Investment
Office (916) 795-3400
phone (916)
796-2842 fax www.calpers.ca.gov
Contact
Name:
Firm:
Address
1:
Address
2:
Dear
[name]:
VOTE “FOR” PROPOSAL #11 TO
DECLASSIFY THE BOARD AT DOLLAR TREE
I am writing to you on behalf of the California Public Employees’
Retirement System (CalPERS). CalPERS is the largest public pension
system in the U.S. with approximately $243 billion in assets. We
manage retirement benefits and health insurance on behalf of 1.5 million
members.
CalPERS
is a significant long-term shareowner of Dollar Tree, Inc. (Dollar Tree) owning
approximately 377,600 shares. We are writing to call your attention
to the Annual Meeting of Shareowners to be held on June 19, 2008 and an
important proposal that urges the Board to eliminate the present “classified
board” structure, and give shareholders the right to elect all directors each
year. CalPERS urges Dollar Tree shareowners to vote “FOR”
Proposal 11.
POOR LONG-TERM STOCK
PERFORMANCE
Dollar
Tree was named to the CalPERS’ 2007 Focus List due to poor stock performance and
the existence of poor corporate governance practices.
|
Time period ending 4/30/2008
|
Dollar Tree
Inc
(DLTR)
|
Russell 3000 Index
|
Relative
Return
Russell 3000
Index
|
Retail Russell Industry Peer
Index
|
Relative
Return
Russell Peer
Index
|
|
5 years
|
24.21%
|
71.60%
|
-47.39%
|
38.12%
|
-13.9%
|
Source: Factset
GOVERNANCE
AND ACCOUNTABILITY CONCERNS
|
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·
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Shareowners do not have the
ability to annually elect
directors
|
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|
·
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Dollar Tree does not permit
shareowners to call special meetings
|
|
|
·
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Dollar Tree requires 100%
shareowner consent (the ultimate “supermajority”) before
allowing written consent
|
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·
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Dollar Tree does not allow shareowners to annually ratify the selection of independent
auditors
|
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·
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Dollar Tree currently has supermajority vote
requirements
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YOUR VOTE IS IMPORTANT TO
ACHIEVE THE TWO-THIRDS VOTE REQUIRED AT DOLLAR TREE
|
|
·
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Send
a powerful message by voting FOR
proposal # 11 on Dollar Tree’s proxy
card
|
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·
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We
ask you to ensure that every account, no matter how many or how few shares
is voted FOR
this proposal.
|
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·
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We
ask our fellow investors to publicize their vote. We believe
this will further unite and encourage investors to both support – and
benefit from – this campaign.
|
Do not be
misled. If you are a large holder and find yourself under pressure
from Dollar Tree management to vote against our proposal, ask yourself why
defeating this initiative – which is intended to improve board accountability,
shareowner rights, and shareowner value – is so important to them.
Please
refer to the company’s proxy statement for more information. If you
have any questions or need assistance in voting your shares, call BNY Mellon
Shareowner Services, who is assisting us with this effort, at
201-680-5235.
Sincerely,
Dennis
Johnson, CFA
Senior
Portfolio Manager
PLEASE NOTE: The cost of this solicitation is being
borne entirely by CalPERS and is being done through the use of one or more of
the following forms of communication: mail, e-mail, and/or telephone
communication. CalPERS is not asking for your proxy card. Please do not send us
your proxy card but return it to the proxy-voting agent in the envelope that was
provided to you.
CalPERS Public Employees’ Retirement
System Shareowner Alert