Browning West and Glenn Chamandy Comment on Gildan Activewear’s Defensive and Reactionary Board Refreshment

Browning West, LP (together with its affiliates, “Browning West” or “we”), which is a long-term shareholder of Gildan Activewear Inc. (NYSE: GIL) (TSX: GIL) (“Gildan” or the “Company”) that beneficially owns approximately 5.0% of the Company’s outstanding shares and Glenn Chamandy, Gildan’s co-founder and former CEO, today issued the following statements regarding the Company’s defensive maneuver to add replacement directors to its Board of Directors (the “Board”).

Usman S. Nabi and Peter M. Lee of Browning West commented:

“The Board’s list of failures grows by the week: beginning with its botched succession process, followed by numerous diligence failures, a reactive and misguided sale process, and now a desperate and defensive Board refreshment. The most glaring omission in the Board’s latest maneuver is its failure to reinstate Glenn as CEO and its unwavering commitment to Vince Tyra – including from new directors – despite his record of value destruction and poor personal judgment. The reinstatement of Glenn has been a central and consistent demand from an unprecedented mass of shareholders, which the Board refuses to acknowledge in favor of its own interests. It is also clear that the newly announced directors are objectively less qualified than Browning West’s director candidates, who possess best-in-class track records of value creation and relevant experience. It is critical for shareholders to understand that only through the appointment of our full slate can Glenn return as CEO and implement our superior value creation plan, which is designed to deliver a stock price of over $60 USD by the end of 2025 and $100 USD within five years.

Contrary to the Board’s false and misleading statements, support for Glenn and our full slate is growing and stronger than ever. While we are gratified that every single incumbent director responsible for the Board’s many failures is stepping aside, we are disappointed that it is due in part to the Board’s relentless focus on protecting Vince Tyra to avoid accountability. We remain steadfast in our belief that the election of each of our eight highly qualified directors and Glenn’s return as CEO represent the best path forward for Gildan. Considering the Board has a history of diligence failures and recruiting underqualified executives, it has not earned the right to hand-select its own replacement directors. Finally, we believe that today’s announcement was likely triggered by the collapse of the Board’s reactive sale process, which it is clearly trying to bury in the 2,500+ word press release. It is time for Gildan’s Board to immediately cease its excessive and wasteful spending of shareholder capital on its misguided sale process and numerous entrenchment tactics.”