Gildan Activewear (GIL) Enters NCIB-Facilitated ASPP

Gildan Activewear Inc. (NYSE: GIL) announced that, in connection with its previously announced normal course issuer bid to purchase for cancellation up to 12,192,814 common shares of the Company (the "NCIB"), it entered into an automatic share purchase plan (the "ASPP") with a designated broker to allow for the purchase of common shares under the NCIB at times when the Company would ordinarily not be permitted to purchase its common shares due to regulatory restrictions or self-imposed blackout periods.

Pursuant to the ASPP, before entering into a blackout period, Gildan may, but is not required to, instruct the designated broker to make purchases under the NCIB in accordance with the terms of the ASPP. Such purchases will be determined by the designated broker in its sole discretion based on parameters established by Gildan prior to the blackout period in accordance with the rules of the Toronto Stock Exchange (the "TSX"), applicable securities laws and the terms of the ASPP. The ASPP has been pre-cleared by the TSX and will be implemented effective March 31, 2016.

Outside of the pre-determined blackout periods, common shares may be purchased under the NCIB based on the discretion of the Company's management, in compliance with TSX rules and applicable securities laws. The NCIB commenced on February 26, 2016 and will terminate on February 25, 2017 (or such earlier date as the Company may complete its maximum purchases pursuant to the NCIB). All repurchases made under the ASPP will be included in computing the number of common shares purchased under the NCIB.

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