STATEMENT BY GLENN J. CHAMANDY IN RESPONSE TO THE OPEN LETTER TO SHAREHOLDERS ISSUED BY GILDAN ACTIVEWEAR'S BOARD OF DIRECTORS

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Jan 09, 2024, 08:00 ET

MONTREAL, Jan. 9, 2024 /PRNewswire/ - Glenn J. Chamandy, former President and CEO and co-founder of Gildan Activewear Inc. (TSX: GIL) (NYSE: GIL) ("Gildan" or the "Company"), today issued the following statement in response to the open letter to shareholders issued by the Company's board of directors on January 8, 2024:

I am deeply disappointed by the actions of the Gildan board of directors. Having been at the helm of Gildan for more than two decades, I take great offence at what appears to be a premeditated effort to publicly undermine my record and, what is even worse from a corporate standpoint, is that their careless behaviour is also tarnishing the reputation of a great company.

The board's self-serving motives, designed to distract from its own recklessness, have led them to lose sight of what is truly important—the best interests of the Company, along with its employees, customers and shareholders.

I find it particularly disheartening that the board has decided to weaponize strategic confidential information of the Company for the sole purpose of entrenching itself in power, with no regard for impact on value.

Contrary to what the board claims, the comprehensive long-range plan (LRP) presented on October 30, 2023 showed meaningful organic growth prospects for Gildan over the next five years, and was supported by our management team.

The board's unfortunate actions have resulted in a massive loss of shareholder value. This destructive course of action is counterproductive, and all efforts should be redirected at driving growth that benefits all Company stakeholders, a priority which has traditionally been at the core of Gildan's values.

SOURCE Glenn J. Chamandy