Bakane To Retire From Cone Denim

International Textile Group Inc. (ITG), Greensboro, N.C., has announced that John L. Bakane,
president of ITG’s Cone Denim division, will retire at the end of this year. Bakane has held that
position since 2004, previously serving as chairman and CEO of Cone Mills Inc., which was merged
into ITG that same year.

After earning a master’s degree from the University of Virginia, Bakane began his career with
Cone Mills in 1975, starting in the company’s cost accounting department and rising through the
ranks to become CFO in 1988. He subsequently served as president of Cone Apparel Products Group and
in 1998 was named CEO of Cone Mills Corp. He also served on the company’s Board of Directors from
1989, eventually serving as chairman. He also has been active in leadership roles with a number of
philanthropic and religious organizations in the Greensboro area.

“John has made a number of significant contributions to the company in his many leadership
roles,” said Joseph L. Gorga, president and CEO, ITG. “Through its many transitions and changes,
ITG Cone Denim is positioned for continued growth in the global denim market. I greatly appreciate
John’s contributions. I know everyone within the ITG organization and the Greensboro community will
join me in wishing John well as he makes this change to spend more time with his family.”

Bakane was instrumental in helping Cone Denim expand into Mexico, China and Nicaragua; and
has been a supporter of the Central America-Dominican Republic Free Trade Agreement (CAFTA-DR).
Cone Denim was the first US supplier of denim in the CAFTA-DR region. Bakane will continue his
involvement in assessing the division’s global opportunities until the time of his retirement.

September 5, 2007