On March 20, 2024, Browning West, LP issued a statement regarding Gildan?s confirmation that it has initiated a sale process. Browning West stated that it is concerned that the Board has initiated a sale process in order to avoid accountability following continuous and growing support for its calls for significant Board reconstitution. Based on unsolicited feedback it has received from shareholders, Browning West views that the Company?s owners would be dismayed at the rumored $42 USD per share indication from a potential buyer, which effectively represents no premium.

To put this low price in context, if Glenn Chamandy had not been terminated and the stock had simply performed in line with the most relevant index, it would be worth approximately $42 USD per share. Browning West added that it believes that the stock will recover to at least this level after its experienced slate is elected in May. Browning West mentioned that its slate clearly has substantial shareholder backing and is focused on maximizing long-term shareholder value, compared to the current Board which is positioned to evaluate any offers for the Company because: (i) it has already revealed its lack of competence due to its botched CEO succession process, (ii) its standalone plan under weak leadership is likely substantially inferior to any plan executed by our highly qualified slate, and (iii) the Board is entirely focused on avoiding personal accountability at the May 28th meeting rather than strong shareholder outcomes.

Under no circumstances can the current Board be trusted to oversee a sale process.