On December 10, 2021, Mantle Ridge LP expressed its view that Dollar Tree, Inc. would benefit from a refresh of the membership of the Board. In addition, Mantle Ridge expressed its views that the Board should undertake a thoughtful and deliberative review of the Company's strategy, with a view to, among other things, fully develop the combined value of its two primary segments. Mantle Ridge added that in furtherance of that objective, the Board should examine closely the possibility of the Company's hiring Richard W. Dreiling (former Chairman and CEO of Dollar General) to a leadership role with the Company.

Mantle Ridge also stated that it has delivered a notice to the corporate secretary of the Company of its decision to: (1) nominate 11 individuals, Susan M. Cameron, Frederick A. Crawford, John W. Flanigan, Cheryl W. Grisé, Steven T. Halverson, Paul C. Hilal, Daniel J. Heinrich, Edward J. Kelly, Mary A. Laschinger, Dennis H. Reilley, and Bertram L. Scott, as candidates for election to the Company's Board of Directors at the Company's 2022 annual meeting of stockholders; and (2) propose the repeal of each provision of, or amendment to, the Company's By-Laws adopted by the Board without the approval of the Company's stockholders after June 10, 2021 and through the end of the 2022 annual meeting.