<SEC-DOCUMENT>0001104659-25-023846.txt : 20250314
<SEC-HEADER>0001104659-25-023846.hdr.sgml : 20250314
<ACCEPTANCE-DATETIME>20250314123524
ACCESSION NUMBER:		0001104659-25-023846
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20250313
FILED AS OF DATE:		20250314
DATE AS OF CHANGE:		20250314

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]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			1228

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14830
		FILM NUMBER:		25738908

	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>tm258879d2_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Report of Foreign Private Issuer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Rule&nbsp;13a-16 or 15d-16 of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center; width: 50%"><B>For the month of: March&nbsp;2025</B></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center; width: 50%"><B>Commission File Number: 1-14830</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; font-size: 14pt; text-align: center"><B>GILDAN ACTIVEWEAR INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(Translation of registrant&rsquo;s name into English)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>600 de Maisonneuve Boulevard West</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>33rd Floor</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Montr&eacute;al, Qu&eacute;bec</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Canada H3A 3J2</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(Address of principal executive offices)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form&nbsp;20-F or Form&nbsp;40-F:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form&nbsp;20-F&#8239;<FONT STYLE="font-family: Wingdings">&#168;</FONT>&#8239;Form&nbsp;40-F&#8239;<FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>GILDAN ACTIVEWEAR INC.</B></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Date: March&nbsp;13, 2025</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">/s/ Michelle Taylor</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 42%">Michelle Taylor</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>Vice-President, General Counsel and Corporate Secretary</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: black 1pt solid; width: 5%"><B>Exhibit</B></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: black 1pt solid; width: 94%"><B>Description of Exhibit</B></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top"><A HREF="tm258879d2_ex99-1.htm">99.1</A></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="tm258879d2_ex99-1.htm">Third Supplemental Trust Indenture, dated as of March&nbsp;13, 2025,
between Gildan Activewear Inc. and TSX Trust Company, as Trustee &nbsp;</A></TD></TR>
<TR>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top"><A HREF="tm258879d2_ex99-2.htm">99.2</A></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="tm258879d2_ex99-2.htm">Fourth Supplemental Trust Indenture, dated as of March&nbsp;13, 2025,
between Gildan Activewear Inc. and TSX Trust Company, as Trustee &nbsp;</A></TD></TR>
<TR>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top"><A HREF="tm258879d2_ex99-3.htm">99.3</A></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="tm258879d2_ex99-3.htm">Fifth Supplemental Trust Indenture, dated as of March&nbsp;13, 2025,
between Gildan Activewear Inc. and TSX Trust Company, as Trustee &nbsp;</A></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm258879d2_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THIRD SUPPLEMENTAL TRUST INDENTURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Third Supplemental Trust Indenture is entered
into as of the 13<SUP>th</SUP> day of March, 2025 between:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>GILDAN
ACTIVEWEAR Inc.</B></FONT>, a corporation created and existing under the laws of Canada (the &quot;<B>Issuer</B>&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>TSX
trust company</B></FONT>, a trust company existing under the laws of Canada (the &quot;<B>Trustee</B>&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WITNESSETH THAT:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHEREAS</B> the Issuer and the Trustee entered
into a trust indenture dated as of November&nbsp;22, 2024 (the&nbsp;&quot;<B>Indenture</B>&quot;) to provide for the creation and issuance
of senior unsecured notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>AND WHEREAS</B> Section&nbsp;14.3 of the Indenture
provides that the Trustee may enter into indentures supplemental to the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>AND WHEREAS</B> the Issuer has determined to
create and issue a third series of Notes to be designated as Floating Rate Senior Unsecured Notes, Series&nbsp;3 , due March&nbsp;13,
2028 (the &quot;<B>Series&nbsp;3 Notes</B>&quot;) and to enter into this third supplemental trust indenture (this &quot;<B>Supplemental
Indenture</B>&quot;) with the Trustee to provide for such creation and issuance, and establish the terms, provisions and conditions, of
the Series&nbsp;3 Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>AND WHEREAS</B> all necessary acts and proceedings
have been done and taken and all necessary resolutions have been passed to authorize the execution and delivery of this Supplemental Indenture,
to make the same effective and binding upon the Issuer, and to make the Series&nbsp;3 Notes, when certified by the Trustee and issued
as provided in the Indenture and this Supplemental Indenture, valid, binding and legal obligations of the Issuer with the benefit and
subject to the terms of the Indenture and this Supplemental Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>AND WHEREAS</B> the foregoing recitals are
made as representations and statements of fact by the Issuer and not by the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOW THEREFORE</B> it is hereby covenanted,
agreed and declared as set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;1<BR>
Definitions and Amendments to Indenture</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.1</B></TD><TD STYLE="text-align: justify"><B>Definitions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">All capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">In this Supplemental Indenture and in the Series&nbsp;3 Notes, unless there is something in the subject
matter or context inconsistent therewith, the following expressions shall have the respective meanings indicated:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Applicable CORRA Fallback Rate</B>&quot;
means one of the CAD Recommended Rate or the BOC Target Rate, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Bank of Canada Business Day</B>&quot;
means each day that Schedule I banks under the <I>Bank Act</I> (Canada) are open for business in Toronto, Ontario, Canada, other than
a Saturday or a Sunday or a public holiday in Toronto (or such revised regular publication calendar for the CORRA Compounded Index, CORRA
or an Applicable CORRA Fallback Rate as may be adopted by the Reference Rate Administrator from time to time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>BOC Target Rate</B>&quot; means
the Bank of Canada's target for the overnight rate as set by the Bank of Canada and published on the Bank of Canada's website from time
to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>CAD Recommended Rate</B>&quot;
means the rate (inclusive of any spreads or adjustments) recommended as the replacement for CORRA by a committee officially endorsed or
convened by the Bank of Canada for the purpose of recommending a replacement for CORRA (which rate may be produced by the Bank of Canada
or another administrator) and as provided by the administrator of that rate or, if that rate is not provided by the administrator thereof
(or a successor administrator), published by an authorized distributor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Calculation Agent</B>&quot; means
a third party trustee or financial institution of national standing with experience providing such services, which has been selected by
the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Change of Control</B>&quot; means
the occurrence of any of the following events: (a)&nbsp;the direct or indirect sale, transfer, conveyance or other disposition (other
than by way of merger, amalgamation or consolidation), in one or a series of related transactions, of all or substantially all of the
properties or assets of the Issuer and the Guarantors, taken as a whole, to any Person; (b)&nbsp;the consummation of any transaction the
result of which is that any Person or group of Persons acting jointly or in concert is or becomes the beneficial owner of (with beneficial
ownership and acting jointly or in concert being defined in accordance with Sections 1.8 and 1.9 of National Instrument 62-104 &ndash;
<I>Take-Over Bids and Issuer Bids</I>), or controls, directly or indirectly, Voting Shares representing more than 50% of the voting power
of the total outstanding Voting Shares of the Issuer; and (c)&nbsp;the adoption by the shareholders of the Issuer of a Plan of Liquidation.
For purposes of this definition, a Person shall not be deemed to have beneficial ownership of securities subject to a share purchase agreement,
amalgamation agreement or similar agreement until the consummation of the transactions contemplated by such agreement. Notwithstanding
the foregoing, a transaction will not be deemed to involve a Change of Control under clause (b)&nbsp;above if (a)&nbsp;the Issuer becomes
a direct or indirect wholly owned Subsidiary of a holding company and (b)(i)&nbsp;the direct or indirect holders of the Voting Shares
of such holding company immediately following that transaction are substantially the same as the holders of the Issuer's Voting Shares
immediately prior to that transaction, or (ii)&nbsp;immediately following that transaction, the holders of the Issuer's Voting Shares
immediately prior to that transaction (or another holding company satisfying the requirements of this sentence) are the beneficial owners
of (with beneficial ownership being defined in accordance with Section&nbsp;1.8 of National Instrument 62-104 &ndash; <I>Take-Over Bids
and Issuer Bids</I>), or control, directly or indirectly, Voting Shares representing 50% or more of the voting power of the total outstanding
Voting Shares of such holding company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Change of Control Triggering
Event</B>&quot; means the occurrence of both a Change of Control, and, so long as the Notes are rated, a Ratings Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>CORRA</B>&quot; means, with respect
to any Bank of Canada Business Day, a reference rate equal to the daily Canadian Overnight Repo Rate Average for that day, as published
by the Reference Rate Administrator for CORRA (or any successor Reference Rate Administrator), on the website of such Reference Rate Administrator
or any successor website on the immediately following Bank of Canada Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>CORRA Cessation Effective Date</B>&quot;
means, in respect of one or more CORRA Cessation Events, the first date on which CORRA is no longer provided. If CORRA ceases to be provided
on the same day that it is required to determine the rate for an Interest Period, but it was provided on the Interest Determination Date
for such Interest Period, then the CORRA Cessation Effective Date will be the next day on which the rate would ordinarily have been published.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>CORRA Cessation Event</B>&quot;
means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">A.</TD><TD STYLE="text-align: justify">a public statement or publication of information by or on behalf of the Reference Rate Administrator or
provider of CORRA announcing that it has ceased or will cease to provide CORRA permanently or indefinitely, provided that, at the time
of the statement or publication, there is no successor Reference Rate Administrator or provider of CORRA that will continue to provide
CORRA; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">B.</TD><TD STYLE="text-align: justify">a public statement or publication of information by the regulatory supervisor for the Reference Rate Administrator
or provider of CORRA, the Bank of Canada, an insolvency official with jurisdiction over the Reference Rate Administrator or provider of
CORRA, a resolution authority with jurisdiction over the Reference Rate Administrator or provider of CORRA or a court or an entity with
similar insolvency or resolution authority over the Reference Rate Administrator or provider of CORRA, which states that the Reference
Rate Administrator or provider of CORRA has ceased or will cease to provide CORRA permanently or indefinitely, provided that, at the time
of the statement or publication, there is no successor Reference Rate Administrator or provider of CORRA that will continue to provide
CORRA.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>CORRA Compounded Index</B>&quot;
means the measure of the cumulative impact of CORRA compounding over time administered and published by the Bank of Canada (or any successor
Reference Rate Administrator).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>CORRA Compounded Index Cessation
Effective Date</B>&quot; means, in respect of one or more CORRA Compounded Index Cessation Events, the first date on which the CORRA Compounded
Index is no longer provided. If the CORRA Compounded Index ceases to be provided on the same day that it is required to determine the
rate for an Interest Period, but it was provided on the Interest Determination Date for such Interest Period, then the CORRA Compounded
Index Cessation Effective Date will be the next day on which the rate would ordinarily have been published.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>CORRA Compounded Index Cessation
Event</B>&quot; means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">A.</TD><TD STYLE="text-align: justify">a public statement or publication of information by or on behalf of the Reference Rate Administrator or
provider of CORRA Compounded Index announcing that it has ceased or will cease to provide CORRA Compounded Index permanently or indefinitely,
provided that, at the time of the statement or publication, there is no successor Reference Rate Administrator or provider of CORRA Compounded
Index that will continue to provide CORRA Compounded Index; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">B.</TD><TD STYLE="text-align: justify">a public statement or publication of information by the regulatory supervisor for the Reference Rate Administrator
or provider of CORRA Compounded Index, the Bank of Canada, an insolvency official with jurisdiction over the Reference Rate Administrator
or provider of CORRA Compounded Index, a resolution authority with jurisdiction over the Reference Rate Administrator or provider of CORRA
Compounded Index or a court or an entity with similar insolvency or resolution authority over the Reference Rate Administrator or provider
of CORRA Compounded Index, which states that the Reference Rate Administrator or provider of CORRA Compounded Index has ceased or will
cease to provide CORRA Compounded Index permanently or indefinitely, provided that, at the time of the statement or publication, there
is no successor Reference Rate Administrator or provider of CORRA Compounded Index that will continue to provide CORRA Compounded Index.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>CORRA Yield</B>&quot; means CORRA
on the CORRA Yield Determination Date plus 0.00%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>CORRA Yield Determination Date</B>&quot;
means the second Bank of Canada Business Day prior to the redemption date for the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>CORRA Yield Price</B>&quot; means
a price equal to the sum of the discounted values, calculated using the CORRA Yield as the discount rate, of (i)&nbsp;all remaining scheduled
payments of interest on the Notes (calculated at an interest rate equal to CORRA as of the CORRA Yield Determination Date, compounded
daily, plus 1.26%), and (ii)&nbsp;the principal amount of the Notes to be redeemed, in each case from, but not including, the redemption
date to, and including, the Maturity Date calculated in accordance with generally accepted financial practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Daily Compounded CORRA</B>&quot;
means, for an Observation Period, the rate calculated using the following method, with the resulting percentage rounded, if necessary,
to the fifth decimal place, with 0.000005% being rounded upwards and (-) 0.000005% being rounded downwards:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm258879d2_ex99-1img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&quot;<B>CORRA Compounded Index<SUB>start</SUB></B>&quot;
is equal to the CORRA Compounded Index value on the date that is two Bank of Canada Business Days preceding the first date of the relevant
Interest Period;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&quot;<B>CORRA Compounded Index<SUB>end</SUB></B>&quot;
is equal to the CORRA Compounded Index value on the date that is two Bank of Canada Business Days preceding the Interest Payment Date
relating to such Interest Period (or, in the case of the final Interest Period, the Maturity Date, or if the Notes are redeemed prior
to the Maturity Date, the date of redemption of such Notes, as applicable); and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&quot;<B>d</B>&quot; is the number of calendar
days in the relevant Observation Period.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Designated Rating Organization</B>&quot;
means a &quot;designated rating organization&quot; within the meaning of National Instrument &ndash; 25-101 <I>Designated Rating Organizations</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Fallback Index Cessation Effective
Date</B>&quot; means, in respect of one or more Fallback Index Cessation Events, the first date on which the Applicable CORRA Fallback
Rate is no longer provided. If the Applicable CORRA Fallback Rate ceases to be provided on the same day that it is required to determine
the rate for an Interest Determination Date, but it was provided at the time at which it is to be observed (or, if no such time is specified,
at the time at which it is ordinarily published), then the Fallback Index Cessation Effective Date will be the next day on which the rate
would ordinarily have been published.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Fallback Index Cessation Event</B>&quot;
means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">A.</TD><TD STYLE="text-align: justify">a public statement or publication of information by or on behalf of the Reference Rate Administrator or
provider of the Applicable CORRA Fallback Rate announcing that it has ceased or will cease to provide the Applicable CORRA Fallback Rate
permanently or indefinitely, provided that, at the time of the statement or publication, there is no successor Reference Rate Administrator
or provider of the Applicable CORRA Fallback Rate that will continue to provide the Applicable CORRA Fallback Rate; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">B.</TD><TD STYLE="text-align: justify">a public statement or publication of information by the regulatory supervisor for the Reference Rate Administrator
or provider of the Applicable CORRA Fallback Rate, the Bank of Canada, an insolvency official with jurisdiction over the Reference Rate
Administrator or provider of the Applicable CORRA Fallback Rate, a resolution authority with jurisdiction over the Reference Rate Administrator
or provider of the Applicable CORRA Fallback Rate or a court or an entity with similar insolvency or resolution authority over the Reference
Rate Administrator or provider of the Applicable CORRA Fallback Rate, which states that the Reference Rate Administrator or provider of
the Applicable CORRA Fallback Rate has ceased or will cease to provide the Applicable CORRA Fallback Rate permanently or indefinitely,
provided that, at the time of the statement or publication, there is no successor Reference Rate Administrator or provider of the Applicable
CORRA Fallback Rate that will continue to provide the Applicable CORRA Fallback Rate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Interest Determination Date</B>&quot;
means the date that is two Bank of Canada Business Days preceding each Interest Payment Date, or, in the case of the final Interest Period,
preceding the Maturity Date, or, if applicable, preceding the date of redemption of any Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Interest Payment Date</B>&quot;
means the 13th day of each of March, June, September&nbsp;and December&nbsp;of each year, commencing June&nbsp;13, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Interest Period</B>&quot; means
each quarterly period from, and including, each Interest Payment Date (or, in the case of the first Interest Period, the date of the first
issuance of the Series&nbsp;3 Notes) to, but excluding, the next succeeding Interest Payment Date, or in the case of the final Interest
Period, the Maturity Date (or, if Notes are redeemed prior to the Maturity Date, the date of redemption of such Notes, as applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Investment Grade Rating</B>&quot;
means a rating equal to, or higher than, BBB (low) by Morningstar DBRS (or the equivalent of any successor rating category of Morningstar
DBRS), Baa3 by Moody's (or the equivalent of any successor rating category of Moody's), BBB- by S&amp;P (or the equivalent of any successor
rating category of S&amp;P), or BBB- by Fitch (or the equivalent of any successor rating category of Fitch) or, if none of these rating
agencies rates the Notes, the corresponding credit rating from any other Designated Rating Organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Maturity Date</B>&quot; means
March&nbsp;13, 2028.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Observation Period</B>&quot;
means in respect of each Interest Period, the period from, and including, the date that is two Bank of Canada Business Days preceding
the first date in such Interest Period (or, in the case of the first Interest Period, the date of the first issuance of the Series&nbsp;3
Notes) to, but excluding, the date that is two Bank of Canada Business Days preceding the Interest Payment Date for such Interest Period
(or, in the case of the final Interest Period, the Maturity Date or, if the Notes are redeemed prior to the Maturity Date, the date of
redemption of such Notes, as applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Person</B>&quot; or &quot;<B>person</B>&quot;
means any individual, corporation, partnership, limited liability company, unlimited liability company, joint venture, incorporated or
unincorporated association, joint-stock company, trust, mutual fund trust, unincorporated organization or government or other agency or
political subdivision thereof or other legal entity of any kind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Ratings Event</B>&quot; means
the occurrence of a decrease in the rating of the Series&nbsp;3 Notes to below an Investment Grade Rating by either (a)(i)&nbsp;two out
of three of the Designated Rating Organizations, if there are three Designated Rating Organizations then rating the Notes, or (ii)&nbsp;three
Designated Rating Organizations, if there are four or more Designated Rating Organizations then rating the Notes, or (b)&nbsp;each Designated
Rating Organization, if there are less than three Designated Rating Organizations then rating the Notes (the &quot;<B>Required Threshold</B>&quot;)
on any day within the 90-day period (which 90-day period will be extended so long as the rating of the Notes is under publicly announced
consideration for a possible downgrade by such number of Designated Rating Organization(s)&nbsp;which, together with each Designated Rating
Organization which has already lowered its rating, would aggregate in number the Required Threshold) after the earlier of (i)&nbsp;the
occurrence of a Change of Control and (ii)&nbsp;public notice of the occurrence of a Change of Control or of the Issuer's intention or
agreement to effect a Change of Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Reference Rate Administrator</B>&quot;
means the Bank of Canada or any successor administrator for CORRA and/or the CORRA Compounded Index or the administrator (or its successor)
of another Applicable CORRA Fallback Rate, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Voting Shares</B>&quot; with
respect to any Person, means securities of any class of Equity Interests of such Person entitling the holders thereof (whether at all
times or only so long as no senior class of shares or other relevant Equity Interest has voting power by reason of any contingency) to
vote in the election of members of the Board of Directors of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">In this Supplemental Indenture, all references to Articles, Sections and Schedules refer, unless otherwise
specified, to articles, sections and schedules of or to this Supplemental Indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.2</B></TD><TD STYLE="text-align: justify"><B>Amendments to Indenture</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Supplemental Indenture is supplemental to
the Indenture and the Indenture and the Supplemental Indenture shall hereafter be read together and shall have effect, so far as practicable,
with respect to the Series&nbsp;3 Notes as if all the provisions of the Indenture and this Supplemental Indenture were contained in one
instrument. The Indenture is and shall remain in full force and effect with regards to all matters governing the Series&nbsp;3 Notes,
except as the Indenture is amended, superseded, modified or supplemented by this Supplemental Indenture. Notwithstanding the foregoing,
in the event of any inconsistency between the provisions of this Supplemental Indenture and the provisions of the Indenture, the provisions
of this Supplemental Indenture shall prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For clarity and avoidance of doubt, the provisions
of this Supplemental Indenture shall only be applicable to the Series&nbsp;3 Notes issued hereunder and shall not be applicable to any
other series of Notes hereafter issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;2<BR>
The Series&nbsp;3 Notes</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.1</B></TD><TD STYLE="text-align: justify"><B>Creation and Designation</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is hereby authorized to be issued under
the Indenture a Series&nbsp;of Notes designated as Floating Rate Senior Unsecured Notes, Series&nbsp;3, due March&nbsp;13, 2028. The Series&nbsp;3
Notes shall have the terms set forth in this Article&nbsp;2 and be subject to the applicable provisions of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.2</B></TD><TD STYLE="text-align: justify"><B>Form&nbsp;and Terms of Series&nbsp;3 Notes</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The maximum principal amount of Series&nbsp;3 Notes that may be issued is unlimited. The initial amount
of Series&nbsp;3 Notes that is authorized and issued under this Supplemental Indenture on the date hereof is $150,000,000 in the lawful
money of Canada.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The Series&nbsp;3 Notes shall mature on March&nbsp;13, 2028.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The Series&nbsp;3 Notes bear interest from the date of issue based on the Daily Compounded CORRA determined
for the Observation Period in respect of each Interest Period plus 1.26% per annum, payable quarterly in arrears on each Interest Payment
Date through to the Maturity Date. The first interest payment will be June&nbsp;13, 2025 in respect of the Series&nbsp;3 Notes issued
on the date hereof for the period from and including March&nbsp;13, 2025, payable after as well as before maturity and after as well as
before default, with interest on amounts in default at the same rate, compounded quarterly. Interest payable for any period less than
a full quarterly period shall be computed on the basis of a 365&nbsp;day year and the actual number of days elapsed in the period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">If any Interest Payment Date would otherwise fall on a day that is not a Bank of Canada Business Day,
then such Interest Payment Date will be the next day that is a Bank of Canada Business Day, unless the next Bank of Canada Business Day
falls in the next calendar month, in which case such Interest Payment Date will be the immediately preceding day that is a Bank of Canada
Business Day. If the Maturity Date falls on a day that is not a Bank of Canada Business Day, the Issuer will make the required payment
of principal and interest on the next succeeding Bank of Canada Business Day.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">The Series&nbsp;3 Notes may be redeemed at the option of the Issuer on any Interest Payment Date, provided
that in each case if such date is not a Bank of Canada Business Day, then such Redemption Date will be the next following Bank of Canada
Business Day unless such day falls in the next calendar month, in which case the relevant Redemption Date shall be the immediately preceding
Bank of Canada Business Day, either in whole at any time, or in part from time to time, upon such condition as may be specified in the
notice of redemption and on a Redemption Date determined by the Issuer that is not less than&nbsp;10 nor more than 60 days after such
notice of redemption is given to the holders of the Series&nbsp;3 Notes to be redeemed pursuant to Article&nbsp;5 of the Indenture, at
a Redemption Price equal to the greater of (i)&nbsp;the CORRA Yield Price; and (ii)&nbsp;par, together in each case with accrued and unpaid
interest, if any, to but excluding, the date fixed for the redemption. The Issuer will be responsible for calculating the Redemption Price.
Less than all of the Series&nbsp;3 Notes may be redeemed, and if so redeemed, shall be redeemed in accordance with Section&nbsp;5.2 of
the Indenture. In accordance with Section&nbsp;5.8 of the Indenture, the Series&nbsp;3 Notes that are redeemed pursuant to this Section&nbsp;2.2
will be cancelled and will not be re-issued. The notice of the Issuer to redeem the Series&nbsp;3 Notes may be conditional on an event
or transaction, and, in such case, such notice of redemption shall specify the details and terms of any event on which such redemption
is conditional.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">Upon the occurrence of a Change of Control Triggering Event, the Issuer is required, in accordance with
section 8.12 of the Indenture, to make an offer to purchase all outstanding Series&nbsp;3 Notes at a price equal to 101% of the principal
amount of such Series&nbsp;3 Notes plus accrued and unpaid interest up to, but excluding, the date the Series&nbsp;3 Notes are so repurchased.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">The Series&nbsp;3 Notes shall be issued in denominations of $1,000 and integral multiples of $1,000 in
excess thereof. Each certificate representing the Series&nbsp;3 Notes and the certificate of the Trustee endorsed thereon shall be issued
in substantially the form set out in Schedule&nbsp;&quot;A&quot; to this Supplemental Indenture, with such insertions, omissions, substitutions
or other variations as shall be required or permitted by the Indenture and this Supplemental Indenture, and may have imprinted or otherwise
reproduced thereon such legends or endorsements, not inconsistent with the provisions of the Indenture or this Supplemental Indenture,
as may be required to comply with any law or with any rules&nbsp;or regulations pursuant thereto or with any rules&nbsp;or regulations
of any securities exchange or securities regulatory authority or to conform with general usage, all as may be determined by any Officer
of the Issuer executing such Series&nbsp;3 Note in accordance with Section&nbsp;2.6 of the Indenture, as conclusively evidenced by their
execution thereof. Each certificate representing the Series&nbsp;3 Notes shall additionally bear such distinguishing letters and numbers
as the Trustee shall approve.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Series&nbsp;3 Notes shall be issuable
initially as one Global Note held by, or on behalf of, the Depository for its participants and registered in the name of the Depository
or its nominee. No beneficial holder of Series&nbsp;3 Notes shall receive definitive certificates representing their interest in Series&nbsp;3
Notes except as provided in Section&nbsp;2.5 of the Indenture. A Global Note may be exchanged for Series&nbsp;3 Notes in registered form
that are not Global Notes or transferred to and registered in the name of a Person other than the Depository for such Global Notes or
a nominee thereof, as provided in Section&nbsp;2.5 of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">The Trustee shall be provided with the documents and instruments referred to in Sections&nbsp;4.1(a)(i),
4.1(a)(ii)&nbsp;and 4.1(a)(iii)&nbsp;of the Indenture with respect to the Series&nbsp;3 Notes prior to the issuance of the Series&nbsp;3
Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.3</B></TD><TD STYLE="text-align: justify"><B>Floating Interest Rate Fallback</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">If (i)&nbsp;the CORRA Compounded Index<SUB>start </SUB>or the CORRA Compounded Index<SUB>end</SUB> is
not published or displayed by the Reference Rate Administrator or an authorized distributor by 11:30 a.m.&nbsp;Toronto time (or an amended
publication time, if any, as specified in the Reference Rate Administrator's methodology for calculating the CORRA Compounded Index) on
the Interest Determination Date for such Interest Period, but a CORRA Compounded Index Cessation Effective Date has not occurred, or (ii)&nbsp;a
CORRA Compounded Index Cessation Effective Date has occurred, and in the case of either (i)&nbsp;or (ii), a CORRA Cessation Effective
Date has not occurred, then Daily Compounded CORRA for the applicable Interest Period will be calculated by the Calculation Agent using
the following method, with the resulting percentage being rounded, if necessary, to the fifth decimal place, with 0.000005% being rounded
upwards and (-) 0.000005% being rounded downwards:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><IMG SRC="tm258879d2_ex99-1img002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&quot;<B>d<SUB>0</SUB></B>&quot; for any Observation
Period is the number of Bank of Canada Business Days in the relevant Observation Period;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&quot;<B>i</B>&quot; is a series of whole numbers
from one to d<SUB>0</SUB>, each representing the relevant Bank of Canada Business Day in chronological order from, and including, the
first Bank of Canada Business Day in the relevant Observation Period;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&quot;<B>CORRA<SUB>i</SUB></B>&quot; means, in
respect of any Bank of Canada Business Day &quot;i&quot; in the relevant Observation Period, a reference rate equal to the daily CORRA
rate for that day, as published or displayed by the Reference Rate Administrator for CORRA on the website of such Reference Rate Administrator
or any successor website or an authorized distributor at 11:00 a.m.&nbsp;Toronto time (or the amended publication deadline for CORRA,
if any, as specified in the Reference Rate Administrator's methodology for calculating CORRA) on the immediately following Bank of Canada
Business Day, which is the Bank of Canada Business Day &quot;i&quot;&nbsp;+&nbsp;1, provided that, if by not later than at 11:00 a.m.&nbsp;Toronto
time (or the amended publication deadline for CORRA, if any, as specified in the Reference Rate Administrator's methodology for calculating
CORRA) neither the Reference Rate Administrator for CORRA nor authorized distributors provide or publish CORRA in respect of that day
and a CORRA Cessation Effective Date has not occurred, then references to CORRA will be deemed to be references to the last provided or
published CORRA as of the close of business in Toronto on that day;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&quot;<B>n<SUB>i</SUB></B>&quot; means, for any
Bank of Canada Business Day &quot;i&quot; in the relevant Observation Period, the number of calendar days from, and including, such Bank
of Canada Business Day &quot;i&quot; to, but excluding, the following Bank of Canada Business Day, which is Bank of Canada Business Day
 &quot;i&quot; + 1; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&quot;<B>d</B>&quot; is the number of calendar
days in the relevant Observation Period.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">If a CORRA Cessation Effective Date has occurred, then the interest rate for an Interest Period in respect
of which an Interest Determination Date occurs on or after such CORRA Cessation Effective Date will be the CAD Recommended Rate, to which
the Calculation Agent will apply the most recently published spread, as at the CORRA Cessation Effective Date, and make such adjustments
to the CAD Recommended Rate as are determined necessary to account for any difference in the term, structure or tenor of the CAD Recommended
Rate in comparison to CORRA. If there is a CAD Recommended Rate before the end of the first Bank of Canada Business Day following the
CORRA Cessation Effective Date, but neither the Reference Rate Administrator nor authorized distributors provide or publish the CAD Recommended
Rate and a Fallback Index Cessation Effective Date with respect to the CAD Recommended Rate has not occurred, then, in respect of any
day for which the CAD Recommended Rate is required, references to the CAD Recommended Rate will be deemed to be references to the last
provided or published CAD Recommended Rate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">If (i)&nbsp;there is no CAD Recommended Rate before the end of the first Bank of Canada Business Day following
a CORRA Cessation Effective Date, or (ii)&nbsp;there is a CAD Recommended Rate and a Fallback Index Cessation Effective Date subsequently
occurs with respect to the CAD Recommended Rate, the terms of the Series&nbsp;3 Notes will provide that the interest rate for an Interest
Determination Date which occurs on or after the CORRA Cessation Effective Date or the Fallback Index Cessation Effective Date with respect
to the CAD Recommended Rate (as applicable) will be the BOC Target Rate, to which the Calculation Agent will apply the most recently published
spread, as at the CORRA Cessation Effective Date, and make such adjustments to the BOC Target Rate as are determined necessary to account
for any difference in the term, structure or tenor of the BOC Target Rate in comparison to CORRA.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">In respect of any day for which the BOC Target Rate is required, references to the BOC Target Rate will
be deemed to be references to the last provided or published BOC Target Rate as of the close of business in Toronto on that day.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, in connection with the implementation of an Applicable CORRA Fallback Rate,
the Calculation Agent may, in consultation with the Issuer, make such changes or adjustments to (i)&nbsp;the Applicable CORRA Fallback
Rate or the spread thereon, and (ii)&nbsp;any business day convention (including the business day convention set out in Section&nbsp;2.2(d)),
the calendar day count convention,&nbsp;Interest Determination Dates, and any other terms or provisions of the Series&nbsp;3 Notes and
related definitions (including observation dates for reference rates), in each case as are consistent with accepted market practice or
applicable regulatory or legislative action or guidance for the use of the Applicable CORRA Fallback Rate for debt obligations comparable
to the Series&nbsp;3 Notes in such circumstances.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">Any determination, decision or election that may be made by the Issuer or the Calculation Agent, as applicable,
pursuant to the foregoing, including any determination with respect to a rate or adjustment or of the occurrence or non-occurrence of
an event, circumstance or date and any decision to take or refrain from taking any action or any selection (i)&nbsp;will be conclusive
and binding, absent manifest error, (ii)&nbsp;if made by the Issuer, will be made in the sole discretion of the Issuer, or, as applicable,
if made by the Calculation Agent will be made after consultation with the Issuer and the Calculation Agent will not make any such determination,
decision or election to which the Issuer objects and will have no liability for not making any such determination, decision or election,
and (iii)&nbsp;notwithstanding anything to the contrary in the documentation relating to the Series&nbsp;3 Notes, will become effective
without consent from the holders of the Series&nbsp;3 Notes or any other party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;3<BR>
Guarantees</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.1</B></TD><TD STYLE="text-align: justify"><B>Existing Guarantees to Apply</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Issuer hereby confirms to the Trustee that
subject to the provisions of Section&nbsp;6.4 of the Indenture, the Guarantees apply to the Series&nbsp;3 Notes issued hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;4<BR>
Additional Matters</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.1</B></TD><TD STYLE="text-align: justify"><B>Confirmation of Indenture</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Indenture, as amended and supplemented by
this Supplemental Indenture, is in all respects confirmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.2</B></TD><TD STYLE="text-align: justify"><B>Acceptance of Trusts</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustee hereby accepts the trusts in this
Supplemental Indenture declared and provided for and agrees to perform the same upon the terms and conditions and subject to the provisions
set forth in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.3</B></TD><TD STYLE="text-align: justify"><B>Additional Amounts</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Issuer will not be required to pay any additional
amounts on Series&nbsp;3 Notes in respect of any tax, assessment or government charge withheld or deducted, or any other cost, charge
or payment of any nature or type other than as expressly contemplated by the Indenture or this Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.4</B></TD><TD STYLE="text-align: justify"><B>Governing Law</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Supplemental Indenture and the Series&nbsp;3
Notes shall be construed in accordance with the laws of the Province of Qu&eacute;bec and the laws of Canada applicable therein and shall
be treated, in all respects, as Qu&eacute;bec contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.5</B></TD><TD STYLE="text-align: justify"><B>Further Assurances</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The parties shall, with reasonable diligence,
do all such things and provide all such reasonable assurances as may be required to consummate the transactions contemplated by this Supplemental
Indenture, and each party shall provide such further documents or instruments required by the other party as may be reasonably necessary
or desirable to effect the purpose of the Indenture and this Supplemental Indenture and carry out its provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.6</B></TD><TD STYLE="text-align: justify"><B>Counterparts and Formal Date</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Supplemental Indenture may be executed in
several counterparts, each of which when so executed shall be deemed to be an original, and such counterparts together shall constitute
one and the same instrument. Delivery of an executed signature page&nbsp;to this Supplemental Indenture by any person by electronic transmission
shall be as effective as delivery of a manually executed copy of this Supplemental Indenture by such person. For the purpose of convenience,
this Supplemental Indenture may be referred to as bearing formal date of March&nbsp;13, 2025, irrespective of the actual date of execution
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.7</B></TD><TD STYLE="text-align: justify"><B>Language</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The parties hereto expressly request and require,
and confirm that it is their express wish, that this Supplemental Indenture and all documents required or permitted to be given or entered
into pursuant hereto to be drawn up in English. <I>Les parties aux pr&eacute;sentes conviennent et exigent, et confirment leur volont&eacute;
expresse, que cette entente et tout autre document &agrave; &ecirc;tre ou pouvant &ecirc;tre donn&eacute;s ou conclus en vertu des pr&eacute;sentes
soient r&eacute;dig&eacute;s en anglais.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>[Remainder of page&nbsp;intentionally left
blank]</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IN WITNESS WHEREOF</B> the parties hereto have
executed this Third Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GILDAN ACTIVEWEAR INC</B>., as Issuer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">/s/ Suzanne Adams</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: justify; width: 3%">&nbsp;</TD>
<TD STYLE="width: 5%">Name:</TD>
<TD STYLE="width: 42%">Suzanne Adams</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD>Title:</TD>
<TD>Vice-President, Treasury</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TSX TRUST COMPANY</B>, as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Sharo Moradi</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sharo Moradi</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Karim Larbi Lyamani</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Karim Larbi Lyamani</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[Signature Page to Third Supplemental Trust Indenture]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule&nbsp;&quot;A&quot;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&quot;</I></FONT><I>N<FONT STYLE="font-size: 10pt">o
prospectus has been filed under any Canadian securities legislation with respect to this note and, accordingly, this note is subject to
restrictions on transferability and resale under applicable Canadian laws.</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Unless permitted under securities legislation,
the holder of this security must not trade the security before July&nbsp;14, 2025.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This Certificate is a Global Note within the
meaning of the Indenture hereinafter referred to and is registered in the name of a Depository or a nominee thereof.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Unless this certificate is presented by an
authorized representative of CDS Clearing and Depository Services Inc. (&quot;<B>CDS</B>&quot;) to Gildan Activewear Inc. or its agent
for registration of transfer, exchange or payment, and any certificate issued in respect thereof is registered in the name of CDS&nbsp;&amp;
Co., or in such other name as is requested by an authorized representative of CDS, and any payment is made to CDS&nbsp;&amp; Co. (or in
such other name as is requested by an authorized representative of CDS) and any payment is made to CDS&nbsp;&amp; Co. or to such other
entity as is requested by an authorized representative of CDS, any transfer, pledge or other use hereof for value or otherwise by or to
any person is wrongful since the registered holder hereof, CDS&nbsp;&amp; Co., has a property interest in the securities represented by
this certificate and it is a violation of its rights for another person to hold, transfer or deal with this certificate.&quot;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.&nbsp;</FONT><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP: 375916AC7</FONT></TD>
    <TD STYLE="width: 40%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISIN: CA375916AC72</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GILDAN ACTIVEWEAR INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(A corporation established under the laws of
Canada)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FLOATING RATE <FONT STYLE="text-transform: uppercase">Senior
Unsecured Note, Series&nbsp;3, </FONT>DUE MARCH&nbsp;13, 2028</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>GILDAN
ACTIVEWEAR Inc.</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">(the &quot;<B>Issuer</B>&quot;) for value received
hereby acknowledges itself indebted and, subject to the provisions of the indenture (the &quot;<B>Indenture</B>&quot;) dated as of November&nbsp;22,
2024 between the Issuer and TSX Trust Company (the &quot;<B>Trustee</B>&quot;), as amended by a third supplemental trust indenture (the
 &quot;<B>Third Supplemental Indenture</B>&quot;) dated March&nbsp;13, 2025 (the Indenture as supplemented by the Third Supplemental Indenture
being referred to as the &quot;<B>Indenture</B>&quot;) promises to pay to CDS&nbsp;&amp; Co. or registered assigns on March&nbsp;13, 2028
(the &quot;<B>Maturity Date</B>&quot;) or on such earlier date as the principal amount hereof may become due in accordance with the provisions
of the Indenture, the principal sum of $</FONT>&#9679; <FONT STYLE="font-family: Times New Roman, Times, Serif">in lawful money of Canada
on presentation and surrender of this floating rate senior unsecured note, Series&nbsp;3, due March&nbsp;13, 2028 (the &quot;<B>Series&nbsp;3
Notes</B>&quot;) at the principal office of the Trustee in Montr&eacute;al, Qu&eacute;bec in accordance with the terms of the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series&nbsp;3 Notes shall, subject as herein
provided, bear interest on the principal amount hereof from the date of issue based on the Daily Compounded CORRA determined for the Observation
Period in respect of each Interest Period plus 1.26% per annum, payable quarterly in arrears on the 13th day of each of March, June, September&nbsp;and
December&nbsp;of each year, commencing June&nbsp;13, 2025 (each such date, an &quot;<B>Interest Payment Date</B>&quot;). The first interest
payment will be June&nbsp;13, 2025 in respect of the Series&nbsp;3 Notes issued on the date hereof for the period from and including March&nbsp;13,
2025. Interest payable for any period less than a full quarterly period shall be computed on the basis of a 365&nbsp;day year and the
actual number of days elapsed in the period. If any Interest Payment Date would otherwise fall on a day that is not a Bank of Canada Business
Day (as defined below), then such Interest Payment Date will be the next day that is a Bank of Canada Business Day, unless the next Bank
of Canada Business Day falls in the next calendar month, in which case such Interest Payment Date will be the immediately preceding day
that is a Bank of Canada Business Day. If the Maturity Date falls on a day that is not a Bank of Canada Business Day, the Issuer will
make the required payment of principal and interest on the next succeeding Bank of Canada Business Day. Interest hereon shall be payable
by cheque mailed by prepaid ordinary mail to the registered holder hereof or by electronic transfer of funds to the registered holder
hereof, and subject to the provisions of the Indenture, the mailing of such cheque or the sending of such electronic transfer of funds
shall, to the extent of the sum represented thereby (plus the amount of any tax withheld), satisfy and discharge all liability for interest
on this Series&nbsp;3 Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A &quot;<B>Bank of Canada Business Day</B>&quot;
means each day that Schedule I banks under the <I>Bank Act</I> (Canada) are open for business in Toronto, Ontario, Canada, other than
a Saturday or a Sunday or a public holiday in Toronto (or such revised regular publication calendar for the CORRA Compounded Index, CORRA
or an Applicable CORRA Fallback Rate as may be adopted by the Reference Rate Administrator from time to time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Series&nbsp;3 Note is one of the Notes of
the Issuer issued or issuable in one or more series under the provisions of the Indenture. The maximum principal amount of Series&nbsp;3
Notes authorized for issue is unlimited. Reference is hereby expressly made to the Indenture for a description of the terms and conditions
upon which the Series&nbsp;3 Notes are or are to be issued and held and the rights and remedies of the holders of the Series&nbsp;3 Notes
and of the Issuer and of the Trustee, all to the same effect as if the provisions of the Indenture were herein set forth, and to all of
which provisions the holder of this Series&nbsp;3 Note by acceptance hereof assents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series&nbsp;3 Notes are issuable only in denominations
of $1,000 and integral multiples of $1,000 in excess thereof. Upon compliance with the provisions of the Indenture, Series&nbsp;3 Notes
of any denomination may be exchanged for an equal aggregate principal amount of Series&nbsp;3 Notes in any other authorized denomination
or denominations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series&nbsp;3 Notes may be redeemed at the
option of the Issuer on any Interest Payment Date, provided that in each case if such date is not a Bank of Canada Business Day, then
such Redemption Date will be the next following Bank of Canada Business Day unless such day falls in the next calendar month, in which
case the relevant Redemption Date shall be the immediately preceding Bank of Canada Business Day, either in whole at any time, or in part
from time to time, upon such condition as may be specified in the applicable notice of redemption and on a Redemption Date determined
by the Issuer that is not less than&nbsp;10 nor more than 60 days after notice of such redemption is given to the holders of the Series&nbsp;3
Notes to be redeemed pursuant to Article&nbsp;5 of the Indenture at a Redemption Price equal to the greater of (i)&nbsp;the CORRA Yield
Price, and (ii)&nbsp;par, together in each case with accrued and unpaid interest, if any, to but excluding, the date fixed for the redemption.
 &quot;<B>CORRA Yield Price</B>&quot; means a price equal to the sum of the discounted values, calculated using the CORRA Yield as the
discount rate, of (i)&nbsp;all remaining scheduled payments of interest on the Notes (calculated at an interest rate equal to CORRA as
of the CORRA Yield Determination Date, compounded daily, plus 1.26%), and (ii)&nbsp;the principal amount of the Notes to be redeemed,
in each case from, but not including, the redemption date to, and including, the Maturity Date calculated in accordance with generally
accepted financial practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the occurrence of a Change of Control Triggering
Event, the Issuer is required to make an offer to purchase all outstanding Series&nbsp;3 Notes at a price equal to 101% of the principal
amount of such Series&nbsp;3 Notes plus accrued and unpaid interest up to, but excluding, the date the Series&nbsp;3 Notes are so repurchased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The indebtedness evidenced by this Series&nbsp;3
Note, and by all other Series&nbsp;3 Notes now or hereafter certified and delivered under the Indenture, is a direct senior unsecured
obligation of the Issuer, and ranks equal in right of payment (<I>pari passu</I>) with each other and with Notes of every other series
(regardless of their actual dates or terms of issue) and, subject to statutory preferred exceptions, with all other existing and future
senior unsecured Indebtedness of the Issuer. The Series&nbsp;3 Notes will be senior in right of payment to any future subordinated indebtedness
of the Issuer. The Series&nbsp;3 Notes will be effectively subordinated to all secured Indebtedness of the Issuer to the extent of the
value of the assets securing such Indebtedness and structurally subordinated to all Indebtedness and other obligations (including trade
payables) of the Issuer's Subsidiaries which are not Guarantors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Series&nbsp;3 Note has been unconditionally
and irrevocably guaranteed as to the payment of principal, interest, and Premium, if any, in accordance with the terms of the Indenture
by the Guarantors, subject to any limitation of the liability of any Guarantor pursuant to Section&nbsp;6.5 of the Indenture and/or pursuant
to Section&nbsp;13.2 of the guarantee agreement entered into by the Guarantors in respect of the Indenture. Any guarantee of the Series&nbsp;3
Note is subject to the provisions of the Indenture, including Article&nbsp;6 thereof, and the guarantee agreement entered into by the
Guarantors in respect of the Indenture. Each guarantee of the Series&nbsp;3 Notes will be unsecured and rank equal in right of payment
(<I>pari passu</I>) to all existing and future senior unsecured Indebtedness of each Guarantor. The guarantees will be effectively subordinated
to the Guarantors' secured obligations to the extent of the assets securing such obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The principal hereof may become or be declared
due and payable before the stated maturity in the events, in the manner, with the effect and at the times provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any payment of money to any holder of Series&nbsp;3
Notes shall be reduced by the amount of applicable withholding tax, if any. The Indenture contains provisions making binding upon all
holders of Notes outstanding thereunder (or in certain circumstances specific series of Notes) resolutions passed at meetings of such
holders held in accordance with such provisions and instruments signed by the holders of a specified majority of Notes outstanding (or
specific series), which resolutions or instruments may have the effect of amending the terms of these Series&nbsp;3 Notes or the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Series&nbsp;3 Note may only be transferred,
upon compliance with the conditions prescribed in the Indenture, in the registers to be kept at the principal office of the Trustee in
Montr&eacute;al and in such other place or places and/or by such other registrars (if any) as the Issuer with the approval of the Trustee
may designate. No transfer of this Series&nbsp;3 Note shall be valid unless made on the register by the registered holder hereof or his
executors or administrators or other legal representatives, or his or their attorney duly appointed by an instrument in form and substance
satisfactory to the Trustee or other registrar, and upon compliance with such reasonable requirements as the Trustee and/or other registrar
may prescribe and upon surrender of this Series&nbsp;3 Note for cancellation. Thereupon a new Series&nbsp;3 Note or Series&nbsp;3 Notes
in the same aggregate principal amount shall be issued to the transferee in exchange hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Series&nbsp;3 Note shall not become obligatory
for any purpose until it shall have been certified by the Trustee under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Series&nbsp;3 Note shall be construed in
accordance with the laws of the Province of Qu&eacute;bec and the laws of Canada applicable therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Capitalized words or expressions used in this
Series&nbsp;3 Note shall, unless otherwise defined herein, have the meaning ascribed thereto in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any of the provisions of this Series&nbsp;3
Note are inconsistent with the provisions of the Indenture, the provisions of the Indenture shall take precedence and shall govern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> </P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The parties hereto expressly request and require,
and confirm that it is their express wish, that this Series&nbsp;3 Note and all documents required or permitted to be given or entered
into pursuant hereto to be drawn up in English. <I>Les parties aux pr&eacute;sentes conviennent et exigent, et confirment leur volont&eacute;
expresse, que le pr&eacute;sent billet et tout autre document &agrave; &ecirc;tre ou pouvant &ecirc;tre donn&eacute;s ou conclus en vertu
des pr&eacute;sentes soient r&eacute;dig&eacute;s en anglais.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> </P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IN WITNESS WHEREOF</B>, the Issuer has caused
this Series&nbsp;3 Note to be signed by its authorized representatives as of the <B>_____ </B>day of _______________.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GILDAN ACTIVEWEAR INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
<TD STYLE="width: 47%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD>Name: Suzanne Adams </TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD>Title: Vice-President, Treasury &nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 18; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --> </P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUSTEE'S CERTIFICATE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Series&nbsp;3 Note is one of the Floating
Rate Senior Unsecured Notes, Series&nbsp;3, due March&nbsp;13, 2028 referred to in the Indenture within mentioned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TSX TRUST COMPANY</B>, as Trustee</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 47%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --> </P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(FORM&nbsp;OF REGISTRATION PANEL)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(No writing hereon except by Trustee or other registrar)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 2.15pt 5.75pt; width: 28%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date of Registration</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; width: 31%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In Whose Name Registered</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; width: 41%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature of Trustee or Registrar</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CDS&nbsp;&amp; Co.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --> </P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GILDAN ACTIVEWEAR INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>FLOATING
RATE Senior Unsecured Note, Series&nbsp;3, due March&nbsp;13, 2028</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial Principal Amount: $</FONT><FONT STYLE="font-size: 10pt; color: #002060">&#9679;</FONT></TD>
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP: 375916AC7</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorization:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ADJUSTMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; padding: 2.15pt 5.75pt; width: 20%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; width: 20%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount of<BR>
 Increase</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; width: 20%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount of<BR>
 Decrease</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; width: 20%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Principal<BR>
 Amount</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; width: 20%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorization</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
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<TYPE>EX-99.2
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<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOURTH SUPPLEMENTAL TRUST INDENTURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Fourth Supplemental Trust Indenture is entered
into as of the 13<SUP>th</SUP> day of March, 2025 between:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>GILDAN
ACTIVEWEAR Inc.</B></FONT>, a corporation created and existing under the laws of Canada (the &quot;<B>Issuer</B>&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>TSX
trust company</B></FONT>, a trust company existing under the laws of Canada (the &quot;<B>Trustee</B>&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WITNESSETH THAT:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHEREAS</B> the Issuer and the Trustee entered
into a trust indenture dated as of November&nbsp;22, 2024 (the&nbsp;&quot;<B>Indenture</B>&quot;) to provide for the creation and issuance
of senior unsecured notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>AND WHEREAS</B> Section&nbsp;14.3 of the Indenture
provides that the Trustee may enter into indentures supplemental to the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>AND WHEREAS</B> the Issuer has determined to
create and issue a fourth series of Notes to be designated as 3.630% Senior Unsecured Notes, Series&nbsp;4, due March&nbsp;13, 2028 (the
 &quot;<B>Series&nbsp;4 Notes</B>&quot;) and to enter into this fourth supplemental trust indenture (this &quot;<B>Supplemental Indenture</B>&quot;)
with the Trustee to provide for such creation and issuance, and establish the terms, provisions and conditions, of the Series&nbsp;4 Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>AND WHEREAS</B> all necessary acts and proceedings
have been done and taken and all necessary resolutions have been passed to authorize the execution and delivery of this Supplemental Indenture,
to make the same effective and binding upon the Issuer, and to make the Series&nbsp;4 Notes, when certified by the Trustee and issued
as provided in the Indenture and this Supplemental Indenture, valid, binding and legal obligations of the Issuer with the benefit and
subject to the terms of the Indenture and this Supplemental Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>AND WHEREAS</B> the foregoing recitals are
made as representations and statements of fact by the Issuer and not by the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOW THEREFORE</B> it is hereby covenanted,
agreed and declared as set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;1</B></FONT><B><BR>
DEFINITIONS AND AMENDMENTS TO INDENTURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.1</B></TD><TD STYLE="text-align: justify"><B>Definitions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">All capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">In this Supplemental Indenture and in the Series&nbsp;4 Notes, unless there is something in the subject
matter or context inconsistent therewith, the following expressions shall have the respective meanings indicated:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Canada Yield Price</B>&quot;
means a price for the Series&nbsp;4 Notes being redeemed, calculated at 10:00 a.m.&nbsp;(Montr&eacute;al time) on the Business Day preceding
the date on which the Issuer issues a notice of redemption pursuant to the Indenture and in accordance with generally accepted Canadian
financial practice to provide a yield from the redemption date to March&nbsp;13, 2028 equal to the Government of Canada Yield plus 27
bps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Change of Control</B>&quot; means
the occurrence of any of the following events: (a)&nbsp;the direct or indirect sale, transfer, conveyance or other disposition (other
than by way of merger, amalgamation or consolidation), in one or a series of related transactions, of all or substantially all of the
properties or assets of the Issuer and the Guarantors, taken as a whole, to any Person; (b)&nbsp;the consummation of any transaction the
result of which is that any Person or group of Persons acting jointly or in concert is or becomes the beneficial owner of (with beneficial
ownership and acting jointly or in concert being defined in accordance with Sections 1.8 and 1.9 of National Instrument 62-104 &ndash;
<I>Take-Over Bids and Issuer Bids</I>), or controls, directly or indirectly, Voting Shares representing more than 50% of the voting power
of the total outstanding Voting Shares of the Issuer; and (c)&nbsp;the adoption by the shareholders of the Issuer of a Plan of Liquidation.
For purposes of this definition, a Person shall not be deemed to have beneficial ownership of securities subject to a share purchase agreement,
amalgamation agreement or similar agreement until the consummation of the transactions contemplated by such agreement. Notwithstanding
the foregoing, a transaction will not be deemed to involve a Change of Control under clause (b)&nbsp;above if (a)&nbsp;the Issuer becomes
a direct or indirect wholly owned Subsidiary of a holding company and (b)(i)&nbsp;the direct or indirect holders of the Voting Shares
of such holding company immediately following that transaction are substantially the same as the holders of the Issuer's Voting Shares
immediately prior to that transaction, or (ii)&nbsp;immediately following that transaction, the holders of the Issuer's Voting Shares
immediately prior to that transaction (or another holding company satisfying the requirements of this sentence) are the beneficial owners
of (with beneficial ownership being defined in accordance with Section&nbsp;1.8 of National Instrument 62-104 &ndash; <I>Take-Over Bids
and Issuer Bids</I>), or control, directly or indirectly, Voting Shares representing 50% or more of the voting power of the total outstanding
Voting Shares of such holding company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Change of Control Triggering
Event</B>&quot; means the occurrence of both a Change of Control, and, so long as the Notes are rated, a Ratings Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Designated Rating Organization</B>&quot;
means a &quot;designated rating organization&quot; within the meaning of National Instrument &ndash; 25-101 <I>Designated Rating Organizations</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Government of Canada Yield</B>&quot;
on any date, with respect to the Series&nbsp;4 Notes, means the yield to maturity on such date, assuming semi-annual compounding, which
a non-callable Government of Canada bond would carry if issued in Canadian dollars in Canada, at 100% of its principal amount on such
date with a term to maturity equal to, or if no Government of Canada bond having an equal term to maturity exists, as close as possible
to, the remaining term to March&nbsp;13, 2028. The Government of Canada Yield will be the average of the yields determined by two nationally
recognized Canadian investment dealers selected by the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Investment Grade Rating</B>&quot;
means a rating equal to, or higher than, BBB (low) by Morningstar DBRS (or the equivalent of any successor rating category of Morningstar
DBRS), Baa3 by Moody's (or the equivalent of any successor rating category of Moody's), BBB- by S&amp;P (or the equivalent of any successor
rating category of S&amp;P), or BBB- by Fitch (or the equivalent of any successor rating category of Fitch) or, if none of these rating
agencies rates the Notes, the corresponding credit rating from any other Designated Rating Organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Person</B>&quot; or &quot;<B>person</B>&quot;
means any individual, corporation, partnership, limited liability company, unlimited liability company, joint venture, incorporated or
unincorporated association, joint-stock company, trust, mutual fund trust, unincorporated organization or government or other agency or
political subdivision thereof or other legal entity of any kind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Ratings Event</B>&quot; means
the occurrence of a decrease in the rating of the Series&nbsp;4 Notes to below an Investment Grade Rating by either (a)(i)&nbsp;two out
of three of the Designated Rating Organizations, if there are three Designated Rating Organizations then rating the Notes, or (ii)&nbsp;three
Designated Rating Organizations, if there are four or more Designated Rating Organizations then rating the Notes, or (b)&nbsp;each Designated
Rating Organization, if there are less than three Designated Rating Organizations then rating the Notes (the &quot;<B>Required Threshold</B>&quot;)
on any day within the 90-day period (which 90-day period will be extended so long as the rating of the Notes is under publicly announced
consideration for a possible downgrade by such number of Designated Rating Organization(s)&nbsp;which, together with each Designated Rating
Organization which has already lowered its rating, would aggregate in number the Required Threshold) after the earlier of (i)&nbsp;the
occurrence of a Change of Control and (ii)&nbsp;public notice of the occurrence of a Change of Control or of the Issuer's intention or
agreement to effect a Change of Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Voting Shares</B>&quot; with
respect to any Person, means securities of any class of Equity Interests of such Person entitling the holders thereof (whether at all
times or only so long as no senior class of shares or other relevant Equity Interest has voting power by reason of any contingency) to
vote in the election of members of the Board of Directors of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">In this Supplemental Indenture, all references to Articles, Sections and Schedules refer, unless otherwise
specified, to articles, sections and schedules of or to this Supplemental Indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.2</B></TD><TD STYLE="text-align: justify"><B>Amendments to Indenture</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Supplemental Indenture is supplemental to
the Indenture and the Indenture and the Supplemental Indenture shall hereafter be read together and shall have effect, so far as practicable,
with respect to the Series&nbsp;4 Notes as if all the provisions of the Indenture and this Supplemental Indenture were contained in one
instrument. The Indenture is and shall remain in full force and effect with regards to all matters governing the Series&nbsp;4 Notes,
except as the Indenture is amended, superseded, modified or supplemented by this Supplemental Indenture. Notwithstanding the foregoing,
in the event of any inconsistency between the provisions of this Supplemental Indenture and the provisions of the Indenture, the provisions
of this Supplemental Indenture shall prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For clarity and avoidance of doubt, the provisions
of this Supplemental Indenture shall only be applicable to the Series&nbsp;4 Notes issued hereunder and shall not be applicable to any
other series of Notes hereafter issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;2<BR>
The Series&nbsp;4 Notes</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.1</B></TD><TD STYLE="text-align: justify"><B>Creation and Designation</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is hereby authorized to be issued under
the Indenture a Series&nbsp;of Notes designated as 3.630% Senior Unsecured Notes, Series&nbsp;4, due March&nbsp;13, 2028. The Series&nbsp;4
Notes shall have the terms set forth in this Article&nbsp;2 and be subject to the applicable provisions of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.2</B></TD><TD STYLE="text-align: justify"><B>Form&nbsp;and Terms of Series&nbsp;4 Notes</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The maximum principal amount of Series&nbsp;4 Notes that may be issued is unlimited. The initial amount
of Series&nbsp;4 Notes that is authorized and issued under this Supplemental Indenture on the date hereof is $200,000,000 in the lawful
money of Canada.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The Series&nbsp;4 Notes shall mature on March&nbsp;13, 2028.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The Series&nbsp;4 Notes bear interest from the date of issue at the rate of 3.630% per annum, payable
in equal installments, semi-annually in arrears on March&nbsp;13 and on September&nbsp;13 in each year (each, an &quot;<B>Interest Payment
Date</B>&quot;) in an amount equal to $18.15 per $1,000 principal amount outstanding of the Series&nbsp;4 Notes (less any tax required
by law to be withheld). The first interest payment shall fall due on September&nbsp;13, 2025 in respect of Series&nbsp;4 Notes issued
on the date hereof and the last interest payment (representing interest payable from and including the last Interest Payment Date to,
but excluding, the Maturity Date of the Series&nbsp;4 Notes or the earlier Redemption Date of the Series&nbsp;4 Notes), subject as herein
provided, shall fall due on March&nbsp;13, 2028 or the earlier Redemption Date, payable after as well as before maturity and after as
well as before default, with interest on amounts in default at the same rate, compounded semi-annually. Interest payable for any period
less than a full semi-annual period shall be computed on the basis of a 365&nbsp;day year or 366&nbsp;day year, as applicable, and the
actual number of days elapsed in the period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The Series&nbsp;4 Notes may be redeemed at the option of the Issuer, in whole at any time, or in part
from time to time, upon such condition as may be specified in the notice of redemption and on a Redemption Date determined by the Issuer
that is not less than&nbsp;10 nor more than 60 days after such notice of redemption is given to the holders of the Series&nbsp;4 Notes
to be redeemed pursuant to Article&nbsp;5 of the Indenture, at a Redemption Price equal to the greater of par and the Canada Yield Price,
together with accrued and unpaid interest, if any, to but excluding, the date fixed for the redemption. The Issuer will be responsible
for calculating the Redemption Price. Less than all of the Series&nbsp;4 Notes may be redeemed, and if so redeemed, shall be redeemed
in accordance with Section&nbsp;5.2 of the Indenture. In accordance with Section&nbsp;5.8 of the Indenture, the Series&nbsp;4 Notes that
are redeemed pursuant to this Section&nbsp;2.2 will be cancelled and will not be re-issued. The notice of the Issuer to redeem the Series&nbsp;4
Notes may be conditional on an event or transaction, and, in such case, such notice of redemption shall specify the details and terms
of any event on which such redemption is conditional.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">Upon the occurrence of a Change of Control Triggering Event, the Issuer is required, in accordance with
section 8.12 of the Indenture, to make an offer to purchase all outstanding Series&nbsp;4 Notes at a price equal to 101% of the principal
amount of such Series&nbsp;4 Notes plus accrued and unpaid interest up to, but excluding, the date the Series&nbsp;4 Notes are so repurchased.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">The Series&nbsp;4 Notes shall be issued in denominations of $1,000 and integral multiples of $1,000 in
excess thereof. Each certificate representing the Series&nbsp;4 Notes and the certificate of the Trustee endorsed thereon shall be issued
in substantially the form set out in Schedule&nbsp;&quot;A&quot; to this Supplemental Indenture, with such insertions, omissions, substitutions
or other variations as shall be required or permitted by the Indenture and this Supplemental Indenture, and may have imprinted or otherwise
reproduced thereon such legends or endorsements, not inconsistent with the provisions of the Indenture or this Supplemental Indenture,
as may be required to comply with any law or with any rules&nbsp;or regulations pursuant thereto or with any rules&nbsp;or regulations
of any securities exchange or securities regulatory authority or to conform with general usage, all as may be determined by any Officer
of the Issuer executing such Series&nbsp;4 Note in accordance with Section&nbsp;2.6 of the Indenture, as conclusively evidenced by their
execution thereof. Each certificate representing the Series&nbsp;4 Notes shall additionally bear such distinguishing letters and numbers
as the Trustee shall approve.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Series&nbsp;4 Notes shall be issuable
initially as one Global Note held by, or on behalf of, the Depository for its participants and registered in the name of the Depository
or its nominee. No beneficial holder of Series&nbsp;4 Notes shall receive definitive certificates representing their interest in Series&nbsp;4
Notes except as provided in Section&nbsp;2.5 of the Indenture. A Global Note may be exchanged for Series&nbsp;4 Notes in registered form
that are not Global Notes or transferred to and registered in the name of a Person other than the Depository for such Global Notes or
a nominee thereof, as provided in Section&nbsp;2.5 of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">The Trustee shall be provided with the documents and instruments referred to in Sections&nbsp;4.1(a)(i),
4.1(a)(ii)&nbsp;and 4.1(a)(iii)&nbsp;of the Indenture with respect to the Series&nbsp;4 Notes prior to the issuance of the Series&nbsp;4
Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;3<BR>
Guarantees</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.1</B></TD><TD STYLE="text-align: justify"><B>Existing Guarantees to Apply</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Issuer hereby confirms to the Trustee that
subject to the provisions of Section&nbsp;6.4 of the Indenture, the Guarantees apply to the Series&nbsp;4 Notes issued hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;4</B></FONT><B><BR>
ADDITIONAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.1</B></TD><TD STYLE="text-align: justify"><B>Confirmation of Indenture</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Indenture, as amended and supplemented by
this Supplemental Indenture, is in all respects confirmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.2</B></TD><TD STYLE="text-align: justify"><B>Acceptance of Trusts</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustee hereby accepts the trusts in this
Supplemental Indenture declared and provided for and agrees to perform the same upon the terms and conditions and subject to the provisions
set forth in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.3</B></TD><TD STYLE="text-align: justify"><B>Additional Amounts</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Issuer will not be required to pay any additional
amounts on Series&nbsp;4 Notes in respect of any tax, assessment or government charge withheld or deducted, or any other cost, charge
or payment of any nature or type other than as expressly contemplated by the Indenture or this Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.4</B></TD><TD STYLE="text-align: justify"><B>Governing Law</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Supplemental Indenture and the Series&nbsp;4
Notes shall be construed in accordance with the laws of the Province of Qu&eacute;bec and the laws of Canada applicable therein and shall
be treated, in all respects, as Qu&eacute;bec contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.5</B></TD><TD STYLE="text-align: justify"><B>Further Assurances</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The parties shall, with reasonable diligence,
do all such things and provide all such reasonable assurances as may be required to consummate the transactions contemplated by this Supplemental
Indenture, and each party shall provide such further documents or instruments required by the other party as may be reasonably necessary
or desirable to effect the purpose of the Indenture and this Supplemental Indenture and carry out its provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.6</B></TD><TD STYLE="text-align: justify"><B>Counterparts and Formal Date</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Supplemental Indenture may be executed in
several counterparts, each of which when so executed shall be deemed to be an original, and such counterparts together shall constitute
one and the same instrument. Delivery of an executed signature page&nbsp;to this Supplemental Indenture by any person by electronic transmission
shall be as effective as delivery of a manually executed copy of this Supplemental Indenture by such person. For the purpose of convenience,
this Supplemental Indenture may be referred to as bearing formal date of March&nbsp;13, 2025, irrespective of the actual date of execution
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.7</B></TD><TD STYLE="text-align: justify"><B>Language</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The parties hereto expressly request and require,
and confirm that it is their express wish, that this Supplemental Indenture and all documents required or permitted to be given or entered
into pursuant hereto to be drawn up in English. <I>Les parties aux pr&eacute;sentes conviennent et exigent, et confirment leur volont&eacute;
expresse, que cette entente et tout autre document &agrave; &ecirc;tre ou pouvant &ecirc;tre donn&eacute;s ou conclus en vertu des pr&eacute;sentes
soient r&eacute;dig&eacute;s en anglais.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>[Remainder of page&nbsp;intentionally left
blank]</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IN WITNESS WHEREOF</B> the parties hereto have
executed this Fourth Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>GILDAN ACTIVEWEAR Inc</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, as Issuer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">/s/ Suzanne Adams</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: justify; width: 3%">&nbsp;</TD>
<TD STYLE="width: 5%">Name:</TD>
<TD STYLE="width: 42%">Suzanne Adams</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD>Title:</TD>
<TD>Vice-President, Treasury</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>TSX trust company</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Sharo Moradi</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sharo Moradi</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Karim Larbi Lyamani</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Karim Larbi Lyamani</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[Signature Page to Fourth Supplemental Trust Indenture]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule&nbsp;&quot;A&quot;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&quot;</I></FONT><I>N<FONT STYLE="font-size: 10pt">o
prospectus has been filed under any Canadian securities legislation with respect to this note and, accordingly, this note is subject to
restrictions on transferability and resale under applicable Canadian laws.</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Unless permitted under securities legislation,
the holder of this security must not trade the security before July&nbsp;14, 2025.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This Certificate is a Global Note within the
meaning of the Indenture hereinafter referred to and is registered in the name of a Depository or a nominee thereof.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Unless this certificate is presented by an
authorized representative of CDS Clearing and Depository Services Inc. (&quot;<B>CDS</B>&quot;) to Gildan Activewear Inc. or its agent
for registration of transfer, exchange or payment, and any certificate issued in respect thereof is registered in the name of CDS&nbsp;&amp;
Co., or in such other name as is requested by an authorized representative of CDS, and any payment is made to CDS&nbsp;&amp; Co. (or in
such other name as is requested by an authorized representative of CDS) and any payment is made to CDS&nbsp;&amp; Co. or to such other
entity as is requested by an authorized representative of CDS, any transfer, pledge or other use hereof for value or otherwise by or to
any person is wrongful since the registered holder hereof, CDS&nbsp;&amp; Co., has a property interest in the securities represented by
this certificate and it is a violation of its rights for another person to hold, transfer or deal with this certificate.&quot;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.&nbsp;</FONT><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP: 375916AD5</FONT></TD>
    <TD STYLE="width: 40%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISIN: CA375916AD55</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>GILDAN
ACTIVEWEAR Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(A corporation established under the laws of
Canada)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3.630<FONT STYLE="text-transform: uppercase">%
Senior Unsecured Note, Series&nbsp;4, </FONT>DUE MARCH&nbsp;13, 2028</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>GILDAN
ACTIVEWEAR Inc.</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">(the &quot;<B>Issuer</B>&quot;) for value received
hereby acknowledges itself indebted and, subject to the provisions of the indenture (the &quot;<B>Indenture</B>&quot;) dated as of November&nbsp;22,
2024 between the Issuer and TSX Trust Company (the &quot;<B>Trustee</B>&quot;), as amended by a fourth supplemental trust indenture (the
 &quot;<B>Fourth Supplemental Indenture</B>&quot;) dated March&nbsp;13, 2025 (the Indenture as supplemented by the Fourth Supplemental
Indenture being referred to as the &quot;<B>Indenture</B>&quot;) promises to pay to CDS&nbsp;&amp; Co. or registered assigns on March&nbsp;13,
2028 (the &quot;<B>Maturity Date</B>&quot;) or on such earlier date as the principal amount hereof may become due in accordance with the
provisions of the Indenture, the principal sum of $</FONT>&#9679; <FONT STYLE="font-family: Times New Roman, Times, Serif">in lawful money
of Canada on presentation and surrender of this 3.630% senior unsecured note, Series&nbsp;4, due March&nbsp;13, 2028 (the &quot;<B>Series&nbsp;4
Notes</B>&quot;) at the principal office of the Trustee in Montr&eacute;al, Qu&eacute;bec in accordance with the terms of the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series&nbsp;4 Notes shall, subject as herein
provided, bear interest on the principal amount hereof from the date of issue, or from the last Interest Payment Date to which interest
shall have been paid or made available for payment hereon, whichever is later, at the rate of 3.630% per annum, in like money, payable
in equal installments, semi-annually in arrears on March&nbsp;13 and September&nbsp;13 in each year in an amount equal to $18.15 per $1,000
principal amount outstanding of the Series&nbsp;4 Notes (less any tax required by law to be withheld). The first interest payment shall
fall due on September&nbsp;13, 2025. The last interest payment representing interest payable from the last Interest Payment Date to, but
excluding, the Maturity Date or earlier Redemption Date shall fall due on the Maturity Date or earlier Redemption Date and, should the
Issuer at any time make default in the payment of any principal or interest, the Issuer shall pay interest on the amount in default at
the same rate, in like money and on the same dates on which interest is otherwise payable. Interest payable for any period less than a
full semi-annual period shall be computed on the basis of a 365 day year or 366 day year, as applicable, and the actual number of days
elapsed in the period. Interest hereon shall be payable by cheque mailed by prepaid ordinary mail to the registered holder hereof or by
electronic transfer of funds to the registered holder hereof, and subject to the provisions of the Indenture, the mailing of such cheque
or the sending of such electronic transfer of funds shall, to the extent of the sum represented thereby (plus the amount of any tax withheld),
satisfy and discharge all liability for interest on this Series&nbsp;4 Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Series&nbsp;4 Note is one of the Notes of
the Issuer issued or issuable in one or more series under the provisions of the Indenture. The maximum principal amount of Series&nbsp;4
Notes authorized for issue is unlimited. Reference is hereby expressly made to the Indenture for a description of the terms and conditions
upon which the Series&nbsp;4 Notes are or are to be issued and held and the rights and remedies of the holders of the Series&nbsp;4 Notes
and of the Issuer and of the Trustee, all to the same effect as if the provisions of the Indenture were herein set forth, and to all of
which provisions the holder of this Series&nbsp;4 Note by acceptance hereof assents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series&nbsp;4 Notes are issuable only in denominations
of $1,000 and integral multiples of $1,000 in excess thereof. Upon compliance with the provisions of the Indenture, Series&nbsp;4 Notes
of any denomination may be exchanged for an equal aggregate principal amount of Series&nbsp;4 Notes in any other authorized denomination
or denominations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series&nbsp;4 Notes may be redeemed at the
option of the Issuer, in whole at any time, or in part from time to time, upon such condition as may be specified in the applicable notice
of redemption and on a Redemption Date determined by the Issuer that is not less than 10 nor more than 60 days after notice of such redemption
is given to the holders of the Series&nbsp;4 Notes to be redeemed pursuant to Article&nbsp;5 of the Indenture, at a Redemption Price equal
to the greater of par and the Canada Yield Price, together with accrued and unpaid interest, if any, to but excluding, the date fixed
for the redemption. &quot;<B>Canada Yield Price</B>&quot; means a price for the Series&nbsp;4 Notes being redeemed, calculated at 10:00
a.m.&nbsp;(Montr&eacute;al time) on the Business Day preceding the date on which the Issuer issues a notice of redemption pursuant to
the Indenture and in accordance with generally accepted Canadian financial practice to provide a yield from the redemption date to March&nbsp;13,
2028 equal to the Government of Canada Yield plus 27 bps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the occurrence of a Change of Control Triggering
Event, the Issuer is required to make an offer to purchase all outstanding Series&nbsp;4 Notes at a price equal to 101% of the principal
amount of such Series&nbsp;4 Notes plus accrued and unpaid interest up to, but excluding, the date the Series&nbsp;4 Notes are so repurchased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The indebtedness evidenced by this Series&nbsp;4
Note, and by all other Series&nbsp;4 Notes now or hereafter certified and delivered under the Indenture, is a direct senior unsecured
obligation of the Issuer, and ranks equal in right of payment (<I>pari passu</I>) with each other and with Notes of every other series
(regardless of their actual dates or terms of issue) and, subject to statutory preferred exceptions, with all other existing and future
senior unsecured Indebtedness of the Issuer. The Series&nbsp;4 Notes will be senior in right of payment to any future subordinated indebtedness
of the Issuer. The Series&nbsp;4 Notes will be effectively subordinated to all secured Indebtedness of the Issuer to the extent of the
value of the assets securing such Indebtedness and structurally subordinated to all Indebtedness and other obligations (including trade
payables) of the Issuer's Subsidiaries which are not Guarantors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Series&nbsp;4 Note has been unconditionally
and irrevocably guaranteed as to the payment of principal, interest, and Premium, if any, in accordance with the terms of the Indenture
by the Guarantors, subject to any limitation of the liability of any Guarantor pursuant to Section&nbsp;6.5 of the Indenture and/or pursuant
to Section&nbsp;13.2 of the guarantee agreement entered into by the Guarantors in respect of the Indenture. Any guarantee of the Series&nbsp;4
Note is subject to the provisions of the Indenture, including Article&nbsp;6 thereof, and the guarantee agreement entered into by the
Guarantors in respect of the Indenture. Each guarantee of the Series&nbsp;4 Notes will be unsecured and rank equal in right of payment
(<I>pari passu</I>) to all existing and future senior unsecured Indebtedness of each Guarantor. The guarantees will be effectively subordinated
to the Guarantors' secured obligations to the extent of the assets securing such obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The principal hereof may become or be declared
due and payable before the stated maturity in the events, in the manner, with the effect and at the times provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any payment of money to any holder of Series&nbsp;4
Notes shall be reduced by the amount of applicable withholding tax, if any. The Indenture contains provisions making binding upon all
holders of Notes outstanding thereunder (or in certain circumstances specific series of Notes) resolutions passed at meetings of such
holders held in accordance with such provisions and instruments signed by the holders of a specified majority of Notes outstanding (or
specific series), which resolutions or instruments may have the effect of amending the terms of these Series&nbsp;4 Notes or the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Series&nbsp;4 Note may only be transferred,
upon compliance with the conditions prescribed in the Indenture, in the registers to be kept at the principal office of the Trustee in
Montr&eacute;al and in such other place or places and/or by such other registrars (if any) as the Issuer with the approval of the Trustee
may designate. No transfer of this Series&nbsp;4 Note shall be valid unless made on the register by the registered holder hereof or his
executors or administrators or other legal representatives, or his or their attorney duly appointed by an instrument in form and substance
satisfactory to the Trustee or other registrar, and upon compliance with such reasonable requirements as the Trustee and/or other registrar
may prescribe and upon surrender of this Series&nbsp;4 Note for cancellation. Thereupon a new Series&nbsp;4 Note or Series&nbsp;4 Notes
in the same aggregate principal amount shall be issued to the transferee in exchange hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Series&nbsp;4 Note shall not become obligatory
for any purpose until it shall have been certified by the Trustee under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Series&nbsp;4 Note shall be construed in
accordance with the laws of the Province of Qu&eacute;bec and the laws of Canada applicable therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Capitalized words or expressions used in this
Series&nbsp;4 Note shall, unless otherwise defined herein, have the meaning ascribed thereto in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any of the provisions of this Series&nbsp;4
Note are inconsistent with the provisions of the Indenture, the provisions of the Indenture shall take precedence and shall govern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The parties hereto expressly request and require,
and confirm that it is their express wish, that this Series&nbsp;4 Note and all documents required or permitted to be given or entered
into pursuant hereto to be drawn up in English. <I>Les parties aux pr&eacute;sentes conviennent et exigent, et confirment leur volont&eacute;
expresse, que le pr&eacute;sent billet et tout autre document &agrave; &ecirc;tre ou pouvant &ecirc;tre donn&eacute;s ou conclus en vertu
des pr&eacute;sentes soient r&eacute;dig&eacute;s en anglais.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IN WITNESS WHEREOF</B>, the Issuer has caused
this Series&nbsp;4 Note to be signed by its authorized representatives as of the _______ day of _________________.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>GILDAN ACTIVEWEAR Inc</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
<TD STYLE="width: 47%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD>Name: Suzanne Adams </TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD>Title: Vice-President, Treasury </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> </P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUSTEE'S CERTIFICATE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Series&nbsp;4 Note is one of the 3.630% Senior
Unsecured Notes, Series&nbsp;4, due March&nbsp;13, 2028 referred to in the Indenture within mentioned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>TSX trust company</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, as Trustee</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 47%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --> </P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(FORM&nbsp;OF REGISTRATION PANEL)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(No writing hereon except by Trustee or other registrar)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 28%; padding: 2.15pt 5.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date of Registration</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 31%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>In Whose Name Registered</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 41%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature of Trustee or Registrar</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CDS&nbsp;&amp; Co.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --> </P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>GILDAN
ACTIVEWEAR Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3.630<FONT STYLE="text-transform: uppercase">%
Senior Unsecured Note, Series&nbsp;4, due MARCH&nbsp;</FONT>13, <FONT STYLE="text-transform: uppercase">2028</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial Principal Amount: $</FONT><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP: 375916AD5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorization:</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ADJUSTMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; width: 20%; padding: 2.15pt 5.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount of <BR>
Increase</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount of <BR>
Decrease</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New Principal <BR>
Amount</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Authorization</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
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<TYPE>EX-99.3
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<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.3</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FIFTH SUPPLEMENTAL TRUST INDENTURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Fifth Supplemental Trust Indenture is entered
into as of the 13<SUP>th</SUP> day of March, 2025 between:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>GILDAN
ACTIVEWEAR Inc.</B></FONT>, a corporation created and existing under the laws of Canada (the &quot;<B>Issuer</B>&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>TSX
trust company</B></FONT>, a trust company existing under the laws of Canada (the &quot;<B>Trustee</B>&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WITNESSETH THAT:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHEREAS</B> the Issuer and the Trustee entered
into a trust indenture dated as of November&nbsp;22, 2024 (the&nbsp;&quot;<B>Indenture</B>&quot;) to provide for the creation and issuance
of senior unsecured notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>AND WHEREAS</B> Section&nbsp;14.3 of the Indenture
provides that the Trustee may enter into indentures supplemental to the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>AND WHEREAS</B> the Issuer has determined to
create and issue a fifth series of Notes to be designated as 4.149% Senior Unsecured Notes, Series&nbsp;5, due November&nbsp;22, 2030
(the &quot;<B>Series&nbsp;5 Notes</B>&quot;) and to enter into this fifth supplemental trust indenture (this &quot;<B>Supplemental Indenture</B>&quot;)
with the Trustee to provide for such creation and issuance, and establish the terms, provisions and conditions, of the Series&nbsp;5 Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>AND WHEREAS</B> all necessary acts and proceedings
have been done and taken and all necessary resolutions have been passed to authorize the execution and delivery of this Supplemental Indenture,
to make the same effective and binding upon the Issuer, and to make the Series&nbsp;5 Notes, when certified by the Trustee and issued
as provided in the Indenture and this Supplemental Indenture, valid, binding and legal obligations of the Issuer with the benefit and
subject to the terms of the Indenture and this Supplemental Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>AND WHEREAS</B> the foregoing recitals are
made as representations and statements of fact by the Issuer and not by the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOW THEREFORE</B> it is hereby covenanted,
agreed and declared as set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;1</B></FONT><B><BR>
DEFINITIONS AND AMENDMENTS TO INDENTURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.1</B></TD><TD STYLE="text-align: justify"><B>Definitions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">All capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">In this Supplemental Indenture and in the Series&nbsp;5 Notes, unless there is something in the subject
matter or context inconsistent therewith, the following expressions shall have the respective meanings indicated:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Canada Yield Price</B>&quot;
means a price for the Series&nbsp;5 Notes being redeemed, calculated at 10:00 a.m.&nbsp;(Montr&eacute;al time) on the Business Day preceding
the date on which the Issuer issues a notice of redemption pursuant to the Indenture and in accordance with generally accepted Canadian
financial practice to provide a yield from the redemption date to the Par Call Date equal to the Government of Canada Yield plus 35 bps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Change of Control</B>&quot; means
the occurrence of any of the following events: (a)&nbsp;the direct or indirect sale, transfer, conveyance or other disposition (other
than by way of merger, amalgamation or consolidation), in one or a series of related transactions, of all or substantially all of the
properties or assets of the Issuer and the Guarantors, taken as a whole, to any Person; (b)&nbsp;the consummation of any transaction the
result of which is that any Person or group of Persons acting jointly or in concert is or becomes the beneficial owner of (with beneficial
ownership and acting jointly or in concert being defined in accordance with Sections 1.8 and 1.9 of National Instrument 62-104 &ndash;
<I>Take-Over Bids and Issuer Bids</I>), or controls, directly or indirectly, Voting Shares representing more than 50% of the voting power
of the total outstanding Voting Shares of the Issuer; and (c)&nbsp;the adoption by the shareholders of the Issuer of a Plan of Liquidation.
For purposes of this definition, a Person shall not be deemed to have beneficial ownership of securities subject to a share purchase agreement,
amalgamation agreement or similar agreement until the consummation of the transactions contemplated by such agreement. Notwithstanding
the foregoing, a transaction will not be deemed to involve a Change of Control under clause (b)&nbsp;above if (a)&nbsp;the Issuer becomes
a direct or indirect wholly owned Subsidiary of a holding company and (b)(i)&nbsp;the direct or indirect holders of the Voting Shares
of such holding company immediately following that transaction are substantially the same as the holders of the Issuer's Voting Shares
immediately prior to that transaction, or (ii)&nbsp;immediately following that transaction, the holders of the Issuer's Voting Shares
immediately prior to that transaction (or another holding company satisfying the requirements of this sentence) are the beneficial owners
of (with beneficial ownership being defined in accordance with Section&nbsp;1.8 of National Instrument 62-104 &ndash; <I>Take-Over Bids
and Issuer Bids</I>), or control, directly or indirectly, Voting Shares representing 50% or more of the voting power of the total outstanding
Voting Shares of such holding company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Change of Control Triggering
Event</B>&quot; means the occurrence of both a Change of Control, and, so long as the Notes are rated, a Ratings Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Designated Rating Organization</B>&quot;
means a &quot;designated rating organization&quot; within the meaning of National Instrument &ndash; 25-101 <I>Designated Rating Organizations</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Government of Canada Yield</B>&quot;
on any date, with respect to the Series&nbsp;5 Notes, means the yield to maturity on such date, assuming semi-annual compounding, which
a non-callable Government of Canada bond would carry if issued in Canadian dollars in Canada, at 100% of its principal amount on such
date with a term to maturity equal to, or if no Government of Canada bond having an equal term to maturity exists, as close as possible
to, the remaining term to the Par Call Date. The Government of Canada Yield will be the average of the yields determined by two nationally
recognized Canadian investment dealers selected by the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Investment Grade Rating</B>&quot;
means a rating equal to, or higher than, BBB (low) by Morningstar DBRS (or the equivalent of any successor rating category of Morningstar
DBRS), Baa3 by Moody's (or the equivalent of any successor rating category of Moody's), BBB- by S&amp;P (or the equivalent of any successor
rating category of S&amp;P), or BBB- by Fitch (or the equivalent of any successor rating category of Fitch) or, if none of these rating
agencies rates the Notes, the corresponding credit rating from any other Designated Rating Organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Par Call Date</B>&quot; means
October&nbsp;22, 2030.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Person</B>&quot; or &quot;<B>person</B>&quot;
means any individual, corporation, partnership, limited liability company, unlimited liability company, joint venture, incorporated or
unincorporated association, joint-stock company, trust, mutual fund trust, unincorporated organization or government or other agency or
political subdivision thereof or other legal entity of any kind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Ratings Event</B>&quot; means
the occurrence of a decrease in the rating of the Series&nbsp;5 Notes to below an Investment Grade Rating by either (a)(i)&nbsp;two out
of three of the Designated Rating Organizations, if there are three Designated Rating Organizations then rating the Notes, or (ii)&nbsp;three
Designated Rating Organizations, if there are four or more Designated Rating Organizations then rating the Notes, or (b)&nbsp;each Designated
Rating Organization, if there are less than three Designated Rating Organizations then rating the Notes (the &quot;<B>Required Threshold</B>&quot;)
on any day within the 90-day period (which 90-day period will be extended so long as the rating of the Notes is under publicly announced
consideration for a possible downgrade by such number of Designated Rating Organization(s)&nbsp;which, together with each Designated Rating
Organization which has already lowered its rating, would aggregate in number the Required Threshold) after the earlier of (i)&nbsp;the
occurrence of a Change of Control and (ii)&nbsp;public notice of the occurrence of a Change of Control or of the Issuer's intention or
agreement to effect a Change of Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;<B>Voting Shares</B>&quot; with
respect to any Person, means securities of any class of Equity Interests of such Person entitling the holders thereof (whether at all
times or only so long as no senior class of shares or other relevant Equity Interest has voting power by reason of any contingency) to
vote in the election of members of the Board of Directors of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">In this Supplemental Indenture, all references to Articles, Sections and Schedules refer, unless otherwise
specified, to articles, sections and schedules of or to this Supplemental Indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.2</B></TD><TD STYLE="text-align: justify"><B>Amendments to Indenture</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Supplemental Indenture is supplemental to
the Indenture and the Indenture and the Supplemental Indenture shall hereafter be read together and shall have effect, so far as practicable,
with respect to the Series&nbsp;5 Notes as if all the provisions of the Indenture and this Supplemental Indenture were contained in one
instrument. The Indenture is and shall remain in full force and effect with regards to all matters governing the Series<B>&nbsp;</B>5
Notes, except as the Indenture is amended, superseded, modified or supplemented by this Supplemental Indenture. Notwithstanding the foregoing,
in the event of any inconsistency between the provisions of this Supplemental Indenture and the provisions of the Indenture, the provisions
of this Supplemental Indenture shall prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For clarity and avoidance of doubt, the provisions
of this Supplemental Indenture shall only be applicable to the Series&nbsp;5 Notes issued hereunder and shall not be applicable to any
other series of Notes hereafter issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;2<BR>
The Series&nbsp;5 Notes</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.1</B></TD><TD STYLE="text-align: justify"><B>Creation and Designation</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is hereby authorized to be issued under
the Indenture a Series&nbsp;of Notes designated as 4.149% Senior Unsecured Notes, Serie 5, due November&nbsp;22, 2030. The Series<B>&nbsp;</B>5
Notes shall have the terms set forth in this Article&nbsp;2 and be subject to the applicable provisions of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.2</B></TD><TD STYLE="text-align: justify"><B>Form&nbsp;and Terms of Series&nbsp;5 Notes</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The maximum principal amount of Series<B>&nbsp;</B>5 Notes that may be issued is unlimited. The initial
amount of Series&nbsp;5 Notes that is authorized and issued under this Supplemental Indenture on the date hereof is $350,000,000 in the
lawful money of Canada.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The Series&nbsp;5 Notes shall mature on November&nbsp;22, 2030.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The Series<B>&nbsp;</B>5 Notes bear interest from the date of issue at the rate of 4.149% per annum, payable
in equal installments, semi-annually in arrears (other than the first interest payment) on May&nbsp;22 and on November&nbsp;22 in each
year (each, an &quot;<B>Interest Payment Date</B>&quot;) in an amount equal to $20.745 per $1,000 principal amount outstanding of the
Series&nbsp;5 Notes (less any tax required by law to be withheld). Notwithstanding the foregoing, the first interest payment shall fall
due on November&nbsp;22, 2025 in respect of Series&nbsp;5 Notes issued on the date hereof and the last interest payment (representing
interest payable from and including the last Interest Payment Date to, but excluding, the Maturity Date of the Series&nbsp;5 Notes or
the earlier Redemption Date of the Series&nbsp;5 Notes), subject as herein provided, shall fall due on November&nbsp;22, 2030 or the earlier
Redemption Date, payable after as well as before maturity and after as well as before default, with interest on amounts in default at
the same rate, compounded semi-annually. Interest payable for any period less than a full semi-annual period shall be computed on the
basis of a 365&nbsp;day year or 366&nbsp;day year, as applicable, and the actual number of days elapsed in the period. For greater certainty,
the first interest payment will include interest accrued from and including the date of issue to, but excluding November&nbsp;22, 2025
which will be equal to $28.7019863 for each $1,000 principal amount of Series&nbsp;5 Notes in respect of Series&nbsp;5 Notes issued on
the date hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The Series&nbsp;5 Notes may be redeemed at the option of the Issuer, in whole at any time, or in part
from time to time, upon such condition as may be specified in the notice of redemption and on a Redemption Date determined by the Issuer
that is not less than&nbsp;10 nor more than 60 days after such notice of redemption is given to the holders of the Series&nbsp;5 Notes
to be redeemed pursuant to Article&nbsp;5 of the Indenture, (i)&nbsp;prior to the Par Call Date, at a Redemption Price equal to the greater
of par and the Canada Yield Price, or (ii)&nbsp;at any time on or after the Par Call Date, at a Redemption Price equal to par, together
in each case with accrued and unpaid interest, if any, to but excluding, the date fixed for the redemption. The Issuer will be responsible
for calculating the Redemption Price. Less than all of the Series&nbsp;5 Notes may be redeemed, and if so redeemed, shall be redeemed
in accordance with Section&nbsp;5.2 of the Indenture. In accordance with Section&nbsp;5.8 of the Indenture, the Series&nbsp;5 Notes that
are redeemed pursuant to this Section&nbsp;2.2 will be cancelled and will not be re-issued. The notice of the Issuer to redeem the Series&nbsp;5
Notes may be conditional on an event or transaction, and, in such case, such notice of redemption shall specify the details and terms
of any event on which such redemption is conditional.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">Upon the occurrence of a Change of Control Triggering Event, the Issuer is required, in accordance with
section 8.12 of the Indenture, to make an offer to purchase all outstanding Series&nbsp;5 Notes at a price equal to 101% of the principal
amount of such Series&nbsp;5 Notes plus accrued and unpaid interest up to, but excluding, the date the Series&nbsp;5 Notes are so repurchased.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">The Series&nbsp;5 Notes shall be issued in denominations of $1,000 and integral multiples of $1,000 in
excess thereof. Each certificate representing the Series&nbsp;5 Notes and the certificate of the Trustee endorsed thereon shall be issued
in substantially the form set out in Schedule&nbsp;&quot;A&quot; to this Supplemental Indenture, with such insertions, omissions, substitutions
or other variations as shall be required or permitted by the Indenture and this Supplemental Indenture, and may have imprinted or otherwise
reproduced thereon such legends or endorsements, not inconsistent with the provisions of the Indenture or this Supplemental Indenture,
as may be required to comply with any law or with any rules&nbsp;or regulations pursuant thereto or with any rules&nbsp;or regulations
of any securities exchange or securities regulatory authority or to conform with general usage, all as may be determined by any Officer
of the Issuer executing such Series&nbsp;5 Note in accordance with Section&nbsp;2.6 of the Indenture, as conclusively evidenced by their
execution thereof. Each certificate representing the Series&nbsp;5 Notes shall additionally bear such distinguishing letters and numbers
as the Trustee shall approve.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Series&nbsp;5 Notes shall be issuable
initially as one Global Note held by, or on behalf of, the Depository for its participants and registered in the name of the Depository
or its nominee. No beneficial holder of Series&nbsp;5 Notes shall receive definitive certificates representing their interest in Series&nbsp;5
Notes except as provided in Section&nbsp;2.5 of the Indenture. A Global Note may be exchanged for Series&nbsp;5 Notes in registered form
that are not Global Notes or transferred to and registered in the name of a Person other than the Depository for such Global Notes or
a nominee thereof, as provided in Section&nbsp;2.5 of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">The Trustee shall be provided with the documents and instruments referred to in Sections&nbsp;4.1(a)(i),
4.1(a)(ii)&nbsp;and 4.1(a)(iii)&nbsp;of the Indenture with respect to the Series&nbsp;5 Notes prior to the issuance of the Series&nbsp;5
Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;3<BR>
Guarantees</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.1</B></TD><TD STYLE="text-align: justify"><B>Existing Guarantees to Apply</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Issuer hereby confirms to the Trustee that
subject to the provisions of Section&nbsp;6.4 of the Indenture, the Guarantees apply to the Series&nbsp;5 Notes issued hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;4</B></FONT><B><BR>
ADDITIONAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.1</B></TD><TD STYLE="text-align: justify"><B>Confirmation of Indenture</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Indenture, as amended and supplemented by
this Supplemental Indenture, is in all respects confirmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.2</B></TD><TD STYLE="text-align: justify"><B>Acceptance of Trusts</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustee hereby accepts the trusts in this
Supplemental Indenture declared and provided for and agrees to perform the same upon the terms and conditions and subject to the provisions
set forth in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.3</B></TD><TD STYLE="text-align: justify"><B>Additional Amounts</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Issuer will not be required to pay any additional
amounts on Series&nbsp;5 Notes in respect of any tax, assessment or government charge withheld or deducted, or any other cost, charge
or payment of any nature or type other than as expressly contemplated by the Indenture or this Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.4</B></TD><TD STYLE="text-align: justify"><B>Governing Law</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Supplemental Indenture and the Series&nbsp;5
Notes shall be construed in accordance with the laws of the Province of Qu&eacute;bec and the laws of Canada applicable therein and shall
be treated, in all respects, as Qu&eacute;bec contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.5</B></TD><TD STYLE="text-align: justify"><B>Further Assurances</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The parties shall, with reasonable diligence,
do all such things and provide all such reasonable assurances as may be required to consummate the transactions contemplated by this Supplemental
Indenture, and each party shall provide such further documents or instruments required by the other party as may be reasonably necessary
or desirable to effect the purpose of the Indenture and this Supplemental Indenture and carry out its provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.6</B></TD><TD STYLE="text-align: justify"><B>Counterparts and Formal Date</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Supplemental Indenture may be executed in
several counterparts, each of which when so executed shall be deemed to be an original, and such counterparts together shall constitute
one and the same instrument. Delivery of an executed signature page&nbsp;to this Supplemental Indenture by any person by electronic transmission
shall be as effective as delivery of a manually executed copy of this Supplemental Indenture by such person. For the purpose of convenience,
this Supplemental Indenture may be referred to as bearing formal date of March&nbsp;13, 2025, irrespective of the actual date of execution
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.7</B></TD><TD STYLE="text-align: justify"><B>Language</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The parties hereto expressly request and require,
and confirm that it is their express wish, that this Supplemental Indenture and all documents required or permitted to be given or entered
into pursuant hereto to be drawn up in English. <I>Les parties aux pr&eacute;sentes conviennent et exigent, et confirment leur volont&eacute;
expresse, que cette entente et tout autre document &agrave; &ecirc;tre ou pouvant &ecirc;tre donn&eacute;s ou conclus en vertu des pr&eacute;sentes
soient r&eacute;dig&eacute;s en anglais.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>[Remainder of page&nbsp;intentionally left
blank]</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IN WITNESS WHEREOF</B> the parties hereto have
executed this Fifth Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>GILDAN ACTIVEWEAR Inc</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, as Issuer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">/s/ Suzanne Adams</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: justify; width: 3%">&nbsp;</TD>
<TD STYLE="width: 5%">Name:</TD>
<TD STYLE="width: 42%">Suzanne Adams</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD>Title:</TD>
<TD>Vice-President, Treasury</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>TSX trust company</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Sharo Moradi</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sharo Moradi</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Karim Larbi Lyamani</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Karim Larbi Lyamani</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[Signature Page to Fifth Supplemental Trust Indenture]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule&nbsp;&quot;A&quot;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&quot;</I></FONT><I>N<FONT STYLE="font-size: 10pt">o
prospectus has been filed under any Canadian securities legislation with respect to this note and, accordingly, this note is subject to
restrictions on transferability and resale under applicable Canadian laws.</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Unless permitted under securities legislation,
the holder of this security must not trade the security before July&nbsp;14, 2025.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This Certificate is a Global Note within the
meaning of the Indenture hereinafter referred to and is registered in the name of a Depository or a nominee thereof.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Unless this certificate is presented by an
authorized representative of CDS Clearing and Depository Services Inc. (&quot;<B>CDS</B>&quot;) to Gildan Activewear Inc. or its agent
for registration of transfer, exchange or payment, and any certificate issued in respect thereof is registered in the name of CDS&nbsp;&amp;
Co., or in such other name as is requested by an authorized representative of CDS, and any payment is made to CDS&nbsp;&amp; Co. (or in
such other name as is requested by an authorized representative of CDS) and any payment is made to CDS&nbsp;&amp; Co. or to such other
entity as is requested by an authorized representative of CDS, any transfer, pledge or other use hereof for value or otherwise by or to
any person is wrongful since the registered holder hereof, CDS&nbsp;&amp; Co., has a property interest in the securities represented by
this certificate and it is a violation of its rights for another person to hold, transfer or deal with this certificate.&quot;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.&nbsp;</FONT><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP: 375916AE3</FONT></TD>
    <TD STYLE="width: 40%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISIN: CA375916AE39</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>GILDAN
ACTIVEWEAR Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(A corporation established under the laws of
Canada)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4.149<FONT STYLE="text-transform: uppercase">%
Senior Unsecured Note, Series&nbsp;5, </FONT>DUE NOVEMBER 22, 2030</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>GILDAN
ACTIVEWEAR Inc.</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">(the &quot;<B>Issuer</B>&quot;) for value received
hereby acknowledges itself indebted and, subject to the provisions of the indenture (the &quot;<B>Indenture</B>&quot;) dated as of November&nbsp;22,
2024 between the Issuer and TSX Trust Company (the &quot;<B>Trustee</B>&quot;), as amended by a fifth supplemental trust indenture (the
 &quot;<B>Fifth Supplemental Indenture</B>&quot;) dated March&nbsp;13, 2025 (the Indenture as supplemented by the Fifth Supplemental Indenture
being referred to as the &quot;<B>Indenture</B>&quot;) promises to pay to CDS&nbsp;&amp; Co. or registered assigns on November&nbsp;22,
2030 (the &quot;<B>Maturity Date</B>&quot;) or on such earlier date as the principal amount hereof may become due in accordance with the
provisions of the Indenture, the principal sum of $</FONT>&#9679; <FONT STYLE="font-family: Times New Roman, Times, Serif">in lawful money
of Canada on presentation and surrender of this 4.149% senior unsecured note, Series&nbsp;5, due November&nbsp;22, 2030 (the &quot;<B>Series&nbsp;5
Notes</B>&quot;) at the principal office of the Trustee in Montr&eacute;al, Qu&eacute;bec in accordance with the terms of the Indenture.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series&nbsp;5 Notes shall, subject as herein
provided, bear interest on the principal amount hereof from the date of issue, or from the last Interest Payment Date to which interest
shall have been paid or made available for payment hereon, whichever is later, at the rate of 4.149% per annum, in like money, payable
in equal installments, semi-annually in arrears (other than the first interest payment) on May&nbsp;22 and November&nbsp;22 in each year
in an amount equal to $20.745 per $1,000 principal amount outstanding of the Series&nbsp;5 Notes (less any tax required by law to be withheld).
Notwithstanding the foregoing, the first interest payment shall fall due on November&nbsp;22, 2025. The last interest payment representing
interest payable from the last Interest Payment Date to, but excluding, the Maturity Date or earlier Redemption Date shall fall due on
the Maturity Date or earlier Redemption Date and, should the Issuer at any time make default in the payment of any principal or interest,
the Issuer shall pay interest on the amount in default at the same rate, in like money and on the same dates on which interest is otherwise
payable. Interest payable for any period less than a full semi-annual period shall be computed on the basis of a 365 day year or 366 day
year, as applicable, and the actual number of days elapsed in the period. For greater certainty, the first interest payment will include
interest accrued from and including the date of issue to, but excluding November&nbsp;22 which will be equal to $28.7019863 for each $1,000
principal amount of Series&nbsp;5 Notes. Interest hereon shall be payable by cheque mailed by prepaid ordinary mail to the registered
holder hereof or by electronic transfer of funds to the registered holder hereof, and subject to the provisions of the Indenture, the
mailing of such cheque or the sending of such electronic transfer of funds shall, to the extent of the sum represented thereby (plus the
amount of any tax withheld), satisfy and discharge all liability for interest on this Series&nbsp;5 Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Series&nbsp;5 Note is one of the Notes of
the Issuer issued or issuable in one or more series under the provisions of the Indenture. The maximum principal amount of Series&nbsp;5
Notes authorized for issue is unlimited. Reference is hereby expressly made to the Indenture for a description of the terms and conditions
upon which the Series&nbsp;5 Notes are or are to be issued and held and the rights and remedies of the holders of the Series<B>&nbsp;</B>5
Notes and of the Issuer and of the Trustee, all to the same effect as if the provisions of the Indenture were herein set forth, and to
all of which provisions the holder of this Series&nbsp;5 Note by acceptance hereof assents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series&nbsp;5 Notes are issuable only in denominations
of $1,000 and integral multiples of $1,000 in excess thereof. Upon compliance with the provisions of the Indenture, Series&nbsp;5 Notes
of any denomination may be exchanged for an equal aggregate principal amount of Series&nbsp;5 Notes in any other authorized denomination
or denominations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series&nbsp;5 Notes may be redeemed at the
option of the Issuer, in whole at any time, or in part from time to time, upon such condition as may be specified in the applicable notice
of redemption and on a Redemption Date determined by the Issuer that is not less than 10 nor more than 60 days after notice of such redemption
is given to the holders of the Series&nbsp;5 Notes to be redeemed pursuant to Article&nbsp;5 of the Indenture, (i)&nbsp;prior to October&nbsp;22,
2030, at a Redemption Price equal to the greater of par and the Canada Yield Price, or (ii)&nbsp;at any time on or after October&nbsp;22,
2030, at a Redemption Price equal to par, together in each case with accrued and unpaid interest, if any, to but excluding, the date fixed
for the redemption. &quot;<B>Canada Yield Price</B>&quot; means a price for the Series&nbsp;5 Notes being redeemed, calculated at 10:00
a.m.&nbsp;(Montr&eacute;al time) on the Business Day preceding the date on which the Issuer issues a notice of redemption pursuant to
the Indenture and in accordance with generally accepted Canadian financial practice to provide a yield from the redemption date to October&nbsp;22,
2030 equal to the Government of Canada Yield plus 35 bps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the occurrence of a Change of Control Triggering
Event, the Issuer is required to make an offer to purchase all outstanding Series&nbsp;5 Notes at a price equal to 101% of the principal
amount of such Series&nbsp;5 Notes plus accrued and unpaid interest up to, but excluding, the date the Series&nbsp;5 Notes are so repurchased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The indebtedness evidenced by this Series&nbsp;5
Note, and by all other Series&nbsp;5 Notes now or hereafter certified and delivered under the Indenture, is a direct senior unsecured
obligation of the Issuer, and ranks equal in right of payment (<I>pari passu</I>) with each other and with Notes of every other series
(regardless of their actual dates or terms of issue) and, subject to statutory preferred exceptions, with all other existing and future
senior unsecured Indebtedness of the Issuer. The Series&nbsp;5 Notes will be senior in right of payment to any future subordinated indebtedness
of the Issuer. The Series&nbsp;5 Notes will be effectively subordinated to all secured Indebtedness of the Issuer to the extent of the
value of the assets securing such Indebtedness and structurally subordinated to all Indebtedness and other obligations (including trade
payables) of the Issuer's Subsidiaries which are not Guarantors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Series&nbsp;5 Note has been unconditionally
and irrevocably guaranteed as to the payment of principal, interest, and Premium, if any, in accordance with the terms of the Indenture
by the Guarantors, subject to any limitation of the liability of any Guarantor pursuant to Section&nbsp;6.5 of the Indenture and/or pursuant
to Section&nbsp;13.2 of the guarantee agreement entered into by the Guarantors in respect of the Indenture. Any guarantee of the Series&nbsp;5
Note is subject to the provisions of the Indenture, including Article&nbsp;6 thereof, and the guarantee agreement entered into by the
Guarantors in respect of the Indenture. Each guarantee of the Series&nbsp;5 Notes will be unsecured and rank equal in right of payment
(<I>pari passu</I>) to all existing and future senior unsecured Indebtedness of each Guarantor. The guarantees will be effectively subordinated
to the Guarantors' secured obligations to the extent of the assets securing such obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The principal hereof may become or be declared
due and payable before the stated maturity in the events, in the manner, with the effect and at the times provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any payment of money to any holder of Series&nbsp;5
Notes shall be reduced by the amount of applicable withholding tax, if any. The Indenture contains provisions making binding upon all
holders of Notes outstanding thereunder (or in certain circumstances specific series of Notes) resolutions passed at meetings of such
holders held in accordance with such provisions and instruments signed by the holders of a specified majority of Notes outstanding (or
specific series), which resolutions or instruments may have the effect of amending the terms of these Series<B>&nbsp;</B>5 Notes or the
Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Series&nbsp;5 Note may only be transferred,
upon compliance with the conditions prescribed in the Indenture, in the registers to be kept at the principal office of the Trustee in
Montr&eacute;al and in such other place or places and/or by such other registrars (if any) as the Issuer with the approval of the Trustee
may designate. No transfer of this Series&nbsp;5 Note shall be valid unless made on the register by the registered holder hereof or his
executors or administrators or other legal representatives, or his or their attorney duly appointed by an instrument in form and substance
satisfactory to the Trustee or other registrar, and upon compliance with such reasonable requirements as the Trustee and/or other registrar
may prescribe and upon surrender of this Series&nbsp;5 Note for cancellation. Thereupon a new Series&nbsp;5 Note or Series&nbsp;5 Notes
in the same aggregate principal amount shall be issued to the transferee in exchange hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Series&nbsp;5 Note shall not become obligatory
for any purpose until it shall have been certified by the Trustee under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Series&nbsp;5 Note shall be construed in
accordance with the laws of the Province of Qu&eacute;bec and the laws of Canada applicable therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Capitalized words or expressions used in this
Series&nbsp;5 Note shall, unless otherwise defined herein, have the meaning ascribed thereto in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any of the provisions of this Series&nbsp;5
Note are inconsistent with the provisions of the Indenture, the provisions of the Indenture shall take precedence and shall govern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The parties hereto expressly request and require,
and confirm that it is their express wish, that this Series&nbsp;5 Note and all documents required or permitted to be given or entered
into pursuant hereto to be drawn up in English. <I>Les parties aux pr&eacute;sentes conviennent et exigent, et confirment leur volont&eacute;
expresse, que le pr&eacute;sent billet et tout autre document &agrave; &ecirc;tre ou pouvant &ecirc;tre donn&eacute;s ou conclus en vertu
des pr&eacute;sentes soient r&eacute;dig&eacute;s en anglais.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IN WITNESS WHEREOF</B>, the Issuer has caused
this Series&nbsp;5 Note to be signed by its authorized representatives as of the _______ day of _________________.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>GILDAN ACTIVEWEAR Inc</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
<TD STYLE="width: 47%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD>Name: Suzanne Adams </TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD>Title: Vice-President, Treasury</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUSTEE'S CERTIFICATE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Series&nbsp;5 Note is one of the 4.149% Senior
Unsecured Notes, Series&nbsp;5, due November&nbsp;22, 2030 referred to in the Indenture within mentioned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>TSX trust company</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, as Trustee</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 47%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(FORM&nbsp;OF REGISTRATION PANEL)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(No writing hereon except by Trustee or other registrar)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; border: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date of Registration</B></FONT></TD>
    <TD STYLE="width: 31%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>In Whose Name Registered</B></FONT></TD>
    <TD STYLE="width: 41%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature of Trustee or Registrar</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CDS&nbsp;&amp; Co.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>GILDAN
ACTIVEWEAR Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4.149<FONT STYLE="text-transform: uppercase">%
Senior Unsecured Note, Series&nbsp;5, due november </FONT>22, <FONT STYLE="text-transform: uppercase">2030</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial Principal Amount: $</FONT><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP: 375916AE3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorization:</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ADJUSTMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 20%; border: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount of <BR>
Increase</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount of <BR>
Decrease</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New Principal <BR>
Amount</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Authorization</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 5.75pt; text-align: justify">&nbsp;</TD>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
