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Smith (Starboard) to Dollar Tree CEO Gary Philbin and Board, cc'd to Executive Chairman Bob Sasser. Text-heavy letter format (Times Roman body) with embedded charts/tables; not a slide deck. Despite letter format, this is simultaneously a proxy fight trigger — the closing pages disclose Starboard has nominated seven directors for the 2019 Annual Meeting. Strong SCQA structure with two linked asks (Family Dollar sale + multi-price strategy). Heavy use of sell-side analyst quotes (UBS, Bernstein, Barclays, Goldman Sachs, Wells Fargo, Credit Suisse, RBC) on p.9-10 as social proof that thesis is mainstream. Dollarama serves as the explicit analogue/playbook. Features CEO Q3 2018 earnings-call quote (p.7) used to rebut management's supply-chain-complexity objection — the 'uses_ceo_quote_contradiction' signal. Villain is not personalized by name (critique framed around strategy, not individuals), though Philbin and Sasser are addressed directly. Target price $150/share decomposes to ~$120 for a re-rated Dollar Tree banner + ~$25 from Family Dollar sale.", "kpisCited": [ { "detail": "DLTR +16% vs. DG +~36%, broader market +30%+", "metric": "Relative stock performance since Family Dollar close (Jul 2015)" }, { "detail": "0.3% YTD Q3 2015 to (0.4%) YTD Q3 2018, while DG held 2.9%", "metric": "Family Dollar same-store sales growth" }, { "detail": "3.9% YTD Q3 2015 declining to 3.0% YTD Q3 2018 vs. DG 7.8%", "metric": "Family Dollar operating margin" }, { "detail": "1.4x-4.0x vs. ~11x for standalone Dollar Tree", "metric": "Implied Family Dollar EV/EBITDA" }, { "detail": "Grew from 33.5% (2008) to 38.8% (YTD 2018)", "metric": "Dollarama gross margin" }, { "detail": "Grew from 12.1% (2008) to 22.2% (YTD 2018), vs. DLTR 11.4%", "metric": "Dollarama operating margin" }, { "detail": "~2%/yr pre-2009 to ~6%/yr after adding new price points", "metric": "Dollarama same-store sales CAGR" }, { "detail": "$33bn EV / ~$120/share at 12x 2020E EBITDA of $2.75bn under multi-price strategy", "metric": "Dollar Tree banner implied value" }, { "detail": "$150/share or more including Family Dollar sale at 7-8x EBITDA (~$25/share)", "metric": "Total target valuation" } ], "closingAsk": "Reconstitute the Board with Starboard's seven nominated independent directors and seriously pursue the separation of Family Dollar and the multi-price point strategy at Dollar Tree.", "extraction": { "at": "2026-04-22 15:20:23+00", "model": "unknown-legacy", "runId": null, "seconds": 100.672676, "promptVersion": null }, "scqaReward": "A sale of Family Dollar at 7-8x EBITDA adds ~$25/share; a Dollarama-style multi-price Dollar Tree banner is worth ~$120/share at 12x EBITDA, implying total value of $150/share or more.", "thesisTypes": [ "breakup_spinoff", "strategic_pivot", "governance_board", "operational_turnaround" ], "top3Reasons": [ "Family Dollar acquisition has destroyed value; DLTR trails DG by 20% since 2015 close", "Dollar Tree's $1.00 price ceiling is a fallacy blocking assortment and margin gains", "Dollarama proof: adding price points doubled SSS, tripled op margin to 22.2%" ], "scqaSituation": "Dollar Tree is a 30-year-old dollar-store pioneer that rigidly holds a $1.00 price ceiling at its core banner and, since July 2015, owns Family Dollar, a multi-price-point chain it acquired for $8.5bn.", "thesisSummary": "Starboard, holding ~1.7% of Dollar Tree, argues the company has gone from industry leader to laggard since overpaying for Family Dollar in 2015, underperforming Dollar General by more than 20% while the market ascribes only $1-3bn of value to the Family Dollar business. The letter pushes two linked actions: explore all strategic alternatives for Family Dollar (including an outright sale at 7-8x EBITDA, worth ~$25/share), and run a wide-scale market test of a multi-price point strategy at Dollar Tree, following Dollarama's playbook — adding $1.25/$1.50/$2.00 points drove SSS from ~2% to ~6% and EBITDA margin from ~14% to ~25%. Together, Starboard argues the company is worth $150/share or more, and has filed to nominate seven directors at the 2019 Annual Meeting.", "primaryDemands": [ "Explore all strategic alternatives for Family Dollar, including an outright sale", "Initiate a wide-scale market test of a multi-price point strategy at Dollar Tree banner stores", "Reconstitute the Board with seven new independent director candidates nominated for the 2019 Annual Meeting" ], "scqaResolution": "Explore all strategic alternatives for Family Dollar including an outright sale, market-test a multi-price point strategy across Dollar Tree stores, and elect Starboard's seven nominated independent directors at the 2019 Annual Meeting.", "thesisOneLiner": "Dollar Tree is deeply undervalued because Family Dollar is a failed acquisition and the $1 price ceiling is a self-imposed cap; selling Family Dollar and testing multi-price points unlocks $150/share.", "precedentsCited": [ "Dollarama multi-price-point transformation (2009 onward)", "Dollar General take-private (c. 2007)" ], "scqaComplication": "Family Dollar's turnaround has stalled with flat-to-negative SSS while DG widens its margin lead; 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Dollar Tree, Inc. 500 Volvo Parkway, Chesapeake, VA 23320. 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Dollar Tree has failed to execute on the turnaround of Family Dollar and the chain continues to languish, with flat-to-negative same-store sales growth and continued margin compression. 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Assuming that a standalone Dollar Tree chain would trade at a slight premium to Dollar General’s forward EBITDA multiple (11.2x 2019 EBITDA) given the uniqueness of the chain and the higher margin profile, the implied market valuation for Family Dollar is approximately 2.5x 2019 EBITDA, and may be as low as approximately 1x 2019 EBITDA.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:13.879+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a096be98-d6c8-465b-a913-6f246fd92e08", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "different product assortment created a more limited opportunity for synergies than would have been expected in a Family Dollar and Dollar General combination. Despite this and the significant price paid, investors were initially hopeful that Dollar Tree’s operational capabilities would allow the Company to execute a turnaround of Family Dollar and create a significantly larger dollar store industry powerhouse.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:13.879+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d597acfb-66f3-450b-aa3b-e6cae6a45727", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.72, "x": 0.14, "y": 0.89 }, "kind": "source-note", "text": "Source: Bloomberg, Capital IQ, Starboard estimates. 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Note: YTD Q3 2015 represents the 39 week period ended May 30, 2015 for Family Dollar and October 30, 2015 for Dollar General.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:02.479+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f9908d7-8d22-4112-9a7d-cb1fb47a77c1", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Operating Margin: $120 per share", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:50:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee36-760b-92a1-cee680fa7fb5", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.78, "x": 0.11, "y": 0.27 }, "kind": "paragraph", "text": "Since first adding new price points in 2009, Dollarama has continued to introduce additional price points and now offers items at price points up to $4.00. Over the past ten years, average same store sales have increased from ~2% per year (prior to 2009) to ~6%, gross margins have increased from ~33% to ~40%, and EBITDA margins increased from ~14% to ~25%, far outpacing Dollar Tree's performance across all of these metrics.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:02.479+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "360a2679-fca6-451f-8935-cbc34d703ef7", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "price point strategy. Thus, we do not believe that added supply chain complexity is a valid reason to not test the introduction of multiple price points into Dollar Tree stores.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:02.479+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ceeb4e8-f5c9-4353-8f06-a366cf3fe44d", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.63 }, "kind": "paragraph", "text": "If Dollar Tree were to achieve financial results similar to Dollarama, significant upside exists in the stock. As shown below, even at a discount to Dollarama's forward EBITDA multiple of 13x and a lower EBITDA margin than Dollarama, we believe the Dollar Tree banner by itself could be worth approximately $33 billion, or approximately $120 per share.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:02.479+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dae0339f-7cc0-4e7d-b400-edfb69befd7b", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.14 }, "kind": "paragraph", "text": "There are numerous examples of other dollar stores embarking upon this strategy and achieving significant success. We believe the most relevant example is Dollarama, a dollar store chain in Canada. Dollarama's shift towards multiple price points can serve as a blueprint for Dollar Tree as it embarks upon similar strategic changes. At Dollarama, when the company initially broke the $1.00 barrier by introducing $1.25, $1.50, and $2.00 price points in early 2009, same store sales growth more than doubled, driven by an increase in both average ticket AND store traffic.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:02.479+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ff7b8224-710f-48ca-a7f8-8f2121031134", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.11, "y": 0.59 }, "kind": "source-note", "text": "Source: Public company filings.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:14:02.895+00", "seconds": 4.098, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-ed157055035f/9", "deck": "/decks/019dd923-622b-71dc-a6d9-ed157055035f", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-ed157055035f#slide-9", "deckJson": "/decks/019dd923-622b-71dc-a6d9-ed157055035f.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "When combined with the improved free cash flow generation of Dollar Tree and improved capital allocation policies, we believe Dollar Tree could ultimately be worth $150 per share or more.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": 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"019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:02.895+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab2af183-c8dd-43c3-b6ac-d43a6b5dbf24", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Value per Share: $120.45", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:50:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee36-760b-92a1-288c2d516abc", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.78, "x": 0.11, "y": 0.54 }, "kind": "paragraph", "text": "It is important to note that while Starboard is just one of many shareholders of the Company, we believe that it is clear that the vast majority of Dollar Tree shareholders are supportive of change and specifically are supportive of both exploring strategic alternatives for Family Dollar and testing multiple price points at Dollar Tree. Wall Street research analysts have published very critical reports calling for a sale of Family Dollar and/or the implementation of a multi-price point strategy at Dollar Tree. We have summarized some of these views below and believe that these views reflect the opinions of the majority of shareholders and the broader investor community.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:02.895+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "19e5effc-753b-4ddd-a66f-19214617a10c", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.46 }, "kind": "paragraph", "text": "If Dollar Tree executes upon both of the strategic initiatives we have outlined above, there exists the potential for significant value creation. We believe the true value creation opportunity may be even more compelling based on the opportunity for further multiple or margin expansion at a standalone Dollar Tree.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:02.895+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93e63e23-e670-416a-8d33-8aedc5188c86", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.32 }, "kind": "paragraph", "text": "If Family Dollar were to be sold for 7-8x EBITDA, this would be worth an additional approximately $25 per share. When combined with the improved free cash flow generation of Dollar Tree and improved capital allocation policies, we believe Dollar Tree could ultimately be worth $150 per share or more.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:02.895+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0027713-d4e5-447a-8423-07b46ee326db", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Still, the company believes there may be some opportunity to experiment with other price points if done right... Further, while it's Oops $2 and $3 price point experiment did not work, Dollar Tree believes this was more of a function of poor implementation as opposed to it being a flawed concept. — UBS, December 14, 2018; We are tired of hearing the same trite fixes (remodels, operational procedures, inventory balancing) and think investors should be as well...We are simply going to advocate for activist involvement and will work on a list of specific actions with our best estimates around what can be done. — Bernstein – September 4, 2018", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:50:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee36-760b-92a1-25c63803eec1", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.44, "x": 0.28, "y": 0.12 }, "kind": "table", "text": "2020 Dollar Tree Revenue: $14,050; 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This turnaround has stalled much too early and the core business, while producing good top-line, is experiencing margin pressure...Family Dollar a Clear Disappointment: Three years after closing on this turnaround project, comps are weak, the productivity gap to DG is as large as ever, and margins are back-tracking after initial progress. We estimate the value destruction of this deal at $7 billion...We were not fans of this transaction from the start, and it's now clear that DLTR would have been much better off today if they had not done this deal.\" — Wells Fargo – July 11, 2018; \"While very low likelihood, in our view, DLTR could go down the path of multiple price points at Dollar Tree or simply raising the single price point. This could be done with or without the divestiture of Family Dollar stores. 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Smith\nStarboard Value LP", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:01.716+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e677452-41e9-4b57-9f0c-db044ed9e7df", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.764, "x": 0.118, "y": 0.094 }, "kind": "paragraph", "text": "deadline for shareholder nominations, as set forth by the Company in its May 2018 proxy, and in order to preserve our rights as shareholders, we have delivered to Dollar Tree a formal notice nominating seven highly qualified director candidates for election at the 2019 Annual Meeting.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:01.716+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e31e8e5c-7444-4fe0-a4c0-bf5423217633", "parentComponentId": null }, { "bbox": { "h": 0.105, "w": 0.764, "x": 0.118, "y": 0.283 }, "kind": "paragraph", "text": "We believe that Dollar Tree is a great company, and one that is significantly undervalued in the market today. We also believe that Dollar Tree has the potential to create significant value for shareholders moving forward by embarking upon the initiatives we have outlined above. We expect that you will seriously consider our views and the views of your other shareholders, and we hope that you will work with us to reconstitute the Board with new independent directors. Please share this letter with the entire Board, and we look forward to discussing these topics with you further.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:01.716+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e845cc81-445b-47f6-98aa-94fcd1402eda", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.093, "x": 0.589, "y": 0.474 }, "kind": "paragraph", "text": "Best Regards,", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:01.716+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "efcf4469-15d7-49ee-b681-4784c2e73b92", "parentComponentId": null }, { "bbox": { "h": 0.095, "w": 0.764, "x": 0.118, "y": 0.166 }, "kind": "paragraph", "text": "In order to ensure that the testing of new pricing strategies is done in good faith and discussions on the separation of Family Dollar are conducted with an open mind, we believe change is needed on the Board to ensure true independence of thought on these topics. 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