Gildan, Frontier Form Venture

Montreal-based Gildan Activewear Inc. and Frontier Spinning Mills Inc., Sanford, N.C., have formed
a 50/50 joint venture company to buy the assets of a yarn spinning facility located in Cedartown,
Ga. The purchase price for the Cedartown plant, which houses state-of-the-art technology, was
approximately $12.5 million.

It is anticipated that all yarn produced at Cedartown will be consumed by Gildan’s integrated
fabric manufacturing operations.

February 2004