Mr. Donald Berg reports

GILDAN WELCOMES CHRIS SHACKELTON TO ITS BOARD OF DIRECTORS, ALONG WITH SUPPORT FROM COLISEUM CAPITAL MANAGEMENT

Gildan Activewear Inc. has signed a support agreement with Coliseum Capital Management LLC, pursuant to which Coliseum will support Gildan's full slate of board nominees at each of the 2024 and 2025 annual meetings of shareholders. In connection with the agreement and after meeting with members of Gildan's board of directors, Coliseum currently intends to make an additional investment in Gildan through market purchases during insider open window periods. Additionally, Chris Shackelton, a co-founder and managing partner of Coliseum, has been invited to join Gildan's board of directors and has been appointed, effective today.

Mr. Shackelton said: "It is a privilege to serve on this board and represent shareholders at this critical juncture. The Coliseum team has long been impressed by Gildan's business. This agreement is a clear reflection of our conviction in the company's strategy, leadership, board and bright future. Gildan is remarkably well positioned, and I look forward to helping the company execute on its growth strategy and drive meaningfully shareholder value creation."

Donald C. Berg, chair of Gildan's board of directors, said: "We appreciate Coliseum's long-standing partnership, engagement and alignment to support our mutual goal of enhancing long-term shareholder value. Coliseum's intent to further invest in Gildan is a testament to its belief in the company's leadership, board, strategic plan and capability to deliver value.

"We are delighted to welcome Chris Shackelton to Gildan's board of directors. He is a highly experienced director and successful investor, who we believe will further strengthen the board for the benefit of all shareholders," said Mr. Berg.

Mr. Berg took the opportunity to correct misinformation about the board's succession plans that had been publicly disseminated. "Our succession plan has been a multiyear, careful and deliberate process, which included the former chief executive officer at appropriate times throughout the process. It resulted in a well-thought-out rationale for the board's unanimous decision to appoint Vince Tyra as the new [chief executive officer]. With the support of one of our largest shareholders, we will continue our outreach to other shareholders to ensure the facts and conclusions surrounding the succession process are transparent, as well as the board's confidence in Gildan's trajectory," concluded Mr. Berg.

Coliseum has agreed to abide by certain customary standstill and voting commitments in connection with the agreement. A copy of the agreement will be filed on SEDAR+.

About Mr. Shackelton

Mr. Shackelton is a managing partner of Coliseum, which he co-founded in 2005. He has served on the boards of eight public companies. He currently serves as chairman of both ModivCare Inc. and Lazydays Holdings Inc., as well as a director on the board of Universal Technical Institute Inc. Previously, he was a director on the boards of LHC Group Inc., BioScrip Inc., Advanced Emissions Solutions Inc., Rural/Metro Corp. and Interstate Hotels & Resorts Inc. Additionally, he currently serves as a trustee for several charitable not-for-profit organizations. Earlier in his career, he held positions at Morgan Stanley & Co. and Watershed Asset Management LLC. He is a graduate of Yale College.

About Gildan Activewear Inc.

Gildan is a leading manufacturer of everyday basic apparel. The company's product offering includes activewear, underwear and socks, sold to a broad range of customers, including wholesale distributors, screen printers or embellishers, as well as to retailers that sell to consumers through their physical stores and/or e-commerce platforms and to global lifestyle brand companies. The company markets its products in North America, Europe, Asia Pacific and Latin America under a diversified portfolio of company-owned brands, including Gildan, American Apparel, Comfort Colors, Goldtoe and Peds, in addition to the Under Armour brand through a sock licensing agreement, providing exclusive distribution rights in the United States and Canada.

Gildan owns and operates vertically integrated, large-scale manufacturing facilities, which are primarily located in Central America, the Caribbean, North America and Bangladesh. Gildan operates with a strong commitment to industry-leading labour and environmental and governance practices throughout its supply chain in accordance with its comprehensive environmental, social and governance program embedded in the company's long-term business strategy.

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