An anonymous representative of Turtle Creek Asset Management reports

TURTLE CREEK ASSET MANAGEMENT RESPONDS TO GILDAN BOARD'S GOVERNANCE CHARADE

Turtle Creek Asset Management Inc., a Canadian independent investment management firm with a 25-year history and a decade-long shareholder of Gildan Activewear Inc., has responded to the latest governance charade by the board of directors of Gildan and released the following statement:

From the outset of our private and public communications with the board, we have been very clear in our singular desire for the board to reverse its hasty, haphazard and value-destructive termination of Glenn Chamandy. Our meeting with chief executive officer Vince Tyra, his public statements to date, and the company's most recent and bizarrely staged investor update reinforced our belief that the loss of Mr. Chamandy seriously impaired Gildan's ability to drive value for shareholders.

The board's embarrassing retreat in the face of unprecedented shareholder opposition only proves that they care about one thing and one thing only -- itself. Rather than facing certain defeat at the coming 2024 annual and special meeting of Gildan shareholders, the board has stampeded for the exits, but not before hand-picking their replacements -- a collection of individuals who have already declared that they will stay the course. We cannot fathom why the incoming board members would throw their full support behind Mr. Tyra when his leadership is opposed by so many shareholders, without first engaging with the owners of the company. The statement by the incumbent board that it decided that "near-term board refreshment was in the best interests of Gildan" is ludicrous. The only thing that has been refreshed are the directors' names. The board's arrogance, intransigence and disdain for Gildan's shareholders remain.

Over the past months, the board has wasted significant company resources in a desperate attempt to avoid criticism for its terrible decision to replace Mr. Chamandy with Mr. Tyra and to frustrate the owners of the company. The board has engaged in a series of underhanded actions, including character assassination, the advancement of an ever-changing narrative for its ill-conceived termination of Mr. Chamandy, legal manoeuvres, a seemingly failed process to attract bids for the company that the board commenced at the worst possible time and now a partial reconstitution of the board. Each of these actions has imposed costs on Gildan's shareholders, distracted the company's management team and impaired shareholder value.

The board cloaked its selection of hand-picked nominees in the language of governance and attacked the major shareholders of Gildan that opposed their actions. The company's incoming chair reaffirmed the board's support for CEO Mr. Tyra, declaring that "[t]he refreshed board and I fully believe in Vince," which immediately exposed this pantomime of change being perpetrated upon shareholders.

In a separate Bloomberg report, the incoming chair both disparaged and dismissed the owners of the company, calling them "the egos and the drama-seekers" and urging them to "get away." It is the board that should check its ego and end the drama. Reinstate Mr. Chamandy and fully endorse all eight of Browning West's nominees. Let us turn the page on this surreal chapter in Canadian governance history and get on with the business of growing Gildan's shareholder value.

We intend to support each of Browning West's nominees at the coming annual meeting.

No solicitation

This press release does not constitute a solicitation of a proxy within the meaning of applicable laws, and accordingly, Gildan shareholders are not being asked to give, withhold or revoke a proxy.

Advisers

Davies Ward Phillips & Vineberg LLP is serving as Canadian legal counsel, Cleary Gottlieb Steen & Hamilton LLP is serving as United States legal counsel, and Gagnier Communications is serving as communications adviser to Turtle Creek.