Browning West Announces the Dismissal of All Frivolous Lawsuits Brought by Gildan Activewear’s Board Ahead of Upcoming Annual Meeting

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”) and beneficially owns approximately 5.0% of the Company’s outstanding shares, today announced that the two meritless lawsuits brought by Gildan’s Board of Directors (the “Board”) against Browning West have been dismissed:

• The Superior Court of Quebec dismissed the Board’s Hart-Scott-Rodino Act (the “HSR Act”) legal application in its entirety and refused to hold that there was any violation of the HSR Act. The Judge indicated that the appropriate forum for the parties’ fight is not the courtroom, but rather the upcoming shareholders’ meeting.

• The Quebec Financial Markets Administrative Tribunal dismissed another application brought by the Board, which sought various orders regarding Browning West’s solicitation of proxies, including an order to prohibit Peter Lee from standing for election as a director of Gildan. The Tribunal concluded that the public interest would not be served by any of the relief sought by Gildan: “Gildan’s application aims to satisfy private interests not the public interest.”

As a reminder, Browning West is seeking to elect eight highly qualified and independent director candidates – Michael Kneeland, Glenn J. Chamandy, Michener Chandlee, Ghislain Houle, Mélanie Kau, Peter Lee, Karen Stuckey, and J.P. Towner – to Gildan’s Board at the upcoming Annual Meeting of Shareholders (the “Annual Meeting”) scheduled for May 28, 2024.

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

“We are pleased that the Board’s frivolous legal proceedings aimed at preventing shareholders from securing necessary boardroom change have been dismissed in their entirety. Since day one, we have maintained that Browning West did not breach the HSR Act and that we have complied with proxy solicitation rules every step of the way. The Board has continually pursued entrenchment, obfuscation, and disparagement of dissenting shareholders in an attempt to avoid accountability. The Board has also repeatedly tried to weaponize legal action with the primary purpose of undermining and delaying Browning West and shareholders from exercising our rights at the upcoming Annual Meeting.