Ms. Geneviève Gosselin reports

GILDAN ACTIVEWEAR PROVIDES UPDATE ON FORMER CEO

Gildan Activewear Inc. today provides further information with respect to Glenn Chamandy's conduct around the time of his removal as chief executive officer on Dec. 10, 2023. The information sheds new light on at least one undisclosed relationship between Mr. Chamandy and a shareholder who is now calling for his reinstatement, and the company is looking into others.

The board has stated that it gradually lost trust and confidence in Mr. Chamandy. This new information, much of it obtained by accessing Mr. Chamandy's files and electronic information following his departure, underscores that view. Mr. Chamandy's actions and lack of transparency with the board are further indication that new leadership was required at Gildan.

In its Jan. 8, 2024, letter, the board explained how Mr. Chamandy, who was chief executive for 20 years, became more disengaged as CEO as he was increasingly distracted by outside personal pursuits including the development of a luxury golf resort in Barbados.

Gildan has new information to share with its shareholders:

• In addition to rarely being in the office, holding few senior management meetings and never bothering to visit the company's newest manufacturing plant, Gildan has now learned that Mr. Chamandy sent on average no more than a handful of work e-mails a day and had few business-related meetings diarized on his calendar.

• Mr. Chamandy failed to disclose that he had invested in funds managed by a Gildan shareholder who has now come out in support of reinstalling Mr. Chamandy as CEO. A senior executive of that shareholder also purchased a multimillion-dollar property at Apes Hill, the private golf resort in Barbados owned by Mr. Chamandy.

• Mr. Chamandy also seems to have a close relationship with Browning West, the activist hedge fund now leading the aggressive and misleading campaign to reinstall him as CEO. He was invited to be one of the guest speakers at the hedge fund's February, 2023, investor day, and while Browning West has been invested in Gildan for years, Mr. Chamandy appears to have treated Browning West differently than other Gildan shareholders.

• For example, on Nov. 8, 2023, just a week after Mr. Chamandy proposed his high-risk acquisition plan to the board and was pressing them to retain him as CEO, he welcomed Usman Nabi and Peter Lee, the co-founders of Browning West, and a number of Browning West investors, on an exclusive visit to the Gildan manufacturing plant in Honduras.

• The company has no record in recent history of any other Gildan shareholder and their own investors being hosted by the CEO to an exclusive visit to a Gildan facility. And, as the board pointed out in its Jan. 8, 2024, letter, it seems that Browning West was provided with a vastly different view of the potential future value of Gildan's share price than what Mr. Chamandy told the board.

• On Saturday, Nov. 25, 2023, Mr. Chamandy sent the board a letter with an ultimatum to approve his risky multibillion-dollar acquisition strategy and his succession plan. The next day, on Sunday, Nov. 26, before the board had even responded, Mr. Chamandy began moving out of his office.

• Finally, in its continuing campaign of misinformation, Browning West has claimed that Gildan plans to hold its annual general meeting of shareholders "... as late as Fall 2024." That is false. The company will respond to the requisition in due course.

The company will continue to update Gildan shareholders on any significant developments in these matters.

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, screenprinters 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 as well as environmental and governance practices throughout its supply chain, in accordance with its comprehensive ESG (environmental, social and governance) program embedded in the company's long-term business strategy.

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