16"></TD>
    <TD align=center width="1%" height="16"></TD>
    <TD align=center width="7%" height="16"><FONT size=2>shareholders'
      </FONT></TD>
    <TD align=left width="2%" height="16"></TD></TR>
  <TR vAlign=top>
    <TD align=left height="16">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="7%" height="16"><FONT size=2>Number </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="7%" height="16"><FONT size=2>Amount </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="7%" height="16"><FONT size=2>surplus </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="7%" height="16"><FONT size=2>income </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="7%" height="16"><FONT size=2>earnings </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="7%" height="16"><FONT size=2>equity </FONT></TD>
    <TD align=left width="2%" height="16"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>Balance, September 30, 2007,
      as previously reported </FONT></TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT
      size=2>120,419 </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp;88,061
      </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp;3,953
    </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp;26,248
      </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp;545,388
      </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp;663,650
      </FONT></TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR>
    <TD height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left height="16">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>Cumulative effect of adopting
      a new accounting policy (note 3) </FONT></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="7%" height="16"><FONT size=2>- </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" height="16"></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="7%" height="16"><FONT size=2>- </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" height="16"></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="7%" height="16"><FONT size=2>- </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" height="16"></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="7%" height="16"><FONT size=2>- </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" height="16"></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="7%" height="16"><FONT size=2>(2,548</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" height="16">) </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="7%" height="16"><FONT size=2>(2,548</FONT></TD>
    <TD align=left width="2%" height="16">) </TD></TR>
  <TR>
    <TD bgColor=#E6EFFF height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>Balance, September 30, 2007,
      as recast </FONT></TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>120,419 </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>88,061 </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>3,953 </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>26,248 </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>542,840 </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>661,102 </FONT></TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR>
    <TD height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>Stock-based compensation
      related to stock options and Treasury restricted share
      units </FONT></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT
      size=2>- </FONT></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT
      size=2>- </FONT></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT
      size=2>2,083 </FONT></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT
      size=2>- </FONT></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT
      size=2>- </FONT></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT
      size=2>2,083 </FONT></TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR>
    <TD bgColor=#E6EFFF height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>Shares issued under employee
      share purchase plan </FONT></TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT
      size=2>16 </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT
      size=2>543 </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT
      size=2>- </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT
      size=2>- </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT
      size=2>- </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT
      size=2>543 </FONT></TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR>
    <TD height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD>
    <TD align=right width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>Shares issued pursuant to
      exercise of stock options </FONT></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT
      size=2>81 </FONT></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT
      size=2>417 </FONT></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT
      size=2>- </FONT></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT
      size=2>- </FONT></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT
      size=2>- </FONT></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="1%" height="15"></TD>
    <TD align=right width="7%" height="15"><FONT
      size=2>417 </FONT></TD>
    <TD align=left width="2%" height="15"></TD></TR>
  <TR>
    <TD bgColor=#E6EFFF height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>Shares issued pursuant to
      exercise of Treasury restricted share units </FONT></TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15" style="border-bottom-style: none; border-bottom-width: medium"></TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15" style="border-bottom-style: none; border-bottom-width: medium"><FONT
      size=2>8 </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF height="15" style="border-bottom-style: none; border-bottom-width: medium"></TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15" style="border-bottom-style: none; border-bottom-width: medium"></TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15" style="border-bottom-style: none; border-bottom-width: medium"><FONT
      size=2>126 </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF height="15" style="border-bottom-style: none; border-bottom-width: medium"></TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15" style="border-bottom-style: none; border-bottom-width: medium"></TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15" style="border-bottom-style: none; border-bottom-width: medium"><FONT
      size=2>(126</FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF height="15" style="border-bottom-style: none; border-bottom-width: medium">) </TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15" style="border-bottom-style: none; border-bottom-width: medium"></TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15" style="border-bottom-style: none; border-bottom-width: medium"><FONT
      size=2>- </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF height="15" style="border-bottom-style: none; border-bottom-width: medium"></TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15" style="border-bottom-style: none; border-bottom-width: medium"></TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15" style="border-bottom-style: none; border-bottom-width: medium"><FONT
      size=2>- </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF height="15" style="border-bottom-style: none; border-bottom-width: medium"></TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15" style="border-bottom-style: none; border-bottom-width: medium"></TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15" style="border-bottom-style: none; border-bottom-width: medium"><FONT
      size=2>- </FONT></TD>
    <TD align=right width="2%" height="15" style="border-bottom-style: none; border-bottom-width: medium"></TD></TR>
  <TR vAlign=top>
    <TD align=left height="16" style="border-right-style: none; border-right-width: medium">
    </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="1%" height="16"></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=right width="7%" height="16"></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%" height="16"></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="1%" height="16"></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=right width="7%" height="16"></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%" height="16"></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="1%" height="16"></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=right width="7%" height="16"></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%" height="16"></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="1%" height="16"></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=right width="7%" height="16"></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%" height="16"></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="1%" height="16"></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=right width="7%" height="16"></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%" height="16"></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="1%" height="16"></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=right width="7%" height="16"></TD>
    <TD align=left width="2%" height="16" style="border-style: none; border-width: medium"></TD></TR>
  <TR vAlign=top>
    <TD align=left height="16">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>Net earnings, recast (note 3)
      </FONT></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" align=left width="1%" height="16"></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" align=right width="7%" height="16"><FONT size=2>- </FONT></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" align=left width="2%" height="16"></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" align=left width="1%" height="16"></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" align=right width="7%" height="16"><FONT size=2>- </FONT></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" align=left width="2%" height="16"></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" align=left width="1%" height="16"></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" align=right width="7%" height="16"><FONT size=2>- </FONT></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" align=left width="2%" height="16"></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" align=left width="1%" height="16"></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" align=right width="7%" height="16"><FONT size=2>- </FONT></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" align=left width="2%" height="16"></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" align=left width="1%" height="16"></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" align=right width="7%" height="16"><FONT size=2>124,525 </FONT></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" align=left width="2%" height="16"></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" align=left width="1%" height="16"></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" align=right width="7%" height="16"><FONT size=2>124,525 </FONT></TD>
    <TD align=left width="2%" height="16" style="border-top-style: none; border-top-width: medium"></TD></TR>
  <TR>
    <TD bgColor=#E6EFFF height="15">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#E6EFFF height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#E6EFFF height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF height="16">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>Balance, July 6, 2008, as
      recast (unaudited) </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#E6EFFF height="17">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#E6EFFF height="17"><FONT size=2>120,524 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#E6EFFF height="17">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#E6EFFF height="17"><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#E6EFFF height="17"><FONT size=2>&nbsp;89,147 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#E6EFFF height="17">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#E6EFFF height="17"><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#E6EFFF height="17"><FONT size=2>&nbsp;5,910 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#E6EFFF height="17">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#E6EFFF height="17"><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#E6EFFF height="17"><FONT size=2>&nbsp;26,248 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#E6EFFF height="17">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#E6EFFF height="17"><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#E6EFFF height="17"><FONT size=2>&nbsp;667,365 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#E6EFFF height="17">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#E6EFFF height="17"><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#E6EFFF height="17"><FONT size=2>&nbsp;788,670 </FONT></TD>
    <TD align=left width="2%" height="16"></TD></TR>
  <TR>
    <TD bgColor=#ffffff height="16"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%" bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#ffffff height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#ffffff height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#ffffff height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#ffffff height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#ffffff height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#ffffff height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="16"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff colSpan=6 height="15"><FONT size=2>See accompanying
      notes to interim consolidated financial statements. </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#ffffff height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#ffffff height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#ffffff height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff height="15">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#ffffff height="15"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" height="15"></TD></TR></TABLE>
<p align="right">QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.27<BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center colSpan=13><FONT size=2><B>Gildan Activewear Inc.</B>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=13><FONT size=2><B>Interim Consolidated
      Statements of Cash Flows</B> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=13><FONT size=2><B>(in thousands of US
      dollars)</B> </FONT></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%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</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%"><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 style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="23%"
    colSpan=4>
    <p align="right"><FONT size=2><B>Three months ended</B> </FONT></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="23%"
    colSpan=4>
    <p align="right"><FONT size=2><B>Nine 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 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>July 5, 2009 </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>July 6, 2008 </FONT></TD>
    <TD 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>July 5, 2009 </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>July 6, 2008 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><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>(unaudited) </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; &nbsp;(unaudited)
    </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>(unaudited) </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; &nbsp;(unaudited)
    </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><FONT size=2>&nbsp; </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>(Recast-note 3</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </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>(Recast-note 3</FONT></TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><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%" 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%" 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%" 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"><FONT size=2>&nbsp;Net earnings </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp;41,506
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp;54,454
      </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>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp;52,944
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff valign="bottom"><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp;124,525
      </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><FONT size=2>&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%" 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%" 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%" 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: -5pt; margin-left: 5pt"><FONT size=2>&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>16,292 </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>14,883 </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>48,417 </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>41,895 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -5pt; margin-left: 5pt"><FONT size=2>&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>1,151 </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>2,544 </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>(4,265</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>377 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>&nbsp;&nbsp; Restructuring charges related
      to assets held for sale and 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>553 </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>1,662 </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>568 </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>1,334 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -5pt; margin-left: 5pt"><FONT size=2>&nbsp; &nbsp;Loss on disposal of 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>206 </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>861 </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>571 </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>987 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -5pt; margin-left: 5pt"><FONT size=2>&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>857 </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>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>2,195 </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>2,083 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -5pt; margin-left: 5pt"><FONT size=2>&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>(12</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>1,718 </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>(371</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>203 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -5pt; margin-left: 5pt"><FONT size=2>&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>299 </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>185 </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>22 </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>357 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -5pt; margin-left: 5pt"><FONT size=2>&nbsp;&nbsp; Unrealized net (gain) loss on foreign exchange
      and financial derivatives </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>(1,580</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" valign="bottom"
    >) </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>(762</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </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>(3,506</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" valign="bottom"
    >) </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>253 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </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>59,272 </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>76,144 </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>96,575 </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>172,014
</FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><FONT size=2>&nbsp;Changes in non-cash working capital
      balances: </FONT></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; </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; </FONT></TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom"><FONT size=2>&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>(14,990</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 valign="bottom"><FONT size=2>(68,707</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 valign="bottom"><FONT size=2>26,971 </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>(18,837</FONT></TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><FONT size=2>&nbsp; &nbsp;Inventories </FONT></TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>39,209 </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>6,668 </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>(19,118</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>(7,836</FONT></TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom"><FONT size=2>&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>(3,588</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 valign="bottom"><FONT size=2>(2,266</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 valign="bottom"><FONT size=2>(1,805</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 valign="bottom"><FONT size=2>(1,926</FONT></TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><FONT size=2>&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>5,813 </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>27,741 </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>(24,319</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>18,822 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom"><FONT size=2>&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>(5,093</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: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff valign="bottom"><FONT size=2>1,081 </FONT></TD>
    <TD 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>(31,217</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: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff valign="bottom"><FONT size=2>6,156 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><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>80,623 </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>40,661 </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>47,087 </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>168,393 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><FONT size=2>Cash flows from (used in) financing
      activities: </FONT></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; </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; </FONT></TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="margin-left: 5pt"><FONT size=2>(Decrease) 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>(28,000</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 valign="bottom"><FONT size=2>(37,000</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 valign="bottom"><FONT size=2>43,000 </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 valign="bottom"><FONT size=2>51,000 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="margin-left: 5pt"><FONT size=2>&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%" 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%" 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%" valign="bottom"><FONT size=2>(1,261</FONT></TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="margin-left: 5pt"><FONT size=2>&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>- </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>2,106 </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>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 valign="bottom"><FONT size=2>5,619 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="margin-left: 5pt"><FONT size=2>&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>(561</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>(3,002</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>(3,126</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>(7,840</FONT></TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="margin-left: 5pt"><FONT size=2>&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>282 </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>351 </FONT></TD>
    <TD 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>739 </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>960 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><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>(28,279</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>(37,545</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>40,657 </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>48,478 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff valign="bottom">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff valign="bottom"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><FONT size=2>Cash flows from (used in) investing
      activities: </FONT></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; </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; </FONT></TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="margin-left: 5pt"><FONT size=2>&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>(7,573</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 valign="bottom"><FONT size=2>(19,773</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 valign="bottom"><FONT size=2>(34,637</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 valign="bottom"><FONT size=2>(79,791</FONT></TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="margin-left: 5pt"><FONT size=2>&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%" 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%" 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%" valign="bottom"><FONT size=2>(126,819</FONT></TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="margin-left: 5pt"><FONT size=2>&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>- </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>- </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>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 valign="bottom"><FONT size=2>(10,000</FONT></TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="margin-left: 5pt"><FONT size=2>&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>5,056 </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>10 </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>5,688 </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>1,124 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="margin-left: 5pt"><FONT size=2>&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>418 </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>565 </FONT></TD>
    <TD 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>1,217 </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>2,532 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><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>(2,099</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>(19,198</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>(25,696</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>(212,954</FONT></TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff valign="bottom">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>Effect of exchange rate
      changes on cash and cash equivalents denominated in foreign currencies
      </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>265 </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>(34</FONT></TD>
    <TD 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: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff valign="bottom"><FONT size=2>73 </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>28 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>Net increase (decrease) 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>50,510
    </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>(16,116</FONT></TD>
    <TD align=left width="2%" valign="bottom" >) </TD>
    <TD align=left width="1%" valign="bottom" >&nbsp;</TD>
    <TD align=right width="10%" valign="bottom"><FONT size=2>62,121
    </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>3,945
    </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>Cash and cash equivalents, beginning of period
      </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>23,968 </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>29,311 </FONT></TD>
    <TD 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>12,357 </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>9,250 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -20pt; margin-left: 20pt"><FONT size=2>Cash and cash equivalents, end
      of period </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;74,478 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;13,195 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;74,478 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;13,195 </FONT></TD>
    <TD align=left width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>See accompanying notes to interim consolidated financial
statements.</P>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.28<BR>
</P>
<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%">
  <tr>
    <td width="100%">&nbsp;</td>
  </tr>
  <tr>
    <td width="100%">



<img border="0" src="gildan1.jpg" width="88" height="20"></td>
  </tr>
  <tr>
    <td width="100%">
    <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></B><B> <br>
(For the period ended July 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 third 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: <br>
</I></B>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 the 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 now 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 to customers, 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 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;19.0 million and &#36;4.1 million in gross profit and selling, general and administrative expenses, respectively, compared to the
amounts previously reported for the third quarter of fiscal 2008. The decrease of &#36;19.0 million in gross profit is due to reclassifications of &#36;11.2 million of depreciation and amortization expense, &#36;7.5 million of outbound freight to
customers and &#36;0.3 million of foreign exchange gain and other financial income. For the nine months ended July 6, 2008 these changes in classification have resulted in a decrease of &#36;47.5 million and &#36;7.0 million in gross profit and
selling, general and administrative expenses, respectively compared to the amounts previously reported. The decrease of &#36;47.5 million in gross profit is due to reclassifications of &#36;32.3 million of depreciation and amortization expense,
&#36;15.9 million of outbound freight to customers and &#36;0.7 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="right">
QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.29<BR>
</P>

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    <td width="100%">&nbsp;</td>
  </tr>
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    <td width="100%">



<img border="0" src="gildan1.jpg" width="88" height="20"></td>
  </tr>
  <tr>
    <td width="100%">
    <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:</B><BR>
</P>
<P align="justify">
<B><I>Inventories: <br>
</I></B>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>
<P align="justify">
<B><I>General Standards of Financial Statement Presentation: <br>
</I></B>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: <br>
</I></B>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;1.3
million in net earnings for the three months and the nine months ended July 6, 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 July 6, 2008. The reported basic and diluted earnings per share for the nine months ended July 6, 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:
<br>
</I></B>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="right">
QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.30<BR>
</P>

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

<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
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    <td width="100%">&nbsp;</td>
  </tr>
  <tr>
    <td width="100%">



<img border="0" src="gildan1.jpg" width="88" height="20"></td>
  </tr>
  <tr>
    <td width="100%">
    <p align="right"><font size="2">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></td>
  </tr>
</table>
<P align=justify><B>4. New Accounting Pronouncements:</B><BR></P>
<P align=justify><B><I>Business combinations:</I></B><B> <br>
</B>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> <br>
</B>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</I> (January 2008). 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>
<P align=justify><B>5. Inventories:</B><BR></P>
<P align=justify>Inventories were comprised of the following:<BR></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%">July
      5, 2009 </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:2" align=left width="2%"
    >&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%">October 5, 2008 </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:2" align=left width="2%"
    >&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-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:2" align=right width="10%">July
      6, 2008 </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>Raw materials and spare parts inventories
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;43,774 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</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 style="border-right-style: none; border-right-width: medium">&nbsp;54,717 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium">&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%">29,350 </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%" style="border-right-style: none; border-right-width: medium">36,005 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">Finished goods </TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">266,431 </TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">227,344 </TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1">200,123 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=left>Total </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=right
      width="10%">&nbsp;339,555 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=right
      width="10%">&nbsp;316,172 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1" align=right
      width="10%">&nbsp;290,845 </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=justify>The amount of inventory recognized as an expense and included
in cost of sales for the three months ended July 5, 2009 was $228.8 million
(2008 - $272.0 million), which included an expense of $0.6 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 nine
months ended July 5, 2009 was $574.4 million (2008 - $657.7 million), which
included an expense of $1.6 million (2008 - $6.9 million) related to the
write-down of slow-moving inventory. </P>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.31</P>
<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%">
  <tr>
    <td width="100%">&nbsp;</td>
  </tr>
  <tr>
    <td width="100%">



<img border="0" src="gildan1.jpg" width="88" height="20"></td>
  </tr>
  <tr>
    <td width="100%">
    <p align="right"><font size="2">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></td>
  </tr>
</table>
<P align=justify><B>6. Stock-based compensation:</B><BR></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:<BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="12%">&nbsp;</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=right
    width="12%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">Number </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">Weighted average </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">(in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">exercise price </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>(in Canadian dollars) </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Options outstanding, October 5, 2008 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>878 </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;14.23 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Granted </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>233 </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>23.48 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Exercised </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(53</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>2.54 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#ffffff>Forfeited </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#ffffff>(41</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#ffffff>30.82 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Options outstanding, July 5, 2009 </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="12%"
    bgColor=#e6efff>1,017 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;16.30 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>As at July 5, 2009, 603,549 outstanding options were
exercisable at the weighted average price of CA$8.11. Based on the Black-Scholes
option pricing model, the grant date weighted average fair value of the options
granted during the nine months ended July 5, 2009 was $9.24. </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>Changes in outstanding Treasury RSUs were as follows: </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%">&nbsp; </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="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">Number </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">Weighted average </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">(in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">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>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;17.43 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Granted </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">181 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">11.11 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Settled through the issuance of common
      shares </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(315</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>8.75 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Forfeited </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
width="12%">(83</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">27.35
    </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Treasury RSUs outstanding, July 5, 2009 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>762 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;18.45 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff colSpan=3>As at July 5, 2009, none of the
      awarded and outstanding Treasury RSUs were vested. </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR></TABLE>
<P align=justify>The compensation expense recorded for the three months ended
July 5, 2009 was $0.9 million (2008 - $0.6 million), in respect of the Treasury
RSUs and stock options. The compensation expense recorded for the nine months
ended July 5, 2009 was $2.2 million (2008 - $2.1 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>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="12%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">Number </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">(in
      thousands) </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Non-Treasury RSUs outstanding, October 5,
      2008 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>99 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Granted </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">106 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Settled </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2</TD>
    <TD align=left width="2%">) </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%">(16</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Non-Treasury RSUs outstanding, July 5, 2009 </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="12%"
    bgColor=#e6efff>187 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR></TABLE>
<p align="right">QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.32<BR>
</p>
<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%">
  <tr>
    <td width="100%">&nbsp;</td>
  </tr>
  <tr>
    <td width="100%">



<img border="0" src="gildan1.jpg" width="88" height="20"></td>
  </tr>
  <tr>
    <td width="100%">
    <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>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 July 5, 2009, the
weighted average fair value per non-Treasury RSU was $14.28. No common shares
are issued from treasury under such awards and they are therefore non-dilutive.
As at July 5, 2009, none of the awarded and outstanding non-Treasury RSUs were
vested. </P>
<P align=justify>The compensation expense (recovery) recorded for the three
months ended July 5, 2009 was $0.5 million (2008&nbsp; - $(0.1) million) in respect of
the non-Treasury RSUs. The compensation expense recorded for the nine months
ended July 5, 2009 was $0.3 million (2008 - $0.4 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 July 5, 2009,
the maximum potential liability under these guarantees was $12.5 million, of
which $4.8 million was for surety bonds and $7.7 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 July 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
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left colSpan=3><B>8. Restructuring and other charges and assets
      held for sale:</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%">&nbsp; </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="10%">&nbsp; </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="10%">&nbsp; </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="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="23%" colSpan=4>
    <p align="right"><B>Three months ended</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="23%" colSpan=4>
    <p align="right"><B>Nine months ended</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">July 5, </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">July 6, </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">July 5, </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">July 6, </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">2009
    </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%">2008
    </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%">2009
    </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%">2008
    </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -20pt; margin-left: 20pt">Gain on disposal of long-lived assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;(68</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;(38</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;(653</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;(366</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">Asset impairment loss and write-down of assets held for
      sale </TD>
    <TD align=left width="1%" ></TD>
    <TD align=right width="10%">621 </TD>
    <TD align=right width="2%" ></TD>
    <TD align=right width="1%" ></TD>
    <TD align=right width="10%">1,700 </TD>
    <TD align=right width="2%" ></TD>
    <TD align=right width="1%" ></TD>
    <TD align=right width="10%">1,221 </TD>
    <TD align=right width="2%" ></TD>
    <TD align=right width="1%" ></TD>
    <TD align=right width="10%">1,700 </TD>
    <TD align=left width="2%" ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -20pt; margin-left: 20pt">Employee termination and other benefits </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1,646 </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>400 </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>2,099 </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>400 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">Other exit costs
    </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%">2,154
    </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%">227
    </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%">2,754
    </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%">2,195
    </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;4,353 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;2,289 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;5,421 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;3,929 </TD>
    <TD align=left width="2%">&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 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., which was
finalized in the third quarter of fiscal 2009. The costs incurred in connection
with these initiatives have been recorded as restructuring and other charges.
</P>
<P align=justify>Restructuring and other charges for the third quarter of fiscal
2009 were $4.4 million (2008 - $2.3 million). For the nine months ended July 5,
2009, restructuring and other charges totalled $5.4 million (2008 - $3.9
million) which included $3.2 million for the closure of the Company's U.S. sock
finishing operations in the third quarter, and $2.2 million relating to facility
closures that occurred in previous fiscal years, including employee termination
and other benefits, carrying costs and asset write-downs relating to assets held
for sale, net of a gain of $0.7 million on the disposal of equipment.
Restructuring charges for the nine months ended July 6, 2008 of $3.9 million
include $2.1 million recorded in the third quarter relating to the consolidation
of the Company's Haiti sewing operation, and $1.8 million relating to facility
closures which occurred in previous fiscal years, primarily for carrying and
dismantling costs associated with assets held for sale, net of a gain on
disposal of assets held for sale of $0.4 million. </P>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.33<BR>
</P>
<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%">
  <tr>
    <td width="100%">&nbsp;</td>
  </tr>
  <tr>
    <td width="100%">



<img border="0" src="gildan1.jpg" width="88" height="20"></td>
  </tr>
  <tr>
    <td width="100%">
    <p align="right"><font size="2">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></td>
  </tr>
</table>
<P align=justify><B>8. Restructuring and other charges and assets held for sale
(continued):</B> </P>
<P align=justify>Assets held for sale of $6.5 million as at July 5, 2009
(October 5, 2008 - $10.5 million; July 6, 2008 - $12.6 million) include
property, plant and equipment relating to the closed facilities. The Company
expects to incur additional carrying costs relating to the closed facilities,
which will be accounted for as restructuring charges as incurred during fiscal
2009 and until all property, plant and equipment related to the closures are
disposed of. Any gains or losses on the disposal of the assets held for sale
will also be accounted for as restructuring charges as incurred. </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><B>9. Earnings per share:</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=3>A reconciliation between basic and diluted
      earnings per share is as follows: </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%">&nbsp; </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="10%">&nbsp; </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="10%">&nbsp; </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="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="23%" colSpan=4>
    <p align="right"><B>Three months ended</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="23%" colSpan=4>
    <p align="right"><B>Nine months ended</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">July 5, </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">July 6, </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">July 5, </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">July 6, </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">2009
    </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%">2008
    </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%">2009
    </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%">2008
    </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -20pt; margin-left: 20pt">Basic earnings per share: </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">Basic weighted
      average number of common shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">120,911 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">120,492 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">120,761 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">120,462 </TD>
    <TD align=left width="2%"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>
    <p style="text-indent: -20pt; margin-left: 20pt">Basic earnings per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;0.34 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;0.45 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;0.44 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;1.03 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">Diluted earnings per share: </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -20pt; margin-left: 20pt">Basic weighted average number of common
      shares outstanding </TD>
    <TD align=left width="1%" bgColor=#e6efff></TD>
    <TD align=right width="10%" bgColor=#e6efff>120,911 </TD>
    <TD align=left width="2%" bgColor=#e6efff></TD>
    <TD align=left width="1%" bgColor=#e6efff></TD>
    <TD align=right width="10%" bgColor=#e6efff>120,492 </TD>
    <TD align=left width="2%" bgColor=#e6efff></TD>
    <TD align=left width="1%" bgColor=#e6efff></TD>
    <TD align=right width="10%" bgColor=#e6efff>120,761 </TD>
    <TD align=left width="2%" bgColor=#e6efff></TD>
    <TD align=left width="1%" bgColor=#e6efff></TD>
    <TD align=right width="10%" bgColor=#e6efff>120,462 </TD>
    <TD align=left width="2%"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">Plus dilutive
      impact of stock options and Treasury RSUs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">572
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">1,130
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">596
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">1,181
    </TD>
    <TD align=left width="2%"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>
    <p style="text-indent: -20pt; margin-left: 20pt">Diluted weighted average number of common shares
      outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>121,483 </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></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>121,622 </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></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>121,357 </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></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>121,643 </TD>
    <TD align=left width="2%"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">Diluted earnings
      per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;0.34 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;0.45 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;0.44 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;1.02 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>Excluded from the above calculation for the three months ended
July 5, 2009 are 444,920 stock options (2008 &#150;123,565) and 168,192 Treasury RSUs
(2008 &#150; nil) which were deemed to be anti-dilutive. Excluded from the above
calculation for the nine months ended July 5, 2009 are 456,694 stock options
(2008 &#150; 81,968) and 280,411 Treasury RSUs (2008 &#150; nil) which were deemed to be
anti-dilutive. </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><B>10. Other information:</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%" style="border-right-style: none; border-right-width: medium">&nbsp; </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%" style="border-right-style: none; border-right-width: medium">&nbsp; </TD>
    <TD width="2%" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left colspan="13" style="border-bottom-style: solid; border-bottom-width: 2">
<p><font size="2">(a) </font></p>
<p style="margin-left: 5%; margin-top: -25.5pt"><font size="2">Supplemental cash flow disclosure (continued):</font>&nbsp; </font>
	</p>
    </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left style="border-top-style: solid; border-top-width: 1">&nbsp; </TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=center width="23%" colSpan=4 style="border-top-style: solid; border-top-width: 1">
    <p align="right"><B>Three months ended</B> </TD>
    <TD align=center width="2%" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=center width="1%" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD align=center width="23%" colSpan=4 style="border-right-style: none; border-right-width: medium; border-top-style:solid; border-top-width:1">
    <p align="right"><B>Nine months ended</B> </TD>
    <TD align=left width="2%" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-bottom-style:none; border-bottom-width:medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">July 5, </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">July 6, </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">July 5, </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">July 6, </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">2009
    </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%">2008
    </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%">2009
    </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%">2008
    </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash paid during the period for: </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <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">&nbsp; </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Interest </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="10%">&nbsp;446 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="10%">&nbsp;1,459 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="10%">&nbsp;1,790 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium">&nbsp;6,515 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Income taxes </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="10%"
    bgColor=#e6efff>1,775 </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="10%"
    bgColor=#e6efff>461 </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="10%"
    bgColor=#e6efff>27,945 </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: 2px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"
    bgColor=#e6efff>2,799 </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="right">QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.34<BR>
</p>
<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%">
  <tr>
    <td width="100%">&nbsp;</td>
  </tr>
  <tr>
    <td width="100%">



<img border="0" src="gildan1.jpg" width="88" height="20"></td>
  </tr>
  <tr>
    <td width="100%">
    <p align="right"><font size="2">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></td>
  </tr>
  <tr>
    <td width="100%">&nbsp;</td>
  </tr>
</table>
<TABLE style="font-size:8pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR valign="top">
	<TD align=left colspan="7">
<B><font size="2">10. Other information (continued):</font></B><font size="2">
	</TD>
</TR>
<TR valign="top">
	<TD align=left style="border-bottom: medium none #000000;">
&nbsp;</TD>
	<TD width=10% align=left style="border-bottom: medium none #000000;">
&nbsp;</TD>
	<TD width=10% align=left style="border-bottom: medium none #000000;">
&nbsp;</TD>
	<TD width=10% align=left style="border-bottom: medium none #000000;">
&nbsp;</TD>
	<TD width=10% align=left style="border-bottom: medium none #000000;">
&nbsp;</TD>
	<TD width=10% align=left style="border-bottom: medium none #000000;">
&nbsp;</TD>
	<TD width=10% align=left style="border-bottom: medium none #000000;">
&nbsp;</TD>
</TR>
<TR valign="top">
	<TD align=left style="border-bottom: medium none #000000; border-top-style:none; border-top-width:medium" colspan="7">
<p><font size="2">(a) </font></p>
<p style="margin-left: 5%; margin-top: -25.5pt"><font size="2">Supplemental cash flow disclosure (continued):</font>&nbsp; </font>
	</p>
	</TD>
</TR>
</TABLE>

<table CELLSPACING="0" BORDER="0" WIDTH="100%" DIR="ltr" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td WIDTH="45%" height="15" style="border-top-style: solid; border-top-width: 2">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="3%" height="15" style="border-top-style: solid; border-top-width: 2" align="left">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="15" align="right" style="border-top-style: solid; border-top-width: 2">
    <font FACE="Tiems" SIZE="2">July 5, 2009</font></td>
    <td WIDTH="13%" COLSPAN="2" height="15" align="right" style="border-top-style: solid; border-top-width: 2">
    <font FACE="Tiems" SIZE="2">October 5, 2008</font></td>
    <td WIDTH="1%" height="15" align="right" style="border-top-style: solid; border-top-width: 2">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="15" align="right" style="border-top-style: solid; border-top-width: 2">
    <font FACE="Tiems" SIZE="2">July 6, 2008</font></td>
  </tr>
  <tr>
    <td WIDTH="45%" height="15" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="3%" height="15" style="border-bottom-style: solid; border-bottom-width: 1" align="left">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="15" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="1%" height="15" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="15" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Tiems" SIZE="2">(audited)</font></td>
    <td WIDTH="1%" height="15" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="15" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2" face="Tiems">&#12288;</font></td>
  </tr>
  <tr>
    <td WIDTH="45%" height="15" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font FACE="Tiems" SIZE="2">
    <p style="text-indent: -20pt; margin-left: 20pt">Balance of non-cash
    transactions:</font></td>
    <td WIDTH="3%" height="15" style="border-top-style: solid; border-top-width: 1" align="left" bgcolor="#E6EFFF">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="15" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="3%" height="15" style="border-top-style: solid; border-top-width: 1" align="left" bgcolor="#E6EFFF">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="15" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="3%" height="15" style="border-top-style: solid; border-top-width: 1" align="left" bgcolor="#E6EFFF">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="15" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <font size="2" face="Tiems">&#12288;</font></td>
  </tr>
  <tr>
    <td WIDTH="45%" height="15"><font FACE="Tiems" SIZE="2">
    <p style="text-indent: -20pt; margin-left: 20pt">Additions to property,
    plant and equipment included in accounts payable and accrued liabilities</font></td>
    <td WIDTH="3%" height="15" align="right"><font FACE="Tiems" SIZE="2">$</font></td>
    <td WIDTH="10%" height="15" align="right"><font FACE="Tiems" SIZE="2">1,535</font></td>
    <td WIDTH="3%" height="15" align="right"><font FACE="Tiems" SIZE="2">$</font></td>
    <td WIDTH="10%" height="15" align="right"><font FACE="Tiems" SIZE="2">1,720</font></td>
    <td WIDTH="3%" height="15" align="right"><font FACE="Tiems" SIZE="2">$</font></td>
    <td WIDTH="10%" height="15" align="right"><font FACE="Tiems" SIZE="2">500</font></td>
  </tr>
  <tr>
    <td WIDTH="45%" height="15" bgcolor="#E6EFFF"><font FACE="Tiems" SIZE="2">
    <p style="text-indent: -20pt; margin-left: 20pt">Proceeds on disposal of
    long-lived assets in other assets</font></td>
    <td WIDTH="3%" height="15" align="right" bgcolor="#E6EFFF">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="15" align="right" bgcolor="#E6EFFF">
    <font FACE="Tiems" SIZE="2">978</font></td>
    <td WIDTH="3%" height="15" align="right" bgcolor="#E6EFFF">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="15" align="right" bgcolor="#E6EFFF">
    <font FACE="Tiems" SIZE="2">1,382</font></td>
    <td WIDTH="3%" height="15" align="right" bgcolor="#E6EFFF">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="15" align="right" bgcolor="#E6EFFF">
    <font FACE="Tiems" SIZE="2">1,477</font></td>
  </tr>
  <tr>
    <td WIDTH="45%" height="15"><font FACE="Tiems" SIZE="2">
    <p style="text-indent: -20pt; margin-left: 20pt">Proceeds on disposal of
    long-lived assets in accounts receivable</font></td>
    <td WIDTH="3%" height="15" align="right"><font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="15" align="right"><font FACE="Tiems" SIZE="2">542</font></td>
    <td WIDTH="3%" height="15" align="right"><font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="15" align="right"><font FACE="Tiems" SIZE="2">-</font></td>
    <td WIDTH="3%" height="15" align="right"><font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="15" align="right"><font FACE="Tiems" SIZE="2">1,380</font></td>
  </tr>
  <tr>
    <td WIDTH="45%" height="15" bgcolor="#E6EFFF" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Tiems" SIZE="2">
    <p style="text-indent: -20pt; margin-left: 20pt">Business acquisition in
    accounts payable and accrued liabilities</font></td>
    <td WIDTH="3%" height="15" align="right" bgcolor="#E6EFFF" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="15" align="right" bgcolor="#E6EFFF" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Tiems" SIZE="2">1,196</font></td>
    <td WIDTH="3%" height="15" align="right" bgcolor="#E6EFFF" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="15" align="right" bgcolor="#E6EFFF" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Tiems" SIZE="2">1,196</font></td>
    <td WIDTH="3%" height="15" align="right" bgcolor="#E6EFFF" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="15" align="right" bgcolor="#E6EFFF" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Tiems" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="45%" height="13" style="border-top-style: solid; border-top-width: 1">
    <p style="text-indent: -20pt; margin-left: 20pt">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="3%" height="13" align="right" style="border-top-style: solid; border-top-width: 1">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="13" align="right" style="border-top-style: solid; border-top-width: 1">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="3%" height="13" align="right" style="border-top-style: solid; border-top-width: 1">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="13" align="right" style="border-top-style: solid; border-top-width: 1">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="3%" height="13" align="right" style="border-top-style: solid; border-top-width: 1">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="13" align="right" style="border-top-style: solid; border-top-width: 1">
    <font size="2" face="Tiems">&#12288;</font></td>
  </tr>
  <tr>
    <td WIDTH="45%" height="15" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Tiems" SIZE="2">
    <p style="text-indent: -20pt; margin-left: 20pt">Non-cash ascribed value
    credited to share capital from issuance of Treasury RSUs</font></td>
    <td WIDTH="3%" height="15" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="15" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Tiems" SIZE="2">2,759</font></td>
    <td WIDTH="3%" height="15" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="15" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Tiems" SIZE="2">190</font></td>
    <td WIDTH="3%" height="15" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="15" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Tiems" SIZE="2">126</font></td>
  </tr>
  <tr>
    <td WIDTH="45%" height="13" bgcolor="#E6EFFF" style="border-top-style: solid; border-top-width: 1">
    <p style="text-indent: -20pt; margin-left: 20pt">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="3%" height="13" align="right" bgcolor="#E6EFFF" style="border-top-style: solid; border-top-width: 1">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="13" align="right" bgcolor="#E6EFFF" style="border-top-style: solid; border-top-width: 1">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="3%" height="13" align="right" bgcolor="#E6EFFF" style="border-top-style: solid; border-top-width: 1">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="13" align="right" bgcolor="#E6EFFF" style="border-top-style: solid; border-top-width: 1">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="3%" height="13" align="right" bgcolor="#E6EFFF" style="border-top-style: solid; border-top-width: 1">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="13" align="right" bgcolor="#E6EFFF" style="border-top-style: solid; border-top-width: 1">
    <font size="2" face="Tiems">&#12288;</font></td>
  </tr>
  <tr>
    <td WIDTH="45%" height="15" bgcolor="#E6EFFF"><font FACE="Tiems" SIZE="2">
    <p style="text-indent: -20pt; margin-left: 20pt">Cash and cash equivalents
    consist of:</font></td>
    <td WIDTH="3%" height="15" align="right" bgcolor="#E6EFFF">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="15" align="right" bgcolor="#E6EFFF">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="3%" height="15" align="right" bgcolor="#E6EFFF">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="15" align="right" bgcolor="#E6EFFF">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="3%" height="15" align="right" bgcolor="#E6EFFF">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="15" align="right" bgcolor="#E6EFFF">
    <font size="2" face="Tiems">&#12288;</font></td>
  </tr>
  <tr>
    <td WIDTH="45%" height="15"><font FACE="Tiems" SIZE="2">
    <p style="text-indent: -20pt; margin-left: 20pt">Cash balances with banks</font></td>
    <td WIDTH="3%" height="15" align="right"><font FACE="Tiems" SIZE="2">$</font></td>
    <td WIDTH="10%" height="15" align="right"><font FACE="Tiems" SIZE="2">69,647</font></td>
    <td WIDTH="3%" height="15" align="right"><font FACE="Tiems" SIZE="2">$</font></td>
    <td WIDTH="10%" height="15" align="right"><font FACE="Tiems" SIZE="2">8,068</font></td>
    <td WIDTH="3%" height="15" align="right"><font FACE="Tiems" SIZE="2">$</font></td>
    <td WIDTH="10%" height="15" align="right"><font FACE="Tiems" SIZE="2">10,237</font></td>
  </tr>
  <tr>
    <td WIDTH="45%" height="3" bgcolor="#E6EFFF"><font FACE="Tiems" SIZE="2">
    <p style="text-indent: -20pt; margin-left: 20pt">Short-term investments,
    bearing interest at rates up to 0.18% at July 5, 2009, up to 2.22% at
    October 5, 2008 and up to 0.78% at July 6, 2008</font></td>
    <td WIDTH="3%" height="3" align="right" bgcolor="#E6EFFF">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="3" align="right" bgcolor="#E6EFFF">
    <font FACE="Tiems" SIZE="2">4,831</font></td>
    <td WIDTH="3%" height="3" align="right" bgcolor="#E6EFFF">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="3" align="right" bgcolor="#E6EFFF">
    <font FACE="Tiems" SIZE="2">4,289</font></td>
    <td WIDTH="3%" height="3" align="right" bgcolor="#E6EFFF">
    <font size="2" face="Tiems">&#12288;</font></td>
    <td WIDTH="10%" height="3" align="right" bgcolor="#E6EFFF">
    <font FACE="Tiems" SIZE="2">2,958</font></td>
  </tr>
  <tr>
    <td WIDTH="45%" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <p style="text-indent: -20pt; margin-left: 20pt">
    <font size="2" face="Times New Roman">&#12288;</font></td>
    <td WIDTH="3%" height="15" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="10%" height="15" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2">74,478</font></td>
    <td WIDTH="3%" height="15" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="10%" height="15" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2">12,357</font></td>
    <td WIDTH="3%" height="15" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="10%" height="15" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2">13,195</font></td>
  </tr>
</table>
<font FACE="Times New Roman" SIZE="2">
<p>(b) </p>
<p style="margin-left: 5%; margin-top: -25.5pt">Depreciation and amortization:
</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" DIR="ltr" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td valign="bottom" style="border-top-style: solid; border-top-width: 2">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="3%" valign="bottom" align="center" style="border-top-style: solid; border-top-width: 2">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td COLSPAN="3" align="center" valign="bottom" style="border-top-style: solid; border-top-width: 2">
    <p align="right">
    <font FACE="Times New Roman" size="2"><b>Three months ended</b></font></td>
    <td width="3%" valign="bottom" align="center" style="border-top-style: solid; border-top-width: 2">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td COLSPAN="3" align="center" valign="bottom" style="border-top-style: solid; border-top-width: 2">
    <p align="right">
    <font FACE="Times New Roman" size="2"><b>Nine months ended</b></font></td>
  </tr>
  <tr>
    <td valign="bottom"><font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="3%" valign="bottom" align="right">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" valign="bottom">
    <font FACE="Times New Roman" size="2">July 5,</font></td>
    <td width="3%" align="right" valign="bottom">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" valign="bottom">
    <font FACE="Times New Roman" size="2">July 6,</font></td>
    <td width="3%" valign="bottom" align="right">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" valign="bottom">
    <font FACE="Times New Roman" size="2">July 5,</font></td>
    <td width="3%" align="right" valign="bottom">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" valign="bottom">
    <font FACE="Times New Roman" size="2">July 6,</font></td>
  </tr>
  <tr>
    <td style="border-bottom-style: solid; border-bottom-width: 1" valign="bottom">
    <p style="text-indent: -20pt; margin-left: 20pt; margin-right: 5pt">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="3%" style="border-bottom-style: solid; border-bottom-width: 1" valign="bottom" align="right">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" valign="bottom">
    <font FACE="Times New Roman" size="2">2009</font></td>
    <td width="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" valign="bottom">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" valign="bottom">
    <font FACE="Times New Roman" size="2">2008</font></td>
    <td width="3%" style="border-bottom-style: solid; border-bottom-width: 1" valign="bottom" align="right">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" valign="bottom">
    <font FACE="Times New Roman" size="2">2009</font></td>
    <td width="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" valign="bottom">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" valign="bottom">
    <font FACE="Times New Roman" size="2">2008</font></td>
  </tr>
  <tr>
    <td style="border-top-style: solid; border-top-width: 1" valign="bottom" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">
    <p style="text-indent: -20pt; margin-left: 20pt; margin-right: 5pt">
    Depreciation and amortization of property, plant and equipment and
    intangible assets</font></td>
    <td width="3%" style="border-top-style: solid; border-top-width: 1" valign="bottom" align="right" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">$</font></td>
    <td width="10%" align="right" style="border-top-style: solid; border-top-width: 1" valign="bottom" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">16,292</font></td>
    <td width="3%" style="border-top-style: solid; border-top-width: 1" valign="bottom" align="right" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">$</font></td>
    <td width="10%" align="right" style="border-top-style: solid; border-top-width: 1" valign="bottom" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">14,883</font></td>
    <td width="3%" style="border-top-style: solid; border-top-width: 1" valign="bottom" align="right" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">$</font></td>
    <td width="10%" align="right" style="border-top-style: solid; border-top-width: 1" valign="bottom" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">48,417</font></td>
    <td width="3%" style="border-top-style: solid; border-top-width: 1" valign="bottom" align="right" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">$</font></td>
    <td width="10%" align="right" style="border-top-style: solid; border-top-width: 1" valign="bottom" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">41,895</font></td>
  </tr>
  <tr>
    <td style="border-bottom-style: solid; border-bottom-width: 1" valign="bottom">
    <font FACE="Times New Roman" size="2">
    <p style="text-indent: -20pt; margin-left: 20pt; margin-right: 5pt">
    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 width="3%" style="border-bottom-style: solid; border-bottom-width: 1" valign="bottom" align="right">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" valign="bottom">
    <font FACE="Times New Roman" size="2">1,151</font></td>
    <td width="3%" style="border-bottom-style: solid; border-bottom-width: 1" valign="bottom" align="right">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" valign="bottom">
    <font FACE="Times New Roman" size="2">2,544</font></td>
    <td width="3%" style="border-bottom-style: solid; border-bottom-width: 1" valign="bottom" align="right">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" valign="bottom">
    <font FACE="Times New Roman" size="2">(4,265)</font></td>
    <td width="3%" style="border-bottom-style: solid; border-bottom-width: 1" valign="bottom" align="right">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" valign="bottom">
    <font FACE="Times New Roman" size="2">377</font></td>
  </tr>
  <tr>
    <td style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" valign="bottom" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">
    <p style="text-indent: -20pt; margin-left: 20pt; margin-right: 5pt">
    Depreciation and amortization included in the interim consolidated
    statements of earnings and comprehensive income</font></td>
    <td width="3%" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" valign="bottom" align="right" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">$</font></td>
    <td width="10%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" valign="bottom" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">17,443</font></td>
    <td width="3%" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" valign="bottom" align="right" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">$</font></td>
    <td width="10%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" valign="bottom" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">17,427</font></td>
    <td width="3%" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" valign="bottom" align="right" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">$</font></td>
    <td width="10%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" valign="bottom" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">44,152</font></td>
    <td width="3%" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" valign="bottom" align="right" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">$</font></td>
    <td width="10%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" valign="bottom" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">42,272</font></td>
  </tr>
  <tr>
    <td valign="bottom" style="border-top-style: solid; border-top-width: 1">
    <p style="text-indent: -20pt; margin-left: 20pt; margin-right: 5pt">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="3%" valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" valign="bottom" style="border-top-style: solid; border-top-width: 1">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="3%" valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" valign="bottom" style="border-top-style: solid; border-top-width: 1">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="3%" valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" valign="bottom" style="border-top-style: solid; border-top-width: 1">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="3%" valign="bottom" align="right" style="border-top-style: solid; border-top-width: 1">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" valign="bottom" style="border-top-style: solid; border-top-width: 1">
    <font face="Times New Roman" size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom"><font FACE="Times New Roman" size="2">
    <p style="text-indent: -20pt; margin-left: 20pt; margin-right: 5pt">Consists
    of:</font></td>
    <td width="3%" valign="bottom" align="right">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" valign="bottom">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="3%" valign="bottom" align="right">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" valign="bottom">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="3%" valign="bottom" align="right">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" valign="bottom">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="3%" valign="bottom" align="right">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" valign="bottom">
    <font face="Times New Roman" size="2">&#12288;</font></td>
  </tr>
  <tr>
    <td valign="bottom" bgcolor="#E6EFFF"><font FACE="Times New Roman" size="2">
    <p style="text-indent: -20pt; margin-left: 20pt; margin-right: 5pt">
    Depreciation of property, plant and equipment</font></td>
    <td width="3%" valign="bottom" align="right" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">$</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">16,636</font></td>
    <td width="3%" valign="bottom" align="right" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">$</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">16,399</font></td>
    <td width="3%" valign="bottom" align="right" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">$</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">41,588</font></td>
    <td width="3%" valign="bottom" align="right" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">$</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">39,750</font></td>
  </tr>
  <tr>
    <td valign="bottom"><font FACE="Times New Roman" size="2">
    <p style="text-indent: -20pt; margin-left: 20pt; margin-right: 5pt">
    Amortization of intangible assets</font></td>
    <td width="3%" valign="bottom" align="right">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" valign="bottom">
    <font FACE="Times New Roman" size="2">799</font></td>
    <td width="3%" valign="bottom" align="right">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" valign="bottom">
    <font FACE="Times New Roman" size="2">1,017</font></td>
    <td width="3%" valign="bottom" align="right">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" valign="bottom">
    <font FACE="Times New Roman" size="2">2,398</font></td>
    <td width="3%" valign="bottom" align="right">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" valign="bottom">
    <font FACE="Times New Roman" size="2">2,491</font></td>
  </tr>
  <tr>
    <td valign="bottom" bgcolor="#E6EFFF" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Times New Roman" size="2">
    <p style="text-indent: -20pt; margin-left: 20pt; margin-right: 5pt">
    Amortization of deferred financing costs and other</font></td>
    <td width="3%" valign="bottom" align="right" bgcolor="#E6EFFF" style="border-bottom-style: solid; border-bottom-width: 1">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#E6EFFF" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" size="2">8</font></td>
    <td width="3%" valign="bottom" align="right" bgcolor="#E6EFFF" style="border-bottom-style: solid; border-bottom-width: 1">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#E6EFFF" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" size="2">11</font></td>
    <td width="3%" valign="bottom" align="right" bgcolor="#E6EFFF" style="border-bottom-style: solid; border-bottom-width: 1">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#E6EFFF" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" size="2">166</font></td>
    <td width="3%" valign="bottom" align="right" bgcolor="#E6EFFF" style="border-bottom-style: solid; border-bottom-width: 1">
    <font face="Times New Roman" size="2">&#12288;</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#E6EFFF" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" size="2">31</font></td>
  </tr>
  <tr>
    <td style="border-bottom-style: solid; border-bottom-width: 1; border-top-style:solid; border-top-width:1" valign="bottom">
    <font FACE="Times New Roman" size="2">
    <p style="text-indent: -20pt; margin-left: 20pt; margin-right: 5pt">
    Depreciation and amortization included in the interim consolidated
    statements of earnings and comprehensive income</font></td>
    <td width="3%" style="border-bottom-style: solid; border-bottom-width: 1; border-top-style:solid; border-top-width:1" valign="bottom" align="right">
    <font FACE="Times New Roman" size="2">$</font></td>
    <td width="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-top-style:solid; border-top-width:1" valign="bottom">
    <font FACE="Times New Roman" size="2">17,443</font></td>
    <td width="3%" style="border-bottom-style: solid; border-bottom-width: 1; border-top-style:solid; border-top-width:1" valign="bottom" align="right">
    <font FACE="Times New Roman" size="2">$</font></td>
    <td width="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-top-style:solid; border-top-width:1" valign="bottom">
    <font FACE="Times New Roman" size="2">17,427</font></td>
    <td width="3%" style="border-bottom-style: solid; border-bottom-width: 1; border-top-style:solid; border-top-width:1" valign="bottom" align="right">
    <font FACE="Times New Roman" size="2">$</font></td>
    <td width="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-top-style:solid; border-top-width:1" valign="bottom">
    <font FACE="Times New Roman" size="2">44,152</font></td>
    <td width="3%" style="border-bottom-style: solid; border-bottom-width: 1; border-top-style:solid; border-top-width:1" valign="bottom" align="right">
    <font FACE="Times New Roman" size="2">$</font></td>
    <td width="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-top-style:solid; border-top-width:1" valign="bottom">
    <font FACE="Times New Roman" size="2">42,272</font></td>
  </tr>
</table>
<p align="right">QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.35<BR>
</p>

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

<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%">



<img border="0" src="gildan1.jpg" width="88" height="20"></td>
  </tr>
  <tr>
    <td width="100%">
    <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></B><BR></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%">(c) </TD>
    <TD>
      <P align=justify>The Company recorded bad debt expense of $0.7 million
      (2008 &#150; $2.5 million) for the three months ended July 5, 2009 and $3.1
      million (2008 &#150; $2.5 million) for the nine months ended July 5, 2009. Bad
      debt expense is included in selling, general and administrative expenses
      in the interim consolidated statements of earnings and comprehensive
      income.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>The Company expensed $1.4 million (2008 - $1.7 million)
      in cost of sales for the three months ended July 5, 2009, representing
      management&#146;s best estimate of the cost of statutory severance and
      pre-notice benefit obligations accrued for active employees located in the
      Caribbean Basin and Central America. The expense for the nine months ended
      July 5, 2009 was $5.4 million (2008 - $4.5
million).</P></TD></TR></TABLE>
<P align=justify><B>11. Financial instruments:</B><BR></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 nine months ended July 5, 2009,
which is included in the Gildan Q3 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, 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>
<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>(a) Financial expense (income), net:
</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%" 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>
    <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="10%"><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="10%"><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="10%"><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: 2px solid #000000; ; border-right-style:none; border-right-width:medium" width="10%"><FONT
      size=2>&nbsp; </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" 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="23%" colSpan=4><FONT size=2><B>Three months
      ended</B> </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="23%" colSpan=4 style="border-right-style: none; border-right-width: medium"><FONT size=2><B>Nine months
      ended</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%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>July 5, </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>July 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>July 5, </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>July 6, </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&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=right width="10%"><FONT
      size=2>2009 </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>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>2009 </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>2008 </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>Interest expense (i)
</FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp;248
    </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp;1,204
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp;1,615
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp;6,065
      </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>Bank and other financial charges </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>206 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>254 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>713 </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>738 </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><FONT size=2>Foreign exchange (gain) loss (ii) </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>(1,968</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>(331</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>(3,632</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: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"
    bgColor=#e6efff><FONT size=2>642 </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 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>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"><FONT
      size=2>&nbsp;(1,514</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"><FONT
      size=2>&nbsp;1,127 </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>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"><FONT
      size=2>&nbsp;(1,304</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"><FONT
      size=2>&nbsp;7,445 </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=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff 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=#ffffff><FONT size=2>(i) Interest expense:
    </FONT></TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff 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>
    <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>&nbsp;</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    bgColor=#ffffff>&nbsp;</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    bgColor=#ffffff>&nbsp;</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-right-style:none; border-right-width:medium" width="10%"
      bgColor=#ffffff><FONT size=2>&nbsp; </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" width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="23%" bgColor=#ffffff colSpan=4><FONT
      size=2><B>Three months ended</B> </FONT></TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="23%" bgColor=#ffffff colSpan=4 style="border-right-style: none; border-right-width: medium"><FONT size=2><B>Nine
      months ended</B> </FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff><FONT size=2>July 5,
</FONT></TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff><FONT size=2>July 6,
</FONT></TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff><FONT size=2>July 5,
</FONT></TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff style="border-right-style: none; border-right-width: medium"><FONT size=2>July 6,
</FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium">&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=right width="10%"><FONT
      size=2>2009 </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>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>2009 </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>2008 </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>Interest expense on long-term
      debt </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp;402
    </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp;1,294
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>&nbsp;1,663
      </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD align=right width="10%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium"><FONT size=2>&nbsp;6,357
      </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>Interest (credit) expense on short-term
      indebtedness </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>(28</FONT></TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>4 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>117 </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>38 </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>Interest income on
      held-for-trading financial assets </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>(122</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>(106</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>(153</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </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>(349</FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium">) </TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Interest income on loans and receivables
      </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>(20</FONT></TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>(20</FONT></TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>(60</FONT></TD>
    <TD align=left width="2%" >) </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>(60</FONT></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><FONT size=2>Other interest expense </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>16 </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>32 </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>48 </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>79 </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 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>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"><FONT
      size=2>&nbsp;248 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"><FONT
      size=2>&nbsp;1,204 </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>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"><FONT
      size=2>&nbsp;1,615 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%"><FONT
      size=2>&nbsp;6,065 </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=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=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.36<BR>
</P>
<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%">
  <tr>
    <td width="100%">&nbsp;</td>
  </tr>
  <tr>
    <td width="100%">



<img border="0" src="gildan1.jpg" width="88" height="20"></td>
  </tr>
  <tr>
    <td width="100%">
    <p align="right"><font size="2">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></td>
  </tr>
</table>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>11. Financial instruments (continued):</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(ii) Foreign exchange (gain) loss: </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%">&nbsp; </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="10%">&nbsp; </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="10%">&nbsp; </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="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="23%" colSpan=4><B>Three months ended</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="23%" colSpan=4><B>Nine months ended</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">July 5, </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">July 6, </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">July 5, </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">July 6, </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">2009
    </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%">2008
    </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%">2009
    </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%">2008
    </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -20pt; margin-left: 20pt">Gain relating to financial assets and
      liabilities, and income taxes payable </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>(515</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>(146</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>(4,936</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>(1,547</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">Unrealized (gain) loss relating to the fair value of
      forward foreign exchange contracts </TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="10%">(1,925</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="10%">(887</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="10%">805 </TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="10%">1,142 </TD>
    <TD align=left width="2%"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>
    <p style="text-indent: -20pt; margin-left: 20pt">Realized loss relating to forward foreign exchange
      contracts </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>472 </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>702 </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>499 </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>1,047 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;(1,968</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;(331</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;(3,632</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;642 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>(b) Forward foreign exchange contracts: </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR></TABLE>
<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 July 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=center style="border-top-style: solid; border-top-width: 2" nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="1%" style="border-top-style: solid; border-top-width: 2" nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-top-style: solid; border-top-width: 2" nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" style="border-top-style: solid; border-top-width: 2" nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%" style="border-top-style: solid; border-top-width: 2" nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-top-style: solid; border-top-width: 2" nowrap><FONT size=2>Notional foreign </FONT></TD>
    <TD align=right width="2%" style="border-top-style: solid; border-top-width: 2" nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%" style="border-top-style: solid; border-top-width: 2" nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-top-style: solid; border-top-width: 2" nowrap><FONT size=2>Average </FONT></TD>
    <TD align=right width="2%" style="border-top-style: solid; border-top-width: 2" nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%" style="border-top-style: solid; border-top-width: 2" nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" style="border-top-style: solid; border-top-width: 2" nowrap><FONT size=2>Notional US </FONT></TD>
    <TD align=right width="2%" style="border-top-style: solid; border-top-width: 2" nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=center width="1%" style="border-top-style: solid; border-top-width: 2" nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=center width="17%" colSpan=4 style="border-top-style: solid; border-top-width: 2" nowrap><FONT size=2>Carrying and fair
      value </FONT></TD>
    <TD align=left width="2%" nowrap><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap><FONT size=2>July
      5, 2009 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%" nowrap><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" nowrap><FONT
      size=2>Maturity </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%" nowrap><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%" nowrap><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" nowrap><FONT
      size=2>currency amount </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%" nowrap><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%" nowrap><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" nowrap><FONT
      size=2>exchange rate </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%" nowrap><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%" nowrap><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" nowrap><FONT
      size=2>equivalent </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%" nowrap><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%" nowrap><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="7%" nowrap>
    <p align="right"><FONT
      size=2>Asset </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%" nowrap><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%" nowrap><FONT
      size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="7%" nowrap>
    <p align="right"><FONT
      size=2>Liability </FONT></TD>
    <TD align=left width="2%" nowrap><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff nowrap><FONT size=2>Buy CAD/Sell USD </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#e6efff nowrap><FONT size=2>0-6 months </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#e6efff nowrap><FONT size=2>24,420 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#e6efff nowrap><FONT size=2>0.8546 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff nowrap><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#e6efff nowrap><FONT size=2>&nbsp;20,869 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff nowrap><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#e6efff nowrap><FONT size=2>&nbsp;508 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff nowrap><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#e6efff nowrap><FONT size=2>&nbsp;(372</FONT></TD>
    <TD align=left width="2%" nowrap><FONT size=2>) </FONT></TD></TR>
  <TR>
    <TD bgColor=#ffffff nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD width="7%" bgColor=#ffffff nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD width="1%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD width="7%" bgColor=#ffffff nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD width="1%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD width="7%" bgColor=#ffffff nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD width="1%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD width="7%" bgColor=#ffffff nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD width="1%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD width="7%" bgColor=#ffffff nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD width="1%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD width="7%" bgColor=#ffffff nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" nowrap><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 2" nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 2" nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD width="7%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 2" nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 2" nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD width="1%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 2" nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD width="7%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 2" nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 2" nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD width="1%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 2" nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD width="7%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 2" nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 2" nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD width="1%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 2" nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD width="7%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 2" nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 2" nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD width="1%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 2" nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD width="7%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 2" nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 2" nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD width="1%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 2" nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD width="7%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 2" nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" nowrap><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#ffffff nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#ffffff nowrap><FONT size=2>Notional foreign
      </FONT></TD>
    <TD align=right width="2%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#ffffff nowrap><FONT size=2>Average
</FONT></TD>
    <TD align=right width="2%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#ffffff nowrap><FONT size=2>Notional US
      </FONT></TD>
    <TD align=center width="2%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=center width="1%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=center width="17%" bgColor=#ffffff colSpan=4 nowrap><FONT
      size=2>Carrying and fair value </FONT></TD>
    <TD align=left width="2%" nowrap><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#ffffff nowrap><FONT size=2>October 5, 2008 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#ffffff nowrap><FONT size=2>Maturity </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#ffffff nowrap><FONT size=2>currency amount </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#ffffff nowrap><FONT size=2>exchange rate </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#ffffff nowrap><FONT size=2>equivalent </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#ffffff nowrap><FONT size=2>Asset </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#ffffff nowrap><FONT size=2>Liability </FONT></TD>
    <TD align=left width="2%" nowrap><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF nowrap><FONT size=2>Buy CAD/Sell USD </FONT></TD>
    <TD align=left width="1%" bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF nowrap><FONT size=2>0-6 months
    </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF nowrap><FONT size=2>5,483 </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF nowrap><FONT size=2>0.9302 </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#E6EFFF nowrap><FONT size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;5,100
    </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#E6EFFF nowrap><FONT size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;- </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#E6EFFF nowrap><FONT size=2>$</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;- </FONT></TD>
    <TD align=left width="2%" nowrap><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff nowrap><FONT size=2>Buy EUR/Sell GBP </FONT></TD>
    <TD align=left width="1%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#ffffff nowrap><FONT size=2>0-6 months
    </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#ffffff nowrap><FONT size=2>962 </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#ffffff nowrap><FONT size=2>1.3740 </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#ffffff nowrap><FONT size=2>1,322 </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#ffffff nowrap><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#ffffff nowrap><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" nowrap><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF nowrap><FONT size=2>Sell EUR/Buy USD </FONT></TD>
    <TD align=left width="1%" bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF nowrap><FONT size=2>0-6 months
    </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF nowrap><FONT size=2>5,650 </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF nowrap><FONT size=2>1.4591 </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF nowrap><FONT size=2>8,244 </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF nowrap><FONT size=2>472 </FONT></TD>
    <TD align=left width="2%" bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%" bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" bgColor=#E6EFFF nowrap><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" nowrap><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#ffffff nowrap><FONT size=2>Sell GBP/Buy USD </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#ffffff nowrap><FONT size=2>0-6 months </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#ffffff nowrap><FONT size=2>2,951 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#ffffff nowrap><FONT size=2>1.9177 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#ffffff nowrap><FONT size=2>5,659 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#ffffff nowrap><FONT size=2>457 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#ffffff nowrap><FONT size=2>- </FONT></TD>
    <TD align=left width="2%" nowrap><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#E6EFFF nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="7%"
    bgColor=#E6EFFF nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="7%"
    bgColor=#E6EFFF nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="7%"
    bgColor=#E6EFFF nowrap><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#E6EFFF nowrap><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;20,325 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#E6EFFF nowrap><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;929 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#E6EFFF nowrap><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%"
    bgColor=#E6EFFF nowrap><FONT size=2>&nbsp;- </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff nowrap><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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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 colSpan=3><FONT size=2>(c) Interest rate
      swap contracts: </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="7%" 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="7%" 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="7%" 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="7%" 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="7%" bgColor=#ffffff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="2%" bgColor=#ffffff><FONT
  size=2>&nbsp;</FONT></TD></TR></TABLE>
<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 July 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 July 5, 2009: </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=right nowrap>&nbsp;</TD>
    <TD align=right width="7%" nowrap><FONT size=2>Notional </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>&nbsp; </FONT></TD>
    <TD align=right width="2%" nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right width="7%" nowrap><FONT size=2>Receive LIBOR </FONT></TD>
    <TD align=right width="2%" nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right width="7%" nowrap><FONT size=2>Pay fixed </FONT></TD>
    <TD align=right width="2%" nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right colSpan=4 nowrap>
    <p align="center"><FONT size=2>Carrying and fair value
      </FONT></TD>
    <TD align=left width="2%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right nowrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" nowrap><FONT
      size=2>principal amount </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="1%" nowrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right nowrap><FONT
      size=2>Maturity </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right 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 nowrap><FONT
      size=2>interest rate </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right 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 nowrap><FONT
      size=2>interest rate </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right 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>Asset </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>Liability </FONT></TD>
    <TD align=left width="2%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      bgColor=#e6efff><FONT size=2>$ 25,000 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    bgColor=#e6efff>&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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    bgColor=#e6efff><FONT size=2>0.32% </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    bgColor=#e6efff><FONT size=2>0.82% </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    bgColor=#e6efff><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    bgColor=#e6efff><FONT size=2>- </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    bgColor=#e6efff><FONT size=2>(14</FONT></TD>
    <TD align=left width="2%"><font size="2">) </font> </TD></TR></TABLE>
<p align="right">QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.37<BR>
</p>
<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%">
  <tr>
    <td width="100%">&nbsp;</td>
  </tr>
  <tr>
    <td width="100%">



<img border="0" src="gildan1.jpg" width="88" height="20"></td>
  </tr>
  <tr>
    <td width="100%">
    <p align="right"><font size="2">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></td>
  </tr>
</table>
<P align=justify><B>12. Contingencies:</B><BR></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. 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. </P>
<P align=justify>The U.S. lawsuits have been consolidated, and a consolidated
amended complaint was filed alleging claims under the U.S. securities laws. On
July 1, 2009, the District Court granted the motion by Gildan and other
defendants to dismiss the U.S. action in its entirety, holding that the
consolidated amended complaint failed to adequately allege the essential
elements of a claim under the applicable provisions of the U.S. securities laws,
including the existence of a material misstatement and fraudulent intent. On
July 17, 2009, plaintiffs filed a motion seeking reconsideration of this
decision only insofar as it declined to grant plaintiffs an opportunity to file
a second amended complaint. On July 31, 2009, Gildan and the other defendants
filed a response to plaintiffs&#146; motion seeking reconsideration, for which a
decision is pending. </P>
<P align=justify>In addition to pursuing common law claims, the Ontario action
proposes to seek leave from the Ontario court to also bring statutory
misrepresentation civil liability claims under Ontario&#146;s Securities Act. A
motion, along with affidavit evidence, for leave to pursue such statutory
liability claims and class certification have been filed by the plaintiff. No
date has been set yet for the hearing of that motion. </P>
<P align=justify>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>
<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: 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=left width="1%" style="border-top-style: solid; border-top-width: 2" >&nbsp;</TD>
    <TD align=center width="23%" colSpan=4 style="border-top-style: solid; border-top-width: 2">
    <p align="right"><FONT size=2><B>Three months
      ended</B> </FONT></TD>
    <TD align=center width="2%" style="border-top-style: solid; border-top-width: 2" >&nbsp;</TD>
    <TD align=center width="1%" style="border-top-style: solid; border-top-width: 2" >&nbsp;</TD>
    <TD align=center width="23%" colSpan=4 style="border-top-style: solid; border-top-width: 2">
    <p align="right"><FONT size=2><B>Nine 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=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>July 5, </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>July 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>July 5, </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>July 6, </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=right width="10%"><FONT
      size=2>2009 </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>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>2009 </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>2008 </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="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</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%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>The company has two customers
      accounting for at least 10% of total net sales: </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff></TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#e6efff></TD>
    <TD align=left width="1%"  bgColor=#e6efff></TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#e6efff></TD>
    <TD align=left width="1%"  bgColor=#e6efff></TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#e6efff></TD>
    <TD align=left width="1%"  bgColor=#e6efff></TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%"></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp; &nbsp;Company A </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>20.0% </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><FONT size=2>25.1% </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><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="10%"><FONT size=2>23.2% </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; &nbsp;Company B </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="10%"
    bgColor=#e6efff><FONT size=2>9.4% </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="10%"
    bgColor=#e6efff><FONT size=2>11.4% </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="10%"
    bgColor=#e6efff><FONT size=2>15.9% </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="10%"
    bgColor=#e6efff><FONT size=2>12.4% </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="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</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%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Net sales were derived from
      customers located in the following geographic areas: </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff></TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#e6efff></TD>
    <TD align=left width="1%"  bgColor=#e6efff></TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#e6efff></TD>
    <TD align=left width="1%"  bgColor=#e6efff></TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#e6efff></TD>
    <TD align=left width="1%"  bgColor=#e6efff></TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%"></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp; &nbsp;United States </FONT></TD>
    <TD align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT size=2>&nbsp;274,051 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT size=2>&nbsp;338,130 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT size=2>&nbsp;666,835 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT size=2>&nbsp;833,230 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>&nbsp; &nbsp;Canada </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2>11,582 </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>19,604 </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>23,167 </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>42,217 </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; &nbsp;Europe and other </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>22,164 </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>23,040 </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>46,597 </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>49,547 </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>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;307,797 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;380,774 </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>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;736,599 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;924,994 </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="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</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%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Net sales by major product
      group: </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%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp; &nbsp;Activewear and underwear
    </FONT></TD>
    <TD align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT size=2>&nbsp;258,059 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT size=2>&nbsp;305,910 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT size=2>&nbsp;554,754 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT size=2>&nbsp;704,030 </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;Socks </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>49,738 </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>74,864 </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>181,845 </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>220,964 </FONT></TD>
    <TD align=left width="2%">&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>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"><FONT
      size=2>&nbsp;307,797 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"><FONT
      size=2>&nbsp;380,774 </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>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"><FONT
      size=2>&nbsp;736,599 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"><FONT
      size=2>&nbsp;924,994 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR></TABLE>
<p align="right">QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.38<BR>
</p>
<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%">
  <tr>
    <td width="100%">&nbsp;</td>
  </tr>
  <tr>
    <td width="100%">



<img border="0" src="gildan1.jpg" width="88" height="20"></td>
  </tr>
  <tr>
    <td width="100%">
    <p align="right"><font size="2">NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS</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><B>13. Segmented information (continued):</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%" style="border-right-style: none; border-right-width: medium">&nbsp; </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%">&nbsp; </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="10%">&nbsp; </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: 2px solid #000000; ; border-right-style:none; border-right-width:medium" width="10%">&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" width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">July 5, 2009 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">October 5, 2008 </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">July 6, 2008 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Property, plant and equipment by geographic area are as
      follows: </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%">&nbsp; </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%">(audited) </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=left width="10%">&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%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">&nbsp; &nbsp;Caribbean Basin and Central America </TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" >$</TD>
    <TD align=right width="10%" bgcolor="#E6EFFF">&nbsp;325,333 </TD>
    <TD align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" >$</TD>
    <TD align=right width="10%" bgcolor="#E6EFFF">&nbsp;325,670 </TD>
    <TD align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" >$</TD>
    <TD align=right width="10%" style="border-right-style: none; border-right-width: medium" bgcolor="#E6EFFF">&nbsp;321,613 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;United States </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">71,281 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">83,264 </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">80,486 </TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgcolor="#E6EFFF">&nbsp;
      &nbsp;Canada and other </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">25,513 </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">27,582 </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">24,682 </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 style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">&nbsp;422,127 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">&nbsp;436,516 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-right-style:none; border-right-width:medium" align=right width="10%">&nbsp;426,781 </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=justify>Goodwill and intangible assets relate to acquisitions located
in the United States.</P>
<P align=justify><B>14. Income taxes:</B><BR></P>
<P align=justify>The income tax recoveries of $5.8 million and $5.0 million for
the three-month and nine-month periods ended July 5, 2009, respectively, include
the recognition of previously unrecorded tax benefits in the amount of $5.6
million relating to prior taxation years and an income tax recovery of $1.0
million relating to restructuring and other charges. </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>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.39<BR>
</P>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exh992.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;">

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    <img border="0" src="mdaht1.jpg" width="90" height="33"></font></td>
    <td width="50%"><font SIZE="2">
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS </font></td>
  </tr>
</table>
<P align=justify>This Management's Discussion and Analysis (MD&amp;A) comments
on Gildan's operations, performance and financial condition as at and for the
three months and nine months ended July 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 nine months ended July 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 August 12, 2009. All amounts in this report are in U.S.
dollars, unless otherwise noted.</P>
<P align=justify>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's Audit and Finance
Committee and were approved by our Board of Directors. </P>
<P align=justify>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. </P>
<P align=justify>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 23. </P>
<P align=justify>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. </P>
<P align=justify>The Company's revenues and income are subject to seasonal
variations. Consequently, the results of operations for the third quarter are
traditionally not indicative of the results to be expected for the full year.
</P>
<P align=justify><B><U>OUR BUSINESS</U></B><B> </B></P>
<P align=justify>Gildan is a vertically-integrated marketer and manufacturer of
activewear, socks and underwear. The Company operates in one business segment,
being high-volume, basic, frequently replenished, non-fashion apparel. We are
the leading supplier of activewear for the screenprint channel in the U.S. and
Canada, and also a leading supplier for this market in Europe and Mexico. 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. </P>
<P align=justify><B>Our Products </B></P>
<P align=justify>We specialize in marketing and large-scale low-cost
manufacturing of basic, non-fashion apparel products for customers requiring an
efficient supply chain and consistent product quality for high-volume automatic
replenishment programs.</P>
<P align=justify>We sell activewear products, namely T-shirts, fleece and sport
shirts, in large quantities to wholesale distributors as undecorated &#147;blanks&#148;,
which are subsequently sold to screenprinters and embroiderers who decorate our
products with designs and logos. Our products are made of cotton and of blends of cotton
and synthetic 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's activewear products in venues
such as sports, entertainment and corporate events, as well as travel and
tourism destinations.</P>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.2</P>
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    <td width="50%"><font SIZE="2">
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS </font></td>
  </tr>
</table>
<P align=justify>In the retail channel, we sell a variety of styles of socks
and, to a lesser extent at this stage, men's and boys' underwear and undecorated activewear products. We sell these products to mass-market and regional
retailers in North America under various retailer private label programs and
under the Gildan brand.</P>
<P align=justify><B>Our Facilities </B></P>
<P align=justify><U>Manufacturing</U> </P>
<P align=justify>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.</P>
<P align=justify>We have also established a vertically-integrated Caribbean
Basin manufacturing hub with a textile facility for the production of activewear
fabric in Bella Vista, Dominican Republic, which became operational in fiscal
2005.</P>
<P align=justify>In addition to our integrated sock manufacturing facility and
leased sock finishing facilities, located in our Central America hub, we operate
U.S. sock knitting facilities in Fort Payne, Alabama, purchased as part of the
Prewett acquisition in fiscal 2008. During the third quarter of fiscal 2009, we
completed the transition of all our sock finishing operations in the U.S., which
were also purchased as part of the Prewett acquisition, and consolidated these
operations in Honduras in order to remain globally competitive in the current
economic environment.</P>
<P align=justify>Our sewing facilities are strategically located in close
proximity to our textile manufacturing facilities. We 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
new sewing facility in the Dominican Republic which began operating during the
second quarter of fiscal 2009, and is expected to be ramped up over twenty-four
months. </P>
<P align=justify><U>Yarn-Spinning</U> </P>
<P align=justify>CanAm Yarns, LLC (CanAm), our joint-venture company with
Frontier Spinning Mills, Inc. (Frontier), operates yarn-spinning facilities in
Georgia and North Carolina. CanAm's yarn-spinning operations, together with
supply agreements currently in place with Frontier and other third-party yarn
providers, serve to meet our yarn requirements. </P>
<P align=justify><U>Sales, Marketing and Distribution</U> </P>
<P align=justify>Our global sales and marketing office which employs
approximately 170 full-time employees, is located in St. Michael, Barbados. Our
sales and marketing team is responsible for customer-related functions,
including sales management, marketing, customer service, credit management,
sales forecasting, and inventory control. </P>
<P align=justify>We distribute our products for the screenprint channel in the
U.S. primarily out of our 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.</P>
<P align=justify><U>Employees and Corporate Offices</U></P>
<P align=justify>As of the end of the third quarter of fiscal 2009 we employed
approximately 18,000 full-time employees worldwide. Our corporate head office is
located in Montreal, Canada. </P>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.3</P>
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    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS </font></td>
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</table>
<P align=justify><B>Market Overview </B></P>
<P align=justify><U>Target Market</U> </P>
<P align=justify>Our markets for activewear, socks and underwear are
characterized by low fashion risk compared to many other apparel markets, since
our products are basic, frequently replenished and produced in a limited range
of sizes, colours and styles, and since logos and designs for the screenprint
market are not imprinted or embroidered by Gildan.</P>
<P align=justify>The demand for activewear products has been driven by several
market trends such as:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>the use of activewear for uniform applications;
  <LI>the use of activewear for corporate promotions;
  <LI>the use of activewear for event merchandising (such as concerts,
  festivals, etc.);
  <LI>the evolution of the entertainment/sports licensing and merchandising
  businesses;
  <LI>the use of activewear products for travel and tourism;
  <LI>the emphasis on physical fitness; and
  <LI>the use and acceptance of casual dress in the workplace. </LI></UL>
<P align=justify>In addition, reductions in manufacturing costs, combined with
quality enhancements in activewear apparel, such as pre-shrunk fabrics, improved
fabric weight, blends and construction, as well as an increased range of colours
and styles have provided consumers with superior products at lower prices.</P>
<P align=justify><U>Competitive Environment</U> </P>
<P align=justify>The market for our products is highly competitive. Competition
is generally based upon price, with reliable quality and service also being
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. </P>
<P align=justify>The competition in the European screenprint channel is similar
to that in North America, as we compete primarily with the U.S.-based 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.</P>
<P align=justify><U>Impact of Economic Downturn</U> </P>
<P align=justify>During the first nine 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 nine months of fiscal 2009 were down approximately 15.6% based on
S.T.A.R.S. data. In the first quarter of fiscal 2009, inventory destocking
occurred as distributors reduced inventory levels on hand at the end of fiscal
2008, due to the subsequent industry decline impacted by the market downturn,
and as distributors managed working capital requirements in a tighter financial
markets environment. In the second quarter of fiscal 2009, as a result of the
economic slowdown and the financial market crisis, the Company's largest
wholesale distributor, Broder Bros., Co. (Broder) entered into a process to
restructure its debt financing which curtailed its ability to replenish its
inventory. On May 20, 2009 Broder announced that it had successfully completed
its financial restructuring and consequently we began normal replenishment of
its inventory requirements during the third quarter. In addition, during fiscal
2009, an unfavourable supply-demand and competitive environment combined with
the deflation in cotton and energy prices resulted in downward pressure on net
activewear selling prices. Weaker demand and customer inventory reductions also
occurred in the mass-market retail channel.<B> </B></P>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.4</P>
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    <img border="0" src="mdaht1.jpg" width="90" height="33"></font></td>
    <td width="50%"><font SIZE="2">
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS </font></td>
  </tr>
</table>
<P align=justify><B><U>STRATEGY AND OBJECTIVES</U></B><B> </B></P>
<P align=justify>Our growth strategy comprises the following initiatives:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>Continue to increase market share in the U.S. screenprint channel in all
  product categories;
  <LI>Leverage our successful business model to further penetrate the
  mass-market retail channel both as a private label supplier for selective
  large-scale programs and through the development of Gildan as a consumer
  brand;
  <LI>Pursue international growth opportunities;
  <LI>Continue to generate manufacturing and distribution cost reductions; and
  <LI>Pursue selective complementary acquisitions. </LI></UL>
<P align=justify>We believe that our success in developing our large-scale
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's strategy to
expand its presence in international screenprint markets and further penetrate
the retail channel. </P>
<P align=justify>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 and third quarters of fiscal 2009 we also
took production downtime to align inventory levels with demand. We will continue
to carefully monitor inventories in relation to market conditions as they
evolve, and  further production downtime will be scheduled as
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. </P>
<P align=justify>We are subject to a variety of business risks that may affect
our ability to maintain our current market share and profitability, as well as
our ability to achieve our long-term strategic objectives. These risks are
described 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 and
second quarter 2009 interim MD&amp;A and in this interim MD&amp;A.</P>
<P align=justify><B><U>OPERATING RESULTS</U></B></P>
<P align=justify><B>Statement of Earnings Classifications </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 the 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 now 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 to
customers, 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 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 $19.0 million and $4.1 million in gross profit and selling, general
and administrative expenses, respectively, compared to the amounts previously
reported for the third quarter of fiscal 2008. The decrease of $19.0 million in
gross profit is due to reclassifications of $11.2 million of depreciation and
amortization expense, $7.5 million of outbound freight to customers and $0.3
million of foreign exchange gain and other financial income. For the nine months
ended July 6, 2008 these changes in classification have resulted in a decrease
of $47.5 million and $7.0 million in gross profit and selling, general and
administrative expenses, respectively compared to the amounts previously
reported. The decrease of $47.5 million in gross profit is due to
reclassifications of $32.3 million of depreciation and amortization expense,
$15.9 million of outbound freight to customers and $0.7 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=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.5</P>
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    <img border="0" src="mdaht1.jpg" width="90" height="33"></font></td>
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    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS </font></td>
  </tr>
</table>
<P align=justify><B>Non-GAAP Measures</B> </P>
<P align=justify>We use non-GAAP measures to assess our operating performance.
Securities regulations require that companies caution readers that earnings and
other measures adjusted to a basis other than GAAP do not have standardized
meanings and are unlikely to be comparable to similar measures used by other
companies. Accordingly, they should not be considered in isolation. We use
non-GAAP measures 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's financial condition and operating results.</P>
<P align=justify>We refer the reader to page 21 for the definition and
reconciliation of non-GAAP measures used and presented by the Company to the
most directly comparable GAAP measures. </P>
<P align=justify><B>Summary of Quarterly Results </B></P>
<P align=justify>The table below sets forth certain summarized unaudited
quarterly financial data for the eight most recently completed quarters. This
quarterly information is unaudited 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. </P>
<DIV>
<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 colspan="6"><I>(in $ millions,
      except per share amounts) </I><I><SUP>(1)</SUP></I> </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%">2009
    </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%">&nbsp;
    </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%">&nbsp;
    </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%">&nbsp;
    </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%">2008
    </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%">2007
    </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>&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%"><B>Q3</B> </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%">Q2 </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%">Q1 </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%">Q4 </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%">Q3 </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%">Q2 </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%">Q1 </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%">Q4 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net Sales </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff><B>307.8</B> </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>244.8 </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>184.0 </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>324.7 </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>380.8 </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>293.8 </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>250.5 </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>254.9 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Net earnings <SUP>(2)</SUP> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%"><B>41.5</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%">7.1 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%">4.3 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%">21.8 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%">54.5 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%">42.1 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%">27.9 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%">41.3 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net earnings per share <SUP>(2)</SUP> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Basic
      EPS<SUP>(3)</SUP> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%"><B>0.34</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%">0.06 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%">0.04 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%">0.18 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%">0.45 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%">0.35 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%">0.23 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%">0.34 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Diluted EPS<SUP>(3)</SUP> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff><B>0.34</B> </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>0.06 </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>0.04 </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>0.18 </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>0.45 </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>0.35 </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>0.23 </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>0.34 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Total assets <SUP>(2)</SUP> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%"><B>1,134.2</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%">1,117.3 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%">1,043.5 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%">1,101.3 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%">1,104.4 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%">1,057.9 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%">993.3 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="7%">872.0 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Total long-term financial liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff><B>92.9</B> </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>121.5 </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>51.2 </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>53.0 </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>108.4 </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>146.3 </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>130.8 </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>59.7 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Weighted average number of <BR>&nbsp;&nbsp; shares
      outstanding (in &#145;000s) </TD>
    <TD align=left width="1%" ><BR></TD>
    <TD align=left width="7%"><BR></TD>
    <TD align=left width="2%" ><BR></TD>
    <TD align=left width="1%" ><BR></TD>
    <TD align=left width="7%"><BR></TD>
    <TD align=left width="2%" ><BR></TD>
    <TD align=left width="1%" ><BR></TD>
    <TD align=left width="7%"><BR></TD>
    <TD align=left width="2%" ><BR></TD>
    <TD align=left width="1%" ><BR></TD>
    <TD align=left width="7%"><BR></TD>
    <TD align=left width="2%" ><BR></TD>
    <TD align=left width="1%" ><BR></TD>
    <TD align=left width="7%"><BR></TD>
    <TD align=left width="2%" ><BR></TD>
    <TD align=left width="1%" ><BR></TD>
    <TD align=left width="7%"><BR></TD>
    <TD align=left width="2%" ><BR></TD>
    <TD align=left width="1%" ><BR></TD>
    <TD align=left width="7%"><BR></TD>
    <TD align=left width="2%" ><BR></TD>
    <TD align=left width="1%" ><BR></TD>
    <TD align=left width="7%"><BR></TD>
    <TD align=left width="2%" ><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Basic </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff><B>120,911</B> </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>120,799 </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>120,573 </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>120,531 </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>120,492 </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>120,464 </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>120,428 </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>120,401 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Diluted </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%"><B>121,483</B> </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%">121,178 </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%">121,408 </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%">121,558 </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%">121,622 </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%">121,649 </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%">121,656 </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%">121,577 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE></DIV><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><I>(1) Quarterly results reflect the acquisition of Prewett
      on October 15, 2007 (Q1 2008) from the date of acquisition.</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(2) 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  </I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="margin-left: 15pt"><I>unaudited</I> <I>interim consolidated financial
      statements.</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(3) Quarterly EPS may not add to year-to-date EPS due to
      rounding.</I> </TD></TR></TABLE>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.6</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="50%"><font size="2">
    <img border="0" src="mdaht1.jpg" width="90" height="33"></font></td>
    <td width="50%"><font SIZE="2">
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS </font></td>
  </tr>
</table>
<P align=justify>The activewear business is seasonal and we have historically
experienced quarterly fluctuations in operating results. Typically, demand for
our T-shirts is highest in the third quarter of each fiscal year, when
distributors purchase inventory for the peak summer selling season, and lowest
in the first quarter of each fiscal year. Demand for fleece is typically
highest, 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. <B></B></P>
<P align=justify>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 and third quarters 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.<B> </B></P>
<P align=justify><B>Net Sales</B> </P>
<P align=justify>Net sales in the third quarter of fiscal 2009 totaled $307.8
million, down 19.2%, from $380.8 million in the third quarter of last year.
Sales of activewear and underwear were $258.1 million, down 15.6% from $305.9
million last year, and sales of socks were $49.7 million, down 33.6% from $74.9
million in the third quarter of fiscal 2008. The third quarter of Gildan's
fiscal year included one week fewer than the third quarter of fiscal 2008, as an
extra week was required in fiscal 2008 in order to align the Company's 52-week
reporting cycle with the calendar year.</P>
<P align=justify>The activewear and underwear sales decline in the third quarter
of fiscal 2009 of 15.6% was mainly due to more unfavourable activewear
product-mix, primarily as a result of a lower proportion of sales of
higher-valued fleece and long-sleeve T-shirts, a 2.6% decline in net selling
prices for activewear, due to increased promotional activity compared to last
year, the impact of the stronger U.S. dollar on Canadian and international
sales, and a 3.5% decline in unit sales volumes. The unit volume decline in
activewear was mainly attributable to a 16.6% decline in overall industry unit
shipments by U.S. wholesale distributors to U.S. screenprinters for the quarter
ended June 30, 2009, as well as the non-recurrence of the extra week of sales
included in the third quarter of fiscal 2008. These factors were largely offset
by increased market share, replenishment of distributor inventories, and
increased shipments to international markets and imprinted private label
customers.</P>
<P align=justify>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 June 30, 2009: </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="20%" colSpan=2 ><B>Three months
      ended</B> </TD>
    <TD align=center width="20%" colSpan=2 ><B>Three months
      ended</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="20%" colSpan=2 ><B>June 30,</B> </TD>
    <TD align=center width="20%" colSpan=2 ><B>June 30,</B>
</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%"
    colSpan=2 ><B>2009 vs. 2008</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    ><B>2009</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    ><B>2008</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%"
    colSpan=2 ><B>Unit Growth</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%"
    colSpan=2 ><B>Market Share</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    ><B>Gildan</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    ><B>Industry</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%"
    colSpan=2 ><B>Gildan</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>All products </TD>
    <TD align=center width="10%" bgColor=#e6efff ><B>(9.6)%</B>
    </TD>
    <TD align=center width="10%" bgColor=#e6efff >(16.6)% </TD>
    <TD align=center width="10%" bgColor=#e6efff ><B>55.7%</B>
</TD>
    <TD align=center width="10%" bgColor=#e6efff >51.9% </TD></TR>
  <TR vAlign=top>
    <TD align=left>T-shirts </TD>
    <TD align=center width="10%" ><B>(9.3)%</B> </TD>
    <TD align=center width="10%" >(16.2)% </TD>
    <TD align=center width="10%" ><B>56.4%</B> </TD>
    <TD align=center width="10%" >52.6% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Fleece </TD>
    <TD align=center width="10%" bgColor=#e6efff ><B>(13.1)%</B>
    </TD>
    <TD align=center width="10%" bgColor=#e6efff >(15.0)% </TD>
    <TD align=center width="10%" bgColor=#e6efff ><B>52.7%</B>
</TD>
    <TD align=center width="10%" bgColor=#e6efff >51.7% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Sport shirts </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    ><B>(18.6)%</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    >(26.6)% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    ><B>38.1%</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    >34.6% </TD></TR></TABLE>
<P align=justify>During the third quarter of fiscal 2009, Gildan achieved market
share gains in all of its product categories and increased its overall market
share in the U.S. screenprint channel to 55.7%, up 3.8 percentage points
compared to the same period last year. Gildan's market share gains partially
offset the 16.6% decline in overall industry shipments during the quarter from U.S.
distributors to screenprinters. Unit shipments for Gildan products sold by U.S.
distributors to U.S. screenprinters declined by 9.6% during the quarter. </P>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.7</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="50%"><font size="2">
    <img border="0" src="mdaht1.jpg" width="90" height="33"></font></td>
    <td width="50%"><font SIZE="2">
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS </font></td>
  </tr>
</table>
<P align=justify>Overall inventories in the U.S. wholesale distributor channel
at June 30, 2009 were down by 13.2% compared with a year ago, and Gildan's share
of distributor inventories was 49.5%, compared with its market share of 55.7% in
the third quarter as shown above. </P>
<P align=justify>Demand in both the Canadian and the international screenprint
markets in which we compete was impacted by similar global economic and market
conditions as in the U.S screenprint channel. Activewear sales in the Canadian
market declined by 40.9% in the quarter and 45.1% in the first nine months
compared to the same periods last year, due to weak demand, distributor
destocking, primarily in the first half of the fiscal year, and the decline in
the value of the Canadian dollar. Sales in international markets decreased 3.8%
in the third quarter and 6.0% in the first nine months compared to the same
periods last year, reflecting the negative impact of the decline in the value of
local currencies compared to the U.S. dollar. However unit sales increased by
21.2% and 12.5%, for the three and nine month periods ended July 5, 2009
compared to the same periods last year, as we continued to grow in Western
Europe, the U.K., Mexico and the Asia/Pacific region.</P>
<P align=justify>In addition to the impact of one week less of sales in the
third quarter of fiscal 2009, the 33.6% decline in socks sales in the third
quarter of fiscal 2009 compared to the third quarter of fiscal 2008 was due to
the discontinuance of sock product-lines in fiscal 2008, combined with the
timing impact of year-over-year fluctuations in retailer inventory levels
including the impact in the current year of the changeover to new retailer
private label brands.</P>
<P align=justify>Net sales for the nine months ended July 5, 2009 amounted to
$736.6 million, down $188.4 million, or 20.4%, from $925.0 million in the same
period last year. Sales of activewear and underwear were $554.8 million, down
$149.2 million, or 21.2% from $704.0 million last year, and sales of socks were
$181.8 million, down $39.2 million, or 17.7%, from $221.0 million in the first
nine months of fiscal 2008. The decrease in activewear and underwear sales was
primarily attributable to a 13.3% decline in activewear unit volumes,
unfavourable activewear product-mix and the negative impact of the stronger U.S.
dollar on Canadian and activewear international sales. 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's market share gains in the U.S. screenprint channel during the nine
months ended July 5, 2009. Net selling prices for the first nine months of
fiscal 2009 were essentially flat compared to last year as higher promotional
discounting offset price increases introduced in fiscal 2008. The decline in
sock sales for the first nine months of fiscal 2009 was primarily attributable
to the discontinuance of sock product-lines during fiscal 2008.</P>
<P align=justify><B>Gross Profit </B></P>
<P align=justify>Gross profit for the third quarter of fiscal 2009 was $75.1
million, or 24.4% of net sales, compared to $101.3 million, or 26.6% of net
sales during the third quarter of fiscal 2008. The decline in gross margins in
the quarter was mainly attributable to lower net selling prices for activewear, the negative impact of currency fluctuations, more unfavourable activewear
product-mix and higher cotton costs. These negative factors were partially
offset by lower manufacturing and energy costs, which favourably impacted gross
margins in the third quarter by approximately 450 basis points, in spite of
manufacturing downtime taken in the third quarter to balance activewear
inventories with projected sales demand. For the first nine
months of fiscal 2009, gross profit was $152.7 million, or 20.7% of net sales,
down from $251.4 million, or 27.2% of net sales in the same period last year.
The decline in gross margins for the nine months ended July 5, 2009 compared to
the same period last year was due to higher costs for cotton, energy, chemicals
and dyestuffs, unfavourable activewear product-mix, the negative impact of
currency fluctuations, manufacturing downtime, the temporary impact of the
transition in sock private label brands for Gildan's largest retail customer and
higher depreciation expenses. These negative factors were partially offset by
the non-recurrence of charges related to the completion of the integration of
the acquisition of a sock manufacturer which were incurred in the second quarter
of fiscal 2008 and higher manufacturing costs in fiscal 2008 related to
production constraints. </P>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.8</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="50%"><font size="2">
    <img border="0" src="mdaht1.jpg" width="90" height="33"></font></td>
    <td width="50%"><font SIZE="2">
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS </font></td>
  </tr>
</table>
<P align=justify>Gross margins of 24.4% in the third quarter of fiscal 2009
improved significantly compared to gross margins of 15.8% in the second quarter
primarily as a result of lower manufacturing and energy costs, lower cotton
costs, and a higher proportion of sales of fleece and long-sleeve T-shirts.
These positive factors were partially offset by lower net selling prices due to
higher promotional discounting.</P>
<P align=justify><B>Selling, General and Administrative Expenses</B></P>
<P align=justify>Selling, general and administrative (SG&amp;A) expenses in the
third quarter of fiscal 2009 were $36.2 million, or 11.8% of net sales, compared
to $39.8 million, or 10.5% of net sales, in the third quarter of last year. For
the first nine months of fiscal 2009, SG&amp;A expenses were $100.6 million, or
13.7% of net sales, compared to $106.1 million or 11.5% of net sales in the same
period last year. The decrease in SG&amp;A expenses was due primarily to reduced
distribution costs, resulting from lower volumes and increased efficiencies at
our distribution centres, and the positive impact of the lower-valued Canadian
dollar on corporate administrative expenses, partially offset by the timing of
variable compensation expense, and higher professional and legal fees. In
addition, the third quarter of fiscal 2008 included a provision of $2.5 million
for non-collection of accounts receivable from a U.S. retail customer, which
filed for bankruptcy protection, compared to a provision of $0.7 million for the
third quarter of this year.</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 2px solid" align=left><B>Restructuring
      and Other Charges</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="7%"
    >&nbsp; </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="7%"
    >&nbsp; </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="7%"
    >&nbsp; </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="7%"
    >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="17%" colSpan=4><B>Three months ended</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="17%" colSpan=4><B>Nine months ended</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%" >July 5, </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%" >July 6, </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%" >July 5, </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%" >July 6, </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>(in $
      millions)</I> </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%"
    >2009 </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%"
    >2008 </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%"
    >2009 </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%"
    >2008 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%" >&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%" >&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%" >&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%" >&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Gain on disposal of long-lived assets </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff >&nbsp;- </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 >&nbsp;- </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 >&nbsp;(0.7</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff >&nbsp;(0.4</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Asset impairment loss and write-down of assets held
      <BR>&nbsp;&nbsp; for sale </TD>
    <TD align=left width="1%"><BR></TD>
    <TD align=right width="7%" ><BR>0.6 </TD>
    <TD align=right width="2%"><BR></TD>
    <TD align=right width="1%"><BR></TD>
    <TD align=right width="7%" ><BR>1.7 </TD>
    <TD align=right width="2%"><BR></TD>
    <TD align=right width="1%"><BR></TD>
    <TD align=right width="7%" ><BR>1.2 </TD>
    <TD align=right width="2%"><BR></TD>
    <TD align=right width="1%"><BR></TD>
    <TD align=right width="7%" ><BR>1.7 </TD>
    <TD align=left width="2%"><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Employee termination and other benefits </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff >1.6 </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 >0.4 </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 >2.1 </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 >0.4 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Other exit costs
    </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%"
    >2.2 </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%"
    >0.2 </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%"
    >2.8 </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%"
    >2.2 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      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 >&nbsp;4.4 </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 >&nbsp;2.3 </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 >&nbsp;5.4 </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 >&nbsp;3.9 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&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 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., which was
finalized in the third quarter of fiscal 2009. The costs incurred in connection
with these initiatives have been recorded as restructuring and other charges.
</P>
<P align=justify>Restructuring and other charges for the third quarter of fiscal
2009 were $4.4 million (2008 - $2.3 million). For the nine months ended July 5,
2009, restructuring and other charges totalled $5.4 million (2008 - $3.9
million) which included $3.2 million for the closure of the Company's U.S. sock
finishing operations in the third quarter, and $2.2 million relating to facility
closures that occurred in previous fiscal years, including employee termination
and other benefits, carrying costs and asset write-downs relating to assets held
for sale, net of a gain of $0.7 million on the disposal of equipment.
Restructuring charges for the nine months ended July 6, 2008 of $3.9 million
include $2.1 million recorded in the third quarter relating to the consolidation
of the Company's Haiti sewing operation, and $1.8 million relating to facility
closures which occurred in previous fiscal years, primarily for carrying and
dismantling costs associated with assets held for sale, net of a gain on
disposal of assets held for sale of $0.4 million. </P>
<P align=justify>The Company expects to incur additional carrying costs relating
to the closed facilities, which will be accounted for as restructuring charges
as incurred during fiscal 2009 and until all property, plant and equipment
related to the closures are disposed of. Any gains or losses on the disposal of
the assets held for sale will also be accounted for as restructuring charges as
incurred. </P>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.9</P>
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<P align=justify><B>Financial Expense / Income, net</B> </P>
<P align=justify>Net financial expense/income includes interest expense, net of
interest income, and foreign exchange gains and losses. Net financial income
amounted to $1.5 million and $1.3 million during the third quarter and first
nine months of fiscal 2009, respectively compared to net financial expense of
$1.1 million and $7.4 million in the same periods last year. The decrease of
$2.6 million in net financial expense in the third quarter of fiscal 2009
resulted primarily from a decrease in interest expense of $1.0 million, and a
$1.6 million increase in foreign exchange gains. For the nine months ended July
5, 2009, net financial expense decreased by $8.7 million, due to a $4.4 million
decrease in interest expense combined with a $4.3 million increase in foreign
exchange gains. The decrease in interest expense was due to lower average
borrowings and lower average interest rates during the first nine months of
fiscal 2009.</P>
<P align=justify><B>Income Taxes</B> </P>
<P align=justify>The income tax recoveries for the third quarter and the first
nine months of fiscal 2009 were $5.8 million and $5.0 million, respectively,
compared to an income tax expense of $3.4 million and $9.1 million in the third
quarter and first nine months of fiscal 2008. The income tax recoveries for the
three and nine months ended July 5, 2009 include an income tax recovery of $5.6
million relating to the recognition of previously unrecorded tax benefits of prior
years, and an income tax recovery of $1.0 million related to the impact of
restructuring and other charges. Excluding these income tax recoveries, as well as the impact of
restructuring and other charges in both the current year and prior year periods,
the effective income tax rate in the third quarter and the first nine months of
fiscal 2009 was 2% and 3%, respectively, compared to an effective income tax
rate of 5.8% in the third quarter and 6.7% for the first nine months of last
year. The reduction in the effective income tax rate compared to the prior year
reflects a lower proportion of profits earned in higher tax-rate
jurisdictions.</P>
<P align=justify>During the quarter, the Canada Revenue Agency (CRA) completed
its audit of the 2004, 2005 and 2006 taxation years and there were no
significant adjustments to the Company's income tax returns. </P>
<P align=justify><B>Net Earnings</B> </P>
<P align=justify>Net earnings were $41.5 million, or $0.34 per share on a
diluted basis, for the third quarter ended July 5, 2009, compared with net
earnings of $54.5 million, or $0.45 per share on a diluted basis in the third
quarter of fiscal 2008. Net earnings for the first nine months of fiscal 2009
were $52.9 million, or $0.44 per share on a diluted basis, compared with net
earnings of $124.5 million, or $1.02 per share on a diluted basis for the same
period last year.</P>
<P align=justify>Net earnings included after-tax restructuring and other charges
of $3.4 million in the third quarter and $4.4 million for the first nine months
of fiscal 2009. Restructuring costs for the same respective periods last year
were $2.3 million in the third quarter and $3.9 million on a year-to-date basis.
Before reflecting the impact of restructuring and other charges in both years,
adjusted net earnings for the third quarter of fiscal 2009 amounted to $44.9
million, or $0.37 per share on a diluted basis, reflecting decreases of 21.0%
and 21.3%, respectively, compared to adjusted net earnings of $56.8 million, or
$0.47 per share on a diluted basis in the third quarter of fiscal 2008. The
reduction in net earnings and EPS before restructuring and other charges was
primarily due to lower unit sales volumes, as a result of weak economic
conditions, as well as lower gross margins mainly due to unfavourable
product-mix and lower activewear net selling prices, partially offset by lower
financial and SG&amp;A expenses. In addition, as discussed under the heading
&#147;Income Taxes&#148;, net earnings in the third quarter of fiscal 2009 included the
positive impact of income tax recoveries of $5.6 million relating to the
recognition of previously unrecorded tax benefits of prior years. Before the
impact of income tax recoveries in the third quarter of this year, adjusted net
earnings amounted to $39.3 million, or $0.32 per share on a diluted basis. </P>
<P align=justify>For the first nine months of the fiscal year, net earnings
before restructuring and other charges of $57.4 million, or $0.47 per share,
were down 55.3% and 55.7%, respectively compared to the same period in fiscal
2008. The decline reflected significantly lower activewear unit sales volumes
due to weak demand and the reduction of inventory levels by our customers, as
well as lower gross margins due to higher raw material and energy costs, and
unfavourable product-mix, partially offset by lower financial and SG&amp;A
expenses and the impact of income tax recoveries. </P>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.10</P>
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<P align=justify><B><U>FINANCIAL CONDITION</U></B><B> </B></P>
<P align=justify>Accounts receivable of $194.1 million as at July 5, 2009
decreased by $28.1 million, compared to accounts receivable of $222.2 million at
the end of fiscal 2008, due to the impact of lower sales as a result of the
downturn in the economy, as discussed under the Net Sales analysis on page 7,
and a decrease in days' sales outstanding (DSO). Typically, our DSO increase
during the second half of the fiscal year and reach their highest level in the
fourth quarter as a result of seasonal programs for fleece and long-sleeve
T-shirts shipped in the third and fourth quarters with extended payment terms.
Accounts receivable at the end of the third quarter of fiscal 2009 were down
$60.4 million compared to accounts receivable of $254.5 million at the end of
the third quarter of fiscal 2008, due to lower sales and a decrease in DSO. The
decrease in DSO was due to a lower proportion of fleece and long-sleeve T-shirt
sales compared to the third quarter of fiscal 2008, which were also shipped
later in the quarter compared to last year.<B> </B></P>
<P align=justify>Inventories of $339.6 million were up $23.4 million, or 7.4%
from October 5, 2008 and up $48.8 million or 16.8%, compared to the third
quarter of fiscal 2008. These increases reflected higher activewear finished
goods inventories due to lower sales, partially offset by lower activewear unit
costs, a reduction in sock inventories and a reduction in raw materials and
work-in-process inventories. In addition, higher inventory levels at July 5,
2009 compared to the same period last year also reflected lower than optimal
levels of inventory on hand at the end of the third quarter of fiscal 2008, when
inventory levels were affected by production constraints. Activewear inventory
volumes at the end of the third quarter of fiscal 2009 were down compared to the
end of the second quarter of this year as we took manufacturing downtime during
the quarter in order to manage activewear inventories. Further manufacturing
downtime will be scheduled as required prior to the year-end in order to
continue to optimize activewear inventories, based on the outlook for end-use
demand and the level of replenishment of inventories by our distributors.</P>
<P align=justify>Property, plant and equipment, which are net of accumulated
depreciation, including asset impairment losses, amounted to $422.1 million at
July 5, 2009, a decrease of $14.4 million compared to $436.5 million at October
5, 2008. The decrease reflected depreciation of property, plant and equipment of
$45.9 million, offset by net capital additions of $34.5 million, mainly for the
biomass combustion energy project in the Dominican Republic, construction of a
chemical warehouse in Honduras and other capacity expansion projects. The
remaining decrease is due to a reclassification of property, plant and equipment
to assets held for sale and the disposal of certain equipment. The decline in
property, plant and equipment resulted from our decision to prudently manage
capital expenditures in the current economic environment.</P>
<P align=justify>Intangible assets amounted to $57.6 million as at July 5, 2009
compared to $60.0 million at the end of fiscal 2008. The decrease is related to
the amortization of intangible assets for the first nine months of fiscal 2009.
Goodwill of $6.7 million at the end of the third quarter of fiscal 2009 related
to the acquisition of Prewett in October 2007. During the third 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 July 5, 2009.
</P>
<P align=justify>Assets held for sale of $6.5 million as at July 5, 2009
(October 5, 2008 - $10.5 million; July 6, 2008 - $12.6 million) include
property, plant and equipment relating to the closed facilities. The decrease in
assets held for sale is due mainly to the sale of the Company's previous
Canadian corporate head office location.</P>
<P align=justify>Total assets were $1,134.2 million as at July 5, 2009, compared
to $1,101.3 million at the end of the previous year. Working capital was $476.5
million as at July 5, 2009 compared to $355.2 million as at October 5, 2008. The
current ratio at the end of the third quarter of fiscal 2009 was 4.3 compared to
2.7 at the end of fiscal 2008. </P>
<P align=justify>Accounts payable and accrued liabilities amounted to $130.1
million at July 5, 2009, compared to $155.7 million at the end of fiscal 2008.
The decrease of $25.6 million was primarily due to lower cotton and energy
costs, and the impact of production downtime taken towards the end of the
quarter.</P>
<P align=justify>Income taxes payable were $11.1 million at July 5, 2009
compared to $46.6 million at October 5, 2008. The decrease in income taxes
payable was mainly due to a payment of $23.8 million in the first quarter of fiscal 2009 related to the settlement of the CRA audit as
announced in December 2008 and as described in Note 14 to the 2008 annual
audited Consolidated Financial Statements. The remaining decrease is due
primarily to the impact of the strengthening of the U.S. dollar relative to the
Canadian dollar, and income tax installments paid during the year in the normal
course of business.
</P>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.11</P>
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<P align=justify><B><U>CASH FLOWS</U></B><B> </B></P>
<P align=justify>Cash inflows from operating activities in the third quarter of
fiscal 2009 were $80.6 million compared to cash inflows of $40.7 million for the
previous year. The increase in cash flow was primarily due to the significant
decrease in inventories during the quarter as well as the lower seasonal
increase in accounts receivable as a result of lower sales. This was partially
offset by lower cash operating earnings and a lower increase in accounts payable
and accrued liabilities. For the first nine months of fiscal 2009, cash inflows
from operating activities were $47.1 million compared to cash inflows from
operating activities of $168.4 million in the same period last year, primarily
due to lower cash operating earnings and income tax payments related to prior
fiscal years. In addition, the decrease in accounts payable and accrued
liabilities was offset by a higher decrease in accounts receivable.</P>
<P align=justify>Cash flows used in investing activities were $2.1 million in
the third quarter of fiscal 2009, compared to $19.2 million in the previous
year. The decrease of $17.1 million in the third quarter of fiscal 2009 was
mainly due to lower capital spending in fiscal 2009, as we proceed more slowly
with capacity expansion plans in the current economic environment, and proceeds
from the disposal of assets held for sale. For the first nine months of fiscal
2009, cash flows used in investing activities amounted to $25.7 million compared
to $213.0 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 nine months of
fiscal 2009, mainly as a result of lower spending for capacity expansion
projects compared to last year. </P>
<P align=justify>We generated free cash flow<SUP>1</SUP> of $78.5 million for
the three months ended July 5, 2009, compared to $21.5 million for the same
period in fiscal 2008. The increase of $57.0 million was attributable to higher
cash flows from operating activities combined with lower capital spending
compared to last year. Free cash flow of $19.4 million for the first nine months
of fiscal 2009 compared to free cash flow of $92.2 million for the same period
in fiscal 2008 resulted mainly from lower cash flows from operating activities,
partially offset by lower capital spending compared to last year. </P>
<P align=justify>Cash flows used in financing activities in the third quarters
of fiscal 2009 and fiscal 2008 were $28.3 million and $37.5 million
respectively, due primarily to net repayments on our revolving long-term credit
facility in both quarters. For the first nine months of fiscal 2009 and fiscal
2008, cash flows from financing activities were $40.7 million and $48.5 million,
respectively, primarily from increases in borrowings under our revolving
long-term credit facility in both periods. </P>
<P align=justify>We ended the third quarter of fiscal 2009 with net
indebtedness<SUP>2</SUP> of $18.5 million (October 5, 2008 - $40.6 million; July
6, 2008 - $95.3 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 third quarter of fiscal 2009 totaled
$74.5 million compared to $12.4 million at the end of fiscal 2008. Total
indebtedness<SUP>2 </SUP>as at July 5, 2009 amounted to $93.0 million compared
to $108.5 million at the end of the third quarter of fiscal 2008 and $53.0
million at the end of fiscal 2008. We had $88.0 million drawn under our
revolving long-term credit facility as at the end of the third 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 for our major capacity expansion
projects in Honduras. The increase in the utilization of our bank credit facility to fund the acquisition of Prewett was
fully repaid using operating cash flows during fiscal 2008. </P>
<P align=justify><SUP>_________________________<BR>1 </SUP>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 22. </P>
<P align=justify><SUP>2</SUP> 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 22. </P>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.12</P>
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    <td width="50%"><font size="2">
    <img border="0" src="mdaht1.jpg" width="90" height="33"></font></td>
    <td width="50%"><font SIZE="2">
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS </font></td>
  </tr>
</table>
<P align=justify><B><U>LIQUIDITY AND CAPITAL RESOURCES</U></B><B> </B></P>
<P align=justify>In recent years, we have funded our operations and capital
requirements with cash generated from operations. A revolving credit facility
has been periodically utilized to finance seasonal peak working capital
requirements and business acquisitions. Our primary 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's
settlement of its audit with the CRA as announced in December 2008.</P>
<P align=justify>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
continue to expect to have no debt outstanding under our bank credit facility at
the fiscal year-end.<B> </B></P>
<P align=justify>We currently project net capital expenditures for fiscal 2009
of approximately $60 to $70 million, in line with our projection at the end of
the second quarter and down from our original projection of $160 million in
August 2008, primarily due to the deferral of 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. </P>
<P align=justify>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's Board
of Directors periodically evaluates the merits of introducing a dividend. </P>
<P align=justify><B>Contractual Obligations </B></P>
<P align=justify>In the normal course of business, we enter into contractual
obligations that will require us to disburse cash over future periods. The
following table sets forth our contractual obligations by period, excluding
interest on long-term debt, for the following items as at July 5, 2009: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="10%" >&nbsp; </TD>
    <TD align=right width="10%"><B>Less than 1</B> </TD>
    <TD align=right width="10%"><B>1 to 3</B> </TD>
    <TD align=right width="10%"><B>4 to 5</B> </TD>
    <TD align=right width="10%"><B>More than 5</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><I>(in $
      millions)</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    >
    <p align="right"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%"><B>fiscal year</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%"><B>fiscal years</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%"><B>fiscal years</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%"><B>fiscal years</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Long-term debt </TD>
    <TD align=right width="10%" bgColor=#e6efff ><B>92.9</B> </TD>
    <TD align=right width="10%" bgColor=#e6efff>1.3 </TD>
    <TD align=right width="10%" bgColor=#e6efff>3.6 </TD>
    <TD align=right width="10%" bgColor=#e6efff>88.0 </TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD></TR>
  <TR vAlign=top>
    <TD align=left>Operating leases </TD>
    <TD align=right width="10%" ><B>39.6</B> </TD>
    <TD align=right width="10%">2.0 </TD>
    <TD align=right width="10%">18.7 </TD>
    <TD align=right width="10%">8.1 </TD>
    <TD align=right width="10%">10.8 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Purchase obligations </TD>
    <TD align=right width="10%" bgColor=#e6efff ><B>173.9</B> </TD>
    <TD align=right width="10%" bgColor=#e6efff>125.5 </TD>
    <TD align=right width="10%" bgColor=#e6efff>48.4 </TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Other obligations
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    ><B>20.9</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">20.9
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">-
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Total Contractual Obligations</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff ><B>327.3</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>149.7 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>70.7 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>96.1 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>10.8 </TD></TR></TABLE></DIV>
<P align=justify>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. </P>
<P align=justify><B>Outstanding Share Data</B></P>
<P align=justify>Our common shares are listed on the New York Stock Exchange and
the Toronto Stock Exchange (GIL). As at July 31, 2009 there were 120,956,937
common shares issued and outstanding along with 1,015,578 stock options and
757,806 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. </P>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.13</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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  <tr>
    <td width="50%"><font size="2">
    <img border="0" src="mdaht1.jpg" width="90" height="33"></font></td>
    <td width="50%"><font SIZE="2">
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS </font></td>
  </tr>
</table>
<P align=justify><B><U>LEGAL PROCEEDINGS </U></B></P>
<P align=justify><B>Securities Class Actions </B></P>
<P align=justify>The Company and certain of its senior officers have been named
as defendants in a number of proposed class action lawsuits filed in the United
States District Court for the Southern District of New York. A proposed class
action has also been filed in the Ontario Superior Court of Justice and a
petition for authorization to commence a class action has been filed in the
Quebec Superior Court. Each of these U.S. and Canadian lawsuits, which have yet
to be certified as a class action by the respective courts at this stage, seek
to represent a class comprised of persons who acquired the Company's common
shares between August 2, 2007 and April 29, 2008 and allege, among other things,
that the defendants misrepresented the Company's financial condition and its
financial prospects in its financial guidance concerning the 2008 fiscal year,
which was subsequently revised on April 29, 2008. </P>
<P align=justify>The U.S. lawsuits have been consolidated, and a consolidated
amended complaint was filed alleging claims under the U.S. securities laws. On
July 1, 2009, the District Court granted the motion by Gildan and other
defendants to dismiss the U.S. action in its entirety, holding that the
consolidated amended complaint failed to adequately allege the essential
elements of a claim under the applicable provisions of the U.S. securities laws,
including the existence of a material misstatement and fraudulent intent. On
July 17, 2009, plaintiffs filed a motion seeking reconsideration of this
decision only insofar as it declined to grant plaintiffs an opportunity to file
a second amended complaint. On July 31, 2009, Gildan and the other defendants
filed a response to plaintiffs' motion seeking reconsideration, for which a
decision is pending. </P>
<P align=justify>In addition to pursuing common law claims, the Ontario action
proposes to seek leave from the Ontario court to also bring statutory
misrepresentation civil liability claims under Ontario's Securities Act. A
motion, along with affidavit evidence, for leave to pursue such statutory
liability claims and class certification have been filed by the plaintiff. No
date has been set yet for the hearing of that motion. </P>
<P align=justify>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>
<P align=justify><B><U>FINANCIAL RISK MANAGEMENT</U></B><B> </B></P>
<P align=justify>This section of the MD&amp;A provides disclosures relating to
the nature and extent of the Company'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. </P>
<P align=justify><B>Credit risk </B></P>
<P align=justify>Credit risk is the risk of an unexpected loss if a customer or
counterparty to a financial instrument fails to meet its contractual
obligations, and arises primarily from the Company'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's average trade
receivables and credit exposure during an interim reporting period may be higher
than the balance at the end of that reporting period. </P>
<P align=justify>The Company'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 July 5, 2009, the
Company's ten largest trade debtors accounted for 67% of trade accounts
receivable, of which one wholesale customer accounted for 15% and one retailer accounted
for 9%. Of the Company'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.</P>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.14</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="50%"><font size="2">
    <img border="0" src="mdaht1.jpg" width="90" height="33"></font></td>
    <td width="50%"><font SIZE="2">
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS </font></td>
  </tr>
</table>
<P align=justify>Most sales are invoiced with payment terms of between 30 to 60
days. In accordance with industry practice, sales to wholesale distributors of
certain seasonal products, primarily in the second half of the fiscal year, are
invoiced with extended payment terms, generally not exceeding six months. From
time-to-time, the Company may also initiate other special incentive programs
with extended payment terms. </P>
<P align=justify>The Company'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. 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's retail customers varies significantly. Adverse changes in a customer'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'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.</P>
<P align=justify>At the time of filing our second quarter 2009 MD&amp;A, there
was considerable uncertainty regarding the ultimate outcome of the debt
restructuring being undertaken by our largest wholesale distributor customer,
Broder Bros., Co. (Broder). On May 20, 2009 Broder announced that it had
successfully completed its financial restructuring through an exchange of 94.6%
of its existing senior notes for a combination of common stock and newly issued
notes. Following this financial restructuring, Broder continues to rely on a
revolving credit facility, and both the revolving credit facility and newly
issued notes impose restrictive covenants.<B> </B>Our
extension of credit to Broder continues to be subject to our ongoing credit
review process. </P>
<P align=justify>The Company's extension of credit to customers involves
considerable judgment and is based on an evaluation of each customer'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's
international sales office in Barbados. Where available, the Company'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'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's low credit loss experience will continue.</P>
<P align=justify>Customers do not provide collateral in exchange for credit,
except in unusual circumstances. Receivables from selected customers are
partially covered by credit insurance, with amounts usually limited to 20% of
the value of the Company'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 July 5, 2009. </P>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.15</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="50%"><font size="2">
    <img border="0" src="mdaht1.jpg" width="90" height="33"></font></td>
    <td width="50%"><font SIZE="2">
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
</table>
The Company's exposure to credit risk for trade receivables by
geographic area and type of customer was as follows as at July 5, 2009: <br>
<BR>
<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><I>(in $
      millions)</I> </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%"
    ><B>July 5, 2009</B> </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%"
    >October 5, 2008 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>United States </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff ><B>155.5</B> </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 >176.0 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Europe </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" ><B>14.1</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >11.9 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Canada </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff ><B>5.7</B> </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 >14.2 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Other regions </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%"
    ><B>6.2</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    >4.2 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total trade receivables </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="10%"
    bgColor=#e6efff ><B>181.5</B> </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="10%"
    bgColor=#e6efff >206.3 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</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 style="BORDER-BOTTOM: #000000 1px solid" align=left><I>(in $
      millions)</I> </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%"
    ><B>July 5, 2009</B> </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%"
    >October 5, 2008 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Distributors and screenprinters </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff ><B>148.0</B> </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 >166.2 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Mass-market and
      regional retailers </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%"
    ><B>33.5</B> </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%"
    >40.1 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total trade receivables </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="10%"
    bgColor=#e6efff ><B>181.5</B> </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="10%"
    bgColor=#e6efff >206.3 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The aging of trade receivable balances was as follows as at:
</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><I>(in $
      millions)</I> </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%"
    ><B>July 5, 2009</B> </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%"
    >October 5, 2008 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Not past due </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff ><B>162.9</B> </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 >186.0 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Past due 0-30 days </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" ><B>15.7</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >15.7 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Past due 31-60 days </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff ><B>2.3</B> </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 >3.2 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Past due 61-120 days </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" ><B>1.9</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >1.9 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Past due over 121 days </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 ><B>2.4</B> </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 >2.3 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Trade receivables </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" ><B>185.2</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >209.1 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Less allowance for doubtful accounts </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 ><B>(3.7</B></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 >(2.8</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total trade
      receivables </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    ><B>181.5</B> </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=right width="10%"
    >206.3 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The movement in the allowance for doubtful accounts in respect
of trade receivables was 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>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>Three months ended</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>Nine months ended</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >Twelve months ended </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><I>(in $
      millions)</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%"><B>July 5, 2009</B> </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=right
      width="10%"><B>July 5, 2009</B> </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=right width="10%"
    >October 5, 2008 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Balance, beginning of period </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>5.2</B> </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><B>2.8</B> </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 >2.0 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Bad debt expense </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>0.7</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>3.1</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >4.5 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Write-off of accounts receivable </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>(2.2</B></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><B>(2.2</B></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 >(4.0</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Increase due to
      acquisition of Prewett </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%"><B>-</B> </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%"><B>-</B> </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%"
    >0.3 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Balance, end of period </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="10%"
    bgColor=#e6efff><B>3.7</B> </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="10%"
    bgColor=#e6efff><B>3.7</B> </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="10%"
    bgColor=#e6efff >2.8 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><B>Liquidity Risk</B></P>
<P align=justify>Liquidity risk is the risk that the Company will not be able to
meet its financial obligations as they fall due. We require continued access to
capital markets to support our operations as well as to achieve our strategic
plans. We rely on cash resources, debt and cash flows generated from operations
to satisfy our financing requirements. Any impediments to our ability to
continue to meet the covenants and conditions contained in our revolving credit
facility as well as our ability to access capital markets, 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.</P>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.16</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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  <tr>
    <td width="50%"><font size="2">
    <img border="0" src="mdaht1.jpg" width="90" height="33"></font></td>
    <td width="50%"><font SIZE="2">
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS </font></td>
  </tr>
</table>
<P align=justify>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's operating and capital budgets, as well as any material
transactions out of the ordinary course of business, including proposals on
mergers, acquisitions or other major investments or divestitures. </P>
<P align=justify>The Company has a committed revolving credit facility for a
maximum of $400 million which expires in June 2013. The Company's revolving
credit facility is subject to various covenants and conditions. The Company was
in compliance with all covenants as at July 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 July 5, 2009, $88.0 million was drawn under this
facility, bearing an effective interest rate of 1.07% . As at October 5, 2008,
$45.0 million was drawn under this facility, bearing an effective interest rate
of 4.75% . </P>
<P align=justify>The Company's derivative financial instruments as at July 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. </P>
<P align=justify>Please refer to the &#147;Financial Risk Management&#148; section of the
Company's 2008 Annual MD&amp;A for details of the contractual maturities of
financial liabilities. </P>
<P align=justify><B>Foreign Currency Risk</B></P>
<P align=justify>The majority of the Company's cash flows and financial assets
and liabilities are denominated in U.S. dollars, which is the Company's
functional and reporting currency. Foreign currency risk is limited to the
portion of the Company'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's
exposure relates primarily to changes in the U.S. dollar versus the Canadian
dollar, the British pound, the Euro, and the Mexican peso exchange rates. For
the Company's foreign currency transactions, fluctuations in the respective
exchange rates relative to the U.S. dollar will create volatility in the
Company's cash flows and the reported amounts for sales and SG&amp;A expenses in
its consolidated statement of earnings, both on a period-to-period basis and
compared with operating budgets and forecasts. Additional earnings variability
arises from the translation of monetary assets and liabilities denominated in
currencies other than the U.S. dollar at the rates of exchange at each balance
sheet date, the impact of which is reported as a foreign exchange gain or loss
in the statement of earnings.</P>
<P align=justify>The Company's objective in managing its foreign currency risk
is to minimize its net exposures to foreign currency cash flows, by transacting
with third parties in U.S. dollars to the maximum extent possible and practical,
and holding cash and cash equivalents and incurring borrowings in U.S. dollars.
The Company monitors and forecasts the values of net foreign currency cash flows
and balance sheet exposures, and from time-to-time will authorize the use of
derivative financial instruments such as forward foreign exchange contracts to
economically hedge a portion of foreign currency cash flows, with maturities of
up to two years. The Company does not use forward foreign exchange contracts for
speculative purposes. </P>
<P align=justify>As at July 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. </P>
<P align=justify>The Company also incurs a portion of its manufacturing costs in
foreign currencies, primarily payroll costs paid in Honduran Lempiras. The
Lempira to U.S. dollar exchange rate has not fluctuated significantly in recent
years. However, 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.
</P>
<P align=justify>Please refer to the &#147;Financial Risk Management&#148; section of the
Company's 2008 Annual MD&amp;A for further details of the Company's significant
foreign currency exposures. </P>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.17</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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  <tr>
    <td width="50%"><font size="2">
    <img border="0" src="mdaht1.jpg" width="90" height="33"></font></td>
    <td width="50%"><font SIZE="2">
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS </font></td>
  </tr>
</table>
<P align=justify><B>Interest Rate Risk</B></P>
<P align=justify>The Company's interest rate risk is primarily related to the
Company'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. </P>
<P align=justify>The Company has the ability to enter into derivative financial
instruments that would effectively fix its cost of current and future borrowings
for an extended period of time. During the second quarter of fiscal 2009, the
Company entered into interest rate swap contracts to fix the variable portion of
$50 million of its borrowings (LIBOR excluding the applicable margin) under the
revolving long-term credit facility. During the third quarter, $25 million of
the interest rate swap contracts matured, and as at July 5, 2009, the remaining
$25 million interest rate swap contracts were reported at fair value. The fair
value of these contracts is included in accounts payable and accrued
liabilities, and changes in their fair value 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's outstanding interest rate swap contracts as at
July 5, 2009. </P>
<P align=justify><B><U>CRITICAL ACCOUNTING ESTIMATES</U></B><B> </B></P>
<P align=justify>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. </P>
<P align=justify>Management believes that the following accounting estimates
require assumptions to be made about matters that are highly uncertain: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Allowance for Doubtful Accounts;
  <LI>Inventory Obsolescence;
  <LI>Sales Promotional Programs;
  <LI>Recoverability of Long-Lived Assets;
  <LI>Income Taxes; and
  <LI>Business Acquisitions. </LI></UL>
<P align=justify>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. </P>
<P align=justify><B><U>ADOPTION OF NEW ACCOUNTING STANDARDS</U></B><B> </B></P>
<P align=justify>Effective the commencement of its 2009 fiscal year, the Company
adopted CICA Handbook Section 3031, <I>Inventories,</I> Section 1400, <I>General
Standards of Financial Statement Presentation</I> and Section 3064, <I>Goodwill
and Intangible Assets</I>. The Company also adopted<I> EIC 173, Credit Risk and
Fair Value of Financial Assets and Financial Liabilities, </I>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. </P>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.18</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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  <tr>
    <td width="50%"><font size="2">
    <img border="0" src="mdaht1.jpg" width="90" height="33"></font></td>
    <td width="50%"><font SIZE="2">
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS </font></td>
  </tr>
</table>
<P align=justify><B><U>FUTURE ACCOUNTING STANDARDS</U></B><B> </B></P>
<P align=justify><U>Recent Accounting Pronouncements</U></P>
<P align=justify>In January 2009, the CICA issued Handbook Section 1582,
<I>Business Combinations,</I> Section 1601, <I>Consolidated Financial
Statements</I>, and Section 1602, <I>Non-Controlling Interests</I>. For a
detailed description of the future accounting standards, please refer to Note 4
of the unaudited interim consolidated financial statements.<B> </B></P>
<P align=justify><U>International Financial Reporting Standards</U></P>
<P align=justify>In February 2008, Canada's Accounting Standards Board (AcSB)
confirmed that IFRS, as issued by the International Accounting Standards Board,
will replace Canadian generally accepted accounting principles for publicly
accountable enterprises effective for fiscal years beginning on or after January
1, 2011. As a result, the Company will be required to change over to IFRS for
its fiscal 2012 interim and annual financial statements with comparative
information for fiscal 2011.</P>
<P align=justify>In preparation for the changeover to IFRS, the Company has
developed an IFRS transition plan. The Company has substantially completed its
initial phase, comprised of a diagnostic process, which involved a comparison of
the Company's current accounting policies under Canadian generally accepted
accounting principles with currently issued IFRS. The identified differences are
being analyzed and will be 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. </P>
<P align=justify>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. </P>
<P align=justify><B><U>RELATED PARTY TRANSACTIONS</U></B><B> </B></P>
<P align=justify>We have transactions with Frontier, which manages the
operations of CanAm. These transactions are in the normal course of operations
and are measured at the exchange amount, which is the amount of consideration
established and agreed to by the related parties. Total purchases of yarn from
Frontier were $34.6 million, along with $0.2 million relating to management fees
for the three months ended July 5, 2009. As at July 5, 2009, we had an
outstanding payable to Frontier of $20.7 million. </P>
<P align=justify><B><U>INTERNAL CONTROL OVER FINANCIAL REPORTING</U></B><B>
</B></P>
<P align=justify>Management'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
<I>Committee of Sponsoring Organizations of the Treadway Commission </I>(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.</P>
<P align=justify><B><U>RISKS AND UNCERTAINTIES</U></B><B> </B></P>
<P align=justify>In addition to the risks previously described under the section
&#147;Financial Risk Management&#148;<I> </I>and those described elsewhere in this
MD&amp;A, this section describes the principal risks that could have a material
and adverse effect on our financial condition, results of operations, cash flows
or business, as well as cause actual results to differ materially from our
expectations expressed in or implied by our forward-looking statements. The
risks described below are not the only risks that could affect the Company.
Additional risks and uncertainties not currently known to us or that we
currently deem to be immaterial may also materially and adversely affect our
financial condition, results of operations, cash flows or business.</P>
<P align=justify>&nbsp;</P>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.19</P>
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    <img border="0" src="mdaht1.jpg" width="90" height="33"></font></td>
    <td width="50%"><font SIZE="2">
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
</table>
<p>The risks described in our 2008 Annual MD&amp;A included
discussions relating to the following important factors: </p>
<UL style="TEXT-ALIGN: justify">
  <LI>Our ability to implement our strategies and plans;
  <LI>Our industry is competitive;
  <LI>Our industry is affected by general economic conditions;
  <LI>Our customers do not commit to purchase minimum quantities;
  <LI>Our production volume may differ from market demand;
  <LI>Our success depends on our ability to anticipate evolving consumer
  preferences and trends;
  <LI>We rely on a relatively small number of significant customers;
  <LI>The price of the raw materials we buy is prone to significant
  fluctuations;
  <LI>We rely on key suppliers;
  <LI>We are subject to international trade regulation;
  <LI>We currently pay income tax at a comparatively low effective rate, which
  could change in the future;
  <LI>Our operations are subject to climate, political, social and economic
  risks;
  <LI>Our operations are subject to environmental regulation;
  <LI>Our business operations significantly rely on our information systems;
  <LI>Our operations could be affected by changes in our relationship with our
  employees or changes to domestic and foreign employment regulations;
  <LI>We may suffer negative publicity if we, or our third party contractors,
  are found to have violated labour laws or engage in labour and other business
  practices that are viewed as unethical; and
  <LI>We depend on key management; </LI></UL>
<P align=justify>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. </P>
<P align=justify><B>Update to the Description of Risks and Uncertainties
</B></P>
<P align=justify>The following is an update to the description of risks
contained in the section entitled &#147;Risks and Uncertainties&#148; of the Gildan 2008
Annual MD&amp;A, as subsequently updated in our first and second quarter 2009
interim MD&amp;A. </P>
<P align=justify><u>Our operations are subject to political, social and economic
risks and to risks related to climate and natural disasters </u> </P>
<P align=justify>The majority of our products are manufactured in Central
America, primarily in Honduras, and the Caribbean Basin. Some of the countries
in which we operate have experienced political, social and economic instability
in the past, and we cannot be certain of their future stability. Recently, there
has been political instability in Honduras following the removal of the
President of the country on June 28, 2009. Although there has been no effect on
our business operations to date, the political situation in Honduras remains
uncertain. Consequently, there can be no assurance that continuing political
developments in Honduras will not adversely affect our operations or supply
chain.</P>
<P align=justify><U>We are subject to consumer product safety laws</U> </P>
<P align=justify>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. 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 on schedule for implementing the tracking label
requirements which will come into effect on August 14, 2009. </P>
<P align=justify>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, and 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
any consumer product safety laws applicable to our operations cannot be
reasonably determined. </P>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.20</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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  <tr>
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    <img border="0" src="mdaht1.jpg" width="90" height="33"></font></td>
    <td width="50%"><font SIZE="2">
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS </font></td>
  </tr>
</table>
<P align=justify><B><U>DEFINITION AND RECONCILIATION OF NON-GAAP
MEASURES</U></B><B> </B></P>
<P align=justify>We use non-GAAP measures to assess our operating performance
and financial condition. The terms and definitions of the non-GAAP measures used
in this report and a reconciliation of each non-GAAP measure to the most
directly comparable GAAP measure are provided below. The non-GAAP measures are
presented on a consistent basis for all periods presented in this MD&amp;A.
These non-GAAP measures do not have any standardized meanings prescribed by
Canadian GAAP and are therefore unlikely to be comparable to similar measures
presented by other companies. Accordingly, they should not be considered in
isolation.</P>
<P align=justify><B>Adjusted Net Earnings and Adjusted Diluted EPS </B></P>
<P align=justify>To measure our performance from one period to the next, without
the variations caused by the impacts of restructuring and other charges as
discussed on page 9, management uses adjusted net earnings and adjusted diluted
earnings per share, which are calculated as net earnings and earnings per share
excluding these items. We exclude these items because they affect the
comparability of our financial results and could potentially distort the
analysis of trends in our business performance. Excluding these items does not
imply they are necessarily non-recurring. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" ><B>Q3 2009</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >Q3 2008 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" ><B>YTD 2009</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >YTD 2008 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><I>(in $ millions,
      except per share amounts)</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%"
    >&nbsp; </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=right width="10%"
    >Recast<sup>(1</sup></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    ><sup>)</sup> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%"
    >&nbsp; </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=right width="10%"
    >Recast<sup>(1</sup></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    ><sup>) </sup> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net sales </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff ><B>307.8</B> </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 >380.8 </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 ><B>736.6</B> </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 >925.0 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cost of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    ><B>232.7</B> </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%"
    >279.5 </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%"
    ><B>583.9</B> </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%"
    >673.6 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Gross profit </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff ><B>75.1</B> </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 >101.3 </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 ><B>152.7</B> </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 >251.4 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Selling, general and administrative expenses </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" ><B>36.2</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >39.8 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" ><B>100.6</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >106.1 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Restructuring and other charges </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 ><B>4.4</B> </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 >2.3 </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 ><B>5.5</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff >3.9 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Operating income </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" ><B>34.5</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >59.2 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" ><B>46.6</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >141.4 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Financial expense (income), net </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff ><B>(1.5</B></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 >1.1 </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 ><B>(1.3</B></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 >7.4 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Non-controlling
      interest in consolidated joint venture </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    ><B>0.3</B> </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%"
    >0.2 </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%"
    ><B>-</B> </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%"
    >0.4 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Earnings before income taxes </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff ><B>35.7</B> </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 >57.9 </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 ><B>47.9</B> </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 >133.6 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Income taxes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    ><B>(5.8</B></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%"
    >3.4 </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%"
    ><B>(5.0</B></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%"
    >9.1 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Net earnings and comprehensive income </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="10%"
    bgColor=#e6efff ><B>41.5</B> </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="10%"
    bgColor=#e6efff >54.5 </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="10%"
    bgColor=#e6efff ><B>52.9</B> </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="10%"
    bgColor=#e6efff >124.5 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Adjustments for: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Restructuring and other charges
      <SUP>(2)</SUP> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff ><B>4.4</B> </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 >2.3 </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 ><B>5.5</B> </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 >3.9 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Income tax
      recovery on restructuring and other charges <SUP>(2)</SUP> </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%"
    ><B>(1.0</B></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%"
    >- </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%"
    ><B>(1.0</B></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%"
    >- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Adjusted net earnings </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="10%"
    bgColor=#e6efff ><B>44.9</B> </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="10%"
    bgColor=#e6efff >56.8 </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="10%"
    bgColor=#e6efff ><B>57.4</B> </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="10%"
    bgColor=#e6efff >128.4 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Basic EPS <SUP>(3)</SUP> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" ><B>0.34</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >0.45 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" ><B>0.44</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >1.03 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Diluted EPS <SUP>(3)</SUP> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff ><B>0.34</B> </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 >0.45 </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 ><B>0.44</B> </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 >1.02 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Adjusted diluted
      EPS<SUP>(3)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    ><B>0.37</B> </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=right width="10%"
    >0.47 </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=right width="10%"
    ><B>0.47</B> </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=right width="10%"
    >1.06 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><I>Certain minor rounding variances exist between the financial
statements and this summary.</I> <BR><I>(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. </I><I><BR>(2)
Adjustment to remove restructuring and other charges and the income tax effect
thereon. See page 9. <br>
(3) Quarterly EPS may not add to year-to-date EPS due to
rounding.</I></P>
<P align=justify><B>EBITDA </B></P>
<P align=justify>EBITDA is calculated as earnings before interest, taxes and
depreciation and amortization and excludes the impact of restructuring and other
charges as discussed on page 9, 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'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>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.21</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_22></A>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="50%"><font size="2">
    <img border="0" src="mdaht1.jpg" width="90" height="33"></font></td>
    <td width="50%"><font SIZE="2">
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS </font></td>
  </tr>
</table>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>Q3 2009</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">Q3 2008 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>YTD 2009</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">YTD 2008 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><I>(in $
      millions)</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </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=right
      width="10%">Recast<sup>(1</sup></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    ><sup>)</sup> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </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=right
      width="10%">Recast<sup>(1</sup></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    ><sup>) </sup> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net earnings </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>41.5</B> </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>54.5 </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><B>52.9</B> </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>124.5 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Restructuring and other charges <SUP>(2)</SUP> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>4.4</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">2.3 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>5.5</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">3.9 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Depreciation and amortization </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>16.3</B> </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>14.9 </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><B>48.4</B> </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>41.9 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Variation in depreciation included in inventories </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>1.2</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">2.5 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>(4.3</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">0.4 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Interest, net </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>0.2</B> </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>1.2 </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><B>1.6</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>6.1 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Income taxes </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>(5.8</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">3.4 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>(5.0</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">9.1 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Non-controlling interest of consolidated joint venture </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="10%"
    bgColor=#e6efff><B>0.3</B> </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="10%"
    bgColor=#e6efff>0.2 </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="10%"
    bgColor=#e6efff><B>-</B> </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="10%"
    bgColor=#e6efff>0.4 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>EBITDA </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%"><B>58.1</B> </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=right width="10%">79.0
    </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=right
      width="10%"><B>99.1</B> </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=right width="10%">186.3
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify><I>Certain minor rounding variances exist between the financial
statements and this summary.<BR></I><I>(1) Reflects the impact of the change in
accounting policy as described in Note 3 to the unaudited interim consolidated
financial statements.</I><I> <BR></I><I>(2) See page 9.</I><I><SUP>
</SUP></I><I></I><I></I><I><SUP></SUP></I></P>
<P align=justify><B>Free Cash Flow </B></P>
<P align=justify>Free cash flow is defined as cash from operating activities
including net changes in non-cash working capital balances, less cash flow used
in investing activities excluding business acquisitions. We consider free cash
flow to be an important indicator of the financial strength and performance of
our business, because it shows how much cash is available after capital
expenditures to repay debt and to reinvest in our business. We believe this
measure is commonly used by investors and analysts when valuing a business and
its underlying assets. </P>
<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 2px solid" align=left><I>(in $
      millions)</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"><B>Q3
      2009</B> </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=right width="10%">Q3
      2008 </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=right
      width="10%"><B>YTD 2009</B> </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=right width="10%">YTD
      2008 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash flows from operating activities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>80.6</B> </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>40.7 </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><B>47.1</B> </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>168.4 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash flows used in investing activities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>(2.1</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(19.2</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>(25.7</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(213.0</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Adjustments for: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Business acquisitions </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>-</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>-</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">126.8 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Restricted cash (received) paid related to acquisition </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="10%"
    bgColor=#e6efff><B>-</B> </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="10%"
    bgColor=#e6efff>- </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="10%"
    bgColor=#e6efff><B>(2.0</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </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="10%"
    bgColor=#e6efff>10.0 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Free cash flow </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%"><B>78.5</B> </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=right width="10%">21.5
    </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=right
      width="10%"><B>19.4</B> </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=right width="10%">92.2
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify><I>Certain minor rounding variances exist between the financial
statements and this summary. </I></P>
<P align=justify><B>Total Indebtedness and Net Indebtedness</B></P>
<P align=justify>We consider total indebtedness and net indebtedness to be
important indicators of the financial leverage of the Company. </P>
<TABLE
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 2px solid" align=left><I>(in $
      millions)</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"><B>Q3
      2009</B> </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=right width="10%">Q4
      2008 </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=right width="10%">Q3
      2008 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Current portion of long-term debt </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>2.8</B> </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>3.6 </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>3.8 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Long-term debt </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%"><B>90.2</B> </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=right width="10%">49.4
    </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=right width="10%">104.7
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Total indebtedness</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>93.0</B> </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>53.0 </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>108.5 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid"><BR>Cash and cash equivalents
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    ><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%"><BR><B>(74.5</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
      ><BR><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    ><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%"><BR>(12.4</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
      ><BR>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    ><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%"><BR>(13.2</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
      ><BR>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Net indebtedness</B> </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="10%"
    bgColor=#e6efff><B>18.5</B> </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="10%"
    bgColor=#e6efff>40.6 </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="10%"
    bgColor=#e6efff>95.3 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  </TABLE>
<P align=left><I>Certain minor rounding variances exist between the
      financial statements and this summary.</I> </P>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.22</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="50%"><font size="2">
    <img border="0" src="mdaht1.jpg" width="90" height="33"></font></td>
    <td width="50%"><font SIZE="2">
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS </font></td>
  </tr>
</table>
<P align=justify><B><U>FORWARD-LOOKING STATEMENTS</U></B><B> </B></P>
<P align=justify>Certain statements included in this MD&amp;A constitute
&#147;forward-looking statements&#148; within the meaning of the U.S. <I>Private
Securities Litigation Reform Act of 1995</I> and Canadian securities legislation
and regulations, and are subject to important risks, uncertainties and
assumptions. This forward-looking information includes, amongst others,
information with respect to our objectives and the strategies to achieve these
objectives, as well as information with respect to our beliefs, plans,
expectations, anticipations, estimates and intentions. Forward-looking
statements generally can be identified by the use of conditional or
forward-looking terminology such as &#147;may&#148;, &#147;will&#148;, &#147;expect&#148;, &#147;intend&#148;,
&#147;estimate&#148;, &#147;project&#148;, &#147;assume&#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'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 and second quarter 2009 interim MD&amp;A and in this
interim MD&amp;A for a discussion of the various factors that may affect the
Company's future results. Material factors and assumptions that were applied in
drawing a conclusion or making a forecast or projection are also set out
throughout this document.</P>
<P align=justify>Forward-looking information is inherently uncertain and the
results or events predicted in such forward-looking information may differ
materially from actual results or events. Material factors, which could cause
actual results or events to differ materially from a conclusion, forecast or
projection in such forward-looking information, include, but are not limited to:
</P>
<UL style="TEXT-ALIGN: justify">
  <LI>general economic conditions such as commodity prices, currency exchange
  rates, interest rates and other factors over which we have no control;
  <LI>the impact of economic and business conditions, industry trends and other
  external, political and social factors in the countries in which we operate,
  including the current political instability in Honduras;
  <LI>the intensity of competitive activity;
  <LI>changes in environmental, tax, trade, employment, consumer product safety
  and other laws and regulations, including effects of the recently enacted
  United States Consumer Products Safety Act;
  <LI>our ability to implement our strategies and plans;
  <LI>our ability to complete and successfully integrate acquisitions;
  <LI>our reliance on a small number of significant customers;
  <LI>changes in consumer preferences, customer demand for our products and our
  ability to maintain customer relationships and grow our business;
  <LI>the fact that our customers do not commit to minimum quantity purchases;
  <LI>the seasonality of our business;
  <LI>our ability to attract and retain key personnel;
  <LI>our reliance on computerized information systems;
  <LI>changes in accounting policies and estimates; and
  <LI>disruption to manufacturing and distribution activities due to labour
  disruptions, political instability, bad weather, natural disasters and other
  unforeseen adverse events. </LI></UL>
<P align=justify>These factors may cause the Company'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's business.
For example, they do not include the effect of business dispositions,
acquisitions, other business transactions, asset write-downs or other charges
announced or occurring after forward-looking statements are made. The financial
impact of such transactions and non-recurring and other special items can be
complex and necessarily depends on the facts particular to each of them.</P>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.23</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="50%"><font size="2">
    <img border="0" src="mdaht1.jpg" width="90" height="33"></font></td>
    <td width="50%"><font SIZE="2">
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS </font></td>
  </tr>
</table>
<P align=justify>We believe that the expectations represented by our
forward-looking statements are reasonable, yet there can be no assurance that
such expectations will prove to be correct. The purpose of the forward-looking statements is to provide the reader with a description of
management's expectations regarding the Company's fiscal 2009 financial
performance and may not be appropriate for other purposes. Furthermore, unless
otherwise stated, the forward-looking statements contained in this report are
made as of the date of this report, and we do not undertake any obligation to
update publicly or to revise any of the included forward-looking statements,
whether as a result of new information, future events or otherwise unless
required by applicable legislation or regulation. The forward-looking statements
contained in this report are expressly qualified by this cautionary statement.
</P>
<P align=justify>August 12, 2009</P>
<P align=right>QUARTERLY SHAREHOLDER REPORT &#150; Q3 2009 P.24</P>
<HR align=center width="100%" color=black noShade SIZE=5>

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

<head>

<title>Gildan Activewear Inc.: Exhibit 99.3 - 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>
<b>
<p align="center"><font size="2">FORM 52-109F2 <br>
CERTIFICATION OF INTERIM FILINGS FULL
CERTIFICATE </font></p>
</b><font SIZE="2">
<font FACE="Arial MT">
<p>I, Glenn J. Chamandy, President and Chief Executive Officer of Gildan
Activewear Inc., certify the following: </p>
</font>
<p ALIGN="JUSTIFY">1. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30pt; margin-top: -25.5pt"><i><b>Review:</b></i>
I have reviewed the interim financial statements and interim MD&amp;A (together, the
&quot;interim filings&quot;) of Gildan Activewear Inc. (the &quot;issuer&quot;) for the interim
period ended July 5, 2009. </p>
<p ALIGN="JUSTIFY">2. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30pt; margin-top: -25.5pt"><i><b>No
misrepresentations:</b></i> Based on my knowledge, having exercised reasonable
diligence, the interim filings do not contain any untrue statement of a material
fact or omit to state a material fact required to be stated or that is necessary
to make a statement not misleading in light of the circumstances under which it
was made, with respect to the period covered by the interim filings. </p>
<p ALIGN="JUSTIFY">3. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30pt; margin-top: -25.5pt"><i><b>Fair
presentation:</b></i> Based on my knowledge, having exercised reasonable
diligence, the interim financial statements together with the other financial
information included in the interim filings fairly present in all material
respects the financial condition, results of operations and cash flows of the
issuer, as of the date of and for the periods presented in the interim filings.
</p>
<p ALIGN="JUSTIFY">4. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30pt; margin-top: -25.5pt"><i><b>
Responsibility:</b></i> The issuer's other certifying officer and I are
responsible for establishing and maintaining disclosure controls and procedures
(DC&amp;P) and internal control over financial reporting (ICFR), as those terms are
defined in National Instrument 52-109 <i>Certification of Disclosure in Issuers'
Annual and Interim Filings</i>, for the issuer. </p>
<p ALIGN="JUSTIFY">5. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30pt; margin-top: -25.5pt"><i><b>Design:</b></i>
Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the
issuer's other certifying officer(s) and I have, as at the end of the period
covered by the interim filings </p>
<p align="justify" style="margin-left: 30pt">a. </p>
<p align="justify" style="margin-left: 50pt; margin-top: -25.5pt">designed DC&amp;P,
or caused it to be designed under our supervision, to provide reasonable
assurance that: </p>
<p ALIGN="justify" style="margin-left: 50pt">i. </p>
<p ALIGN="justify" style="margin-left: 70pt; margin-top: -25.5pt">material
information relating to the issuer is made known to us by others, particularly
during the period in which the interim filings are being prepared; and </p>
<p ALIGN="justify" style="margin-left: 50pt">ii. </p>
<p ALIGN="justify" style="margin-left: 70pt; margin-top: -25.5pt">information
required to be disclosed by the issuer in its annual filings, interim filings or
other reports filed or submitted by it under securities legislation is recorded,
processed, summarized and reported within the time periods specified in
securities legislation; and </p>
<p ALIGN="JUSTIFY" style="margin-left: 30pt">b. </p>
<p ALIGN="JUSTIFY" style="margin-left: 50pt; margin-top: -25.5pt">designed ICFR,
or caused it to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with the issuer's GAAP. </p>
</font>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<font SIZE="2">
<p ALIGN="JUSTIFY">5.1 </p>
<p ALIGN="JUSTIFY" style="margin-left: 30pt; margin-top: -25.5pt">The control
framework the issuer's other certifying officer and I used to design the
issuer's ICFR is the framework set forth in Internal Control-Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO). </p>
<p>5.2 </p>
<p style="margin-left: 30pt; margin-top: -25.5pt"><i><b>ICFR &#150; material weakness
relating to design:</b></i> N/A </p>
<p>5.3 </p>
<p style="margin-left: 30pt; margin-top: -25.5pt"><i><b>Limitation on scope of
design:</b></i> N/A </p>
<p ALIGN="JUSTIFY">6. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30pt; margin-top: -25.5pt"><i><b>
Reporting changes in ICFR:</b></i> The issuer has disclosed in its interim MD&amp;A
any change in the issuer's ICFR that occurred during the period beginning on
April 6, 2009 and ended on July 5, 2009 that has materially affected, or is
reasonably likely to materially affect, the issuer's ICFR. </p>
<p>Date: August 13, 2009 </p>
<i>
<p><u>(s) Glenn J. Chamandy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<br>
</u></i>Glenn J. Chamandy <br>
President and Chief Executive Officer </p>
<p>&nbsp;</p>
<hr color="#000000" size="5"></font>

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

<head>

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

<body>

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
  <hr color="#000000" size="5">
</div>
<b>
<p align="center"><font size="2">FORM 52-109F2 <br>
CERTIFICATION OF INTERIM FILINGS FULL
CERTIFICATE </font></p>
</b><font SIZE="2">
<p align="justify">I, Laurence G. Sellyn, Executive Vice-President, Chief
Financial and Administrative Officer of Gildan Activewear Inc., certify the
following: </p>
<p ALIGN="JUSTIFY">1. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30pt; margin-top: -25.5pt"><i><b>Review:</b></i>
I have reviewed the interim financial statements and interim MD&amp;A (together, the
&quot;interim filings&quot;) of Gildan Activewear Inc. (the &quot;issuer&quot;) for the interim
period ended July 5, 2009. </p>
<p ALIGN="JUSTIFY">2. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30pt; margin-top: -25.5pt"><i><b>No
misrepresentations:</b></i> Based on my knowledge, having exercised reasonable
diligence, the interim filings do not contain any untrue statement of a material
fact or omit to state a material fact required to be stated or that is necessary
to make a statement not misleading in light of the circumstances under which it
was made, with respect to the period covered by the interim filings. </p>
<p ALIGN="JUSTIFY">3. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30pt; margin-top: -25.5pt"><i><b>Fair
presentation:</b></i> Based on my knowledge, having exercised reasonable
diligence, the interim financial statements together with the other financial
information included in the interim filings fairly present in all material
respects the financial condition, results of operations and cash flows of the
issuer, as of the date of and for the periods presented in the interim filings.
</p>
<p ALIGN="JUSTIFY">4. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30pt; margin-top: -25.5pt"><i><b>
Responsibility:</b></i> The issuer's other certifying officer and I are
responsible for establishing and maintaining disclosure controls and procedures
(DC&amp;P) and internal control over financial reporting (ICFR), as those terms are
defined in National Instrument 52-109 <i>Certification of Disclosure in Issuers'
Annual and Interim Filings</i>, for the issuer. </p>
<p ALIGN="JUSTIFY">5. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30pt; margin-top: -25.5pt"><i><b>Design:</b></i>
Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the
issuer's other certifying officer(s) and I have, as at the end of the period
covered by the interim filings </p>
<p align="justify" style="margin-left: 30pt">a. </p>
<p align="justify" style="margin-left: 50pt; margin-top: -25.5pt">designed DC&amp;P,
or caused it to be designed under our supervision, to provide reasonable
assurance that: </p>
<p ALIGN="justify" style="margin-left: 50pt">i. </p>
<p ALIGN="justify" style="margin-left: 70pt; margin-top: -25.5pt">material
information relating to the issuer is made known to us by others, particularly
during the period in which the interim filings are being prepared; and </p>
<p ALIGN="justify" style="margin-left: 50pt">ii. </p>
<p ALIGN="justify" style="margin-left: 70pt; margin-top: -25.5pt">information
required to be disclosed by the issuer in its annual filings, interim filings or
other reports filed or submitted by it under securities legislation is recorded,
processed, summarized and reported within the time periods specified in
securities legislation; and </p>
<p ALIGN="JUSTIFY" style="margin-left: 30pt">b. </p>
<p ALIGN="JUSTIFY" style="margin-left: 50pt; margin-top: -25.5pt">designed ICFR,
or caused it to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with the issuer's GAAP. </p>
</font>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<font SIZE="2">
<p ALIGN="JUSTIFY">5.1 </p>
<p ALIGN="JUSTIFY" style="margin-left: 30pt; margin-top: -25.5pt">The control
framework the issuer's other certifying officer and I used to design the
issuer's ICFR is the framework set forth in Internal Control-Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO). </p>
<p>5.2 </p>
<p style="margin-left: 30pt; margin-top: -25.5pt"><i><b>ICFR &#150; material weakness
relating to design:</b></i> N/A </p>
<p>5.3 </p>
<p style="margin-left: 30pt; margin-top: -25.5pt"><i><b>Limitation on scope of
design:</b></i> N/A </p>
<p ALIGN="JUSTIFY">6. </p>
<p ALIGN="JUSTIFY" style="margin-left: 30pt; margin-top: -25.5pt"><i><b>
Reporting changes in ICFR:</b></i> The issuer has disclosed in its interim MD&amp;A
any change in the issuer's ICFR that occurred during the period beginning on
April 6, 2009 and ended on July 5, 2009 that has materially affected, or is
reasonably likely to materially affect, the issuer's ICFR. </p>
<p>Date: August 13, 2009 </p>
<i>
<p><u>(s) Laurence G. Sellyn&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<br>
</u></i>Laurence G. Sellyn <br>
Executive Vice-President, Chief Financial and Administrative Officer </p>
<hr color="#000000" size="5"></font>

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