An anonymous director reports

PZENA INVESTMENT MANAGEMENT CALLS ON THE BOARD OF GILDAN ACTIVEWEAR INC. TO RE-APPOINT GLENN CHAMANDY AS CEO

Pzena Investment Management LLC, an investment management firm with a 28-year history which beneficially owns over 10 million shares of Gildan Activewear Inc., has issued a letter to the board of directors of the company urging it to reappoint Glenn Chamandy as chief executive officer.

The full text of the letter is as follows:

"Dear Gildan directors,

"Our firm, Pzena Investment Management (Pzena or we), beneficially owns more than 10 million shares of Gildan Activewear Inc., making us one of the largest shareholders of the company. We have been Gildan shareholders more than once in our firm's history, and our current investment dates back to 2018. We are long-term, engaged shareholders and speak regularly with the management team.

"We believe that Glenn Chamandy, Gildan's former CEO, has a strong track record of operating and managing the business. His leadership and vision have been instrumental in designing and building Gildan's low-cost, vertically integrated manufacturing operation, which has been the backbone of the company's success.

"We disagree with the board's decision to terminate Glenn Chamandy and strongly urge the board to reverse this decision and reappoint Glenn Chamandy as the CEO of Gildan.

"Sincerely,

"Richard Pzena"