An anonymous representative of Browning West reports

BROWNING WEST TROUBLED BY THE GILDAN ACTIVEWEAR BOARD'S DESPERATE AND ERRATIC BEHAVIOR FOLLOWING CONCERNING NEWS ABOUT CEO VINCE TYRA

Browning West LP, which is a long-term shareholder of Gildan Activewear Inc. and beneficially owns approximately 5 per cent of the company's outstanding shares, has issued a statement regarding the company's apparent decision to leak a meritless letter it sent to a United States regulator to a Canadian news outlet.

"It is unfortunate that the board is acting in a desperate, erratic manner now that its apparent failures of diligence and judgement during last year's CEO (chief executive officer) search process have been validated. Rather than use an error-ridden regulatory letter to spur a shameless publicity stunt in a captive Canadian newspaper, the board should immediately accept shareholder feedback and collaborate with us on the appointment of our highly qualified, independent director candidates. Shareholders are tired of the board's bizarre and wasteful 'campaign.' Based on continuously encouraging shareholder feedback since December, we are confident that we are on course to appoint our entire slate at the upcoming annual meeting. The current board is also fully aware that shareholders are strongly supportive of Browning West, which explains why the board is resorting to egregious, low-road tactics.

"We stand by our March 13 press release and urge all of our fellow shareholders to reject the board's intimidation tactics, which are evidently geared to silencing vocal investors. It is sad that this is all the sitting directors can muster to try to shift attention away from their own failures and Mr. Tyra's record of value destruction and poor judgement."

Advisers

Olshan Frome Wolosky LLP is serving as legal counsel, Goodmans LLP is serving as Canadian legal counsel, and IMK is serving as Quebec legal counsel. Longacre Square Partners is serving as strategic adviser, and Pelican PR is serving as public relations adviser. Carson Proxy is serving as proxy adviser.

We seek Safe Harbor.